A ₹1.5 crore home loan is a popular choice for buyers in metro cities looking to invest in premium real estate. But before you apply, it’s crucial to understand your EMI, eligibility, interest rate, and repayment options.
In this guide, we cover everything you need to know — from monthly EMI estimates to bank offers and smart tips to manage your loan better.
₹1.5 crore Home EMI As Per Tenure
The EMI you pay on a ₹1.5 crore home loan varies significantly based on the loan tenure and the interest rate offered by the lender.
Calculate your monthly EMIs for a home loan of ₹1.5 crore using our online calculator:
Loan Amount
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Interest Amount
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Total Payable
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Monthly EMI
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Your Amortization details(Yearly/Monthly)
Let’s assume the home loan interest rate as 8.00% p.a.
| Home Loan Amount | Rate of Interest | Tenure | EMI | Total Interest Paid |
|---|---|---|---|---|
| ₹1.5 crore | 8.00% p.a | 5 years | ₹3,04,146 | ₹32,48,755 |
| ₹1.5 crore | 8.00% p.a | 10 years | ₹1,81,991 | ₹68,38,967 |
| ₹1.5 crore | 8.00% p.a | 15 years | ₹1,43,348 | ₹1,08,02,606 |
| ₹1.5 crore | 8.00% p.a | 20 years | ₹1,25,466 | ₹1,51,11,842 |
| ₹1.5 crore | 8.00% p.a | 25 years | ₹1,15,772 | ₹1,97,31,729 |
| ₹1.5 crore | 8.00% p.a | 30 years | ₹1,10,065 | ₹2,46,23,288 |
Key Takeaway:
- A shorter loan tenure reduces the total interest paid but increases the EMI.
- A longer loan tenure reduces the EMI but results in paying much higher interest overall.
₹1.5 Crore Home Loan EMI for Different Tenures
Understanding how different loan tenures impact your EMI can help you make an informed decision. Let’s explore the EMI calculations for various tenures.
What will be the EMI on ₹1.5 Crore Home Loan for 5 Years?
For ₹1.5 Crore Home Loan over a 5 year tenure at an interest rate of 8.00% p.a. the approximate EMI would be:
| Highlights | Details |
|---|---|
| Loan Amount | ₹1.5 Crore |
| Rate of Interest | 8.00% p.a. |
| Tenure | 5 years |
| Monthly EMI | ₹3,04,146 |
| Total Interest Payable | ₹32,48,755 |
| Total Repayment Amount | ₹ 1,82,48,755 |
What will be the EMI on ₹1.5 crore Home Loan for 10 Years?
For ₹1.5 Crore Home Loan over a 10 year tenure at an interest rate of 8.00% p.a. the approximate EMI would be:
| Highlights | Details |
|---|---|
| Loan Amount | ₹1.5 Crore |
| Rate of Interest | 8.00% p.a. |
| Tenure | 10 years |
| Monthly EMI | ₹1,81,991 |
| Total Interest Payable | ₹68,38,967 |
| Total Repayment Amount | ₹ 2,18,38,967 |
What will be the EMI on ₹1.5 crore Home Loan for 15 Years?
For ₹1.5 Crore Home Loan over a 15 year tenure at an interest rate of 8.00% p.a. the approximate EMI would be:
| Highlights | Details |
|---|---|
| Loan Amount | ₹1.5 Crore |
| Rate of Interest | 8.00% p.a. |
| Tenure | 15 years |
| Monthly EMI | ₹1,43,348 |
| Total Interest Payable | ₹1,08,02,606 |
| Total Repayment Amount | ₹ 2,58,02,606 |
What will be the EMI on ₹1.5 crore Home Loan for 20 Years?
For ₹1.5 Crore Home Loan over a 20 year tenure at an interest rate of 8.00% p.a. the approximate EMI would be:
| Highlights | Details |
|---|---|
| Loan Amount | ₹1.5 Crore |
| Rate of Interest | 8.00% p.a. |
| Tenure | 20 years |
| Monthly EMI | ₹1,25,466 |
| Total Interest Payable | ₹1,51,11,842 |
| Total Repayment Amount | ₹ 3,01,11,842 |
Suggested Read : Home Loan Tenure Calculator
What will be the EMI on ₹1.5 crore Home Loan for 25 Years?
For ₹1.5 Crore Home Loan over a 25 year tenure at an interest rate of 8.00% p.a. the approximate EMI would be:
| Highlights | Details |
|---|---|
| Loan Amount | ₹1.5 Crore |
| Rate of Interest | 8.00% p.a. |
| Tenure | 25 years |
| Monthly EMI | ₹1,15,772 |
| Total Interest Payable | ₹1,97,31,729 |
| Total Repayment Amount | ₹ 3,47,31,729 |
What will be the EMI on ₹1.5 crore Home Loan for 30 Years?
