₹10 Lakh Home Loan EMI

Considering getting a home loan of ₹10 Lakhs at affordable EMIs? Strategic planning of your repayment and evaluating the potential impacts is important when opting for a home loan. Thus, it is essential to conduct an in-depth study of the intricacies of how tenure affects home loan EMIs and ways to manage these.

Let’s assume that the interest rate charged on your home loan of ₹10 Lakhs is 9% p.a. Provided below is a breakdown of the EMI payable over a tenure of 10 to 30 years:

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

In continuation with this example, let’s check how a change in tenure affects the aggregate loan costs.

Provided below is a breakdown of the EMI payable over a tenure of 10 years:

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

Over a tenure of 20 years, the EMI becomes slightly more affordable. Here are details of the amount payable over this period:

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

To enjoy low monthly instalments, opt for a tenure of 30 years. This can help you manage your EMIs comfortably within your budget. The details are as follows:

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

*Disclaimer: The rates are subject to change at the lender’s discretion.

Meet these simple criteria to qualify for a home loan of ₹10 Lakhs and get favourable loan terms:

• You should be an Indian citizen and resident

• If self-employed, your age should be between 25 and 70 years 

• If salaried, your age must be between 23 and 62 years

• If self-employed, the minimum business vintage must be 5 years

• If salaried, you should have a minimum job experience of 3 years 

Also, ensure to keep the following documents handy and easily available:

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

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

• Income Proof:

  • For Salaried Individuals: 

    • Salary slips of the last 3 months

    • ITR filings of the last 2 years

    • Form 16
      

  • For Self-employed Individuals: 

    • Degree/qualification certificates for self-employed professionals 

    • Profit and loss statement of the last 3 years

    • Business licence details

    • TDS certificate

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

    • ITR filings of the last 2 years