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₹40 Lakh Home Loan EMI

 Know the EMI calculation for a home loan of ₹40 Lakhs and borrow smartly
Your Monthly Loan EMI
₹ 47,376
Total Interest

₹ 1,685,167

Principal Amount

₹ 40,00,000

Total Payable Amount

₹ 56,85,167

Loan Amount i
Interest Rate
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Max value reached
Tenure
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  • Years
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You can easily compare Home Loan offers from multiple lenders on Bajaj Markets.

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This platform also provides a clear view of the total interest payable and the overall repayment amount, enabling you to plan your finances and budget more efficiently.

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Knowing your monthly obligations is crucial to borrowing a home loan of ₹40 Lakhs. A viable tactic is to find the right tenure and other suitable terms through an EMI calculator.

EMIs for a Home Loan of ₹40 Lakhs for Varying Tenures

The EMI amount and repayment tenure are inversely proportional. This is because longer tenures lead to lower monthly payments. However, this spreads the repayment period over a longer period, increasing your interest outgo. 

If the interest rate for a home loan of ₹40 Lakhs remains unchanged, you will pay less on interest charges with shorter tenure. Here’s a table to shed light on the relationship between EMI payable on a home loan of ₹40 Lakhs and tenures:

Loan Amount

Interest Rate (p.a.)

Repayment Tenure

EMI Amount

₹40 Lakhs

9.50%

10 Years

₹51,759

₹40 Lakhs

9.50%

20 Years

₹37,285

₹40 Lakhs

9.50%

25 Years

₹34,948

₹40 Lakhs

9.50%

30 Years

₹33,634

Disclaimer: The figures mentioned in the above table are indicative. It is imperative to check the actual payable EMIs before applying.

Detailed Breakup of Home Loan of ₹40 Lakhs for 10 Years

Check out the following table for the specifics of the EMI calculation for a home loan of ₹40 Lakhs with a 10-year repayment duration:

Loan Amount

₹40 Lakhs

Interest Rate

9.50% p.a.

Loan Tenure

10 years

EMI Payable

₹51,759

Total Interest Payable 

₹22,11,083

Total Payable Amount

₹62,11,083

Disclaimer: The figures mentioned in the above table are indicative. It is imperative to check the actual payable EMIs before applying.

Detailed Breakup of Home Loan of ₹40 Lakhs for 20 Years

Here are the details of the total interest charges and the amount payable as EMI for a home loan of ₹40 Lakhs for 20 years:

Loan Amount

₹40 Lakhs

Interest Rate

9.50% p.a.

Loan Tenure

20 years

EMI Payable

₹37,285

Total Interest Payable 

₹49,48,459

Total Payable Amount

₹89,48,459

Disclaimer: The figures mentioned in the above table are indicative. It is imperative to check the actual payable EMIs before applying.

Lenders Offering Home Loans of ₹40 Lakhs

Lenders

Starting Interest Rate

PNB Housing Finance

8.50% p.a.

Bajaj Housing Finance

7.45% p.a.

L&T Finance

8.60% p.a.

LIC Housing Finance

8.65% p.a.

Home First Finance Company

9.00% p.a.

ICICI Bank

9.00% p.a.

Shubham Housing Finance

9.90% p.a.

Shriram Housing Finance

11.50% p.a.

India Shelter

13.00% p.a.

*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.

Eligibility Criteria & Documents Required for a ₹40 Lakh Home Loan

The eligibility requirements for a home loan of ₹40 Lakhs are as follows:

For Self-employed Applicants:

  • Your age should be between 25 and 70 years 

  • Your business must have a vintage of at least 5 years 

For Salaried Applicants:

  • Your age should be between 23 and 62 years 

  • You should have a minimum work experience of 3 years

Also, you should be a resident of India to be eligible for the loan. Furthermore, the lender will ask you to submit a set of documents when applying for the home loan. These include:

  • Identity proof: PAN card, Aadhaar card, etc.

  • Residential proof: Utility bills, property tax receipts, etc.

  • Income proof: 

    • For salaried applicants: ITR filings, Form 16, and bank statements 

    • For self-employed applicants: The business’ audited P&L statements, balance sheets, etc.

Other Home Loan EMI Options

10 Lakh House Loan EMI

15 Lakh House Loan EMI

20 Lakh House Loan EMI

25 Lakh House Loan EMI

30 Lakh House Loan EMI

  50 Lakhs Home Loan EMI

60 Lakhs Home Loan EMI

70 Lakhs Home Loan EMI

75 Lakhs Home Loan EMI

1 Crore Home Loan EMI

Frequently Asked Questions

What will be the EMI for a home loan of ₹40 Lakhs with a repayment period of 20 years?

Considering at 9% p.a., the EMI payable would be ₹35,989 over 20 years.

Assuming that the interest rate is 9% p.a., the EMI for a home loan of ₹40 Lakhs for 25 years will be ₹33,568.

You can apply for a home loan of ₹40 Lakhs with a maximum tenure of up to 30 years on Bajaj Markets.

The EMI for a home loan for ₹40 Lakhs for 5 years will be ₹83,033. You can use the Home Loan EMI Calculator for ₹40 Lakhs to determine the monthly amount payable.

Most lenders require you to have a CIBIL score of over 650 as part of their eligibility criteria for a home loan of ₹40 Lakhs. However, you can get a home loan with certain lenders at higher interest rates.

Salaried and self-employed individuals are eligible and can apply for a home loan of ₹40 Lakhs. However, depending on the employment type, the income required, age limit, and job experience/business vintage requirements will differ. Ensure to get a complete understanding of the criteria set by your lender before applying for the loan.

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