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BAJAJ FINSERV DIRECT LIMITED

₹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

Interest Rate

- +

Tenure

- +

Check Offer

You can easily compare Home Loan offers from multiple lenders on Bajaj Markets.

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.

How much EMI will I have to pay for a home loan of ₹40 Lakhs for a tenure of 25 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.

What is the maximum repayment tenure I can choose for a home loan of ₹40 Lakhs?

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

What will be the EMI for a home loan of ₹40 Lakhs for 5 years?

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.

Can I get a home loan of ₹40 Lakhs with a low credit score?

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.

What is the impact of my employment type (salaried/self-employed) on the eligibility for a ₹40 Lakh home loan?

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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₹40 Lakh Home Loan EMI

₹ 1,685,167

₹ 40,00,000

₹ 56,85,167

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

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

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

Lenders Offering Home Loans of ₹40 Lakhs

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

Other Home Loan EMI Options

Frequently Asked Questions

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

How much EMI will I have to pay for a home loan of ₹40 Lakhs for a tenure of 25 years?

What is the maximum repayment tenure I can choose for a home loan of ₹40 Lakhs?

What will be the EMI for a home loan of ₹40 Lakhs for 5 years?

Can I get a home loan of ₹40 Lakhs with a low credit score?

What is the impact of my employment type (salaried/self-employed) on the eligibility for a ₹40 Lakh home loan?

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