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15 Lakh Home Loan EMI Interest Rate 2023
15 Lakh Home Loan EMI Interest Rate 2023
Is Rs.15 lakh the only hurdle between you and your dream home? The good news is that this shortfall can easily be overcome by a Rs. 15 lakh home loan. Numerous lending companies offer a Rs.15 lakh home loan at an affordable rate of interest. Let’s understand the Home Loan Eligibility Criteria, documents required, and what will be the Rs. 15 lakh home loan EMI for 10 years, 15 years, and 20 years loan terms.
You can also Apply for Kotak Home Loan and check EMI, Interest rate and Eligibility Online to avail offer.
A home loan can be availed for different loan tenures. The maximum loan term allowed by financial companies is up to 30 years. The following table shows the EMI details for different loan tenures for an Rs. 15 lakh home loan availed at a rate of interest of 8.50% per annum.
Compare Best Home Loan Interest Rates starting @8.50% from multiple Banks and NBFCs.
Let’s understand home loan EMI for Rs. 15 lakhs with an example. Assuming that the interest rate is 8.50% p.a. and tenures are 5, 10, 15, 20 and 30 years, your EMI on Rs. 15 lakhs home loan using the Home Loan EMI Calculator will be as follows:
| Loan Amount | Interest Rate | Loan Tenure | EMI |
| Rs. 15 Lakh | 8.50% | 30 Years | Rs. 11,428 |
| Rs. 15 Lakh | 8.50% | 20 Years | Rs. 12,923 |
| Rs. 15 Lakh | 8.50% | 15 Years | Rs. 14,683 |
| Rs. 15 Lakh | 8.50% | 10 Years | Rs. 18,518 |
| Rs. 15 Lakh | 8.50% | 5 Years | Rs. 30,703 |
Rs. 15 Lakh Home Loan EMI for 30 Years
The details of Rs. 15 lakh home loan EMI for a loan term of 30 years are as follows:
- Loan Amount: Rs. 15,00,000
- Rate of Interest: 8.50% p.a.
- EMI value: Rs. 11,428
- Total Interest: Rs. 26,13,923
- Total Repayment: Rs. 41,13,923
Top Lenders Offering 15 Lakh Home Loan EMI for 30 Years
| Name of Bank | Rate of Interest | EMI |
| HDFC Bank | 8.50% - 9.40% | Rs. 11,428 |
| HSBC Bank | 8.60% - 8.85% | Rs. 11,640 |
| Kotak Mahindra Bank | 8.75% - 9.60% | Rs. 11,908 |
| IDFC First Bank | 8.85% - 9.25% | Rs. 11,908 |
| PNB Housing Finance | 8.50% - 11.25% | Rs. 11,801 |
Rs. 15 Lakh Home Loan EMI for 25 Years
The details of Rs. 15 lakh home loan EMI for a loan term of 25 years are as follows:
- Loan Amount: Rs. 15,00,000
- Rate of Interest: 8.50% p.a.
- EMI value: Rs. 11,977
- Total Interest: Rs. 20,93,247
- Total Repayment: Rs. 35,93,247
Top Lenders Offering 15 Lakh Home Loan EMI for 25 Years
| Name of Bank | Rate of Interest | EMI |
| HDFC Bank | 8.50% - 9.40% | Rs. 11,977 |
| HSBC Bank | 8.60% - 8.85% | Rs. 12,180 |
| Kotak Mahindra Bank | 8.75% - 9.60% | Rs. 12,434 |
| IDFC First Bank | 8.85% - 9.25% | Rs. 12,434 |
| PNB Housing Finance | 8.50% - 11.25% | Rs. 12,332 |
Rs. 15 Lakh Home Loan EMI for 20 Years
The details of the Rs. 15 lakh home loan EMI for a loan term of 20 years are as follows:
- Loan Amount: Rs. 15,00,000
- Rate of Interest: 8.50% p.a.
- EMI value: Rs. 13,017
- Total Interest: Rs. 16,24,164
- Total Repayment: Rs. 31,24,164
Top Lenders Offering 15 Lakh Home Loan EMI for 20 Years
| Name of Bank | Rate of Interest | EMI |
| HDFC Bank | 8.50% - 9.40% | Rs. 12,923 |
| HSBC Bank | 8.60% - 8.85% | Rs. 13,112 |
| Kotak Mahindra Bank | 8.75% - 9.60% | Rs. 13,352 |
| IDFC First Bank | 8.85% - 9.25% | Rs. 13,352 |
| PNB Housing Finance | 8.50% - 11.25% | Rs. 13,256 |
You can also check features, benefits and documents required for DDA Housing Scheme.
