EMI on Home Loans of ₹20 Lakhs

Understanding how your EMIs are calculated for a home loan of ₹20 Lakhs empowers you to manage your finances effectively. While ₹20 Lakhs might seem like a small amount compared to the usual quantum borrowed through home loans, it still represents a substantial financial commitment. Having a good grasp on your EMI structure and repayment plan allows you to budget strategically and make informed decisions about your repayment plan. 

When considering a home loan of ₹20 Lakhs, keep in mind that the loan tenure plays a crucial role in determining your EMIs. A longer tenure typically means lower monthly payments, which makes the loan more budget-friendly. However, this convenience comes with higher overall interest payments. Meanwhile, choosing a shorter tenure results in higher EMIs but lowers the total interest paid. To navigate through these choices effortlessly, use an EMI calculator. These online tools provide quick insights, helping you compare and find the best-suited option.

Here’s a breakdown of the EMIs of a home loan of ₹20 Lakhs over a tenure of 10 years, considering that the interest rate is 9% p.a.:

When you choose a repayment tenure of 20 years, the instalment amount decreases substantially and the interest costs increase. The details are as follows:

Here is a breakdown of the EMI and interest costs payable when you choose to repay the loan over a period of 30 years:

*Disclaimer: The aforementioned rates are subject to change at the lender’s discretion.

It is important to conduct thorough research and check the eligibility criteria and documents required for a home loan of ₹20 Lakhs, prior to applying. This ensures that you can get the required amount seamlessly.