EMI on ₹1.5 crore Home Loan — Calculate Monthly Payment — India 2026
Calculate monthly payment for a ₹1.5 crore home loan at 8.5%. See EMI of ₹1,30,173, total interest, and year-by-year amortization. Rate × tenure comparison table included.
A ₹1.5 crore home loan is one of the most commonly searched ticket sizes for Indian borrowers in 2026, and the exact EMI depends on three variables you control — the rate you negotiate, the tenure you pick, and any down payment you bring to the table. At the current April 2026 floating rate of around 8.5% per annum, a ₹1.5 crore home loan taken over 20 years works out to an EMI of approximately ₹1,30,173 per month. Over the full 20-year tenure you will pay roughly ₹1,62,41,636 in interest on top of the ₹1.5 crore principal — a figure that can be cut sharply by prepaying even a small amount each year. Among major lenders, SBI, HDFC, ICICI and Axis Bank are the most competitive names for a ₹1.5 crore home loan, with the public-sector banks typically 10–25 basis points below the private banks for the same borrower profile. A ₹1.5 crore home loan is a high-value exposure typically used for luxury properties or large villas in metro locations; at this ticket size, banks scrutinise income proof, CIBIL score (usually 750+), and often require additional collateral or co-applicants. Use the calculator below (pre-filled at ₹1.5 crore, 8.5%, 20 years) to see exactly how EMI, total interest, and the year-by-year amortization schedule change as you tune the inputs.
What is the EMI for a ₹1.5 crore home loan?
At 8.5% interest for 20 years, the EMI on a ₹1.5 crore home loan is ₹1,30,173 per month. Over the full tenure you pay ₹1,62,41,636 in interest, making your total repayment ₹3,12,41,636. Shortening the tenure to 15 years raises EMI to ₹1,47,711 but cuts total interest to ₹1,15,87,968 — a saving of ₹46,53,668.
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Home Loan EMI Calculator
EMI at Different Rates and Tenures
EMI at different rate and tenure combinations for a ₹1.5 crore home loan
| Rate ↓ / Tenure → | 10 yrs | 15 yrs | 20 yrs | 25 yrs | 30 yrs |
|---|---|---|---|---|---|
| 7.5% | ₹1,78,053 | ₹1,39,052 | ₹1,20,839 | ₹1,10,849 | ₹1,04,882 |
| 8% | ₹1,81,991 | ₹1,43,348 | ₹1,25,466 | ₹1,15,772 | ₹1,10,065 |
| 8.5% | ₹1,85,979 | ₹1,47,711 | ₹1,30,173 | ₹1,20,784 | ₹1,15,337 |
| 9% | ₹1,90,014 | ₹1,52,140 | ₹1,34,959 | ₹1,25,879 | ₹1,20,693 |
| 9.5% | ₹1,94,096 | ₹1,56,634 | ₹1,39,820 | ₹1,31,054 | ₹1,26,128 |
How This Calculator Works
This calculator uses the standard reducing balance method to compute your monthly payments. The formula takes your loan principal, annual interest rate, and tenure to calculate the exact Equated Monthly Installment (EMI) or payment amount. Each monthly payment consists of two components — principal repayment and interest charges. In the early months, a larger portion goes toward interest, but as your outstanding balance decreases, more of each payment reduces the principal. This is why making extra prepayments in the early years of your loan saves significantly more interest than prepaying later.
Tips to Get the Best Loan Deal
Always compare the Annual Percentage Rate (APR) rather than just the advertised interest rate, as APR includes processing fees, insurance charges, and other costs. Negotiate your processing fee — most banks will reduce or waive it if you ask. Choose the shortest tenure your budget allows since longer tenures dramatically increase total interest paid. Check prepayment terms before signing — RBI mandates zero prepayment penalty on floating rate home loans in India. Finally, maintain a credit score above 750 to qualify for the best rates from any lender.
Key Information
| Parameter | Details |
|---|---|
| Loan Amount | ₹1.5 crore |
| Typical EMI @ 8.5%, 20 yrs | ₹1,30,173 / month |
| Total Interest (20 yrs) | ₹1,62,41,636 |
| Typical Monthly Salary Needed (40% FOIR) | ₹3,25,434 |
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Use Calculator NowFrequently Asked Questions
What is the EMI for a ₹1.5 crore home loan?
At 8.5% interest for 20 years, the EMI on a ₹1.5 crore home loan is ₹1,30,173 per month. Over the full tenure you pay ₹1,62,41,636 in interest, making your total repayment ₹3,12,41,636. Shortening the tenure to 15 years raises EMI to ₹1,47,711 but cuts total interest to ₹1,15,87,968 — a saving of ₹46,53,668.
What salary do I need for a ₹1.5 crore home loan?
Most Indian banks cap EMI at 40–50% of net monthly income under FOIR rules. For a ₹1.5 crore home loan at 8.5% over 20 years, the EMI of ₹1,30,173 requires a take-home salary of approximately ₹3,25,434 per month. Adding a co-applicant's income can reduce the individual salary requirement by 30–50%.
How much interest will I pay on a ₹1.5 crore home loan over 20 years?
At 8.5%, the total interest on a ₹1.5 crore home loan over 20 years comes to ₹1,62,41,636 — roughly 108% of the original principal. This is why experts recommend the shortest tenure your budget can support. If rates rise by 1% to 9.5%, the EMI climbs to ₹1,39,820 and total interest jumps by ₹23,15,086.
Can I prepay a ₹1.5 crore home loan to save interest?
Yes. Under RBI rules, individual borrowers pay zero prepayment penalty on floating-rate home loans. For a ₹1.5 crore home loan at 8.5%, prepaying ₹7,50,000 (5% of principal) once a year can reduce total interest by ₹32,48,327 and cut 3–5 years off the tenure. Prepayments are most effective in the early years of the loan when the interest component of each EMI is highest.
Which bank offers the lowest EMI on a ₹1.5 crore home loan?
As of April 2026, SBI, Bank of Baroda and LIC Housing Finance are typically the most competitive for a ₹1.5 crore home loan. Public-sector banks usually sit 10–25 bps below private banks for home loans, while private banks tend to process personal loans faster. Always compare the APR (which includes processing fees) rather than just the headline rate.
How is EMI calculated?
EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 1200), and n is the tenure in months. This gives you the fixed monthly payment that covers both principal repayment and interest.
Should I choose a longer or shorter loan tenure?
A shorter tenure means higher EMI but significantly less total interest paid. For example, on a Rs 50 lakh loan at 8.5%, choosing 15 years over 20 years saves approximately Rs 12 lakh in interest but increases your EMI by about Rs 14,000. Choose the shortest tenure your budget allows.
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Last updated: March 2026