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If you want to buy a home of your own but cannot pay the full amount from your own pocket, chances are that you are thinking of getting a home loan. In order to make your dreams of becoming a homeowner come true, you can now easily avail a housing loan of up to ₹10 Lakhs from Bajaj MARKETS. Once you take up a home loan of up to ₹10 Lakhs, you will need to repay the same through Equated Monthly Instalments (EMIs) every month. You must be extremely financially disciplined throughout the home loan repayment tenure as paying them late can mean bad news for you. Read on to know more.

## EMI Calculation for ₹10 Lakhs Home Loan at Different Loan Repayment tenures

The length of your ₹10 Lakhs home loan repayment tenure is inversely proportional to the EMI amount you will pay towards it every month. If you choose a longer loan repayment tenure, you will pay smaller EMIs towards your ₹10 Lakhs home loan monthly. On the other hand, your monthly EMI outflow will be higher if you choose to repay your ₹10 Lakhs home loan EMI in a shorter span of time. The EMI amount for your ₹10 Lakhs home loans at different loan repayment tenures will look as follows. The table below will also show you the total amount that you will pay by the end of your home loan repayment tenure. For the sake of the table below, we are going to assume that the interest rate is going to be ₹12% per annum.

 EMI Calculation for ₹10 Lakhs Home Loan at Different tenures Home Loan Repayment tenure Length (In years) EMI Amount Total Payable Amount by the end of the Repayment tenure 10  years ₹14,347 ₹17,21,651 15  years ₹12,002 ₹21,60,303 20  years ₹11,011 ₹26,42,607 25  years ₹10,532 ₹31,59,602 30  years ₹10,286 ₹37,03,005

## Interest Rate Applicable on a ₹10 Lakhs Home Loan

If you take a ₹10 Lakhs home loan from Bajaj MARKETS, you can get the same at an interest rate as low as 8.30% p.a. Note that the higher your home loan amount will go, the greater will be your rate of interest. For example, if you choose to take a ₹5 Lakhs home loan, you may get that at an interest rate of say 12% p.a. If you are planning to avail more than ₹10 Lakhs as a home loan, it would be prudent of you to compare the home loan options offered by various lending partners of Bajaj MARKETS and then go for the one that you will be most comfortable paying back.

## Eligibility Criteria for a ₹10 Lakhs Home Loan

In order to get a ₹10 Lakhs home loan, you will need to fulfil the following eligibility criteria for house loan

• Age: You should be at least 21 years of age
• Residency Status: You can either be a resident Indian or a Non-Resident Indian (NRI) to get a ₹10 Lakhs 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: 750 or above.

## How to Apply for a ₹10 Lakhs Home Loan?

You can easily apply for house loan through Bajaj MARKETS. All you need to do is follow the steps mentioned below.

• Enter personal details:-First, key in your personal and income details to get instant home loan eligibility.

• Pick your lending partner:- Next, you will see home loan options from various lending partners of Bajaj MARKETS. You will also see the maximum amount you can avail as a home loan and your maximum repayment tenure. Select one such loan option to proceed.

• Mention requirement and property details:- Post that, fill in your required home loan amount and property details.

• Unlock your final details:- The page you will follow will say that your loan application has been submitted and it is being processed. Along with that, you will also see your loan details and your net disbursal amount. Now, all you will have to do is wait for a customer service executive to get in touch with you to take things forward.

## Documents Required for a ₹10 Lakhs Home Loan

To get a home loan of ₹10 Lakhs, you will need the following documents for house loan:

• Identity proof: Driving Licence/Passport/Aadhaar Card or Voter ID

• Address proof: Driving Licence/Passport/Aadhaar Card/Utility Bills

• Income proof: Salary slips going back three months along with bank statements going back six months will be needed. You will also need the latest copy of your Form-16 from your employer along with your Income Tax Returns of at least 2 years.

• Property documents: A copy of your allotment letter/buyer agreements or deed of sale will count as your property documents.

## How to Minimise Your ₹10 Lakhs Home Loan EMI Amount?

The following ways can help you reduce your ₹10 Lakhs home loan EMI amount:

• Opt for a longer repayment tenure: Longer home loan repayment tenures result in smaller EMI amounts and vice-versa.

• Get a lower interest rate: You can compare your home loan options across various lenders and go for the one that has the longest home loan repayment tenure and the lowest possible interest rate. A lower interest rate will translate to lower EMI amounts.

• Improve your CIBIL score: You should ideally have a CIBIL score of 750 or above while applying for the home loan. The higher your CIBIL score will be, the lower interest rate you can avail from the lender. You can also improve your CIBIL score by foreclosing your other existing loans.

• Talk to your bank: If you have a long-standing relationship with your banker, you can always talk to him/her and get your house loan interest rate reduced. The same will consequently reduce your ₹10 Lakhs home loan EMI amount.

• Make a sizable down payment: A big down payment will reduce your home loan requirement, which will reduce your house loan EMI amount too.

## Factors that affect Your ₹10 Lakhs Home Loan EMI

The factors that will affect your ₹10 Lakhs home loan EMI amount are as follows:

• Repayment tenure: Longer loan repayment tenure means lower home loan EMI payments every month and vice-versa.

• Interest rate: Rates of interest, also known as the cost of borrowing a loan, directly impact your home loan EMIs. Lower interest rates would translate to lower home loan EMI amounts and vice-versa.

• Credit score: If you have a credit score of 750 or above, you can get a home loan at a lower rate of interest than the ones whose credit score is between 650-749 or is even lower than that.

• Loan amount: Higher loan amount means a higher interest rate, which results in a higher EMI amount every month and vice-versa.

• Loan to Value (LTV) Ratio: A higher loan to value ratio will mean that you are a high-risk individual, which means that the lender may charge you a high interest rate, as a result of which you will have to pay higher EMIs too.

 Other Home Loan EMI Options 15 Lakh Home Loan EMI 20 Lakh Home Loan EMI 25 Lakh Home Loan EMI 30 Lakh Home Loan EMI 40 Lakh Home Loan EMI 1 Crore Home Loan EMI

## Home Loan Upto 10 Lakh FAQs

### ✔️What is the EMI for a ₹10 Lakh home loan if the repayment tenure is 10 years?

Assuming that the applicable interest rate is 8.25% p.a., the EMI for a ₹10 Lakh home loan with a repayment tenure of 10 years would amount to ₹11,304.

### ✔️Can I get a ₹10 lakh home loan without any security?

Since home loans are secured loans, you cannot avail a ₹10 lakh home loan without any security.

### ✔️What is the maximum repayment tenure I can go for in the case of a ₹10 lakh home loan?

The maximum repayment tenure you can avail for a home loan of ₹10 lakhs would be 30 years.

### ✔️What is the minimum salary I need to have to get a ₹10 lakh home loan?

If you are a salaried professional, you will need to have a monthly salary of ₹25,000 to get a ₹10 lakh home loan. If you are a self-employed individual, you will need to have a monthly income of ₹35,000. Note that your monthly income criteria for a ₹10 lakh home loan will depend on the guidelines of the lender as well as the city you live in.