Frequently Asked Questions (FAQs)
What is the monthly EMI for a 1.5 Crore home loan over 20 years?
At an average interest rate of 8.5% per annum, the monthly EMI for a ₹1.5 Crores home loan for 20 years is approximately ₹1.30 L.
How much total interest is paid on a 1.5 Crore home loan?
Over a 20-year tenure at 8.5%, total interest payable on a ₹1.5 Crores loan is approximately ₹1.62 Cr, making total repayment ₹3.12 Cr.
What is the income required for a 1.5 Crore home loan?
Assuming a bank FOIR (Fixed Obligation to Income Ratio) limit of 50% and no other existing EMIs, your net monthly in-hand income should be at least ₹2.60 L to qualify for a 1.5 Crore home loan.