Rs. 15 Lakh Home Loan Interest Rates from Top Lenders
Several banks and non-banking financial companies (NBFCs) offer a competitive rate of interest for Rs.15 lakh home loans. Listed below is the most competitive rate of interest available on a Rs.15 lakh home loan.
| Top Banks | Interest Rate | Loan tenure | EMI Payable |
| HDFC Bank | 8.50% - 9.40% | 30 Years | Rs. 11,428 |
| SBI | 9.15% - 12.95% | 30 Years | Rs. 11,747 |
| Kotak Mahindra Bank | 8.75% - 9.60% | 30 Years | Rs. 11,908 |
| PNB Housing Finance | 8.50% - 11.25% | 30 Years | Rs. 11,534 |
| HSBC | 8.60% - 8.85% | 30 Years | Rs. 11,640 |
| IDFC First | 8.85% - 9.25% | 30 Years | Rs. 11,908 |
| Federal Bank | 8.80% p.a. onwards | 30 Years | Rs. 13,330 |
| ICICI Bank | 9.00% - 10.05% | 30 Years | Rs. 12,069 |
15 Lakhs Home Loan Eligibility Criteria
To get the home loan approved, the borrower must meet the eligibility conditions. These are general rules which the borrower must fulfill. These include:
| Eligibility Head | Eligibility Criteria |
| Age | The home loan applicant should be at least 21 years old. The maximum age of the applicant can vary between 60 – 65 years, depending upon the lender policy and job profile of the applicant. The maximum number of years for which the loan can be availed cannot exceed the total number of years left until retirement. |
| Job Profile | The home loan borrower can be a salaried, self-employed professional or self-employed non-professional. |
| Income | The home loan borrower must have a stable job profile and regular income. Different banks and lending institutions have fixed minimum income requirements which the applicant must meet. |
| Work Experience | The salaried individual must be in a job for at least 2 years with at least one year with the current employer. Self-employed individuals (professional and non-professionals) must be in the same business for at least 3 years of which at least 2 years should be profitable. |
| Residential Status | Indian citizens and Non-Resident Indians are eligible for a home loan. |
| Credit Score | The credit score of the applicant must be 650 points or above. |
| Debt-Income Ratio | The Debt-Income ratio must be less than 50%. The lower the ratio, the higher will be the chances of loan approval. |
Looking for 30 lakh Home Loan? Check Interest rates, Eligibility, EMI Online & Apply Now!
Documents Required for 15 Lakh Home Loan
A home loan is approved only after careful verification and scrutiny of the documents. The documents that need to be submitted along with the home loan application are:
| Category Name | Document Accepted | |
| Age Proof (Any One) |
| |
| Identity Proof (Any One) |
| |
| Residence Proof (Any One) |
| |
| Income Proof (All) | Salaried | Self-Employed |
|
| |
Different home loan EMI options for different amount
You can also use Loan Prepayment Calculator to find out how much you will save on interest and how it affects your Loan EMI.
FAQs
✅What will be the Rs. 15 lakh home loan EMI for 10 years?
Rs. 15 lakh home loan EMI for 10 years @ rate of interest 9.15% - 12.95% p.a. as offered by SBI Bank is Rs. 18,598.
✅What will be the Rs. 15 lakh home loan EMI for 20 years?
Rs. 15 lakh home loan EMI for 20 years @ rate of interest 9.00% - 10.05% p.a. as offered by ICICI Bank is Rs. 13,496.
✅What is Rs. 15 lakh home loan EMI for 10 years from Kotak Bank?
Kotak Bank offers home loans at a rate of interest starting at 8.75% - 9.60% p.a. The Rs. 15 lakh home loan EMI for 10 years is Rs. 18,880.
✅What is Rs. 15 lakh home loan EMI for 10 years from HDFC Bank?
HDFC Bank offers home loans at a rate of interest starting at 8.50% - 9.40% p.a. The Rs. 15 lakh home loan EMI for 10 years from HDFC Bank is Rs. 18,518.
✅What bank has the lowest Rs.15 lakh home loan EMI for 10 years?
Federal Bank offers the lowest rate of interest for home loans starting at 8.80% p.a. onwards p.a. Its Rs.15 lakh home loan EMI for 10 years is Rs. 19,947.
