EMI for ₹1.5 crore home loan — 15, 20, 25 & 30 years

₹1.5 crore home loan EMI: the short answer

A ₹1.5 crore home loan at 8% costs an EMI of ₹1,25,466 a month for 20 years, ₹1,10,065 for 30 years or ₹1,43,348 for 15 years. Over 20 years you would pay ₹1.51 crore in interest on top of the ₹1.5 crore borrowed. That is about ₹836 for every ₹1 lakh borrowed on a 20-year tenure at 8%. The calculation assumes a floating rate of 8%, which is what a salaried borrower with a good credit score (750+) is typically offered after the October 2026 repo hike: SBI’s regular home loans are priced at 7.5%–8.8% and HDFC Bank’s start at 8% (repo 5.50% + 2.50%).

A ₹1.5 crore home loan usually funds a premium apartment in Mumbai, Delhi NCR or Bengaluru, or a large independent house. For loans above ₹75 lakh RBI limits the loan to 75% of the property value, so the property would be worth about ₹2 crore and you need around ₹50 lakh upfront before stamp duty, registration and GST on an under-construction flat.

1.5 crore home loan EMI for 10, 15, 20, 25 and 30 years

Going from 20 to 30 years cuts the EMI by ₹15,401 a month (12%) but adds ₹95.11 lakh of interest. On a 30-year tenure the interest alone (₹2.46 crore) is more than the amount you borrowed. The 15-year option costs ₹17,882 more per month than 20 years and saves ₹43.09 lakh.

EMI at different interest rates

Your exact rate depends mostly on your credit score, the loan-to-value ratio and whether you are salaried or self-employed. A 0.25% rise — the size of the RBI’s October 2026 hike — raises this 20-year EMI by about ₹2,344 a month. If the bank keeps the EMI unchanged and extends the tenure instead (the usual default), the loan runs about 1 yr longer.

Amortization snapshot: where your 1.5 crore EMI goes

In the first year, 79% of your EMIs (₹11,88,542) is interest and only ₹3,17,050 reduces the loan. The principal part of the EMI overtakes the interest part only in month 137 (year 12) on a 20-year loan — and in year 22 on a 30-year loan. After 10 years you still owe ₹1.03 crore, 69% of the original amount, which is why early prepayments save so much.

Salary required for a 1.5 crore home loan

Most banks allow total EMIs of up to about 50% of net monthly income (the fixed obligation to income ratio, or FOIR) for typical salaries, a little more for high earners. To carry the 20-year EMI of ₹1,25,466 alone you therefore need a take-home salary of at least ₹2,50,900 a month; on a 30-year tenure that falls to ₹2,20,100. Using the typical salary structure from our CTC guides, that take-home corresponds to a package of about 45 LPA (or 40 LPA on a 30-year tenure). Any existing car or personal loan EMI is deducted from that limit first, so ₹10,000 of other EMIs cuts your eligibility by about ₹11.96 lakh of loan at 8%.

Prepayment: how much can you save?

Banks cannot charge prepayment or foreclosure fees on floating-rate home loans taken by individuals, so part-payments are free. When you prepay, ask the bank to keep the EMI and cut the tenure — that is what saves the most interest; reducing the EMI instead saves far less. Whether to prepay or invest the surplus depends on your tax regime and risk appetite: see prepay vs invest.

Section 24(b) tax benefit on a 1.5 crore home loan: old vs new regime

In the old regime, interest on a loan for a self-occupied home is deductible up to ₹2 lakh a year (Section 24(b) of the 1961 Act; the same limit carries into the Income-tax Act 2025 in force from 1 April 2026), and the principal counts toward the ₹1.5 lakh 80C limit. Year-one interest on this loan is ₹11,88,542, so you can claim the full ₹2 lakh — and interest stays above ₹2 lakh for the first 18 years. The tax saving is up to ₹62,400 a year in the 30% slab or ₹41,600 in the 20% slab (with 4% cess).

In the new regime (the default), there is no deduction for interest on a self-occupied home. For a let-out property, interest is deductible against rent in both regimes, but in the new regime a loss from house property cannot be set off against salary. For someone earning exactly 45 LPA (the minimum package above), the new regime still wins even after claiming ₹2,00,000 of interest, ₹1.5 lakh of 80C and ₹25,000 of 80D: old-regime tax would be ₹9,57,630 against ₹8,25,810. Low slab rates and the ₹12 lakh rebate in the new regime outweigh the deduction at this income.

Put differently: over 20 years the interest equals about 120 of your 240 EMIs — more than seven years of payments go purely to the lender.

Big-ticket loans: what lenders look at

For a ₹1.5 crore loan, banks scrutinise more than the payslip: stability of income over 2–3 years, variable pay and bonus history, existing investments, and a credit score usually above 750 for the best pricing. Many borrowers at this level are offered a home-loan overdraft (for example SBI MaxGain or similar products), where surplus cash parked in the linked account reduces interest daily but can be withdrawn. The rate is typically a little higher than a regular home loan, so it pays only if you keep a large balance there. For high-income borrowers in the 30% slab, the ₹2 lakh interest deduction is small compared with the interest — see the tax section below.

1.5 crore vs nearby loan amounts

*Net monthly salary for the 20-year EMI at 50% FOIR, with no other loans. All EMIs at 8%.

Practical tips before you sign

• With interest above ₹2 lakh for 18 of the 20 years, the old-regime deduction caps out early; prepayment is a pure 8%-ish guaranteed return.
• A step-up plan (raising the EMI 5% a year as your salary rises) finishes the loan in 12 yrs 4 mo and saves ₹53.08 lakh.
• Get term insurance at least equal to the outstanding loan; lender-sold single-premium cover is often costlier than a standalone term plan.
• Check the sanction letter for the spread over repo/EBLR and the reset frequency — on repo-linked loans the rate resets at least once every three months.

FAQ: ₹1.5 crore home loan EMI

What is the EMI for a ₹1.5 crore home loan for 20 years?

About ₹1,25,466 a month at 8%, with total interest of ₹1,51,11,842 and a total repayment of ₹3,01,11,842 over 240 EMIs.

What is the EMI for ₹1.5 crore for 30 years?

About ₹1,10,065 a month at 8%. The EMI is ₹15,401 lower than on a 20-year tenure, but total interest rises to ₹2,46,23,287.

What salary is required for a ₹1.5 crore home loan?

At a 50% FOIR you need a net take-home of about ₹2,50,900 a month for the 20-year EMI (₹2,20,100 for 30 years), assuming no other loans. That is roughly a 45 LPA package with a typical salary structure.

How much down payment is needed for a ₹1.5 crore home loan?

RBI caps the loan at 75% of the property value for this loan size, so the property would be about ₹2 crore and the down payment about ₹50 lakh, plus stamp duty and registration.

How much tax can I save on a ₹1.5 crore home loan?

Only in the old regime: up to ₹2 lakh of interest a year under Section 24(b) (first-year interest here is ₹11,88,542) plus principal within the ₹1.5 lakh 80C limit. The interest deduction saves up to ₹62,400 a year in the 30% slab. The new regime gives no deduction for a self-occupied home.

How much will the EMI rise if rates go up 0.25%?

On ₹1.5 crore over 20 years, about ₹2,344 a month. If the bank extends the tenure instead, the loan runs about 1 yr longer.