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✓ Home Loan from ₹2 Lakhs to ₹15 Crores ✓ Interest Rates Starting @ 8.50%

You can take a home loan of ₹30 Lakhs for various reasons like the purchase of property or land, renovation, extension and more. However, prior to getting a loan, it is important to check the amount you are liable to pay over the tenure. Thus to plan and budget for the repayment, it is essential to compute the possible loan EMIs beforehand and check whether you can afford the loan.

## EMI Calculations for a Home Loan of ₹30 Lakhs with Varying Tenures

Your EMIs for a home loan of ₹30 Lakhs will depend on factors like the length of the repayment period and the interest rate charged. The formula to calculate your EMI is:

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

Now, let us assume that the interest rate charged on the loan is constant at 8.65% p.a. This will help us ascertain the impact of change in tenures on your monthly instalments. The table below shows the EMI details for different loan tenures calculated with the help of an EMI calculator:

 Repayment Tenure EMI Amount 10 Years ₹37,437 15 Years ₹29,807 20 Years ₹26,320 30 Years ₹23,387

From the above table, it is clear that your EMIs will change according to the tenure of your choice. Additionally, your EMI payments are likely to reduce as the tenure increases. However, remember that your total interest amount payment will increase with a longer tenure. Let us now understand in further detail how different tenures affect your home loan EMI.

## ₹30 Lakh Home Loan EMI Calculator

### EMI term

₹ 5,000 ₹ 5,000
• Total amount payable
₹ 5,000 ₹ 5,000
• Interest rate
₹ 8.99% ₹ 8.01%
• Total interest
₹ 8.99% ₹ 8.01%
• Total interest
₹ 5,000

### EMI term

₹ 5,000 ₹ 5,000
• Total amount payable
₹ 5,000 ₹ 5,000
• Interest rate
₹ 8.99% ₹ 8.01%
• Total interest
₹ 8.99% ₹ 8.01%
• Total interest
₹ 5,000
01 ₹ 4,80,000 ₹ 50,000 8.5% ₹ 50,000 ₹ 50,000 ₹ 50,000

## EMI for a Home Loan of ₹30 Lakhs for 10 Years

To calculate the EMI of your home loan of ₹30 Lakhs for 10 years, you can take the assistance of an EMI calculator.

Enter the loan amount, tenure and interest rate using the EMI calculator to compute the EMI for a home loan. The table provided below carries the essential details of monthly instalments you would be asked to pay for a home loan of ₹30 Lakhs for 10 years.

 Loan Amount ₹30,00,000 Rate of Interest 8.65% per annum EMI Amount ₹37,437 Total Interest Amount ₹14,92,417 Total Repayment Amount ₹44,92,417

## EMI for a Home Loan of ₹30 Lakhs for 20 Years

You can also compute your EMI for a home loan of ₹30 Lakhs for 20 years to see the difference. An extended repayment timeline usually results in lower monthly payments.

You can use an EMI calculator to easily compute the EMI for your home loan of ₹30 Lakhs for 20 years.

 Loan Amount ₹30,00,000 Rate of Interest 8.65% per annum EMI Amount ₹26,320 Total Interest Amount ₹33,16,850 Total Repayment Amount ₹63,16,850

## EMI for a Home Loan of ₹30 Lakhs for 30 Years

Similarly, you can compute the EMIs for your home loan of ₹30 Lakhs for 30 years. Here is the table with details like the EMI amount, total interest dues and total repayable amount.

 Loan Amount ₹30,00,000 Rate of Interest 8.65% per annum EMI Amount ₹23,387 Total Interest Amount ₹54,19,347 Total Repayment Amount ₹84,19,347

*Insert EMI calculator functionality*

## Interest Rate Offered by Banks/NBFCs on a Home Loan of ₹30 Lakhs

The table below offers a quick view of the different lending partners offering home loans on Bajaj Markets.

 Name of the Partner Interest Rates Maximum Tenure Bajaj Housing Finance Limited 8.50% p.a. onwards 30 Years Home First Finance Company 9.50% p.a. onwards 20 Years ICICI Bank 9.00% p.a. onwards 30 Years India Shelter 10.50% p.a. onwards 20 Years Kotak Mahindra Bank 9.00% p.a. onwards 20 Years LIC Housing Finance 8.65% p.a. onwards 30 Years PNB Housing Finance Limited 8.50% p.a. onwards 30 Years Shriram Housing Finance 11.50% p.a. onwards 25 years Shubham Housing Finance 10.90% p.a. onwards 25 Years Union Bank of India 8.50% p.a. onwards 30 Years

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

## Other Home Loan EMI Options

 10 Lakh Home Loan EMI 15 Lakh Home Loan EMI 20 Lakh Home Loan EMI 25 Lakhs Home Loan EMI 40 Lakh Home Loan EMI 50 Lakh Home Loan EMI 60 Lakh Home Loan EMI 70 Lakh Home Loan EMI 75 Lakh Home Loan EMI 1 Crore Home Loan EMI

## FAQs

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.

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