For ₹1.5 Crore Home Loan over a 30 year tenure at an interest rate of 8.00% p.a. the approximate EMI would be:
| Highlights | Details |
|---|---|
| Loan Amount | ₹1.5 Crore |
| Rate of Interest | 8.00% p.a. |
| Tenure | 30 years |
| Monthly EMI | ₹1,10,065 |
| Total Interest Payable | ₹2,46,23,288 |
| Total Repayment Amount | ₹ 3,96,23,288 |
Suggested Read : 15 vs 30 Years Tenure for Your Home Loan
₹1.5 Crore Home Loan Eligibility Criteria
Before applying for a ₹1.5 Crore home loan, it’s essential to ensure you meet the eligibility criteria set by lenders.
Here is a calculator which helps you estimate the loan amount you can qualify for based on your income, monthly expenses, existing EMIs, loan tenure, and interest rate.
Key Factors for Banks to Determine Your Home Loan Eligibility Include:
| Eligibility Criteria | Requirements |
|---|---|
| Age | 21 years – 65 years |
| Employment | Salaried/ Self Employed |
| Nationality | Indians/ NRIs/ PIOs/ OCIs |
| Credit Score | 750+ |
| Income | Stable and sufficient income to cover EMI payments. |
| Property Details | Clear title and valuation of the property you intend to purchase. |
₹1.5 Crore Home Loan Documents Required
Below, we outline the essential documents you need to gather when applying for a ₹1.5 Crore home loan, helping you stay organized and prepared every step of the way.
General Requirements
- Application Form: Duly filled, signed, with 3 photographs.
- Proof of Identity: PAN Card, Driver’s License, Voter ID, Passport, Aadhar Card.
- Proof of Residence: Driver’s License, Ration Card, Voter ID, Passport, Aadhar Card, Registered Rent Agreement.
- Proof of Assets Held: LIC, NSC, KVP, Mutual Funds, Property.
Proof of Income
- Salaried:
- Last 3 months’ salary slips (1 month for guarantors).
- Form 16 and ITR (last year).
- Employee ID card, employment letters (appointment, promotion, increment).
- Last 6 months’ bank statement (salary/individual account).
- Self-Employed:
- Balance Sheet, Profit & Loss Account, ITR for the last 2 years.
- Form 26AS, TDS certificates.
- Business proof (Gumasta License, Registration Certificate, Service Tax).
- IT assessment/clearance certificates.
- Bank statements (last 12 months).
Suggested Read : Home Loan in Bangalore
Property Documents
Some of the key property documents for homebuyers include:
| Document | Short Description |
|---|---|
| Sale Agreement | Preliminary agreement between buyer and seller with terms of sale, payment schedule, and conditions. |
| Title Deed | Legal proof of ownership; ensures the seller has the right to sell the property. |
| No Objection Certificate (NOC) | Issued by relevant authorities (e.g., fire, environment) confirming no objection to construction/sale. |
| Property Tax Receipts | Confirms that all dues on property tax are cleared up to date. |
| Encumbrance Certificate (EC) | Certifies the property is free from legal/financial liabilities or mortgages. |
| Building Plan Approval | Approved construction layout sanctioned by the municipal authority. |
| Occupancy Certificate (OC) | Issued by the local body confirming the building is ready and safe for occupancy. |
| Utility Bills | Recent electricity and water bills showing usage and confirming no outstanding dues. |
| Property Valuation Report | Third-party or bank-assessed report estimating current market value of the property. |
| Power of Attorney (if applicable) | Legal document allowing someone to act on the seller’s behalf (used in absence or delegation). |
| Approved Layout Plan | Approved plan of the entire project or layout by the planning authority. |
| Completion Certificate | Issued by local authority confirming construction was completed as per approved plan. |
| Society’s Membership Certificate | Confirms buyer’s membership in the housing society (for apartment buyers). |
| Khata Certificate and Extract | Property identification document used for tax and utility connections (especially in Karnataka). |
| Bank Statements of the Seller | To verify payment receipts, pending loans, or encumbrances related to the property. |
How to Apply for a ₹1.5 Crore Home Loan?
Applying for a ₹1.5 Crore Home Loan involves several steps to ensure a smooth and successful application process:
- Assess Your Eligibility
Check if you meet the lender’s eligibility criteria regarding income, credit score, age, and employment stability.
- Gather Necessary Documents
Collect all required documents such as identity proof, address proof, income statements, and property documents.
- Choose the Right Lender
Compare offers from different banks and financial institutions to find the best interest rates and loan terms.
- Submit Your Application
Fill out the loan application form and submit it along with the necessary documents.
