Rs 40 lakh Home Loan EMI (Calculator 2023)

Are you planning to buy a house and need to borrow via a Rs 40 lakh home loan? Congratulations! House purchase is a big decision both financially and emotionally speaking.

But do you know how much the Rs 40 lakh home loan EMI per month will be? Or what will be your Rs 40 lakh home loan EMI per lakh?

The monthly EMI depends on various factors like the housing loan amount, loan tenure, interest rate.

So depending on the chosen loan tenure, Rs 40 lakh home loan EMI for 30 years will be different from Rs 40 lakh home loan EMI for 25 years, which will be different from Rs 40 lakh home loan EMI for 20 years. And that will be different from Rs 40 lakh home loan EMI for 15 years will be different from Rs 40 lakh home loan EMI for 10 years.

The EMI (or Equated Monthly Installment) is the payment you as a borrower makes every month towards the repayment of loan. EMI is made up of both: i) the principal repayment component and ii) the interest payment component.

To give you an idea about the various possibilities of Rs 40 lakh loan EMI, here is a ready reckoner (which in a way acts as housing loan EMI calculator without force-feeding you with mathematical details of the interest on housing loan calculation). It will also show the home loan Rs 40 lakh lac total interest for different loan tenures:

Home Loan Rate = 7.0%

Rs 40 lakh home loan EMI for 30 years at interest rate of 7.0% has a monthly EMI of Rs 26,612. This means that the total interest paid is Rs 56 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 25 years at interest rate of 7.0% has a monthly EMI of Rs 28,271. This means that the total interest paid is Rs 45 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 20 years at interest rate of 7.0% has a monthly EMI of Rs 31,012 This means that the total interest paid is Rs 34 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 15 years at interest rate of 7.0% has a monthly EMI of Rs 35,953 This means that the total interest paid is Rs 25 lac during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 10 years at interest rate of 7.0% has a monthly EMI of Rs 46,443. This means that the total interest paid is Rs 16 lac during the full loan tenure without any prepayments.

So that is the monthly EMI for a housing loan of Rs 40 lakh or your EMI on home loan of 40 lakhs for home loan interest rate of 7% for different tenures.

Home Loan Rate = 7.5%

Rs 40 lakh home loan EMI for 30 years at interest rate of 7.0% has a monthly EMI of Rs 27,969. This means that the total interest paid is Rs 61 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 25 years at interest rate of 7.0% has a monthly EMI of Rs 29,560. This means that the total interest paid is Rs 49 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 20 years at interest rate of 7.0% has a monthly EMI of Rs 32,224. This means that the total interest paid is Rs 37 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 15 years at interest rate of 7.0% has a monthly EMI of Rs 37,080. This means that the total interest paid is Rs 27 lac during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 10 years at interest rate of 7.0% has a monthly EMI of Rs 47,481. This means that the total interest paid is Rs 17 lac during the full loan tenure without any prepayments.

So that is the monthly EMI for a housing loan of Rs 40 lakh or your EMI on home loan of 40 lakhs for home loan interest rate of 7% for different tenures.

Home Loan Rate = 8.0%

Rs 40 lakh home loan EMI for 30 years at interest rate of 8.0% has a monthly EMI of Rs 29,351. This means that the total interest paid is Rs 66 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 25 years at interest rate of 8.0% has a monthly EMI of Rs 30,873. This means that the total interest paid is Rs 53 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 20 years at interest rate of 8.0% has a monthly EMI of Rs 33,458. This means that the total interest paid is Rs 40 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 15 years at interest rate of 8.0% has a monthly EMI of Rs 38,226. This means that the total interest paid is Rs 29 lac during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 10 years at interest rate of 8.0% has a monthly EMI of Rs 48,531. This means that the total interest paid is Rs 18 lac during the full loan tenure without any prepayments.

So that is the monthly EMI for housing loan of Rs 40 lakh or your EMI on home loan of Rs 40 lakh for home loan interest rate of 8?% for different tenures.

Home Loan Rate = 8.5%

Rs 40 lakh home loan EMI for 30 years at interest rate of 8.5% has a monthly EMI of Rs 30,757. This means that the total interest paid is Rs 71 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 25 years at interest rate of 8.5% has a monthly EMI of Rs 32,209. This means that the total interest paid is Rs 57 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 20 years at interest rate of 8.5% has a monthly EMI of Rs 34,713. This means that the total interest paid is Rs 43 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 15 years at interest rate of 8.5% has a monthly EMI of Rs 39,390. This means that the total interest paid is Rs 31 lac during the full loan tenure without any prepayments.
- Rs 40 lakh home loan EMI for 10 years at interest rate of 8.5% has a monthly EMI of Rs 49,594 This means that the total interest paid is Rs 20 lac during the full loan tenure without any prepayments.

So that is the monthly EMI for a housing loan of Rs 40 lakh or your EMI on home loan of Rs 40 lakh for home loan interest rate of 8.5% for different tenures.

