₹40 Lakh Home Loan EMI for 10, 15 & 20 Years with Interest Rate and Calculator (2024)

Planning to take a ₹40 lakh home loan to buy your dream house? Before you dive in, understand your ₹40 lakh home loan EMI first. Calculating your home loan EMI in advance could help you better plan and manage your finances. You can use our ₹40 lakh home loan EMI calculator to check your repayment obligations in a few seconds.

Let’s find out what would your EMI on ₹40 lakh home loan be for different tenures.

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If you apply for a home loan, you get the option of repaying it through monthly payments or EMIs. Your home loan EMI consists of two components – the principal amount and interest.

Let’s understand your ₹40 lakh home loan EMI with the help of an illustration. We have considered the interest rate to be 8.45% p.a. per annum and tenures to be 5, 10, 15, 20 and 30 years, respectively. Using an EMI calculator, we have figured out how much your EMIs will be. Refer to the table below:

The EMI amount of your home loan depends on the principal amount, interest rate and loan tenure. There are two options for EMI calculations – manual and online calculators. The former involves a time-consuming process and can leave room for errors. Instead, you can use the Navi Home Loan EMI Calculator to get quick and accurate results.

The online tool is extremely easy to use. Just enter your Home loan details, such as the loan amount, tenure and interest rate to check your EMI.

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

If you have sufficient funds and strategically plan your loan repayment, you can pay off your ₹40 lakh home loan in 10 years. But to plan better, you should know your ₹40 lakh home loan EMI first. Doing the EMI calculation with an online calculator is a quick fix, but you should also know how the manual calculation works:

The formula for getting the value of EMI goes like this:

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

Here, P stands for the loan amount, R is the monthly interest rate (annual interest rate divided by 12), and N is the number of EMIs you will have to pay.

Now putting the value in this formula, we will figure out how much will be the ₹40 lakh home loan EMI for 10 years at an interest rate of 7.39% p.a. or 0.615% per month.

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}= {40,00,000 x 0.00615 x (1+0.00615)^120} / {(1 + 0.00615)^120 – 1} = ₹47,250

As you can see, the manual process is quite complex. As a better alternative, you could use our home loan EMI calculator.

Refer to the table right below for particulars:

Just out of curiosity, let’s see how much will be the EMI for ₹40 lakh home loan for 20 years.

As mentioned above, the formula for EMI calculation is:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}, where P stands for principal amount, R is monthly rate of interest and N denotes number of EMIs payable throughout your tenure. So, if the tenure is 20 years, N would be 240 (number of years x 12).

Look at the calculation below for ₹40 lakh home loan EMI for 20 years at an interest rate of 7.39% p.a. or 0.615% per month.

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}= {40,00,000 x 0.00615 x (1+0.00615)^240} / {(1 + 0.00615)^240 – 1} = ₹31,955

Instead of going through this strenuous calculation, you can use our online home loan EMI calculator.

Here are the details:

Navi offers home loans with repayment tenure of up to 30 years. Let’s find out what would be your ₹40 lakh home loan EMI for 30 years?
The formula, as we know already, is:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}; P denotes the principal component, R denotes monthly rate of interest because EMIs are monthly payments and n is the number of EMIs payable.

Now, let’s calculate how much the EMI will be for a ₹40 lakh home loan that is taken for 30 years at an interest rate of 7.39% (0.615% monthly).

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}= {40,00,000x 0.00615 x (1+0.00615)^360} / {(1 + 0.00615)^360 – 1}= ₹27,668

As you can see, manual calculation is time-consuming and can lead to errors. Alternatively, you can use our online EMI calculator.

Refer to the details given below: