₹25 Lakh Home Loan EMI

Knowing the EMI for a home loan of ₹25 Lakhs before you borrow is vital. This is because home loans are a long-term financial commitment. However, by understanding the cost of borrowing, you can ensure that repayment stays affordable all through. 

One easy way to ensure that your instalments don’t exceed your budget is to use an EMI calculator before applying. This will give you an estimate of the amount, and you can try different combinations to finalise terms that best suit your requirements.

Assuming that the interest rate remains constant, your EMI obligations will vary depending on the chosen tenure. For instance, if you choose a longer tenure, you will pay lower EMIs as compared to that of a shorter loan.

Given below is a tabular overview of the EMI calculation for a home loan of ₹25 Lakhs across various durations:

Check out the details of the total interest charges and EMI for a home loan of ₹25 Lakhs for 10 years:

The following table presents the amount payable as the EMI for a home loan of ₹25 Lakhs for 20 years:

The following is the total interest charge and the EMIs for a home loan of ₹25 Lakhs for 20 years: 

To qualify for a home loan of ₹25 Lakhs, you need to meet the following criteria:

• Nationality: Indian 

• Age: 

  • 23 to 62 years for salaried applicants 

  • 25 to 70 years for self-employed applicants

• Work experience: At least 3 years (applicable if salaried)

• Business vintage: At least 5 years (applicable if self-employed)

The criteria may differ from one lender to another. So, it is important to check whether you meet all the specific requirements set by your chosen lender before applying for the loan. Additionally, you are asked to furnish some essential documents. Here is a list of some common documents you are usually asked to submit when applying for a home loan of ₹25 Lakhs:

• KYC Documents:

  • ID Proof: Driving licence, Aadhaar card, PAN card, or voter ID

  • Residential Proof: Aadhaar card, passport, utility bills
    

• Income Proof: 

• For Salaried Applicants: 

  • Form 16

  • ITR filings of the last 2 years

  • Salary slips of the last 3 months 

• For Self-employed Applicants:

  • Degree/qualification certificates for self-employed professionals 

  • Profit and loss statement of the last 3 years

  • ITR filings of the last 2 years

  • Business licence details

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

  • TDS certificate