Just like you carefully design your dream home, planning how to repay your home loan of ₹30 Lakhs is crucial. Knowing how your monthly payments are calculated helps you make smart financial decisions and stay on budget. This knowledge ensures you can manage your finances effectively and purchase your dream home easily.
Let’s consider that the interest rate for the loan is 9% p.a. Here is a quick breakdown of how the EMI and total repayment costs change over tenures ranging from 15 to 30 years:
Tenure |
EMI |
Total Interest |
Total Repayment Amount |
15 years |
₹30,428 |
₹24,77,040 |
₹54,77,040 |
20 years |
₹26,992 |
₹34,78,027 |
₹64,78,027 |
25 years |
₹25,176 |
₹45,52,767 |
₹75,52,767 |
30 years |
₹24,139 |
₹56,89,924 |
₹86,89,924 |
Year | Principal | Interest | Balance |
---|
Lender
|
Interest Rate
|
Max. Loan Amount
|
Tenure
|
|
---|---|---|---|---|
Quick Disbursal
Bajaj Housing Finance |
8.50% p.a. |
₹5 Cr |
40 Years |
|
Home First Finance Company |
9.50% p.a. |
₹0.40 Cr |
20 Years |
|
ICICI Bank |
9.00% p.a. |
₹5 Cr |
30 Years |
|
India Shelter |
10.50% p.a. |
₹0.50 Cr |
20 Years |
|
Kotak Mahindra Bank |
9.00% p.a. |
₹0.50 Cr |
20 Years |
|
LIC Housing Finance |
8.65% p.a. |
₹15 Cr |
30 Years |
|
Quick Disbursal
PNB Housing Finance |
8.50% p.a. |
₹15 Cr |
30 Years |
|
Shriram Housing Finance |
11.50% p.a. |
₹1 Cr |
25 Years |
|
Shubham Housing Finance |
10.90% p.a. |
₹0.50 Cr |
25 Years |
|
Union Bank of India |
8.50% p.a. |
₹15 Cr |
30 Years |
|
*Disclaimer: The aforementioned rates are subject to change at the lender’s discretion.
While it is important to plan your repayments ahead of time, it is equally essential to check the eligibility criteria and documents required for a home loan. This can help you borrow the required amount effortlessly.
A home loan is a secured loan. So, if you secure a home loan of ₹30 Lakhs, the property you plan to buy using the sanctioned amount will be put up as collateral.
You can enjoy a repayment tenure of up to 40 years for a home loan of ₹30 Lakhs.
The minimum income required to be eligible for home loan of ₹30 Lakhs differs from one lender to another.