₹80 Lakhs Home Loan EMI

With a home loan of ₹80 Lakhs, you can comfortably purchase the house of your dreams. However, before you apply for a 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. 

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. Consider the following example. 

The following table shows the EMI amount you may have to pay for various tenures at an interest rate of 8.50% p.a.:

Let us 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 at an interest rate of 8.50% p.a.

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

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

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

At Bajaj Markets, you can compare top lenders offering competitive interest rates, flexible tenure options, and easy EMIs to suit your needs.

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

Here is how you can apply for an ₹80 lakh home loan on Bajaj Markets in a few easy steps:

1. Click on the ‘Check Offers’ button on this page

2. Fill in your basic personal details in the online form

3. Enter the desired loan amount and repayment tenure

4. Try out tools like the EMI Calculator and Eligibility Calculator to plan better

5. Submit the form for verification and wait for the best offers to be shown

Here are the eligibility criteria for a ₹80 Lakhs home loan:

• You should reside in India

• For salaried applicants

  • Your age should be between 23 and 67 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

Documents Required for Salaried Individuals

• Identity Proof: Aadhaar card, PAN card, voter ID, or driving licence

• Address Proof: Aadhaar card, passport, or utility bills

• Form 16 or salary slips for the last 3 months

• ITR filings for the previous 2 years

• Bank account statement for the last 3 months

Documents Required for Self-Employed Individuals

• Identity Proof: Aadhaar card, PAN card, voter ID, or driving licence

• Address Proof: Aadhaar card, passport, or utility bills

• Bank account statement for the past 6 months

• ITR filings for the last 2 financial years

• Business vintage proof – Certificate of Incorporation, Shop Act, etc.

• Qualification certificates (for self-employed professionals)

• TDS certificate and business licence details

• Provide the latest audited balance sheet of the business

• Profit and loss statement for the last 3 years

Before applying for an ₹80 Lakhs home loan, consider the following factors such as credit score, EMI affordability, and loan terms. These elements will help you make a well-informed borrowing decision.

• Check Your Credit Score

A credit score of 750 or above improves the likelihood of securing a favourable interest rate. Rectify any discrepancies in your credit report in advance.

• Assess Your Loan Eligibility

Use an online calculator to evaluate your eligibility based on income, age, current liabilities, and employment stability.

• Compare Interest Rates and Offers

Research various banks and NBFCs for competitive rates, processing charges, prepayment conditions, and loan tenure options.

• Budget and EMI Affordability

Ensure the EMI does not exceed 40% of your net monthly income to maintain financial stability.

• Save for a Bigger Down Payment

Contributing a higher down payment reduces the loan principal and total interest burden.

• Choose the Right Loan Tenure

Shorter tenures lead to higher EMIs but reduce total interest outgo. Longer tenures lower EMIs but increase the overall interest paid.

• Keep All Documents Ready

Organising required documentation in advance facilitates quicker approval and minimises processing delays.

• Factor in Additional Costs

Account for supplementary expenses such as registration fees, stamp duty, property insurance, and maintenance charges.

• Understand All Terms and Conditions

Review the loan agreement thoroughly, especially clauses related to foreclosure, hidden fees, and prepayment conditions.

An ₹80 Lakh home loan comes with multiple features that provide flexibility, ease of access, and long-term financial convenience. Here are some of the benefits:

• You receive competitive interest rate from various lenders available on Bajaj Markets

• Balance transfer facility is available to the applicant

• Repayment tenure of up to 30 years helps manage your monthly outflow

• A simple and hassle-free loan application process is accessible on Bajaj Markets

• Loan disbursal takes place within 48 hours after approval and document verification

• Flexible repayment options are available for under-construction properties through part-EMI payments

• When you take a loan of ₹80 Lakh, you may also be eligible for tax benefits under Sections 80C and 24(b)

An ₹80 Lakh home loan can bring you closer to owning your dream home, provided you plan your finances carefully. By understanding the EMI across different tenures and comparing lender offers, you can simplify the loan process on Bajaj Markets. 

You can use online tools, check your eligibility, and select a repayment plan that aligns with your income and lifestyle. With competitive interest rates and seamless digital access, managing a home loan has become more convenient than ever.