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What Is The EMI For An INR 18 Lakhs Home Loan?

July 31, 2023
What Is The EMI For An INR 7 Lakhs Home Loan?

Owning a home is a dream for many individuals, and it is often considered one of the most significant milestones in life. In India, buying a first home is an essential aspect of personal and financial growth, and it offers several advantages. When it comes to financing a first home purchase in India, home loans are the most popular option. In many tier-2 and tier-3 cities, an INR 18 lakh home loan EMI would allow a family to own their first home and live together. Read more to know about the EMI for home loan of 18 lakhs.

What Determines Your INR 18 Lakh Home Loan EMI?

Several factors determine the EMI for a home loan of 18 lakhs. These include:

Loan Amount

The amount borrowed as a home loan will impact the EMI. In this case, an 18 lakh home loan will have a higher EMI than a 10 Lakh home loan, assuming all other factors remain the same.

Interest Rate

The interest rate is one of the most significant factors that determine the EMI amount. The higher the interest rate, the higher the EMI. Interest rates on home loans in India are generally calculated on a reducing balance method.


The tenure, or the repayment period of the loan, also affects the EMI. A longer tenure will result in a lower EMI, while a shorter tenure will lead to a higher EMI. An 18 lakh home loan EMI for 10 years will be higher than a 20 year loan.

Down Payment

The down payment made towards the home loan will also affect the EMI. A higher down payment will result in a lower loan amount and therefore a lower EMI. Usually, a home loan can be borrowed only up till 90% of the property value.

In summary, the loan amount, interest rate, tenure, down payment as well as factors like processing fee, and prepayment options are the factors that determine the EMI for 18 lakhs home loan in India.

Calculating Your EMI

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where: P = Principal amount of the loan, R = Monthly interest rate, N = Number of monthly installments.

In the formula, the numerator represents the total payment (principal + interest) per month, while the denominator is a factor that represents the present value of the loan amount. This formula takes into account the loan amount, the interest rate, and the loan tenure to calculate the EMI.

An INR 18 lakh home loan EMI calculator is also available on the SMFG Grihashakti site which can allow you to know the EMI easily for different tenures and interest rates. Click here to access it.

Eligibility Criteria

  • Salaried employees must be working with recognized enterprises such as public enterprises, government firms or private limited companies or firms with recognizable history.
  • Any individual working on their own business must have documents authenticating their history of business as well as must have proper financial records.
  • The applicant's age must be between 21 and 65.
  • The individual must also have a CIBIL score acceptable as per the financial institutions criteria which in general is at least 700.

In addition to these basic requirements, your ability to get a home loan can be affected by your income, loan-to-value ratio, collateral value, job stability, property type, and ability to pay back the loan.

Documents Required

  1. Proof of Identity
  2. Proof of Residence
  3. Income proof
  4. Documents for the property for which loan is to be obtained.

While these are the basic documents, the detailed list might vary based on the earning of the person taking loan, type of income as well as the property in question.

How To Apply For An 18 Lakh Home Loan?

It is very easy to apply for a loan today where applications can be made easily online. You can visit the site of your preferred financial institution and follow the requisite conditions. SMFG Grihashakti for example has an application process that is completely online. The applicant can do it easily sitting in the comfort of their own or office.


A home loan is a very important milestone for many families and an EMI for a home loan of 18 lakhs would often be the largest component of a family’s budget. Hence it is necessary that the decision is taken after proper due diligence and serves the family in all manners.

SMFG Grihashakti can offer the assurance to such homeowners with a process wherein the disbursal is quick and there are no hidden charges that the consumer has to worry about. Take up to INR 1 crore* and use the EMI calculator to understand the monthly financial obligation. Apply now.

Also Read: 20 Lakh Home Loan EMI

Disclaimer: *Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you wish to know more about our products and services, please contact us.

SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.)
CIN number: U65922TN2010PLC076972

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