BAJAJ FINSERV DIRECT LIMITED

Knowing the ₹85 Lakh home loan EMI will help you understand how your home loan repayment will impact your monthly cash flow. This allows you to assess loan affordability and find ways to reduce loan costs. A well-planned EMI schedule keeps your finances on track.

EMIs for a Home Loan of ₹85 Lakhs at Varying Tenures

EMIs for ₹85 Lakh home loan differ significantly based on the loan terms. A detailed comparison helps you optimise both your monthly budget and total repayment.

The following table gives you EMI for an ₹85 Lakh home loan at 9.25% p.a. for different tenures:

Repayment Tenure

EMI Amount

10 Years

₹1,08,828

20 Years

₹77,848

25 Years

₹72,792

30 Years

₹69,927

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 ₹85 Lakhs for 10 Years

Understand the EMI for a home loan of ₹85 Lakhs for 10 years and total interest charges from the table below:

Loan Amount

₹85 Lakhs

Interest Rate

9.25% p.a.

Loan Tenure

10 years

EMI Payable

₹1,08,828

Total Interest Payable 

₹45,59,338

Total Payable Amount

₹1,30,59,338

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 ₹85 Lakhs for 20 Years

The loan costs and EMI for an ₹85 Lakh home loan when the loan tenure is 20 years will be:

Loan Amount

₹85 Lakhs

Interest Rate

9.25% p.a.

Loan Tenure

20 years

EMI Payable

₹ 77,848

Total Interest Payable 

₹ 1,01,83,683

Total Payable Amount

₹ 1,86,83,683

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 ₹85 Lakhs for 30 Years

The home loan of ₹85 Lakhs is as follows for a 30-year tenure:

Loan Amount

₹85 Lakhs

Interest Rate

9.25% p.a.

Loan Tenure

30 years

EMI Payable

₹69,927

Total Interest Payable 

₹1,66,73,868

Total Payable Amount

₹2,51,73,868

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 ₹85 Lakhs

Bajaj Markets has partnered with the following leading lenders to offer ₹85 Lakh home loans:

Lenders

Starting Interest Rate

PNB Housing Finance

8.50% p.a.

L&T Finance

8.60% p.a.

LIC Housing Finance

8.85% 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 ₹85 Lakh Home Loan

Ensure you meet the eligibility criteria before applying for a ₹85 Lakh home loan. Eligibility requirements could differ depending on the lender. Lenders evaluate various factors given below to determine whether you qualify. 

For Salaried Individuals:

  • Aged between 23 and 62 years

  • Must have at least 3 years of continuous employment

  • A steady annual income

  • A good credit score

For Self-Employed Applicants:

  • Must be between 25 and 70 years

  • Business operations should have been stable for more than 5 years

  • Annual income suitable for repayment

Documents Common to All Borrowers:

  • Identity Proof: Valid documents are a PAN card, Aadhaar card, passport, or driving licence

  • Address Proof: Present all utility bills, lease agreements, or other official proofs of your residence

  • Banking Documents: Show the last 6 to 12 months' bank statements to indicate a steady financial position

  • Property Papers: Include any owner proof, sale deeds, and agreements connected to the property

  • Photos: Passport-sized photographs may need to be attached along with your application

  • Loan Application: A loan application must be filled out with accurate details

Proof of Income Documents

For Salaried Individuals:

  • Attach payslips for the previous 3 to 6 months

  • Attach Form 16 or its photocopies of Income Tax Returns - ITR that have been issued recently

For the Self-Employed:

  • Profits and loss statements for the recent year

  • Attach audit reports of the past 2-3 years 

  • Attach copies of the latest ITR

Other Home Loan EMI Options

FAQs on ₹85 Lakh Home Loan EMI

Can I get a home loan of ₹85 Lakhs?

Lenders consider multiple factors like income, repayment capacity, credit score, property value, and financial stability before approving ₹85 Lakh home loans. You must contact the lender and understand the eligibility criteria to get approved.

What is the ideal loan tenure for a ₹85 Lakh home loan to have a manageable EMI?

The ideal EMI for you depends on your ability to repay and other financial commitments you have. So, the ideal tenure for a ₹85 Lakh home loan must be determined based on your budget. Longer tenures, such as 30 years, have smaller EMIs, and they can be more manageable on a monthly basis. However, it can result in higher total loan costs. 

What is the maximum repayment tenure I can go for in the case of a ₹85 Lakh home loan?

Lenders can offer up to 30 years tenure for ₹85 Lakh home loan. However, it depends on your age and the lender's other requirements. 

What will be the EMI for a ₹85 Lakh home loan?

The EMI for a ₹85 Lakh home loan can be determined if you know the home loan tenure and interest rate. Considering an interest rate of 9.25% p.a., the EMI for a home loan with a 30-year tenure will be ₹ approximately.

What is the EMI for a ₹85 Lakh home loan for 20 years?

The interest rate you get for your ₹85 Lakh home loan for 20 years is crucial to calculate EMI. If the interest rate is 9.25% p.a., the EMI will be around ₹77,848, and if the interest rate is 9.5%, the EMI will be around ₹79,231.
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