₹20 Lakh Home Loan EMI for 5, 10, 15, 20 & 30 Years with Interest Rate and Calculator (2024)

Planning to buy a spacious house in a prime location? Why worry when you have Navi by your side? Just download the Navi app, apply and get the loan amount of your choice – be it ₹20 lakh or ₹5 crore. But there are certain factors that you need to look into before applying for a housing loan – one of them would be your home loan EMI. So, if you are planning to apply for a ₹20 lakh home loan, understand your ₹20 lakh home loan EMI first to better manage your finances.

How to calculate? You can use a home loan EMI calculator to estimate your monthly repayment obligations.

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When you take a home loan, you are required to repay the loan amount over a predetermined period of time. Your ₹20 lakh home loan EMI depends on three factors – the loan amount, the interest rate and the tenure. The principal and interest components of the EMI are decided in such a manner that during the initial phase of your loan, the interest component will be bigger than the principal.

Let’s understand your ₹20 lakh home loan EMI with an example. We have considered the interest rate as 8.45% p.a. with tenures of 5, 10, 15, 20 and 30 years. After using a home loan EMI calculator, the calculation of the EMI on ₹20 lakh home loan would be:

The EMI on your housing loan depends on the loan amount, tenure and interest rate. Although it’s possible to calculate the EMI for your ₹20 lakh home loan with the home loan EMI formula, it can be extremely time-consuming. A better alternative can be using the Navi Home Loan EMI Calculator.

You can use our online calculator to get an estimate on your housing loan EMI quickly and accurately. You are required to enter the loan amount, tenure and interest rate to quickly calculate your monthly EMI payment.

• Nationality: Indian resident
• Age: 25 to 62 years
• Type of employment: Salaried or Self-employed
• PAN and Aadhaar card
• Bank statement or GST returns

Are you thinking what your home loan EMI would be if you apply for a home loan of ₹20 lakh for a 10-year tenure? Although you can use the Navi Home Loan EMI Calculator to get quick results, it’s important to know how home loan EMIs are manually calculated. The formula is:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

Here, P stands for the principal amount, R stands for the monthly interest rate divided by 100, and N is the number of instalments you would be required to pay. For example, if your loan tenure is 10 years, N would be 120.

Here’s what your manual EMI calculation for ₹20 lakh home loan for 10 years would look like:

EMI = ₹ {20,00,000 x 0.00615 x (1 + 0.00615)^120} / {(1 + 0.00615)^120-1} = ₹23,626

As you can see, manual calculations are not that simple and can be tedious. Rather, you could use our home loan EMI calculator.

The details have been discussed below:

Let’s estimate the EMI if you took out a ₹20 lakh house loan for a time period of 20 years. As mentioned previously, the formula for home loan EMI is:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

Here, P stands for the principal amount, and R stands for the monthly interest rate divided by 100. N is the number of instalments you would be required to pay throughout the repayment tenure. For example, if your loan tenure is 20 years, N would be 240.

Here’s what your EMI would be if you took a ₹20 lakh home loan for 20 years:

EMI = ₹ {20,00,000 x 0.00615 x (1 + 0.00615)^240} / {(1 + 0.00615)^240-1} = ₹15,978

As you can see, manual calculations are quite time consuming and can lead to errors. Rather, you could use our home loan EMI calculator.

The details are below:

Just out of curiosity, let’s estimate the EMI for a home loan of ₹20 lakh with 30 years tenure. As mentioned previously, the formula for home loan EMI is:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

Here, P stands for the principal amount, and R stands for the monthly interest rate divided by 100. N is the number of instalments you would be required to pay. For example, if your loan tenure is 30 years, N would be 360.

Here’s what your EMI for ₹20 lakh home loan for 30 years would look like if calculated manually:

EMI = ₹ {20,00,000 x 0.00615 x (1 + 0.00615)^360} / {(1 + 0.00615)^360-1} = ₹13,834

Manual calculations like this can get wrong if not done properly. Rather, you could use our online home loan EMI calculator.

The details are below: