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₹55 Lakh Home Loan EMI

Check out how EMI varies for a home loan of ₹55 Lakhs across different tenures. 
Your Monthly Loan EMI
₹ 68,045
Total Interest
₹ 2,665,417
Principal Amount
₹ 55,00,000
Total Payable Amount
₹ 81,65,417
Loan Amount i
Interest Rate
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Tenure
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You can easily compare Home Loan offers from multiple lenders on Bajaj Markets.

...

This platform 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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With a ₹55 lakh home loan, the EMIs can be manageable with careful planning. The EMI calculator makes it easier to understand how much you must pay towards the loan monthly. It can help you compare multiple options to make the right choice. 

EMIs for a Home Loan of ₹55 Lakhs at Varying Tenures

The repayment tenure affects the total cost of your loan. While a longer tenure decreases the monthly EMI, it increases the total interest paid. On the other hand, a shorter tenure increases the EMIs but saves significantly on interest.

Below is a table for calculating the EMI for ₹55 lakh home loan at 8.45% p.a. for varying tenures that you can compare.

Repayment Tenure

EMI Amount

10 Years

₹68,045

20 Years

₹47,556

25 Years

₹44,102

30 Years

₹42,995

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 ₹55 Lakhs for 10 Years

For a home loan of ₹55 Lakhs, the EMI for 10 years and total interest charges are as follows:

Loan Amount

₹55 Lakhs

Interest Rate

8.45% p.a.

Loan Tenure

10 years

EMI Payable

₹68,045.14

Total Interest Payable 

₹26,65,417

Total Payable Amount

₹81,65,417

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 ₹55 Lakhs for 20 Years

Here is a table showing detailed breakup for 20 years:

Loan Amount

₹55 Lakhs

Interest Rate

8.45% p.a.

Loan Tenure

20 years

EMI Payable

₹47,556.37

Total Interest Payable 

₹59,13,529

Total Payable Amount

₹1,14,13,529

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 ₹55 Lakhs for 30 Years

Take a look at the details of loan terms if your loan tenure is 30 years:

Loan Amount

₹55 Lakhs

Interest Rate

8.45% p.a.

Loan Tenure

30 years

EMI Payable

₹42,095

Total Interest Payable 

₹96,54,380

Total Payable Amount

₹1,51,54,380

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 ₹55 Lakhs

Bajaj Markets has partnered with the following leading lenders to offer ₹55 lakh home loans:

Lenders

Starting Interest Rate

PNB Housing Finance

8.50% 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.

Shriram Housing Finance

11.50% p.a.

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

Eligibility Criteria & Documents Required for a ₹55 Lakh Home Loan

To qualify for a home loan of ₹55 lakhs, you must meet specific eligibility criteria based on your employment type:

For Salaried Applicants:

  • You must reside in India

  • Your age should fall between 23 and 62 years

  • A minimum of 3 years of work experience is required

For Self-Employed Applicants:

  • You must reside in India

  • Your age should be between 25 and 70 years

  • Your business should have at least 5 years of operational history

Documents Required for a Seamless Application Process:

  • Identity Proof: PAN card, Aadhaar card, or similar documents

  • Residential Proof: Utility bills, property tax receipts, or equivalent

  • Income Proof:

    • Salaried applicants should provide ITR filings, Form 16, and bank statements

    • Self-employed applicants need audited profit and loss statements, balance sheets, and other relevant financial documents

Other Home Loan EMI Options

FAQs on ₹55 Lakh Home Loan EMI

Can I get a ₹55 lakh home loan with a low credit score?

Yes, it is possible to get a home loan with a low credit score. However, the eligibility criteria may vary from one lender to another. Lenders may give higher interest rates if the credit score is low. This might increase your EMIs and add to your total borrowing cost over time.

The ideal tenure again depends on how much you can afford to pay per month. A longer tenure reduces your EMIs and increases the payback of interests. However, opting for a shorter tenure lets you save on interest but involves higher monthly payments.

Most of the lenders offer loans with a maximum tenure of 30 years. However, your eligibility depends on age and several other factors specific to the lender. 

The EMI depends on the interest rate and tenure. For example, at an interest rate of 8.45% p.a. over 30 years, the approximate EMI is ₹42,095.

For a 20-year tenure and an interest rate of 8.45% p.a., the EMI would be approximately ₹47,556. The EMI amount will vary if you change the loan tenure or the rate of interest. 

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