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Home Loan Up to ₹ 15 Lakh

Apply Online for ₹ 15 Lakh Home Loan

Last Updated 05th Dec 2021

  • Avail home loan upto ₹ 15 Lakh at the lowest rates starting at 6.50%.
  • Banks and NBFCs offer home loans to purchase a residential property or for home renovation, repairs or improvement at affordable EMI.
Home Loan Rate starts at 6.50%
Processing FeeNil to up to 0.5%
Loan TenureUpto 30 years
Lowest EMI Per Lakh₹ 29,349 for 5 years
CIBIL Score650 and above
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

Home Loan Upto ₹ 15 Lakh

You can use a ₹ 15 Lakh home loan for purchasing a small plot, a home, a studio apartment or to expand or renovate your existing property. To get the best offers for a ₹ 15 Lakh home loan, you can compare the home loan rates from the top lenders online at MyLoanCare. Here, you can calculate the EMI on your loan for different rates and tenures and compare offers across top lenders. For instance, if you want to reduce the interest outgo on your home loan, you can get a loan for a shorter tenure. Similarly, you can increase the loan tenure to lessen the monthly burden of your ₹ 15 Lakh house loan EMI.

Interest Rates for ₹ 15 Lakh Home Loan

Kotak Bank
Yes Bank
Standard Chartered Bank
Karur Vysya Bank
RBL Bank
GIC Housing Finance

Home Loan EMI Calculation for Loan Amount Lower Than ₹ 15 Lakh

You can calculate the EMI on your home loan using a MyLoanCare EMI calculator. The online tool helps you calculate the EMI for different loan amounts and tenures at comparative interest rates. For example, if you have availed a home loan for 20 years at the lowest rates starting at 6.50% then, the EMI on your loan will change in the proportion of a change in principal amount.

Loan Amount15 Years Tenure EMI
₹ 14 Lakh home loan emi₹ 15,897
₹ 13 Lakh home loan emi₹ 14,761
₹ 12 Lakh home loan emi₹ 13,626
₹ 11 Lakh home loan emi₹ 12,490

Eligibility Criteria for Home Loan of ₹ 15 Lakh

To avail a home loan of ₹ 15 Lakh, you must fulfil the basic eligibility for a home loan as mentioned below:

  • You must be an Indian resident between 18 to 70 years.
  • Possess a work experience of three years if you are a salaried person. Self-employed must-have business stability of at least five years.
  • Have a minimum monthly income of ₹ 25,000 per month and above.
  • Have a CIBIL score of 650 or above.

₹ 15 Lakh Home Loan EMI with Different Tenure

When you avail of a ₹ 15 Lakh home loan, the EMI for a loan reduces as the tenure increases. The table below presents the EMI for an amount of ₹ 15 Lakh for different tenures at the lowest home loan rate of 6.50%.

Loan TenureLoan AmountLowest EMI per Lakh
5 Years₹ 15 Lakh₹ 29,349
10 Years₹ 15 Lakh₹ 17,032
20 Years₹ 15 Lakh₹ 11,184
30 Years₹ 15 Lakh₹ 9,481

Documents Required to Get Home Loan Up to ₹ 15 Lakh

  • Application form with passport size photographs
  • Identity proof- PAN Card and Aadhar card (mandatory)
  • Address proof- Passport, Aadhaar card, voter ID card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill
  • Property documents- Registered Sale Deed/ Conveyance/ Lease Deed, Builder buyer agreement, receipts of payment made, allotment letter, House tax return
  • Income proof for Salaried- Last three years Form 16, last six months salary slip, last six months bank account statement
  • Income proof self employed/business man- Last three years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA
  • Business proof- Certificate and Proof of Business Existence and Business Profile

Steps to Apply for a Home Loan Up to ₹ 15 Lakh

You can apply for a home loan of ₹ 15 Lakh through online and offline modes through a bank or an online marketplace like MyLoanCare. The process to apply for a loan through MyLoanCare is mentioned below:

  • Step 1: Go to the Home Loans option or fill the form.
  • Step 2: Fill in the form with necessary details like name, pin code, phone number, loan amount.
  • Step 3: Click on 'Get Quote' and enter the OTP received on your mobile phone.
  • Step 4: Click on 'Submit'.
  • Step 5: You will get the offers as per your eligibility.
  • Step 6: MyLoanCare's executive will contact you within some time and help you with the further process.


Which bank is best for a Home Loan of up to ₹ 15 Lakh?

As per the current rates, HSBC Bank is the best bank for a home loan of upto ₹ 15 Lakh. The bank provides the lowest rates starting at 6.50%.

Can I get a ₹ 15 Lakh home loan without collateral?

No, you cannot avail of a ₹ 15 Lakh home loan without collateral as it is a secured financing option. Thereby, you need to pledge your existing or new home as a collateral.

What are the factors that affect EMI of ₹ 15 Lakh Home Loan?

Loan amount, tenure and rate of interest determines the EMI of ₹ 15 Lakh Home Loan. As the loan amount is fixed at ₹ 15 Lakh, your loan's home loan rates and tenure affect the EMI amount. The longer the loan tenure, the lesser will be EMI and vice-versa.

What is the Interest Rates for ₹ 15 Lakh Home Loan EMI SBI?

SBI provides the home loan at rates starting at 6.50%. The bank also charges a processing fee of Nil to up to 0.5% on a home loan amount of ₹ 15 Lakh.

Can I avail income tax benefits on a ₹ 15 Lakh house loan?

Yes, you can avail of up to ₹ 1.50 Lakh under Section 80C to repay the principal amount. Further, a deduction of up to ₹ 2 Lakh is available for the interest accrued in a financial year on a home loan under Section 24.

What is the maximum tenure of a ₹ 15 Lakh home loan?

You can avail of a ₹ 15 Lakh home loan for a tenure ranging from 1 to 30 years.

How can I use a ₹ 15 Lakh home loan emi calculator?

₹ 15 Lakh home loan emi calculator uses a combination of the loan amount, tenure, and interest rate to calculate housing loan EMI instantly. You need to enter these details in the calculator to get the desired results. You can also calculate a Home Loan EMI using the formula EMI = P*R*(1+R)^N/ [(1+R)^N-1]. Here, P is the principal amount, R is the interest rate, and n is the loan tenure. However, note that the online calculator gives more accurate results in comparison to manual calculation, as chances of errors are less.

What is a ₹ 15 Lakh home loan EMI for 10 years?

You can calculate the Home loan ₹ 15 Lakh EMI using the MyLoanCare EMI calculator. The amount of home loan EMI will vary based on your home loan rates. As per the current rates, the lowest EMI per lakh on ₹ 15 Lakh home loan for ten years is ₹ 17,032.

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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