₹15 lakh home loan EMI: next to your rent, for 10 to 30 years

The EMI on a ₹15 lakh home loan at 8% for 20 years is ₹12,547 a month. Over 240 months you repay ₹30,11,184, so ₹15,11,184 of it is interest, a little more than the loan itself. The 8% is an example rate. Your lender and your credit score decide the one you get.

Say Lokesh, 30, is an accountant at a rice mill on the edge of Raipur. He takes home ₹35,000 a month and pays ₹8,000 as rent for a 1BHK. A small independent house in a colony near the mill needs a ₹15 lakh loan once his savings go into the down payment. He is weighing the EMI against the rent he already pays.

₹

= ₹15,00,000 (15 lakh)

%

years

Monthly EMI

₹12,547

  • Principal 49.8%
  • Interest 50.2%
Principal amount
₹15,00,000
Total interest
₹15,11,184
Total amount payable
₹30,11,184
Interest as % of loan
100.75%
  • Processing fees, insurance and rate changes on floating loans are not included.

The same amount over different periods

Loan tenure Monthly EMITotal interestTotal amount payable
10 years ₹18,199₹6,83,897₹21,83,897
15 years ₹14,335₹10,80,261₹25,80,261
20 years ₹12,547₹15,11,184₹30,11,184
25 years ₹11,577₹19,73,173₹34,73,173
30 years ₹11,006₹24,62,329₹39,62,329

Worked out at 8% a year. The row in bold is the one in the calculator above.

Repayment schedule (yearly)

YearPrincipal paidInterest paidTotal paidBalance left
1₹31,705₹1,18,854₹1,50,559₹14,68,295
2₹34,336₹1,16,223₹1,50,559₹14,33,959
3₹37,186₹1,13,373₹1,50,559₹13,96,772
4₹40,273₹1,10,286₹1,50,559₹13,56,499
5₹43,615₹1,06,944₹1,50,559₹13,12,884
6₹47,236₹1,03,324₹1,50,559₹12,65,648
7₹51,156₹99,403₹1,50,559₹12,14,492
8₹55,402₹95,157₹1,50,559₹11,59,090
9₹60,000₹90,559₹1,50,559₹10,99,090
10₹64,980₹85,579₹1,50,559₹10,34,109
11₹70,374₹80,186₹1,50,559₹9,63,736
12₹76,215₹74,345₹1,50,559₹8,87,521
13₹82,540₹68,019₹1,50,559₹8,04,981
14₹89,391₹61,168₹1,50,559₹7,15,589
15₹96,811₹53,749₹1,50,559₹6,18,779
16₹1,04,846₹45,713₹1,50,559₹5,13,933
17₹1,13,548₹37,011₹1,50,559₹4,00,385
18₹1,22,973₹27,587₹1,50,559₹2,77,412
19₹1,33,179₹17,380₹1,50,559₹1,44,233
20₹1,44,233₹6,326₹1,50,559₹0

The EMI next to the rent you pay now

On 20 years, Lokesh's EMI of ₹12,547 is ₹4,547 more than his rent, and it takes about 36% of his take-home pay. On 15 years the EMI is ₹14,335, which is ₹6,335 above the rent and about 41% of take-home. That extra ₹1,788 a month saves about ₹4.31 lakh of interest, since 15 years cost ₹10,80,261 in interest against ₹15,11,184 for 20.

Going the other way does not help much. At 30 years the EMI falls to ₹11,006, only ₹1,540 below the 20-year EMI, but interest climbs to ₹24,62,329, about ₹9.51 lakh more. Once he moves in, the ₹8,000 rent stops, though repairs and property tax become his to pay.

Frequently asked questions

What is the EMI on a ₹15 lakh home loan for 15 years?

₹14,335 a month at 8% a year. Total interest is ₹10,80,261, so you repay about ₹25.80 lakh in all. If your rate is higher, both the EMI and the interest go up.

What salary do I need for a ₹15 lakh home loan?

As a rough rule, lenders like the EMI within about 40 to 50% of take-home pay. For the 20-year EMI of ₹12,547 that means roughly ₹25,000 to ₹31,000 a month in hand. For 15 years (₹14,335) it is about ₹29,000 to ₹36,000. Each lender has its own rules.

Can I get a PMAY subsidy on a ₹15 lakh home loan?

Possibly. Under PMAY-Urban 2.0 (as of October 2026), a family with income up to ₹9 lakh a year that owns no pucca house can get a 4% interest subsidy on the first ₹8 lakh of a loan up to ₹25 lakh, for a house worth up to ₹35 lakh. The subsidy is at most ₹1.80 lakh, paid in 5 yearly instalments. Check eligibility on the official PMAY-U portal or with your lender.

Can I repay a ₹15 lakh home loan in 10 years?

At 8% the EMI would be ₹18,199 a month. Interest over 10 years is ₹6,83,897, less than half of the 20-year figure. For Lokesh it would take about 52% of his take-home, so it suits only a higher income.

Open the Home Loan EMI Calculator with your own numbers →

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