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.

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:

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:

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:

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.