₹1 Crore Home Loan EMI

It is important to consider if the EMI of your loan of ₹1 Crore fits your budget. Multiple factors affect the instalments you are liable to pay. Tenure is one of the most important factors that has an impact on your EMIs. Let’s understand in detail. 

Consider an example. Assume that the interest rate on a home loan of ₹1 Crore is 8.85% p.a. Following table presents the EMI payable on this loan over tenures ranging from 10 to 30 years.

Here’s a breakdown of the EMI payable on a home loan of 10 years:

Here is the breakdown of a home loan of ₹1 Crore with a tenure of 20 years:

The details of the EMI you need to pay is as follows:

Be sure to fulfil the criteria listed below to be eligible for a home loan of ₹1 Crore:

• The applicant must be an Indian citizen and resident

• If self-employed, the applicant’s age should range from 25 to 70 years 

• If salaried, the applicant’s age must range from 23 to 62 years

• If self-employed, the business vintage should be at least 5 years

• If salaried, the applicant should have a job experience of at least 3 years

Additionally, be sure to furnish the documents listed below:

• Residential Proof: Aadhaar card, passport, utility bills, etc.

• ID Proof: Aadhaar card, PAN card, voter ID, driving licence, etc.

• Proof of Income:

  • For Self-employed Individuals: 

    • Business licence details

    • TDS certificate

    • Profit and loss statement of the last 3 years

    • Latest balance sheet of the business, audited by a certified CA

    • ITR filings of the last 2 years

    • Degrees or other qualification certificates for self-employed professionals

• For Salaried Individuals: 

  • Form 16

  • Salary slips of the last 3 months

  • ITR filings of the last 2 years