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.
Year-wise repayment on a ₹30 lakh home loan
| Year | Principal repaid | Interest paid | Balance 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
| Rate | EMI | Total 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 | EMI | Total 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
SIP Calculator
Monthly investment growth with inflation adjustment.
Goal SIP Planner
Work backwards from a target corpus.
EMI Calculator
Loan instalments with prepayment savings.
Income Tax Calculator
New vs old regime for FY 2026-27.
8th Pay Commission Calculator
Projected salary at any fitment factor.
All calculations
Browse every ready-made answer page.
Figures are mathematical projections based on the stated assumptions. Market-linked returns are not guaranteed. This is educational information, not investment advice.