1 Crore Home Loan EMI

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.

Thanks to digital tools, you can also calculate your Equated Monthly Instalments (EMIs) every month and plan ahead. However, you must be extremely financially vigilant throughout the repayment tenure of your ₹1 Crore home loan EMI. 

Since it is a larger amount, paying them late can affect your financial health negatively.

Availing a large sanction has its perks and drawbacks, so read on to know the details for ₹1 Crore home loan EMI.

If you choose a long repayment tenure for your ₹1 Crore home loan, the instalments payable are easier to manage. However, the interest outgo is higher, making the loan costlier.  

On the other hand, shorter loan repayment tenures will mean higher EMI outflow but significantly lesser interest paid at the end of the tenure. The EMI on home loan of ₹1 Crore at different loan repayment tenures will look as follows.

₹1 Crore Home Loan EMI Calculator

Using an EMI calculator helps you compute EMIs instantly. All you need to do is input the loan amount, tenure and applicable  interest rate to assess your monthly instalments.

While this calculator provides error-free results, you can calculate the EMI manually as well. Here is the formula for calculating your home loan EMIs manually:

EMI = P x R x (1+R)^N / [(1+R)^N-1]

Here,

• P is the principal loan amount

• N is the tenure of the loan in months

• R is the interest rate

Getting a home loan of ₹1 Crore is easy as there are many lenders to choose from, and most have easy criteria. However, you must compare them to get the best interest rates and enjoy a manageable ₹1 Crore housing loan EMI. 

Many banks and NFBCs have low interest rates. As such, the EMIs are a lot more affordable and the interest outgo is optimal. Therefore, make sure to do your market research and compare interest rates, tenure options, and the maximum sanction offered to get the best deal. 

To make it easier for you, here is a quick look at the different interest rates offered by lending partners on Bajaj Markets. 

Disclaimer: The interest rates and loan particulars mentioned are subject to change at the lender’s discretion. 

In order to get a ₹1 Crore home loan, you will need to fulfil the following eligibility criteria for housing loan

• Age: Minimum age requirement for home loan is 21 years of age.

• Residency Status: You must either be a resident Indian or a Non-Resident Indian (NRI) to get a ₹1 Crore Home Loan.

• Income Criteria: Your monthly income criteria will majorly depend on your location and lender. Check with the lending institution regarding the same.

• Credit Score: Your CIBIL score should be equal to or more than 750.

To get a home loan of ₹1 Crore, you will need the following documents for housing loan:

• Identity Proof: Passport/driving licence/Aadhaar card

• Address Proof: Aadhaar card/passport/driving licence/utility bills

• Income Proof: Salary of the past three months along with bank statements going off the past six months will be needed. Additionally, you will also need the latest copy of your Form-16 from your employer if you are a salaried person along with your Income Tax Returns of at least 2 years. If you are a self-employed professional, you will need audited profit and loss statements along with your income tax returns of the past 2 years.

• Property Documents: A copy of your buyer agreement/allotment letter or sale deed sale will also be needed.

A Home loan with a smaller tenure will allow you to repay your debt sooner. For instance, for a ₹1 Crore home loan, the EMI for 5 years will go to a very high amount of ₹2,06,856. Similarly, for a ₹1 Crore home loan, the EMI for 10 years will be ₹1,25,865 per month. 

As such, with a sanction as high as ₹1 Crore, a longer tenure may be ideal. Therefore, when deciding the EMI for a ₹1 Crore home loan, check the terms for a tenure of 15 years. 

You will notice that the repayment amount is a lot more manageable. Here’s a breakdown of the ₹1 Crore Home Loan EMI for 15 years. 

Much like the 15-year tenure, a ₹1 Crore Home Loan EMI for 20 years will have a lower repayment amount. This is because the home loan EMI for ₹1 Crore gets repaid over 20 years, and so the monthly payable is split evenly. 

However, comparing with the 15-year tenure, note that the interest payable is higher. Here is the breakdown with the details. 

For a ₹1 Crore Home Loan, the EMI for 25 years, along with the interest payable is as follows.