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₹15 Lakh Home Loan EMI: Bank-wise EMI for 5–30 Years

Riddhi Chhajer

Oct 28, 2026 · 3 min read

₹15 Lakh Home Loan EMI: Bank-wise EMI for 5–30 Years

The EMI on a ₹15 lakh home loan is ₹11,992 a month over 20 years at 7.40% p.a., the lowest starting rate among large banks in October 2026 (Bank of Baroda, Canara Bank, Union Bank of India). Over 30 years it falls to ₹10,386; at 8.50%, a typical rate for a lower credit score, the 20-year EMI is ₹13,017.

₹15 lakh home loan EMI by tenure and rate

Tenure	7.40%	8.00%	8.50%	9.00%	9.50%
5 years	₹29,986	₹30,415	₹30,775	₹31,138	₹31,503
10 years	₹17,727	₹18,199	₹18,598	₹19,001	₹19,410
15 years	₹13,820	₹14,335	₹14,771	₹15,214	₹15,663
20 years	₹11,992	₹12,547	₹13,017	₹13,496	₹13,982
25 years	₹10,987	₹11,577	₹12,078	₹12,588	₹13,105
30 years	₹10,386	₹11,006	₹11,534	₹12,069	₹12,613

Monthly EMI on ₹15 lakh, reducing-balance method. Each column is a fixed annual rate for the full tenure.

₹15 lakh home loan EMI at each bank

Bank	Starting rate	EMI, 20 years	Total interest, 20 years
Bank of Baroda	7.40%	₹11,992	₹13,78,163
Canara Bank	7.40%	₹11,992	₹13,78,163
Union Bank of India	7.40%	₹11,992	₹13,78,163
Central Bank of India	7.45%	₹12,038	₹13,89,139
Punjab National Bank	7.45%	₹12,038	₹13,89,139
State Bank of India	7.50%	₹12,084	₹14,00,135
Kotak Mahindra Bank (lends from ₹20 lakh)	7.60%	₹12,176	₹14,22,188
Axis Bank (lends from ₹20 lakh)	8.00%	₹12,547	₹15,11,184
HDFC Bank	8.00%	₹12,547	₹15,11,184
ICICI Bank (lends from ₹20 lakh)	8.75%	₹13,256	₹16,81,359

Starting rates from each bank's official rate page, checked 26 October 2026. Starting rates go to borrowers with high credit scores; your offer depends on CIBIL score, income type and loan amount. The RBI raised the repo rate to 5.50% on 7 October 2026.

Property value and down payment for a ₹15 lakh loan

RBI rules cap a housing loan up to ₹30 lakh at 90% of the property value. To borrow ₹15 lakh, the property must be worth at least ₹16,66,667, so the down payment is at least ₹1,66,667. Stamp duty and registration are extra and are not funded by the loan.

Salary needed for a ₹15 lakh home loan

Tenure	EMI at 7.40%	Net monthly income if EMI is 50% of income	If EMI is 60% of income
15 years	₹13,820	₹27,640	₹23,033
20 years	₹11,992	₹23,985	₹19,987
25 years	₹10,987	₹21,975	₹18,312
30 years	₹10,386	₹20,771	₹17,309

Lenders usually keep all EMIs, including this one, within 50–60% of net monthly income for salaried borrowers; existing EMIs reduce the amount you qualify for.

Total cost of a ₹15 lakh home loan

Tenure	EMI	Total interest	Total repaid
10 years	₹17,727	₹6,27,249	₹21,27,249
15 years	₹13,820	₹9,87,615	₹24,87,615
20 years	₹11,992	₹13,78,163	₹28,78,163
25 years	₹10,987	₹17,96,245	₹32,96,245
30 years	₹10,386	₹22,38,851	₹37,38,851

Paying an extra 5% of the loan (₹75,000) once a year on a 20-year loan at 7.40% saves ₹7,43,247 in interest and ends the loan 120 months early. Floating-rate home loans to individuals carry no prepayment penalty.

PMAY-U 2.0 subsidy on this loan

A loan of this size can qualify for the PMAY-U 2.0 interest subsidy if the household income is up to ₹9 lakh a year, the property costs up to ₹35 lakh, and no one in the household owns a pucca house. The subsidy is 4% on the first ₹8 lakh of the loan for up to 12 years, capped at ₹1.80 lakh and paid to the loan account in five yearly instalments. Source: PMAY-U 2.0 Interest Subsidy Scheme.

ICICI Bank, Axis Bank, Kotak Mahindra Bank set a minimum loan above ₹15 lakh on Ambak's lender panel, so they are marked in the bank table.

Tax benefit on a ₹15 lakh home loan

In year 1 at 7.40% over 20 years you pay about ₹1,09,861 as interest and ₹34,048 as principal. Under the old tax regime, interest on a self-occupied home is deductible up to ₹2 lakh a year and principal repayment up to ₹1.5 lakh a year (Sections 24(b) and 80C of the Income-tax Act, 1961; the same limits continue under the Income-tax Act, 2025 from tax year 2026-27). The new tax regime does not allow these deductions for a self-occupied home.

Work out your own figure with the home loan EMI calculator or the prepayment calculator, and compare offers on the home loan interest rates page.