Rs. 15 Lakh Home Loan – EMI, Eligibility, and Complete Feature Guide

A Rs. 15 lakh home loan is one of the most accessible entry points into formal housing finance in India, appropriate for first homes in Tier 2 cities, peri-urban properties, supplementing PMAY-G assistance, or construction of basic housing. Understanding the EMI structure across different tenures helps buyers choose the right repayment period before committing.

This page covers:

• EMI table for Rs. 15 lakh at different tenures
• How tenure affects total interest paid
• Features and benefits of a Rs. 15 lakh home loan
• Eligibility criteria — income requirements at this loan size
• Documents required
• PMAY subsidy — how it reduces your effective loan size
• Tax benefits on a Rs. 15 lakh home loan
• How to apply

A Rs. 15 lakh home loan is most relevant for:

• First-time buyers in Tier 2 and Tier 3 cities — where property prices for 1-2 BHK units in developing localities range from Rs. 20-40 lakh, requiring a loan of Rs. 15-30 lakh
• PMAY beneficiaries supplementing government assistance — PMAY-G provides Rs. 1.20-1.30 lakh; PMAY-U provides an interest subsidy. A Rs. 15 lakh home loan can complement this government support to finance construction or home purchase costs beyond the assistance provided
• Buyers in peri-urban and rural areas — rural land with small residential construction; self-construction plots in growing townships
• Balance transfer candidates — those moving an existing small home loan to a lender offering better rates

Indicative figures at approximately 7.25% p.a.* Actual EMI will vary based on your approved rate.
The difference in EMI between a 10-year and 30-year tenure is approximately Rs. 7,377 per month — but the 30-year tenure costs an additional Rs. 15.71 lakh in total interest compared to the 10-year option.

• PMAY-U 2.0: If you qualify under the Interest Subsidy Scheme (ISS), you may receive an interest subsidy on an eligible home loan, subject to the prevailing scheme guidelines, income category, and loan eligibility. This can lower your overall borrowing cost and make a Rs. 15 lakh home loan more affordable.
• PMAY-G: If you receive Rs. 1.20 lakh (or Rs. 1.30 lakh, where applicable) under PMAY-G and supplement it with a Rs. 15 lakh construction loan, your total housing budget would be Rs. 16.20 lakh–Rs. 16.30 lakh. In many rural and peri-urban locations, this may be sufficient to construct a modest 2-bedroom pucca house, depending on local construction costs.

Confirm PMAY eligibility through the official PMAY-U or PMAY-G portals before applying for the loan.

For a Rs. 15 lakh loan, income requirements are relatively modest compared to larger loans:

Under the old tax regime:

• Section 80C: Principal repayment up to Rs. 1.5 lakh per year is deductible
• Section 24(b): Interest paid is deductible up to Rs. 2 lakh per year for self-occupied property

For a 20-year loan at 7.25% p.a.*, annual interest in the early years is approximately Rs. 1.04 lakh — partially deductible under Section 24(b). As the loan matures and principal increases, more of each EMI qualifies under Section 80C.

1. Click 'Apply Online' or visit a Bajaj Finance branch.
2. Enter your name, mobile number, and employment type.
3. Verify via OTP.
4. Provide income details, desired loan amount (Rs. 15 lakh), and property information.
5. Next, enter your date of birth, PAN and other details, depending on your occupation type.
6. Submit your application and await contact from a Bajaj Finance representative for the next steps.

A Rs. 15 lakh home loan is an accessible, manageable entry point into formal housing finance for millions of Indians. Bajaj Finance offers home loans from 7.25% p.a.* with amounts up to Rs. 15 Crore* and tenures up to 32 years. Check your eligibility today.