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Home Loan up to Rs.15 Lakh

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Home Loan up to 15 Lakh Details

With Bajaj Finserv, you can get easy access to a sanction of Rs.15 lakh, while benefiting from value-added features such as property search services and a top-up loan facility. Here you can also secure financing at competitive rates of interest and for a flexible tenor, ranging up to 20 years. Combined, these features keep your EMIs pocket-friendly. Read on to know more about what affects a 15 lakh home loan EMI structure.

15 Lakh Home Loan EMI Details

The EMI on a home loan of 15 lakhs is computed by accounting for the principal, rate of interest and the tenor. The principal of the home loan, 15 lakh, is fixed and so, the two other parameters determine the affordability of the offering. The rate of interest is decided by your lender. However, you can pick a suitable length to attain favourable EMI amounts. For instance, a 15 lakh home loan EMI for 10 years would be more than the EMI on 15 lakh home loan for 20 years.

However, while you may know the general principles well, applying them on a case-to-case basis is difficult as EMI calculations involve complex formulae. For this reason, when you apply for a housing loan of 15 lakhs, a home loan EMI calculator becomes a go-to online tool. It tells you the 15 lac home loan EMI values within moments once you enter values for the tenor and rate of interest.

EMI Calculations for a Home Loan of Rs.15 Lakh with Different Tenors

When availing a home loan of 15 lakh, EMI figures pertaining to the borrowed sum go higher as the rate of interest increases and go lower when the tenor gets longer. To understand, consider a fixed rate of interest of 10%, and see the EMI for different tenors.
Loan Amount EMI when Tenor is 10 Years EMI when Tenor is 15 Years EMI when Tenor is 20 Years
Rs. 15,00,000 19,823 16,119 14,475
*Disclaimer: The table has values that are subject to change.

Having seen how the EMIs of a 15 lakh home loan are affected by changes in the length of the repayment, consider how the principal value itself impacts calculations.

EMI Calculations for a Home Loan Lower than Rs.15 Lakh

If you keep the tenor and interest rate the same, then you’ll see that home loan EMIs for 15 lakhs are larger than those for sanctions of a lesser amount. This is because, as per the formula, EMIs and the principal are linked in direct proportion.

Below is a table displaying EMI values for a tenor of 10 months and an interest rate of 10%, with principal values varying.
Loan Particulars EMIs for a Tenor of 10 Years
14 lakh home loan EMI Rs. 18,501
13 lakh home loan EMI Rs. 17,180
12 lakh home loan EMI Rs. 15,858
11 lakh home loan EMI Rs. 14,537
*Disclaimer: The table has values that are subject to change.

On observing the table, you’ll note that the EMI values decrease considerably as the principal decreases. What this means is that you should borrow wisely, after drawing up realistic estimates of the costs involved. So, while you may be approved for a 15 lakh home loan, apply for a home loan of 12 lakh if the amount is enough for you and you are able to afford the EMIs.

Interest Rate for a Home Loan of Rs.15 Lakh

Home loan interest rates are not flat across the board and vary between lenders. That said, for a small sanction, of Rs.15 lakh, home loan rates can be incredibly favourable. For instance, with Bajaj Finserv, salaried individuals enjoy a promotional rate, starting at 6.75%* and self-employed get funding starting at 6.75%*.

Eligibility Criteria for a Home Loan of Rs.15 Lakh

To obtain funding from Bajaj Finserv you must meet the simple eligibility terms listed. You must:
  • Be a resident citizen of India
  • Be between 23 and 62 years, if salaried, and 25 and 70 years of age, if self-employed
  • Possess a work experience of at least 3 years, if salaried, or a stable business for at least 5 years, if self-employed
  • Meet the city-specific monthly income requirement


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