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A 20 lakhs home loan EMI – how to calculate it?

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Home loans are a form of long-term, secured financing that can be used to build or buy a home. With the EMI calculator, you can figure out how much your monthly payment will be for different loan amounts.

Whether you want to invest in your business, pay for your child’s college education, or get a loan for your home, you can get an Rs. 20 Lakh loan to meet your financial needs.

Because the application process is easy and there isn’t much paperwork needed, getting one of these loans is quick and straightforward.

You can apply for more than one Home Loan, and the amount of money you spend on paperwork may go up, but the most you can get back is 1.5 Lakhs.

But you can only take advantage of this benefit if you already own the house and still need to start paying the lender the principal amount.

Your EMI on a Rs 20 lakh home loan will depend on the home loan interest rate and the length of time you have to pay back the loan.

Now, let’s figure out how much you would have to pay as an EMI on a Rs 20 lakh home loan in 2023, based on current home loan interest rates and different loan terms.

What is EMI on a home loan?

Home Loan EMI is the monthly payment you must make to your lender to pay off your loan and interest. Every EMI has two parts: the amount of the loan that is still owed and the good. These two parts of each EMI are different, but the EMI itself stays the same over the life of the loan.

One way to lower the monthly payment on a home loan is to pay off a certain amount of the loan early. The principal amount still goes down as more payments are made ahead of time.

Rs 20 lakh home loan eligibility

Generally, all banks have rules about who can get home loans and who can’t. These terms and conditions are about the borrower’s age, where they live, how much money they make, the loan-to-value ratio, their credit score, and how their finances are generally doing.

Age: Most banks will give home loans to people who are at least 18 years old.

Residency: Some banks offer home loans to both people who live outside or inside the country, but other banks only offer home loans to people who live inside the country.

Income: You can only apply for a home loan if you make money. This money could come from a salary or a business.

Loan-to-value ratio: Most home loans from banks have a loan-to-value percentage of 80:20. The bank will give you 80% of the flat’s value, but you have to pay for the other 20%. For example, the bank will provide a home loan of up to Rs. 20 lacks for a property worth Rs. 25 lakhs.

Credit score: Banks are more likely to give out home loans to people with good credit histories than people with bad credit histories.

General financial condition: One of the most important things determining whether a person will get a home loan is their general financial condition.

Documents needed

To get a home loan, a borrower has to show proof of who they are, where they live, and how much money they make. To get a home loan, you must also offer the property title.

Here are the papers that need to be sent with the home loan application:

Identity and proof of where you live

  • PAN card
  • License to drive
  • Passport to vote
  • Proof of income

Last three months’ salary slips

  • Statements from the previous six months that show salary credits
  • The most recent Form-16 and tax returns

Documents about property

  • Copy of the letter of allotment and the buyer’s agreement Title deeds

Some other papers

  • Own proof of what you’ve done
  • An employment contract or letter of appointment if the current job is less than a year old
  • Last six months of bank statements that show any ongoing loans have been paid back
  • On the application form, there needs to be a passport-sized photo of each applicant or co-applicant.

How to calculate home loan payments?

Home Loan EMI Calculator uses the loan amount, loan term, and interest rate together to figure out the monthly payment for a home loan right away. You must put these numbers into the calculator to get your desired answer.

The home EMI calculator also tells you how much interest you will pay over the life of the loan. The most important thing is that the interest rate changes over time. For the same loan amount and interest rate, the amount of interest will be higher the longer the loan is for.

Your loan’s EMI, or Equated Monthly Instalment, comprises the amount you borrowed and the interest. So, EMI = the amount borrowed plus interest paid on the loan. The EMI is usually the same for the whole length of your loan and is paid back monthly over the loan.

EMI Calculation for 20 Lakh Home Loan for Different Repayment Periods:

Loan tenure in years Home loan interest rate Monthly EMI in Rs
30 8.9% Rs 15,949
25 8.9% Rs 16,647
20 8.9% Rs 17,866
15 8.9% Rs 20,167
10 8.9% Rs 25,227
5 8.9% Rs 41,420

Why you should use this calculator

An online home loan EMI calculator can help you a lot by giving you the following advantages:

  1. Help you figure out the right amount to pay your EMIs.
  2. It lets you choose the proper loan term so that your monthly payments are easy to handle.
  3. It eliminates the need to do calculations by hand, which can be time-consuming and give wrong results.
  4. You can use it on your computer, phone, tablet, etc.
  5. In the first few months, more of the payment goes to interest than to the principal as you pay off your loan, the principal increases while the sound decreases.


The Home Loan EMI calculator clearly explains the amount that needs to be paid towards the EMIs and helps make an informed decision about the outflow towards the housing loan every month. This helps estimate the loan amount that can be availed and helps assess the property’s contribution requirements and cost. It is therefore important to know the EMI in order to calculate your home loan eligibility and be able to plan your homebuying journey more effectively.


How much is the EMI on a 20 lakh loan over 30 years? 

At an interest rate of 7.5% on home loans, For a 30-year loan, the EMI will be Rs 14,053 per month.

What is the interest rate for 20 lakhs?

Based on how the RBI’s repo rate changes, banks keep changing their home loan rates. As of June 2022, the interest rate was more than 7%.

What will be the monthly EMI for 15 lakhs?

With a 15-year loan and an interest rate of 7.5%, your monthly home loan payment will be Rs 18,597.

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