Get Rs 2 Crore home loan is a big amount. You will not only need to check your eligibility but also the Rs 2 crore home loan EMI that you can comfortably pay in 10, 20 or 30 yrs. The EMI for a Rs 2 Crore home loan at 8.50% p.a for 30 yrs is Rs. 1,53,783.
Updated: 13-05-2024 05:18:29 PM
Paying your home loan EMI is the first thing that you pay once your salary gets credited. It is very important to take into account the magnitude of your home loan EMI beforehand taking a loan of big amount as Rs 2 Crore.
Following are the details of Rs 2 Crore home loan EMI for 5 Years, 15 years, 10 years, 20 years and 30 years tenure at a 8.50% p.a. interest rate:
| EMI for a tenure of 5 years | Rs. 4,10,331 |
| EMI for a tenure of 10 years | Rs. 2,47,971 |
| EMI for a tenure of 15 years | Rs. 1,96,948 |
| EMI for a tenure of 20 years | Rs. 1,73,565 |
| EMI for a tenure of 30 years | Rs. 1,53,783 |
Below list shows the Home Loan Interest Rates for various banks along with their minimum and maximum interest rate per annum that they offer on a Rs 2 Crore home loan.
The EMI is calculated for a tenure of 30 years for different interest rates within the slab stipulated for each bank:
| Banks | Minimum Interest Rate | EMI (in Rs) |
|---|---|---|
| HDFC Bank | 8.75% – 9.65% | 1,54,492 |
| Kotak Mahindra Bank | 8.70% | 1,56,626 |
| PNB Housing Finance Ltd. | 8.50% | 1,53,783 |
| Bajaj Finserv | 8.50% – 15.00% | 1,53,783 |
| Federal Bank | 8.80% | 1,58,055 |
| State Bank of India | 8.50% – 10.05% | 1,52,368 |
| ICICI Bank | 8.75% | 1,60,925 |
| Tata Capital | 8.70% | 1,55,202 |
| Bank of Maharashtra | 8.35% – 8.90% | 1,55,202 |
Taking a home loan of an amount as big as Rs 2 crores requires financial discipline. More so when you plan to take it for a tenure of 10 yrs .
Following table depicts different EMIs on Rs. 2 Crores loan for different interest rates for a tenure of 10 yrs:
| Loan Amount | Rs. 2,00,00000 |
| Rate of Interest | 8.50% |
| Loan Tenure | 10 years |
| Loan EMI | Rs. 2,47,971 |
| Total Interest | Rs. 97,56,565 |
| Total Repayment | Rs. 2,97,56,565 |
You can also note the difference in total interest and total amount payable when you compare the minimum and maximum interest rate on your Rs 2 Crore home loan.
This is the most likely tenure which many of you will go for. Why? because it is a balance between home loan EMI and the overall home loan interest rate amount that you will pay at the end of the tenure.
Below is the table depicting different EMIs on Rs. 2 Crores loan at the different interest rates for 20 years tenure:
| Loan Amount | Rs. 2 Crore |
| Rate of Interest | 8.50% |
| Loan Tenure | 20 years |
| Loan EMI | Rs. 1,73,565 |
| Total Interest | Rs. 2,16,55,515 |
| Total Repayment | Rs. 4,16,55,515 |
Below is the table of different EMIs on Rs 2 Crores loan at the different interest rates for 30 years tenure:
| Loan Amount | Rs. 2 Crore |
|---|---|
| Minimum Rate of Interest | 8.50% |
| Loan Tenure | 30 years |
| Loan EMI | Rs. 1,53,783 |
| Total Interest | Rs. 3,53,61,771 |
| Total Repayment | Rs. 5,53,61,771 |
The factors that affect Rs. 2 Crore home loan EMI are:
You have to meet the following Home Loan Eligibility Criteria to be eligible to avail of a home loan of Rs. 2 Crore:
You will have to submit the following documents to apply for Rs 2 Crore home loan:
The step-by-step process to apply for a home loan of Rs 2 Crores is given below:
Your Rs 2 crore home loan EMI will vary depending on the tenure that you take the loan for
Let’s have a look at the different EMIs for different tenures along with different interest rates
| Interest Rate p.a. | EMI for 20 yrs tenure (in Rs.) | EMI for 30 years tenure (in Rs.) |
| 8.35% | 1,71,671 | 1,51,662 |
| 8.70% | 1,76,105 | 1,56,626 |
| 9.00% | 1,79,945 | 1,60,925 |
Any home loan gets approved for the amount which is 60 times the amount that is free from any liabilities in your salary. For example if your salary is Rs 1 lakh and you pay EMIs of Rs 15000 then the workable amount will be Rs 85000 for which you will be granted a loan. Similarly in order to avail a home loan of Rs 2 crores your salary must be between Rs 3 to 4 lakhs per month so that you can pay the EMI on your home loan comfortably.
HDFC bank is offering home loans currently at an interest rate range of 8.75% – 9.65%
Below table depicts the EMIs for both the minimum and maximum interest rates for home loan offered by HDFC
| Interest Rate p.a. | EMI for 10 yrs (in Rs.) | EMI for 20 yrs (in Rs.) | EMI for 30 yrs (in Rs.) |
| 8.75% – 9.65% | 2,48,507 | 1,74,198 | 1,54,492 |
| 9.40% | 2,57,701 | 1,85,122 | 1,66,714 |
SBI is offering home loans at an annual interest rate of 8.50% – 10.05%
Check out the table below to find out the respective EMI of Rs 2 Cr home loan for 30 years and other tenure
| Interest Rate p.a. | EMI for 10 yrs (in Rs.) | EMI for 20 yrs (in Rs.) | EMI for 30 yrs (in Rs.) |
| 8.40% | 2,46,903 | 1,72,301 | 1,52,368 |
| 10.05% | 2,69,870 | 1,99,676 | 1,82,948 |
Bank of Baroda offers home loans at an annual interest rate of 8.40% – 10.60%
Check out the table below to find out the respective EMI of Rs 2 Cr home loan for 30 years and other tenures
| Interest Rate p.a. | EMI for 10 yrs (in Rs.) | EMI for 20 yrs (in Rs.) | EMI for 30 yrs (in Rs.) |
| 8.40% | 2,46,903 | 1,72,301 | 1,52,368 |
| 10.60% | 2,70,991 | 2,01,021 | 1,84,445 |
As you know that in order to get a home loan of Rs 2 crores your salary should be such that you are able to pay the EMI without any difficulty. The lowest EMI for Rs 2 Cr home loan comes out to be Rs 2,75,000 (at 8.50% p.a. for 30 yrs). So, naturally you need to earn somewhere between Rs 3 to 4 lakhs per month in order to afford this loan.
You can get upto 60 times your workable salary. By workable salary, we mean the amount which is left after all the EMI and bills deduction from your take home salary. If we assume it to be Rs 100000 then you can get a home loan of around Rs 50 lakhs to Rs 70 lakhs depending on your credit worthiness.
