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. 

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.

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

Here is a table showing detailed breakup for 20 years:

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

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

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