₹75 Lakh Home Loan EMI

Are you planning to take a home loan of ₹75 Lakhs? Planning your repayment and assessing whether the monthly instalment amount for the loan falls within your budget, are crucial steps in this process. Factors like home loan interest rate and tenure directly affect the monthly instalments payable.

Choosing the right home loan repayment tenure for a ₹75 Lakh loan is pivotal. Let’s understand how the set tenure affects your home loan EMIs with the help of an example. Assume that you are offered an interest rate of 8.50% p.a. Here is how the monthly instalment would differ over tenures ranging from 10 to 30 years:

Opting for a shorter tenure like that of 10 years leads to higher EMIs but reduces total interest payments. Here’s how:

With a 20-year tenure, EMIs become more affordable, striking a balance between repayment and financial strain. The details are as follows:

Extending the repayment tenure to 30 years results in the lowest EMIs, offering financial flexibility. This is visible in the table below:

Here are some common eligibility criteria you should know about when applying for a home loan of ₹75 Lakhs:

• You must be an Indian citizen and resident

• For self-employed applicants

  • Your age should be between 25 and 70 years 

  • The business vintage must be at least 5 years

• For salaried applicants

  • Your age should be between 23 and 62 years

  • You must have a work experience at least 3 years

Alongside this, you will also be asked to provide the following documents:

• KYC documents:

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

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

• Income proof: 

• For Salaried:

  • Form 16

  • ITR filings of the previous 2 years

  • Salary slips of the previous 3 months

• For Self-employed: 

  • Certificates proving their qualification for self-employed professionals

  • TDS certificate

  • Business licence details

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

  • Profit and loss statement of the previous 3 years

  • ITR filings of the previous 2 years