- Verification Process
The lender will verify your documents and assess your creditworthiness.
- Loan Approval and Disbursement
Once approved, the loan amount will be disbursed to your account or directly to the property seller.
Factors to Consider While Availing a ₹1.5 Crore Home Loan
These are some key factors that lenders consider while approving your loan.
| Factor | Details |
|---|---|
| 1. Loan Amount Eligibility | Based on income, age, credit score, and existing EMIs. Use an eligibility calculator for accurate estimates. |
| 2. Interest Rate | Choose between fixed (stable but higher) or floating (variable but potentially cheaper). Compare across banks. |
| 3. EMI & Tenure | Longer tenure = lower EMI but higher total interest. Choose a tenure you can comfortably manage. |
| 4. Credit Score | A score of 750+ gets better rates. Lower scores may result in rejection or higher interest. |
| 5. Down Payment | You must pay 10–25% upfront. Banks usually finance up to 75–90% of the property value. |
| 6. Processing Charges | Includes processing fees (0.25–1%), legal, technical, valuation, and administrative costs. Ask for a fee breakdown. |
| 7. Prepayment Rules | Check for prepayment/foreclosure charges. Many banks waive them for floating rate loans. |
| 8. Documentation | Keep PAN, Aadhaar, income proof, property papers, and bank statements ready. Missing documents may delay or deny approval. |
| 9. Insurance Cover | Consider home loan insurance or a term plan to protect your family from liability in case of death or disability. |
| 10. Property Legality | Ensure the property has RERA registration, Occupancy Certificate (OC), Khata (if in Karnataka), and other legal clearances. |
Tax Benefits of ₹1.5 Crore Home Loan
Some Tax Benefits that come as additional benefits for Homebuyers Include :
| Section | Benefit Type | Conditions |
|---|---|---|
| Section 80C | Principal repayment | Home loan must be for a residential property. Property should not be sold within 5 years. |
| Section 24(b) | Interest on home loan | Loan must be for self-occupied property. For rented property: no cap on interest. |
| Section 80EEA | Additional interest benefit | Only for first-time buyers. Property value must be ≤ ₹45 lakh. Loan sanctioned between Apr 19 – Mar 22. |
| Section 80C (Stamp Duty) | Stamp duty & registration | Can be claimed in the same year of payment (not eligible under 80C in following years). |
Check Out: Tax Savings Calculator
Conclusion
Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.
But that is not it:
- Guaranteed up to 100% funding
- Receive lifetime assistance and expert guidance long after your loan is approved.
- Enjoy a fully digital process with minimal paperwork
- Get your loan approved within just 1-2 weeks.
Frequently Asked Questions
Yes, you can negotiate the interest rate, especially if you have a strong credit score, stable income, and a good relationship with the lender. Comparing offers from multiple lenders can also provide leverage in negotiations.
Lower EMIs: Spreading the loan over a longer period reduces the monthly payment, easing immediate financial burden.
Improved Cash Flow: Lower EMIs free up funds for other expenses or investments.
Increased Loan Eligibility: Longer tenures may enhance eligibility for higher loan amounts due to reduced EMI obligations.
While longer tenures reduce monthly EMIs, they increase the total interest paid over the loan’s duration. For example, a ₹1.5 Crore loan at 8.00% interest over 30 years results in higher total interest ₹2,72,89,132
compared to a 20-year tenure ₹1,66,98,826
.
Tax benefits under Sections 80C and 24(b) of the Income Tax Act are available on principal and interest payments, respectively. While longer tenures mean prolonged interest payments, annual tax deduction limits apply, so the tenure doesn’t directly increase tax benefits.
EMI for a ₹1.5 Crore loan for 20 years at the interest rate of 8.00% p.a. would be approx. ₹1,32,078
and for 30 years, EMI would be somewhere near to ₹1,17,470
.
Yes, it is possible to get a personal loan of ₹1.5 Crore , but it depends on several factors including your income, credit score, existing debts, and the lender’s policies. Lenders typically consider these factors to assess your ability to repay the loan before approving such a large amount.
To get a home loan, the required salary depends on the loan amount, other financial obligations, and the lender’s criteria. Generally, lenders consider a debt-to-income ratio of 40-50% to be comfortable.
The age eligibility for a home loan typically ranges from a minimum of 18 or 21 years old to a maximum of 60 or 70 years old, depending on the lender and whether the applicant is salaried or self-employed. Generally, lenders consider the age at the time of loan maturity, so younger applicants may be offered longer loan tenures.
To determine your home loan eligibility, lenders evaluate factors like your income, credit score, age, and existing financial obligations. You can get a preliminary estimate using online home loan eligibility calculators.
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