Home Loan Rate = 9.0%

Rs 40 lakh home loan EMI for 30 years at interest rate of 9.0% has a monthly EMI of Rs 32,185. This means that the total interest paid is Rs 76 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 25 years at interest rate of 9.0% has a monthly EMI of Rs 33,568. This means that the total interest paid is Rs 61 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 20 years at interest rate of 9.0% has a monthly EMI of Rs 35,989. This means that the total interest paid is Rs 46 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 15 years at interest rate of 9.0% has a monthly EMI of Rs 40,571. This means that the total interest paid is Rs 33 lac during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 10 years at interest rate of 9.0% has a monthly EMI of Rs 50,670. This means that the total interest paid is Rs 21 lac during the full loan tenure without any prepayments.

So that is the monthly EMI for a housing loan of Rs 40 lakh or your EMI on home loan of Rs 40 lakh for home loan interest rate of 9% for different tenures.

Home Loan Rate = 9.5%

Rs 40 lakh home loan EMI for 30 years at interest rate of 9.5% has a monthly EMI of Rs 33,634. This means that the total interest paid is Rs 81 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 25 years at interest rate of 9.5% has a monthly EMI of Rs 34,948. This means that the total interest paid is Rs 65 lac during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 20 years at interest rate of 9.5% has a monthly EMI of Rs 37,285. This means that the total interest paid is Rs 49 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 15 years at interest rate of 9.5% has a monthly EMI of Rs 41,769. This means that the total interest paid is Rs 35 lac during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 10 years at interest rate of 9.5% has a monthly EMI of Rs 51,759. This means that the total interest paid is Rs 22 lac during the full loan tenure without any prepayments.

So that is the monthly EMI for a housing loan of Rs 40 lakh or your EMI on home loan of Rs 40 lakh for home loan interest rate of 9.5% for different tenures.

Home Loan Rate = 10.0%

Rs 40 lakh home loan EMI for 30 years at interest rate 10% has a monthly EMI of Rs 35,103. This means that the total interest paid is Rs 86 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 25 years at interest rate of 10% has a monthly EMI of 36,348. This means that the total interest paid is Rs 69 lakh during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 20 years at interest rate of 10% has a monthly EMI of Rs 38,601. This means that the total interest paid is Rs 53 lac during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 15 years at interest rate of 10% has a monthly EMI of Rs 42,984. This means that the total interest paid is Rs 37 lac during the full loan tenure without any prepayments.
Rs 40 lakh home loan EMI for 10 years at interest rate of 10% has a monthly EMI of Rs 52,860. This means that the total interest paid is Rs 23 lac during the full loan tenure without any prepayments

So that is the monthly EMI for a housing loan of Rs 40 lakh or your EMI on home loan of Rs 40 lakh for home loan interest rate of 10% for different tenures.

This is how you can find out the EMIs for your Rs 40 lakh home loan. To some extent, the details provided above show the home loan EMI calculation and can be used as a sort of Rs 40 lakh housing loan EMI calculator.

Some people look at home loans in a different manner. They are interested in knowing how much is the home loan EMI per lakh. That is, they want to look at EMI per lakh chart of home loans. Here is a ready reckoner for those who are looking for housing loan per lac EMI:

Home Loan EMI per Lakh for 30 years

For 30-year home loan at 7.0% loan rate, it will have a home loan EMI per lakh of Rs 665.
For 30-year home loan at 7.5% loan rate, it will have a home loan EMI per lakh of Rs 699.
For 30-year home loan at 8.0% loan rate, it will have a home loan EMI per lakh of Rs 734.
For 30-year home loan at 8.5% loan rate, it will have a home loan EMI per lakh of Rs 769.
For 30-year home loan at 9.0% loan rate, it will have a home loan EMI per lakh of Rs 805.
For 30-year home loan at 9.5% loan rate, it will have a home loan EMI per lakh of Rs 841.
For 30-year home loan at 10.0% loan rate, it will have a home loan EMI per lakh of Rs 878.

Home Loan EMI per Lakh for 25 years

For 25-year home loan at 7.0% loan rate, it will have a home loan EMI per lakh of Rs 707.
For 25-year home loan at 7.5% loan rate, it will have a home loan EMI per lakh of Rs 739.
For 25-year home loan at 8.0% loan rate, it will have a home loan EMI per lakh of Rs 772.
For 25-year home loan at 8.5% loan rate, it will have a home loan EMI per lakh of Rs 805.
For 25-year home loan at 9.0% loan rate, it will have a home loan EMI per lakh of Rs 839.
For 25-year home loan at 9.5% loan rate, it will have a home loan EMI per lakh of Rs 874.
For 25-year home loan at 10.0% loan rate, it will have a home loan EMI per lakh of Rs 909.

Home Loan EMI per Lakh for 20 years

For 20-year home loan at 7.0% loan rate, it will have a home loan EMI per lakh of Rs 775.
For 20-year home loan at 7.5% loan rate, it will have a home loan EMI per lakh of Rs 806.
For 20-year home loan at 8.0% loan rate, it will have a home loan EMI per lakh of Rs 836.
For 20-year home loan at 8.5% loan rate, it will have a home loan EMI per lakh of Rs 868.
For 20-year home loan at 9.0% loan rate, it will have a home loan EMI per lakh of Rs 900.
For 20-year home loan at 9.5% loan rate, it will have a home loan EMI per lakh of Rs 932.
For 20-year home loan at 10.0% loan rate, it will have a home loan EMI per lakh of Rs 965.

