₹80 Lakh Home Loan EMI

With a home loan of ₹80 Lakhs, you can comfortably purchase the house of your dreams. However, before you apply for the loan it is essential to check the probable EMIs. This can help you plan your finances better and repay the loan effectively. Several factors like the loan tenure and interest rate have a major impact on the instalment amount payable. Lenders decide the interest rate on the basis of your loan eligibility. 

You usually get some flexibility to choose a tenure that suits your needs the best. It is essential to know how the EMI can vary based on your choice of tenure. Let’s understand this better with the help of an example. The following table shows the EMI amount you may have to pay across tenures if the interest rate is set at 9% p.a.

Let’s continue the example and check the impact of change in tenure on your EMIs in further detail. See the table below for a quick look at your EMI for a home loan of ₹80 Lakhs when you choose a 10-year tenure:

Here is what your EMI on a home loan of ₹80 Lakhs will look like when you choose a 20-year tenure:

Here is the breakdown of your loan costs if you opt for a tenure of 30 years:

Here are some simple criteria you need to fulfil to be eligible for a home loan of ₹80 Lakhs:

• You should reside in India

• For salaried applicants

  1. Your age should be between 23 and 62 years

  2. You must  have a work experience at least 3 years

• For self-employed applicants

  1. Your age should be between 25 and 70 years 

  2. The business vintage must be at least 5 years

Also, you must submit the following documents on time for a smooth, hassle-free loan application process:

 

KYC documents:

• Identity proof: Aadhaar card, PAN card, voter ID, driving licence, etc.
• Address proof: Aadhaar card, passport, utility bills, etc.

 

Income proof: 

• For Self-employed: 

1. Certificates proving their qualification for self-employed professionals
2. TDS certificate
3. Business licence details
4. Latest balance sheet of the business, audited by a certified CA
5. Profit and loss statement of the previous 3 years
6. ITR filings of the previous 2 years

 

• For Salaried:

1. Form 16
2. ITR filings of the previous 2 years
3. Salary slips of the previous 3 months