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A Home Loan is a secured loan that can help an individual fulfil their dream of owning a home. It is often procured by offering the property to be purchased as collateral and can be repaid through monthly EMIs. Once all the EMIs are paid, the property is then transferred in the name of the borrower. A house loan up to Rs 30 lakhs can be obtained for various reasons like the purchase of property or land, property renovation or extension, and for various other purposes.

## EMI Calculations for a Home Loan of Rs. 30 Lakh with Varying Tenures

A home loan allows the borrower to borrow a lump sum amount of money that can be repaid in a specific loan term through Equated Monthly Installments (EMI). However, it is to be noted that the loan term can vary depending upon the repayment capacity of the borrower. Lending companies typically allow a maximum loan term of up to 30 years.

On the other hand, the amount that will have to be paid for Rs. 30 Lakh Home Loan EMI will depend on certain factors like the length of the repayment period and the valid interest rates. The table below enlists the EMI details for different loan tenures and interest rates for Rs. 30 lakh home loan:

 Tenure EMI Interest Loan Amount 30 lakh home loan EMI for 10 years 39,645 17,57,427 (10%) 47,57,427 30 lakh home loan EMI for 15 years 34,098 31,37,623 (11%) 61,37,623 30 lakh home loan EMI for 20 years 33,033 49,27,820 (12%) 79,27,820

From the above table, one can note that the final loan amount will change according to the tenure of your choice. Additionally, the EMI payments will be reduced as the tenure increases.

## Interest Rate Applicable on Rs. 5 Lakhs Home Loan

The interest rate on a home loan is the percentage of the principal amount collected by the lender from the borrower for utilising the financial resources provided by the bank that lent the money. In the case of Rs 30 lakh home loan EMI, the tenure and rate of interest applicable will determine the final amount the borrower will pay month on month. Lenders usually base their interest rates on the RBI's repo rate, which can vary.

## Eligibility Criteria for Rs. 5 Lakhs Home Loan

You have to fulfil certain eligibility criteria for a Rs. 5 Lakhs Home Loan as listed below:

For salaried individuals

• Should be between the age group of 23-62 years

• Must have a job with an experience of 3 years

• The applicant must necessarily be a resident of India

For self-employed individuals

• Should be between the age group of 23-70 years

• Must have a business with an experience of 5 years

• The applicant must necessarily be a resident of India

Some other factors that can affect an individual’s ability to get a home loan are the credit score, employment status, what kind of income is actually earned by the borrower on a monthly basis, etc. Check out details about home loan eligibility criteria here.

## Steps to Apply for a Home Loan Up to Rs. 30 Lakh

A 30 lakh home loan can be applied in a few easy and quick steps. All you need are some basic documents as listed step-by-step below:

• Step 1: Online Form: Visit the official website and go to the loan section where you need to carefully fill all the important information like the PAN card details, contact information, gender, marital status, date of birth, etc in the application form.

• Step 2: Choose the Lender: Based on your requirements and financial needs, choose a lender of your choice

• Step 3: Loan Requirements: In this step, the applicant needs to fill in their loan requirements like the principal amount needed, the loan tenure, EMI details, etc., to proceed with the application procedure

• Step 4: Approval and Disbursal: Once all the documents submitted are verified and approved by the concerned authority in the lending company, the Home Loan will be approved. On approval, the concerned executive will contact you to sign the contract. Once it is signed by both parties, the loan will be disbursed to your account.

## Documents Needed for Rs. 30 Lakh Home Loan

The list of documents for housing loan depends on whether you are a salaried or a self–employed individual. The basic documents needed for Rs. 30 Lakh Home Loan are as follows:

If you are a Self-employed individual:

• ID Proof like Passport, Aadhaar Card, Driving Licence

• Residential proof

• Last 6 months bank statement

• ITR for last 2 years

• Documents to prove your self-employment

• Photograph

If you are a salaried individual:

• Residential proof

• Form 16 or salary slip

• Last 3 months bank statement

## How to Minimise Your Rs.30 Lakh Home Loan EMI?

There are 3 ways by which one can minimise the Rs. 30 lakh loan EMI:

• Step 1: Tenure: The longer the tenure, the lesser would be the EMI that one has to pay monthly. So, it is important to consider the fact that long-term loans are more expensive as the interest is charged for a longer period of time.

• Step 2: Interest rate: Lower the interest rate lower will be the EMI to be paid. So it is advisable to check the interest rates offered by various lenders before choosing option

• Step 3: Pre-Payment: If a borrower chooses to make a part pre-payment in advance, it can result in a lower EMI to be paid

## Factors that Affect Your Rs. 30 Lakhs Home Loan EMI

The most commonly known factors that affect the home loan EMI are as follows:

• Rate of Interest: One of the most common factors is the rate of interest set by the bank or financial institution as higher the rate of interest higher will be the EMI amount

• Tenure: Another factor is the tenure as longer the tenure, the EMI to be paid will be lesser

• Facilities: If the bank is offering facilities like the home loan balance transfer service, the EMI will be affected as the rate of interest would be more competitive

• Loan amount: At any given point of time, the loan amount can be changed with the permission of the bank that will affect the Rs 30 lakh EMI amount to be paid

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