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What is The EMI For An INR 8 Lakhs Home Loan?

Nov 11, 2022
What is The EMI For An INR 8 Lakhs Home Loan?

Most of us dream of buying a house, but we often find ourselves under budget constraints. Getting a home loan becomes one of the reasonable choices in such a case where we can buy our own space. This is where financial institutions like banks and NBFCS come into the picture, where it is convenient to apply for a home loan.

Although it is easy to opt for a home loan, it is also important to know about the INR 8 lakhs home loan EMI structure to be able to repay the amount on time. Thus, identifying the right financial institution to reach out to for opting for a home loan is significant.

This article will help you understand the working of EMI for an INR 8 lakhs home loan.

Everything You Need To Know About The INR 8 Lakhs Home Loan

A home loan can be overwhelming for individuals who opt for it, especially for the first time. Your principal amount varies upon your application, and an amount of INR 8 lakhs is an optimal consideration for borrowers seeking it.

When you borrow a principal amount of INR 8 lakhs, it is paid back through EMI, i.e., Equated Monthly Installments. Selecting the property, choosing the plot, and opting for the house designers can begin once the loan is sanctioned.

When you apply for a home loan, there are some essential factors that you must keep in mind.

1. Principal Amount

When you apply for a home loan, the amount that you apply for is the principal amount. Typically, for a home loan, INR 8 lakhs are a great starting point. The interest is charged on this principal amount, i.e., INR 8 lakhs.

2. Tenure

Depending on your financial convenience, the repayment tenure can be easily adjusted. Planning on how you intend to pay the loan depends entirely on the borrower, who can customise the tenure according to their monthly income.

Financial institutions provide tenures for as long as 30 years. Thus, for an INR 8 lakh home loan EMI, you can choose a comfortable enough period of time to repay the loan.

3. EMI System

EMI is the monthly instalment you must pay to the financial institution for the entire home loan duration. When a timely EMI payment is made, the home loan liability decreases.

Calculating The EMI For 8 Lakhs Home Loan

To calculate the EMI for home loan of INR 8 lakhs, you can use an online EMI calculator. Using SMFG Grihashakti’s home EMI calculator online, one can analyse their monthly payments and adjust the tenure accordingly to align with the monthly income.

The formula to calculate the EMI is:

EMI Calculation

Where P is the principal amount, E is the EMI, and r is the interest rate.

So, if you take a loan as per the below figures:

  • Principal: INR 8,00,000
  • Rate of Interest: 15%
  • Tenure: 5 Years

The 8 lakhs home loan EMI for 5 years at 15% interest rate is:

Thus, the monthly EMI when you take up a loan of INR 8,00,000 at 15% interest rate for 5 years is INR 19,032.

EMI Calculation

Thus, the monthly EMI when you take up a loan of INR 8,00,000 at 15% interest rate for 5 years is INR 19,032.

Therefore, the total repayment is INR 8,00,000 + INR 3,41,917 = INR 11,41,917.

Documents Needed For Home Loan

The mandatory documents needed to apply for a home loan are:

  • PAN card
  • Bank slips of the past 6 months
  • Proof of Identity - Address Proof, Electricity Bill, or Aadhaar Card
  • Proof of Address - Voter ID, Gas Bill, Address Proof, Ration Card
  • Income Proof
  • Guarantor KYC Documents

If you are a salaried employee, the additional documents that you will need to present are:

  • Pay Slip - Last 3 Months
  • Form 16 - Last 2 Years
  • Documents related to the property

Check out additional and descriptive document requirements here for salaried and self-employed individuals.

Eligibility Criteria For Home Loan

The basic eligibility criteria that an individual must fulfil are as follows:

  • The age limit of the borrower should be between 21 to 65 years.
  • Salaried individuals must be from the government sector, MNCs publicly listed companies, private limited companies, closely held or unlisted companies, partnerships or proprietorship firms.
  • Self-employed professionals can be a doctor, architect, or a CA
  • The application must have a healthy credit score of beyond 700.

Here’s How To Apply For INR 8 Lakhs Home Loan

Getting a home loan for INR 8 lakhs is easy. Once you have landed at the financial institution you wish to opt for the loan, here are the steps to follow:

  • Make sure to have the necessary documents handy and use the eligibility calculator to know if you can get INR 8 lakhs home loan.
  • Once you are clear with the loan amount, check whether you have the relevant documents.
  • Hit the “Apply Now” button.
  • Fill up all the details, which include the rate of interest and tenure.
  • Upload all the relevant documents.
  • Wait for the approval process.


Buying the house we have been dreaming of is a milestone everyone wishes to achieve. Home loans play a crucial role in setting up your dream and making it come true. SMFG Grihashakti is your one-stop shop for obtaining a home loan of up to INR 8 lakhs. Moreover, after getting an insight into the INR 8 lakhs home loan EMI, decision-making will be even more flexible.

With real estate prices skyrocketing, home loans are the best option. So, apply now for a home loan, and convert your dreams into reality.

Must Read : What is the EMI for 10 Lakhs Home loan

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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