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With a home loan of ₹80 Lakhs, you can comfortably purchase the house of your dreams. However, before you apply for the loan it is essential to check the probable EMIs. This can help you plan your finances better and repay the loan effectively. Several factors like the loan tenure and interest rate have a major impact on the instalment amount payable. Lenders decide the interest rate on the basis of your loan eligibility. 

EMI for a Home Loan of ₹80 Lakhs for Various Tenures

You usually get some flexibility to choose a tenure that suits your needs the best. It is essential to know how the EMI can vary based on your choice of tenure. Let’s understand this better with the help of an example. The following table shows the EMI amount you may have to pay across tenures if the interest rate is set at 9% p.a.

Tenure

EMI 

10 years

₹1,01,340.62

15 years

₹81,141.33

20 years

₹71,978.08

25 years

₹67,135.71

30 years

₹64,369.81

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹80 Lakhs Home Loan EMI Calculator

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Detailed Breakup of Home Loan of ₹80 Lakhs for 10 Years

Let’s continue the example and check the impact of change in tenure on your EMIs in further detail. See the table below for a quick look at your EMI for a home loan of ₹80 Lakhs when you choose a 10-year tenure:

Loan Amount

₹80 Lakhs

Interest Rate

9% p.a.

Loan Tenure

10 Years

EMI

₹1,01,340.62

Total payable Interest

₹41,60,874.28

Total Repayment Amount

₹1,21,60,874.28

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

Detailed Breakup of Home Loan of ₹80 Lakhs for 20 Years

Here is what your EMI on a home loan of ₹80 Lakhs will look like when you choose a 20-year tenure:

Loan Amount

₹80 Lakhs

Interest Rate

9% p.a.

Loan Tenure

20 Years

EMI

₹71,978.08

Total payable Interest

₹92,74,738.35

Total Repayment Amount

₹1,72,74,738.35

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

Detailed Breakup of Home Loan of ₹80 Lakhs for 30 Years

Here is the breakdown of your loan costs if you opt for a tenure of 30 years:

Loan Amount

₹80 Lakhs

Interest Rate

9% p.a.

Loan Tenure

30 Years

EMI

₹64,369.81

Total payable Interest

₹1,51,73,131.37

Total Repayment Amount

₹2,31,73,131.37

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

Lenders Offering Home Loans of ₹80 Lakhs

Lenders

Starting Interest Rate

PNB Housing Finance

8.50% p.a.

Union Bank of India

8.50% p.a.

Bajaj Housing Finance Limited

8.55% p.a.

LIC Housing Finance

8.65% p.a.

ICICI Bank

9.00% p.a.

Shriram Housing Finance

11.50% p.a.

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

Eligibility Criteria & Documents Required for a ₹80 Lakh Home Loan

Here are some simple criteria you need to fulfil to be eligible for a home loan of ₹80 Lakhs:

  • You should reside in India

  • For salaried applicants

    • Your age should be between 23 and 62 years

    • You must  have a work experience at least 3 years

  • For self-employed applicants

    • Your age should be between 25 and 70 years 

    • The business vintage must be at least 5 years

Also, you must submit the following documents on time for a smooth, hassle-free loan application process:

  • KYC documents:

    • Identity proof: Aadhaar card, PAN card, voter ID, driving licence, etc.

    • Address proof: Aadhaar card, passport, utility bills, etc.

  • Income proof: 

    • For Self-employed: 

      • Certificates proving their qualification for self-employed professionals

      • TDS certificate

      • Business licence details

      • Latest balance sheet of the business, audited by a certified CA

      • Profit and loss statement of the previous 3 years

      • ITR filings of the previous 2 years

    • For Salaried:

      • Form 16

      • ITR filings of the previous 2 years

      • Salary slips of the previous 3 months

FAQs on ₹80 Lakh Home Loan EMI

What is the maximum tenure I can select for a ₹80 Lakh home loan?

The maximum repayment term for a home loan is 30 years.

What is the minimum salary I need to have to get a ₹80 Lakh home loan?

The minimum salary for a home loan of ₹80 Lakhs depends on the lender. As a general rule, your debt obligation shouldn’t take up more than 50% of your income. For example, considering that the ₹80 Lakh home loan EMI for 20 years, with an interest rate of 9% p.a., is set at ₹71,978.08, you would need an income of at least ₹1.5 Lakhs to qualify comfortably.

Can I get a ₹80 lakh home loan with a low credit score?

Yes. As home loans are secured loans, the credit score requirements for these are quite lenient. However, the loan terms in this case may not be as favourable. You may be offered a higher interest rate or limited flexibility in loan repayments.

Can I apply for a joint home loan of ₹80 Lakhs?

Yes. You can have a co-applicant when applying for a home loan of ₹80 Lakhs. However, do note that their income, age, employment, etc. will be considered when assessing your loan eligibility. Selecting the right can help you get favourable loan terms and vice versa.

Is it better to choose a shorter or longer repayment period for an ₹80 Lakh home loan?

If you wish to save on your total repayment costs, a shorter tenure may be preferable. This is because the interest accrued during a short term is usually lower. However, if you are looking for affordable monthly instalments which do not burden your finances, consider opting for a longer tenure. Thus, the choice of tenure depends on your financial situation and the total borrowing cost.

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