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

₹ 51,759

Total Interest

₹ 2,211,083

Principal Amount

₹ 40,00,000

Total Payable Amount

₹ 62,11,083

Loan Amount i
Interest Rate
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Max value reached
Tenure
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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

8.55% 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.

Kotak Mahindra 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.

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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