Home Loan EMI per Lakh for 15 years

For 15-year home loan at 7.0% loan rate, it will have a home loan EMI per lakh of Rs 899.
For 15-year home loan at 7.5% loan rate, it will have a home loan EMI per lakh of Rs 927.
For 15-year home loan at 8.0% loan rate, it will have a home loan EMI per lakh of Rs 956.
For 15-year home loan at 8.5% loan rate, it will have a home loan EMI per lakh of Rs 985.
For 15-year home loan at 9.0% loan rate, it will have a home loan EMI per lakh of Rs 1014.
For 15-year home loan at 9.5% loan rate, it will have a home loan EMI per lakh of Rs 1044.
For 15-year home loan at 10.0% loan rate, it will have a home loan EMI per lakh of Rs 1075.

Home Loan EMI per Lakh for 10 years

For 10-year home loan at 7.0% loan rate, it will have a home loan EMI per lakh of Rs 1161.
For 10-year home loan at 7.5% loan rate, it will have a home loan EMI per lakh of Rs 1187.
For 10-year home loan at 8.0% loan rate, it will have a home loan EMI per lakh of Rs 1213.
For 10-year home loan at 8.5% loan rate, it will have a home loan EMI per lakh of Rs 1240.
For 10-year home loan at 9.0% loan rate, it will have a home loan EMI per lakh of Rs 1267.
For 10-year home loan at 9.5% loan rate, it will have a home loan EMI per lakh of Rs 1294.
For 10-year home loan at 10.0% loan rate, it will have a home loan EMI per lakh of Rs 1322.

That is about how changing home loan tenure impacts your EMI. You might want to read how shorter tenure can save money in total interest paid during the loan tenure.

If you wish to know How to calculate home loan EMI yourself, then you can use MS excel formulae too.

In excel, to calculate Rs 40 lakh loan EMI, you need to use the PMT function.

Monthly EMI = PMT (Monthly Interest Rate, Tenure in Months, Loan Amount)

So let’s take a small example.

Suppose you want to take a home loan of Rs 40 lakh for 15 years. The lender is giving the loan at 7.5% per annum.

Using the following values in the PMT formula in excel:

Monthly Interest Rate = 7.5%/12 = 0.625%
Loan Tenure in Months = 15 years * 12 = 180 months
Loan Amount = Rs 40 lakh

We get, PMT (0.00625, 180, 4000000) = Rs 37,080 per month (in EMI).

That is, the monthly EMI of Rs 40 lakh loan taken for 15 years at 7.5% is Rs 37,080 per month or housing loan EMI per lakh of Rs 927 per lakh. You can cross-check the value with the earlier detailed EMI amounts.

When you are planning to take a loan, EMI is one of the first thing that you try to estimate yourself. From lender’s perspective, it’s rather about your Rs 40 lakh home loan eligibility.

The major factors affecting the EMI amount are loan amount, repayment tenure, loan interest rate. In a way, the downpayment is also a factor to consider, but its an indirect one as it impacts the home loan amount.

Here is how your EMI changes with change in these factors:

Loan amount: Higher the loan amount, higher the loan EMI.
Repayment tenure: Longer the loan tenure, smaller will be the monthly EMI. But remember that you can save lakhs if you choose shorter loan tenure for home loans.
Rate of interest: Smaller the interest rate, smaller the monthly EMI.
Down payment: Bigger the downpayment, smaller will be the loan amount. And smaller the loan amount, lesser will be the monthly EMI. Read more about whether you should take personal loan for downpayment?

And let me tell you something that many people don’t know. Home loans are structured in a manner that during the initial years, a major chunk of your EMI goes towards interest payment and lesser towards principal repayment.

By the way, if you are not sure about the amount of home loan you will get approved, then you better get your notions about home loan cleared by reading How much home loan will you get?

And just because loan rates are falling, it doesn’t mean that you go out and buy a house unnecessarily. Do read Should you take home loan only because of falling rates? You will realize there is a lot more to buying a house than just trying to take advantage of falling loan rates.

But do check online about the latest Rs 40 lakh home loan interest rates to keep an idea about what’s on offer.

Manging home loan properly by using home loan tax benefits can go a long way in helping you save a lot of money.

So that’s it. Sorry it went a bit long but I wanted to highlight the Rs 40 lakh home loan EMI from various angles. Like Rs 40 lakh home loan EMI 10 years, Rs 40 lakh home loan EMI 15 years, Rs 40 lakh home loan EMI 20 years, Rs 40 lakh home loan EMI 25 years, Rs 40 lakh home loan EMI 30 years in India in 2023. Or from the perspective of home loan EMI per lakh.

So use the above-detailed information to figure out how to calculate home loan EMI in 2023.