Just like you plan the look of your dream home, figuring out how to repay your ₹35 Lakh home loan is crucial. Knowing how your EMIs work helps you make smart money decisions and handle your budget well. This is key to managing your finances wisely, getting the required loan, and handling the repayment effortlessly.

To understand this better, consider the following example. Assume that the interest rate charged on the loan is 9% p.a. Here’s how your EMIs and repayment costs may differ over 10, 15, 20, 25, and 30-year tenures:

Here is a breakdown of the loan costs for a home loan of ₹35 Lakhs over a 10-year tenure:

If the tenure is increased to 20 years, the EMI amount will decrease. Here are the details:

Provided below is the EMI and total repayment amount for a home loan of ₹35 Lakhs with a 30-year tenure:

Here is a list of some requirements you must fulfil to be eligible for a home loan of ₹35 Lakhs:

• For salaried applicants

  • Age: 23 to 62 years

  • Work experience: At least 3 years

• For self-employed applicants

  • Age: 25 to 70 years 

  • Business vintage: At least 5 years

Additionally, you should be a citizen and resident of India. Furthermore, the lender may ask you to provide the documents listed below:

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

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

• Proof of Income:

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  • For Self-employed: 

    • Business licence details

    • TDS certificate

    • Profit and loss statement of the previous 3 years

    • ITR filings of the previous 2 years

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

    • Certificates proving their qualification for self-employed professionals

  • For Salaried: 

    • Form 16

    • Salary slips of the previous 3 months

    • ITR filings of the previous 2 years