Do you want to buy your dream home of your own but do not have the necessary amount of funds? Then do not put your dream of home ownership on hold, and consider taking a home loan. Get up to ₹1 Crore by applying for a home loan on Bajaj Markets and get started in just a few clicks.
Here are various lenders on Bajaj Markets that offer home loans of up to ₹1 Crore:
Lender |
Interest Rate |
Max. Loan Amount and Tenure |
8.50% p.a. |
|
|
9.00% p.a. |
|
|
8.65% p.a. |
|
|
8.50% p.a. |
|
|
11.50% p.a. |
|
|
8.50% p.a. |
|
*Disclaimer: The aforementioned details are subject to change at the lender’s discretion.
Year | Principal | Interest | Balance |
---|
After you have met the eligibility criteria for a home loan of ₹1 Crore, it is important to consider if the EMI of this loan fits your budget. Consider an example. Assume that the interest rate on a home loan of ₹1 Crore is 8.85% p.a. Following tables present the EMI payable on this loan over tenures ranging from 15 to 25 years.
Here’s a breakdown of the EMI payable on a home loan of 15 years.
Loan Amount |
₹1,00,00,000 |
Tenure |
15 years |
Rate of Interest |
8.85% p.a. |
EMI |
₹1,00,536 |
Total payable Interest |
₹80,96,531 |
Total Repayment Amount |
₹1,80,96,531 |
Here is the breakdown of a home loan of ₹1 Crore with a tenure of 20 years:
Loan Amount |
₹1,00,00,000 |
Tenure |
20years |
Rate of Interest |
8.85% p.a. |
EMI |
₹89,010 |
Total payable Interest |
₹1,13,62,438 |
Total Repayment Amount |
₹2,13,62,438 |
The details of the EMI you need to pay is as follows:
Loan Amount |
₹1,00,00,000 |
Tenure |
25 years |
Rate of Interest |
8.85% p.a. |
EMI |
₹82,895 |
Total payable Interest |
₹1,48,68,457 |
Total Repayment Amount |
₹2,48,68,457 |
No. Home loans are secured loans. Hence, the property you purchase is considered as security for such loans.
The maximum tenure offered by lenders on these loans is 30 years.
This criterion is set by the lender, however, it is easy to estimate how much you would require. Here, all you need to do is calculate the EMI payable and see if it fits your budget.
For instance, for a home loan of ₹1 Crore with a tenure of 30 years, at an interest rate of 8.85% p.a, the EMI will be ₹79,385. Considering that the ideal debt-to-income ratio is 50%, the minimum income required would be at least ₹1.6 Lakhs, per month.