To compute the Equated Monthly Installment (EMI) for a 5 lakh rupees home loan, we consider the prevailing interest rate of 8.40% annually with varied loan tenures like 10, 15, and 20 years. Borrowers repay the 5 lakh rupees loan in fixed monthly installments over the chosen period.

With a Home Loan Calculator, you can ascertain the EMI, total interest payable, and the overall repayment amount for a 5 lakh rupees loan.

The lowest home loan interest rate is currently 8.40% per annum. Below is the EMI breakdown for a 5 lakh rupees loan across different tenures:

• Loan Amount: Rs. 5 Lakh - Tenure: 5 Years - EMI: Rs. 20,468
• Loan Amount: Rs. 5 Lakh - Tenure: 10 Years - EMI: Rs. 12,345
• Loan Amount: Rs. 5 Lakh - Tenure: 15 Years - EMI: Rs. 9,789
• Loan Amount: Rs. 5 Lakh - Tenure: 20 Years - EMI: Rs. 8,615
• Loan Amount: Rs. 5 Lakh - Tenure: 25 Years - EMI: Rs. 7,985
• Loan Amount: Rs. 5 Lakh - Tenure: 30 Years - EMI: Rs. 7,618

The formula for calculating home loan EMI is:

EMI = [P * r * (1 + r)^n] / [(1 + r)^n – 1],
where:
- EMI represents the Equated Monthly Installment,
- P is the Loan amount (principal),
- r is the Monthly interest rate (annual interest rate/12/100),
- n indicates Loan tenure in months.

For instance, with an annual interest rate of 8% for a 20-year loan (240 months), the EMI for a 5 lakh rupees loan would be Rs. 4,182.

Beyond interest rates and EMIs, it's important to consider other factors when securing a 5 lakh rupees home loan. Borrowers need to evaluate eligibility, property value, loan tenure based on repayment capability, and additional costs like processing and legal fees. Maintaining a strong credit score and understanding prepayment and foreclosure terms are also critical.

By evaluating these aspects, borrowers can make informed choices regarding a 5 lakh rupees home loan.