12 Lakh Home Loan EMI

Most banks and NBFCs offer home loans at attractive interest rates. This allows you to fulfil your dream of buying a home. For instance, you can avail a ₹12 Lakh home loan and repay the borrowed amount through affordable EMIs. Read on.

The EMI amount for your home loan of ₹12 Lakhs will vary for different tenures. You can compute the EMI for a ₹12 Lakh loan with an EMI calculator. Simply key in the loan amount, tenure and applicable interest rate to calculate your EMI instantly.

Here is a table showing EMIs at different tenures calculated using a home loan EMI calculator with an interest rate of 8.85%.

This way, you can use an EMI calculator to estimate your monthly instalments for different tenures. Whether you want to calculate an EMI for a ₹12 Lakh home loan or a ₹20 Lakhs home loan, this online tool comes in handy and helps you plan your finances better.

₹12 Lakh Home Loan EMI Calculator

One of the best and easiest tools to calculate the exact home loan EMI is to use the ₹12 Lakh home loan calculator. This tool helps you to plan your loan amount and choose a suitable tenure too. Repaying your loan amount on time can improve your credit score.

It calculates the exact loan instalment or the EMI for your home loan by including the variables like principal amount, interest, and tenure of the loan. When availing a home loan for ₹12 Lakhs, EMI calculation helps you plan your repayment better.

The formula used for computing EMIs is as follows:

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

Know that R will be the Annual Rate of interest/12/100. So, if the rate of interest is 7.2% p.a., then the value of R will be 7.2/12/100 or 0.006.

When choosing lenders for home loans, it is wise to compare your options. Carry out a thorough comparison before zeroing in on a loan offer. To make this easy for you, here are home loan details offered by various 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.

To know whether or not you are eligible to get a home loan for an amount of up to ₹12 Lakhs, check the house loan eligibility details mentioned below:

• The age of the applicant for the loan must be a minimum of 23 years

• The maximum age is usually 65 years to take a home loan of ₹12 Lakhs

• You can be a self-employed professional or a salaried individual from the government or corporate sector

• If you are a salaried employee, your minimum income must be at least ₹25,000

• For self-employed individuals, the minimum income needs to be at least ₹40,000

• You should have a good credit score of more than 750 to get your home loan application approved

Note that these parameters vary across lenders, and checking with the concerned financial institution before applying for a loan is ideal. 

Here is how to avail a housing loan for an amount of up to ₹ 12 Lakhs on Bajaj Markets.

• Step 1: Click on the ‘APPLY NOW’ tab and enter personal details to check your home loan eligibility instantly 

• Step 2: Pick your lending partner from the various options listed

• Step 3: Mention your home loan requirement and property details

• Step 4: Unlock your final loan details and net disbursal amount

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

Know the list of required documents for a home loan of ₹12 Lakhs.

1. Completed application form

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

3. Address proof: Driving licence/Passport/Aadhaar card/Utility bills

4. Income proof: Latest salary slips for 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.

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

6. Business proof: A certificate claiming that your business exists. 

7. Passport-size photographs

You can choose from numerous home loan tenures to ensure repayment fits your budget. Remember, a shorter tenure generally translates into a higher EMI amount but a reduced borrowing cost.

So, if you are looking for a ₹12 Lakh home loan with a manageable monthly amount and lower borrowing cost, you can choose a tenure of 5 years. 

Here is the breakdown of the loan details. 

You can avail home loans for varying tenures as per requirements. So, if you are looking for a ₹12 Lakh home loan with a tenure of 10 years, you can get the EMI estimation using the online EMI calculator.

Here is the breakdown of the loan details. 

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

If you want to take your home loan for even lower EMIs, then you should avail a ₹12 Lakh loan for 15 years.

Here is the breakdown of your loan details. 

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

When you opt for a tenure of 20 years, it makes your loan EMIs more affordable.

Here is the breakdown of your loan details. 

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

You can get a home loan for a maximum tenure of 30 years. You can calculate the EMI for a ₹12 Lakh home loan having a repayment tenure of 30 years instantly using a home loan EMI calculator.

Here is the breakdown of your loan details. 

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

There are many ways to reduce your ₹12 Lakh home loan EMI. Other than negotiating with the lender, you can opt for special features or even have the terms better adjusted for you.

Here is how you can lower your ₹12 Lakh Home Loan EMI: 

• Make a Larger Down Payment: If your house loan down payment is more, you will have to pay less EMI. Since the down payment amount lowers the overall loan amount, you will be able to bring down the EMI. Hence, to ensure that you have a low EMI, try to pay a large amount of down payment. 

• Opt for a Longer Tenure: You can also reduce your monthly burden by increasing the term of home loan repayment. This hugely impacts the amount of EMI. For instance, if your loan tenure is set at 20 years, your EMIs will be lower than the EMI payable for a tenure of 5 years.

• Step-Down EMI Plan: The Step-Down EMI Plan is offered by some banks and non-banking financing companies to make it easier to repay loans. Here, you can pay higher EMI at the start of the tenure and then the EMI amount keeps on going down over time when the principal amount reduces.  

• Loan Prepayment: One of the best and most effective ways to lower your home loan EMI of ₹12 Lakhs is to prepay the loan. So, when you have money, prepay and lower the loan amount.

Now that you know the process of availing a ₹12 Lakh home loan on Bajaj Markets, remember that you can get many benefits by taking a home loan. Access the website to learn more about home loan tax benefits and other advantages.

In case you have an existing home loan and want to transfer the outstanding loan to another lender offering affordable interest rates, simply choose the home loan balance transfer option at Bajaj Markets.