Skip to main content

Loan EMI

₹30 lakh Home Loan EMI for 15 Years

At 8.5% interest over 15 years, a ₹30 lakh home loan costs about ₹29,542 every month. Over the full term you repay ₹53.18 lakh in total — the ₹30.00 lakh you borrowed plus ₹23.18 lakh of interest, which is 77.3% of the original loan.

Monthly EMI

₹29,542

15 years at 8.5% on ₹30 lakh

Total interest

₹23.18 lakh

Total repayment

₹53.18 lakh

Interest as % of loan

77.3%

Same loan over 10 yrs

₹37,196/mo

Interest saved by that

₹8.54 lakh

Net income usually needed

₹73,855/mo

Want to change the numbers?

Open the EMI calculator with prepayment and run your own amount, rate and tenure.

Open calculator

Year-wise repayment on a ₹30 lakh home loan

Year-wise repayment on a ₹30 lakh home loan
YearPrincipal repaidInterest paidBalance left
1₹1,03,476₹2,51,030₹28,96,524
2₹1,12,622₹2,41,884₹27,83,902
3₹1,22,577₹2,31,929₹26,61,325
4₹1,33,412₹2,21,095₹25,27,913
5₹1,45,204₹2,09,302₹23,82,709
6₹1,58,039₹1,96,468₹22,24,671
7₹1,72,008₹1,82,498₹20,52,663
8₹1,87,212₹1,67,294₹18,65,451
9₹2,03,760₹1,50,747₹16,61,691
10₹2,21,770₹1,32,736₹14,39,921
11₹2,41,373₹1,13,134₹11,98,548
12₹2,62,708₹91,798₹9,35,841
13₹2,85,929₹68,577₹6,49,912
14₹3,11,202₹43,304₹3,38,710
15₹3,38,710₹15,797₹0

How the EMI moves with the interest rate

How the EMI moves with the interest rate
RateEMITotal interest
7.50%₹27,810₹20,05,867
8.00%₹28,670₹21,60,521
8.50%₹29,542₹23,17,594
9.00%₹30,428₹24,77,040
9.50%₹31,327₹26,38,813

Tenure versus total interest

Tenure versus total interest
TenureEMITotal interest
5 years₹61,550₹6,92,976
10 years₹37,196₹14,63,485
15 years₹29,542₹23,17,594
20 years₹26,035₹32,48,327
25 years₹24,157₹42,47,044
30 years₹23,067₹53,04,266

The interest number is the one that matters

Borrowers compare EMIs; lenders profit from total interest. On this loan you pay ₹23.18 lakh in interest — effectively buying the ₹30.00 lakh twice over if that figure approaches the principal.

In the early years almost all of the EMI is interest. Look at year 1 in the table: only ₹1,03,476 of the ₹3,54,506 you pay actually reduces the loan.

Prepayment is where the real money is

Cutting the tenure from 15 to 10 years raises the EMI to ₹37,196 — ₹7,654 more a month — but saves ₹8.54 lakh in interest. That is the single highest-return financial decision available to most borrowers.

If the higher EMI is uncomfortable, pay one extra EMI a year instead. On a floating-rate home loan there is no prepayment penalty for individuals, so every rupee goes straight against the principal.

  • Always ask the bank to reduce the TENURE, not the EMI, when you prepay — reducing the EMI keeps you in debt just as long.
  • Prepay early. A prepayment in year 2 saves several times what the same amount saves in year 12.
  • Check whether the loan is on repo-linked rate; those reprice faster when the RBI cuts.

Tax relief on a home loan

Under the OLD tax regime, Section 24(b) allows up to ₹2 lakh a year of home loan interest against income from a self-occupied property, and Section 80C covers up to ₹1.5 lakh of principal. In year 1 of this loan the interest is roughly ₹2,51,030, so the ₹2 lakh ceiling is fully used.

Under the NEW regime — the default since FY 2023-24 — neither deduction is available for a self-occupied property. Run both regimes before assuming the loan saves you tax.

Can you afford this EMI?

Most Indian lenders cap total EMIs at 40-50% of net monthly income. An EMI of ₹29,542 therefore usually requires take-home pay of at least ₹73,855 a month, before counting any existing loans.

Keep a separate emergency fund of six EMIs. A loan default damages your CIBIL score for years and is far more expensive than the interest you were trying to save.

Frequently Asked Questions

What is the EMI for a ₹30 lakh home loan for 15 years?

About ₹29,542 a month at 8.5% interest. Total repayment comes to ₹53.18 lakh, of which ₹23.18 lakh is interest.

How much total interest will I pay?

₹23.18 lakh over 15 years, which is 77.3% of the amount borrowed. A one percentage point change in rate moves this by roughly ₹3.21 lakh.

What salary do I need for a ₹30 lakh home loan?

Lenders generally want the EMI to stay under 40% of net income, so around ₹73,855 take-home per month. The exact figure depends on your other obligations, credit score and the lender's FOIR policy.

Should I take 15 years or a shorter tenure?

A 10-year tenure raises the EMI to ₹37,196 but saves ₹8.54 lakh in interest. Take the longest tenure you can get approved, then prepay aggressively — that gives you the low mandatory EMI as a safety net plus the interest saving.

Is there a penalty for prepaying?

No, not on floating-rate loans taken by individuals — the RBI prohibits foreclosure charges on those. Fixed-rate loans and loans to non-individuals can still attract a penalty, typically 2-4% of the outstanding amount.

Related calculations

Full interactive calculators

Figures are mathematical projections based on the stated assumptions. Market-linked returns are not guaranteed. This is educational information, not investment advice.