10 Lakhs Home Loan EMI

If you want to buy a home of your own but cannot pay the full amount from your own pocket, you can consider getting a home loan. To fulfil your dreams of becoming a homeowner, you can now easily avail a housing loan of up to ₹10 Lakhs from Bajaj Markets. 

Ensure that you are financially disciplined throughout the home loan repayment tenure as defaulting on your EMIs can affect your credibility as a borrower. Read on to know more.

The repayment tenure is inversely proportional to loan EMI. This simply means that if you choose a longer loan repayment tenure, you will pay smaller EMIs towards your ₹10 Lakh home loan. 

On the other hand, your monthly EMI outflow will be higher if you choose to repay your ₹10 Lakh home loan EMI in a shorter span of time. 

Assume an arbitrary interest rate of 8.85% p.a. to calculate EMIs for different tenure options. The EMI amount for your ₹10 Lakh home loans at different loan repayment tenures will look as follows.

10 Lakh Home Loan EMI Calculator

Compare different schemes before applying for a home loan to ensure you get the best offer for a loan application. Here are the home loan details offered by lending partners of Bajaj Markets. 

*Disclaimer: The interest rates and associated charges can vary from one lending partner to the other and are subject to policy changes of the partner.

In order to get a ₹10 Lakh home loan, you must fulfil the following eligibility criteria.

• 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 Lakh Home Loan

• Income Criteria: Your monthly income criteria will majorly depend on your location and the lender

• Credit Score: 750 or above

Now, all you will have to do is wait for a customer service executive to get in touch with you to process your application further.

To get a home loan of ₹10 Lakhs, you must submit the following documents:

• Identity proof: Driving licence/Passport/Aadhaar card or Voter ID

• Address proof: Driving licence/Passport/Aadhaar card/Utility bills

• Income proof: Latest salary slips of the previous three months, along with bank statements for the last six months will be needed. Submit the latest copy of 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.

If you are looking to avail a loan of ₹10 Lakhs for a tenure of 5 years, you can calculate your EMIs instantly using a home loan EMI calculator. However, to manually calculate EMIs for multiple combinations of tenure and interest rates, you can use this formula. 

EMI = {P x r x (1+r) ^T} / {(1 + r) ^T – 1}

Where, P is the principal amount, r is the monthly interest rate, and T is the tenure in months.

With this formula, ₹10 Lakh loan EMI for 5 years will be calculated as:

P: ₹10,00,000
r: 8.85/12/100
T: 5 x 12

EMI = {10,00,000 x 0.007 x (1+0.007) ^60} / {(1 + 0.007) ^60 – 1}

        = 20,686

Using the formula, here is a detailed breakdown for ₹10 Lakh home loan EMI for 5 years at an interest rate of 8.85% p.a.

Note: The calculated amount is exclusive of tax and other charges.

If you are looking to avail a loan of ₹10 Lakhs for a tenure of 10 years, you can calculate your EMIs using a home loan EMI calculator. You may also calculate manually using the compound interest formula. 

EMI = {P x r x (1+r) ^T} / {(1 + r) ^T – 1}

Where, P is the principal amount, r is the monthly interest rate, and T is the tenure in months.

With this formula, ₹10 Lakh loan EMI for 10 years will be calculated as:

P: ₹10,00,000
r: 8.85/12/100
T: 10 x 12

EMI = {₹10, 00,000 x 0.007 x (1+0.007) ^120} / {(1 + 0.007) ^120 – 1}

        = ₹12,587

Using the formula, here is a detailed breakdown for ₹10 Lakh home loan EMI for 10 years at an interest rate of 8.85% p.a.

Note: The calculated amount is exclusive of tax and other charges.

If you are looking to avail a loan of ₹10 Lakhs for a tenure of 15 years, you can calculate your EMIs using an online home loan EMI calculator. Another option is to do manual calculations using the compound interest formula.

EMI = {P x r x (1+r) ^T} / {(1 + r) ^T – 1}

Where, P is the principal amount, r is the monthly interest rate, and T is the tenure in months.

So, with this formula, ₹10 Lakh loan EMI for 15 years will be calculated as:

P: ₹10,00,000
r: 8.85/12/100
T: 15 x 12

EMI = {₹10,00,000 x 0.007 x (1+0.007) ^180} / {(1 + 0.007) ^180 – 1}

        = ₹10,054

Using the formula, here is a detailed breakdown for ₹10 Lakh home loan EMI for 15 years at an interest rate of 8.85% p.a.

Note: The calculated amount is exclusive of tax and other charges.

You can use a home loan calculator to calculate monthly instalments when planning to avail a loan of ₹10 Lakhs for a tenure of 20 years. Alternatively, you may use the formula given below to calculate manually.

EMI = {P x r x (1+r) ^T} / {(1 + r) ^T – 1}

Where, P is the principal amount, r is the monthly interest rate, and T is the tenure in months.

So, with this formula, ₹10 Lakh loan EMI for 5 years will be calculated as:

P: ₹10,00,000
r: 8.85/12/100
T: 20 x 12

EMI = {₹10,00,000 x 0.007 x (1+0.007) ^240} / {(1 + 0.007) ^240 – 1}

        = ₹8,901

Using the formula, here is a detailed breakdown for ₹10 Lakh loan EMI for 20 years at an interest rate of 8.85% p.a. 

Note: The calculated amount is exclusive of tax and other charges.  

Here are a few ways to help you reduce your ₹10 Lakh 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 a home loan. The higher your CIBIL score is, 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 lender, you can always talk to them and get your house loan interest rate reduced. The same will consequently reduce your ₹10 Lakh home loan EMI amount.

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

Now that you understand the process of getting a ₹10 Lakh home loan on Bajaj Markets, proceed to avail of a range of benefits. Visit the website to know more about home loan tax benefits and other advantages.