35 Lakh Home Loan EMI

If you are looking forward to buying a home, then it is vital to know about the home loan. It is one of the easiest ways to finance your home and fulfil your dream of owning your own home. Usually, a home loan is able to provide an amount of more than 80% of the cost of the home.

So, if you want to take up a home loan to buy a flat, bungalow, plot or want to do a home renovation and home expansion, then you can easily get a home loan. The amount of the loan depends on your need. Here, we will talk about the home loan of ₹35 Lakhs.

You can consider a  home loan EMI for ₹35 Lakhs as it will bring in several advantages. The best benefit of the home loan is that you can buy the house you want and pay the amount over a long period of time in easy instalments.

Here, we will discuss all the home loans for an amount of ₹35 Lakhs, its cost in different tenures, how to apply for the loan, ₹35 Lakh loan EMI calculator, eligibility and the documents required interest amount, and much more.

EMI Calculations for a Home Loan of ₹35 Lakhs with Varying Tenures

Knowing the EMI for a ₹35 Lakhs loan will need you to explore different tenures. Then only you can make a conscious decision and choose your tenure accordingly. Mention the information such as loan amount, interest rate, and tenure and know your EMI for a 35 Lakhs loan. 

Here are the different tenures for EMI for a ₹35 Lakh home loan at an interest rate of 7.55%.

₹35 Lakh Home Loan EMI Calculator

One of the best things available today is the home loan calculator. This tool can calculate the exact home loan EMI for ₹35 Lakhs. It also lets you plan your loan and help you choose the right loan amount.

The home loan calculator can calculate the exact Home Loan EMI that you need to pay monthly. Calculate the EMI with this simple to use home loan EMI calculator. Home Loan EMI Calculator calculates the loan instalment or the EMI based on things like the principal amount, interest, and tenure of your home loan. 

The formula for finding EMI is - P x R x (1+R)^N / [(1+R)^N-1]

In this formula of ₹35 Lakh loan EMI calculator:  

• P is the principal loan amount

• N is the tenure of the loan in months

• R is the interest rate, and you also need to 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.

Interest Rate Applicable on ₹35 Lakh Home Loan

The interest rates on house loan on the amount of ₹35 Lakhs varies with the type of bank. On an average, the rate of interest the banks charge is around 7.10%. Here is the list of the interest rates for several banks:

Disclaimer- Interest rates mentioned in the above table can vary from one lending partner to the other and are subject to change.

Eligibility Criteria for a ₹35 Lakh Home Loan

It is critical to be aware of the eligibility for applying for the Home Loan for an amount of up to ₹35 Lakhs. Here is the list of eligibility for home loan:

• The age of the applicant for the loan should be at least 18 years and a maximum of 70 years.

• Both the self-employed professionals and salaried individuals from government or corporate sectors can apply for home loans of ₹35 Lakhs.

• In the case of salaried employees, the minimum income must be at least ₹25,000.

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

• You should have a credit score of more than 750 to get the home loan.

Steps to Apply for a Home Loan Up to ₹35 Lakhs

To apply for Housing Loan for an amount of up to ₹35 Lakhs, do the following:

• Step 1: To start with, you need to fill out the application form.

• Step 2: Mention all the information correctly, such as personal details, income details, employment details, property details, etc. 

• Step 3: Upload the imperative documents as well along with the form.

• Step 4: Submit the form as well as the documents.

• Step 5: There will be a verification process to make sure that the details are correct.

• Step 6: Once the same is verified, the loan will be sanctioned.

Documents Needed for a ₹35 Lakh Home Loan

Keep this list of the documents ready to apply for a ₹35 Lakh home loan.

• Filled application form.

• A few Passport size photographs

• ID Proof – one of the Pan card or Aadhar Card

• Address proof: Aadhaar Card, Valid Indian Passport, Valid Voter ID, Valid Driver’s Licence, or Utility Bills such as Electricity bills, Water bills, Gas bills, etc.

• Income proof: The salaried individuals need to provide the last 3 months’ bank statements, which must exhibit salary credits in their salary account. For self-employed individuals, it is vital to submit the last 3 months’ bank statements.

• Property documents: Registered sales deed or conveyance or lease deed. Builder agreement and payment receipts, along with the allotment letter, are also needed.

• House tax return

• Business proof: a certificate that the business exists, business profile, etc.

How to Minimise Your ₹35 Lakh Home Loan EMI?

Do you want to reduce your home loan EMI for₹35 Lakhs? Here are the different ways that can lower the cost of your loan. So, to reduce your ₹35 Lakh Home Loan EMI, here is what needs to be done:

• Take a Higher Tenure: The EMI depends on the term of loan repayment. The higher the loan tenure, the lower the EMI. Also be informed that the rate of interest on the outstanding debt is greater if the duration of the loan is more.

• Increased Down Payment: If the amount of the house loan down payment is higher, then your EMI will be lesser. So, the users must try to make a higher down payment to bring down the EMI. 

• Step-Down EMI Plan: One of the best ways that you can resort to is Step-Down EMI Plan. Many banks and non-banking financing companies offer a Step-Down EMI Plan, which allows you to pay higher EMI when the loan starts. The EMI amount lowers over time when the principal amount decreases.

• Loan Prepayment: You can also reduce the payment of your monthly EMI by prepaying your loan. This will either finish your EMI or lower it. 

Factors that Affect Your ₹35 Lakh Home Loan EMI

The factors that affect your ₹35 Lakh Home Loan EMI are:

• Tenure of the Loan: Loans that have a shorter tenure will need you to pay a higher EMI and vice versa. 

• Loan Amount: The higher the loan amount, the more will be the EMI.

• Interest Rate: The higher interest rate will mean more EMI.

• Change in Interest Rate: If there is a change in the home loan interest, in the case of a floating interest rate, there will be a change in your EMI. The impact may be positive or negative depending on the prevailing interest rates in the market.

• Change in Loan Tenure: A change in your home loan tenure also affects your monthly equated instalment.

• Prepayment: If the borrower makes pre-payments for the home loan, it will lower the EMI.