Get Detailed Information About the Home Loan EMI of 10 Lakhs

10 lakh home loan EMI

Getting a home loan is one of the best financial decisions you can make for achieving a significant milestone, i.e., buying a house. It can help you buy a house even with a nominal monthly income. All you need to do is stick to the budget and make timely repayment through affordable EMIs. 

Investing in a home is among the best investment decisions, as home prices increase exponentially over time. The property you invest in today will likely have a multi-fold valuation by the end of the loan tenure. Choosing the right home loan amount is essential to avoid defaulting on repayments. Therefore, it’s wise to calculate the EMIs before selecting a home loan. Read further to learn more about home loan EMIs.

What is a home loan EMI?  

All loans have a financial obligation to repay the borrowed principal amount along with an interest fee. The outstanding balance is divided into equal monthly instalments, called EMIs, depending on the loan tenure. Home loan EMIs are the monthly repayment amount for the loan. It contains some fraction of the principal amount and the interest fee. This is what the borrower has to repay each month. 

EMI amount calculation  

What will be the EMI amount for a home loan worth INR 10 lakh? Well, there is no single EMI amount for this loan amount. It depends on various factors mentioned below.

Interest rate 

The interest rate is the first and most crucial factor influencing home loan EMIs. The interest rate on home loans can vary based on the lender’s policies, borrower’s credit profile, and other macroeconomic factors. A higher interest rate will convert into higher EMI amounts when other factors are kept constant. 

For example, a home loan of INR 10 lakh taken for ten years at a 10% interest rate will have an EMI of INR 13,215. However, if the interest rate is reduced to 8% (keeping other things constant), the EMI amount will be INR 12,133. The EMI for 10 lakh home loan can vary significantly based on the interest rate. 

Loan tenure 

Loan tenure is another critical factor impacting the EMI amount for a home loan. It is defined as the total duration for which the loan is taken. Most lenders offer home loans for up to 30 years. The higher tenure helps people manage their EMI payments efficiently as the home loan amount is usually higher. An increase in the home loan tenure can reduce the EMIs, and a decrease in tenure can increase the EMIs. 

Let’s assume that the home loan amount is INR 10 lakh, the interest rate is 8%, and the total duration is eight years. The EMI amount for this equation will be INR 14,000. If we keep other things constant and increase the loan tenure/duration to 10 years, the EMI amount will change to INR 12,133.

Down payment 

The third factor is the down payment amount. For any home loan, a borrower has to pay some part of the home’s value through a down payment. In most cases, the minimum down payment required is 10% of the property’s value. The rest can be financed through a home loan. A higher down payment amount will reduce the loan and decrease the EMIs. On the other hand, a lower down payment amount will increase the EMIs. 

What to consider before applying for a 10-lakh home loan?

There are numerous things to consider before applying for a 10-lakh home loan. Here are some important ones. 

    • Know your credit score and maintain a score of over 700 points before applying. This will help you get better terms and interest rates on the home loan.  
    • Choose a higher loan tenure if you are unsure about the income. A higher loan tenure will reduce the EMI amount and give you more time to repay the loan.
    • Assess your repayment capacity before choosing a loan amount. Only borrow what you can easily repay based on your current and projected income. 
  • Calculate the EMI amount using an EMI calculator home loan on the Grihashakti website and choose one that matches your budget.


Multiple factors can influence the EMI amount for a home loan. Choosing the right 10 lakh home loan EMI amount is crucial after assessing your repayment capacity and monthly obligations. A home loan EMI calculator can help you quickly compute and find a suitable EMI. 

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