80 Lakhs Home Loan EMI

Possessing a home is a priority for many, and it may be an important part of your life goals too. However, buying such an asset is expensive, and you may need the assistance of a home loan. 

With a home loan of ₹80 Lakhs, you can comfortably purchase the house of your dreams. Today, you can easily access a home loan of this amount online in a few clicks with the relevant documents at hand. Read on to know how to check your ₹80 Lakh home loan EMI and how to use the ₹80 Lakh home loan EMI calculator. 

Based on your means, age, years left to retirement and budget, you can choose various tenures over which you can repay your ₹80 Lakh home loan EMIs. 

It is essential to know the EMI you need to pay is based on your choice of tenure. Here is a snapshot of the different amounts of EMI for home loans of ₹80 Lakhs that you may have to pay across various tenures.

You can compute the monthly payments using the ₹80 Lakh house loan EMI calculator and compare various loan offers. 

This type of home loan calculator is available online for free. It helps you arrive at your EMI for an ₹80 Lakh home loan by simply entering the principal amount, interest rate and loan tenure.

You can also manually calculate your EMI for a ₹80 Lakh home loan using the formula:

EMI = P x R x (1+R)^N / [(1+R^N-1]

Where,

P = the principal loan amount

N = the repayment tenure

R = the annual rate of interest

Calculating your home loan EMI beforehand helps you prepare for repayment and plan your budget accordingly. It also helps you gauge the most economical tenure for your loan amount based on the various interest amounts payable for different tenures. 

Based on this calculation, you can even foreclose your home loan and become debt free faster. So, make sure you give this step your time and attention.

Check this table to familiarise yourself with interest rates offered by different lending partners of Bajaj Markets. Knowing them can help you calculate EMIs for home loans of ₹80 Lakhs:

*Disclaimer: The interest rates and associated charges can vary from one lending partner to the other and are subject to policy changes of the partner.

It is also important to know whether or not you are eligible for a ₹80 Lakh home loan before you apply for one. The home loan eligibility criteria vary based on your employment type. Read on to know the eligibility criteria for a ₹80 Lakh home loan.

1. For salaried professionals:

• The applicant must be an Indian resident

• The applicant should be employed with a government entity or a reputed private organisation

• The applicant should be between 23 and 26 years of age (varies across banks) and at the age of 60 years or superannuation, whichever comes earlier, at the time of loan maturity

• The minimum income of the applicant should be at least ₹25,000 per month

• An excellent CIBIL score of 750 or higher

2. For self-employed professionals:

• The applicant must be an Indian resident

• The applicant should be 25 years old while applying for the loan and between 60 and 65 years old at the time of maturity

• An excellent CIBIL score of 750 or higher

You can follow these steps to avail a ₹80 Lakh home loan on Bajaj Markets. 

• Step 1: Click on ‘Apply Now’ on this page and enter basic details to check your instant home loan eligibility

• Step 2: Select your lending partner from the various options you see on the screen

• Step 3: Share your home loan requirement and property details

• Step 4: Unlock your final loan details and amount

A customer service executive will contact you to process your application further.

Even when you apply for a home loan online, you will need to submit a few documents. Here is the list of documents you may be asked to produce based on your income source:

• Identity proof like an Aadhaar card, PAN card or voter ID

• Address proof such as an Aadhaar card, voter ID, passport, driver’s licence

• Income proof such as bank statements of the last three months, Form 16 and salary slips for salaried employees

• Bank statements of the last three months, along with ITR and proof of business for self-employed individuals 

• Asset-related documents like lease, sales deed, builder agreement and payment receipts

• Passport-size photos

• Signature verification

With a ₹80 Lakh home loan for 10 years, you can pay off your loan faster with a higher EMI amount. In the short term, a larger monthly payment may seem like a big goal to achieve. However, it will help you reduce your total interest significantly. 

This is why it is important to know the ₹80 Lakh home loan EMI for your tenure, before you apply. An easy and quick way to know the ₹80 Lakh home loan EMI for 10 years is to use a digital calculator. 

For instance, the ₹80 Lakh home loan EMI calculator is a handy tool designed to help you get the desired results with ease. See the table below for a quick look at your ₹80 Lakh home loan EMI when you choose a 10-year tenure. 

On calculating the ₹80 Lakh home loan EMI for 15 years, you will notice that the amount is easier to manage. This is simply because you have more time to repay the loan. However, it is important to know exactly how much you are expected to pay for this tenure. 

Here, you can take the assistance of a ₹80 Lakh loan EMI calculator. Simply put your desired loan amount, loan tenure and the rate of interest to get the monthly EMI calculations, along with the total interest and total repayment on your home loan.

If a loan EMI of ₹76,121 is not feasible for you, a longer tenure will reduce your monthly repayment amount. This can help you repay your home loan easily and without any risk of default. 

To calculate your ₹80 Lakh home loan EMI for 20 years, the online calculator is your best bet. You can find a ₹80 Lakh home loan EMI calculator on lender websites, and all you need to d is enter the requested values. 

To offer insights, here is what your EMI on an ₹80 Lakh home loan will look like when you choose a 20-year tenure. 

The maximum tenure you can get for a home loan is 30 years. With 10 additional years, you can reduce your EMI for an ₹80 Lakh home loan further. However, always be aware that increasing your repayment duration will also lead to an increase in the total interest payable.

To save you time and effort and get accurate calculations in seconds, you can take the help of a ₹80 Lakh home loan EMI calculator. Here is what your ₹80 Lakh home loan EMI for 30 years will look like when you choose this tenure. 

Now that you know your EMI for ₹80 Lakh home loan for 20 years and other tenures, you can easily calculate your ₹80 Lakh home loan EMI for 25 years as well. 

Such calculations help you make the right decision about the loan tenure. After all these calculations, if you still find your ₹80 Lakh home loan EMI too high, try the following tips.  

• Bigger down payment: Increasing your house loan down payment can reduce the loan amount you take, and therefore the total home loan EMI for ₹80 Lakhs.

• Longer tenure: The ₹80 Lakh home loan EMIs are divided across your entire loan tenure. So, the longer the home loan repayment tenure, the smaller will be the amount of EMIs you pay each month.  

• Prepayment: It is prudent to use surplus funds, a bonus or savings to make part-prepayments. This way, you can reduce your EMIs going forward.

• Step-down EMIs: Choose a step-down EMI plan and pay larger chunks at the beginning of the tenure. This way, you can taper off the loan EMI amounts towards the end.

To sum up, you can reduce your EMIs by opting for a lender offering affordable interest rates. At Bajaj Markets, you can opt for home loan balance transfer options and minimise your monthly instalments. 

Apart from flexible repayment tenures and cost-effective home loan interest rates, you get umpteen home loan tax benefits as well. Hence, compare various offerings before zeroing in on a suitable lender.