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15 Lakh Home Loan EMI Interest Rate

Updated on: 10 Jun 2024 // 5 min read // Home Loans
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15 Lakh Home Loan EMI & Interest Rate 2024

A home loan of Rs. 15 Lakh is not a very long-term commitment as the loan amount can be repaid conveniently. However, you still have to be prepared and plan your budget in advance for the repayment. The EMI for Rs. 15 Lakh home loan may vary from lender to lender depending on the home loan interest rate and the tenure of repayment. 

Below is the table for Rs. 15 Lakh home loan EMI for different banks for tenures of 10, 20 and 30 years using the Home loan EMI calculator:

EMI for a tenure of 10 yearsRs. 18,598
EMI for a tenure of 20 yearsRs. 13,017
EMI for a tenure of 30 yearsRs. 11,534

Below is the table for Rs. 15 Lakh home loan EMI for different banks for tenures of 10, 20 and 30 years using the Home loan EMI calculator:

Bank/NBFCRate of InterestEMI for 10 YearsEMI for 20 YearsEMI for 30 Years
State Bank of India8.50% - 10.05%Rs. 18,598Rs. 13,017Rs. 11,534
Bajaj Finserv8.50% - 15.00%Rs. 18,598Rs. 13,017Rs. 11,534
PNB Housing Finance8.50%Rs. 18,598Rs. 13,017Rs. 11,534
Kotak Mahindra Bank8.70%Rs. 18,759Rs. 13,208Rs. 11,747
HDFC Bank8.75% - 9.65%Rs. 18,799Rs. 13,256Rs. 11,801
IDFC First Bank8.85%Rs. 18,880Rs. 13,352Rs. 11,908
Axis Bank8.75% - 9.10%Rs. 18,799Rs. 13,256Rs. 11,801
ICICI Bank8.75%Rs. 18,799Rs. 13,256Rs. 11,908
Tata Capital 8.75%Rs. 18,799Rs. 13,256Rs. 11,908
Federal Bank8.80%Rs. 18,839Rs. 13,304Rs. 11,854

15 Lakh Home Loan EMI Calculator

You can easily calculate your Rs. 15 Lakh Home Loan EMI with an online Rs. 15 Lakh loan EMI calculator. Here’s how to use the tool: 

Step 1: Open the Home Loan EMI Calculator, which is available online. 

Step 2: Enter Rs. 15 Lakhs in the required loan amount field.

Step 3: Enter the rate of interest as applicable.

Step 4: Enter the required repayment tenure.

You get your Home Loan EMI and the entire amortization schedule in no time.

Rs. 15 Lakh Home Loan EMI for 30 Years

EMI for a Rs. 15 Lakhs home loan will be Rs. 11,534 for 30 years tenure at an interest rate of 8.50% p.a. The EMI may fluctuate based on the lender’s policy, interest rate and the borrower’s eligibility. To make the calculation process for Rs. 15 Lakhs home loan for various tenures and rates of interest instant and easy, you can use the online Home Loan EMI Calculator available on our web portal. 

Below is the table of different 15 Lakh Home Loan EMIs at different interest rates for 30 years tenure:

Rs. 15 Lakh Home Loan EMI for 30 Years
Loan AmountRs. 15,00,000.00
Rate of Interest8.50% p.a.
Loan Tenure30 years
Loan EMIRs. 11,534
Total Interest Rs. 26,52,133
Total RepaymentRs. 41,52,133

15 Lakh Home Loan EMI for 20 Years

The Rs. 15 Lakh home loan EMI for a repayment tenure of 20 years and an 8.50% p.a. interest rate will be Rs. 13,017. The EMI amount may vary from lender to lender based on the interest rate offered and the borrower’s profile. 

Below is the table for different EMIs for Rs. 15 Lakhs loan at different interest rates for a tenure of 20 years :

Rs. 15 Lakh Home Loan EMI for 20 Years
Loan AmountRs. 15,00,000.00
Rate of Interest8.50% p.a.
Loan Tenure20 years
Loan EMIRs. 13,017
Total Interest Rs. 16,24,164
Total RepaymentRs. 31,24,164

15 Lakh Home Loan EMI for 5 Years

The EMI for Rs. 15 Lakhs home loan for 5 years tenure at an interest rate of 8.50% p.a. would be Rs. 30,775. The EMI of Rs. 15 Lakhs loan for 5 years varies from lender to lender based on the applicable interest rate and the borrower’s eligibility.

Following is the table of Rs. 15 Lakh Home Loan EMI for different interest rates for 5 years tenure:

Rs. 15 Lakh Home Loan EMI for 5 Years
Loan AmountRs. 15,00,000.00
Rate of Interest8.50% p.a.
Loan Tenure10 years
Loan EMIRs. 30,775
Total Interest Rs. 3,46,488
Total RepaymentRs. 18,46,488

You can also check features, benefits and documents required for DDA Housing Scheme.

pnb housing home loan

15 Lakh Home Loan Eligibility & Documents Required

The following eligibility parameters must be matched to be eligible for a home loan of Rs. 15 Lakhs:

Eligibility for Salaried Applicants

  • The applicant must be a resident of India.
  • The applicant must be aged between 18 and 65 years.
  • The applicant must have a work experience of a minimum of 3 years.
  • The applicant should be earning an income of at least Rs. 25,000 per month.

Eligibility for Self-employed Applicants

  • The applicant must be a resident of India.
  • The applicant must be aged between 18 and 70 years.
  • The applicant must have a business continuity of at least 3 years.
  • The applicant should be earning at least Rs. 2,60,000 annually. 

You will need to procure the following documents to apply for a Rs. 15 Lakhs home loan:

  • Duly filled in & signed home loan application 
  • Recent passport-size photographs (coloured)
  • Identity proof such as Aadhaar Card/ Passport/ Voter ID/ Driving License, etc.
  • Address proof such as Aadhaar Card/ Passport/ Voter ID/ Driving License, etc.
  • Age proof such as Birth Certificate/ Class 10th Certificate, etc.
  • Bank statements of the last 6 months
  • Recent Form 16/ Income Tax Return
  • Balance Sheet and Profit & Loss Statement for the last 3 years certified by a CA for self-employed applicants
  • Business profile of self-employed applicants
  • Processing fee cheque

How to Apply for a 15 Lakh Home Loan?

Once you find a Rs. 15 Lakhs home loan with the best home loan interest rate, follow the steps mentioned below to apply for a home loan of Rs. 15 Lakhs:

  • Visit our website and click the ‘Home Loan’ tab under the ‘Loans’ section.
  • Fill out the online application form by entering all the details.
  • Enter the ‘OTP’ you received on your registered mobile number.
  • Click on the ‘Submit’ button to view and compare the best home loan offer quotes.
  • Home loan offers from our lending partners will be available on your screen as per the information entered.
  • Select the preferred lender and apply online.
  • Our home loan experts will contact you regarding the completion of your home loan process.

Home Loan EMI Options for Different Amount

Following are the Rs. 15 Lakh home loan EMI options for different loan amounts at an interest rate of 8.50% p.a. and 10 years tenure.

Loan AmountRate of InterestTenureEMI
Rs. 2 Crores Home Loan EMI8.50%10 Years2,47,971
Rs. 1 Crore Home Loan EMI8.50%10 Years1,23,986
Rs. 50 Lakhs Home Loan EMI8.50%10 Years61,993
Rs. 20 Lakhs Home Loan EMI8.50%10 Years24,797
Rs. 10 Lakhs Home Loan EMI8.50%10 Years12,399

FAQs

✅What factors affect my eligibility for a 15 lakh home loan?

Your eligibility for a 15 lakh home loan depends on various factors like your income, age, credit score, and job stability.

✅What is the minimum salary for a 15 lakh home loan?

You must be earning at least Rs. 25,000 per month to be eligible for a Rs. 15 lakh home loan.

✅What is the monthly EMI for a 15 lakh home loan?

The monthly EMI for Rs. 15 Lakhs home loan varies from lender to lender depending on the interest rate and tenure of repayment. You can use our home loan EMI calculator to calculate Rs. 15 Lakh home loan EMI for different interest rates and tenures.

✅What is the EMI for 15 lakh home loan for 10 years SBI?

The interest rate for SBI home loans varies between 8.50% - 10.05% p.a. Hence, the EMI for 15 Lakh home loans for 10 years in SBI will vary between Rs. 18,598

✅Can I prepay a 15 lakh home loan before the designated tenure ends?

Yes, you can choose the loan prepayment facility without any additional cost. You can prepay a 15 lakh home loan before its designated tenure.