35 Lakh Home Loan EMI

If you are looking forward to buying a home, then it is vital to know about your home loan options. 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 80-90% of the cost of the home.

You can take a home loan to buy a flat, bungalow, plot or work on home renovation or expansion. The amount of the loan depends on your need. Do you need a home loan 

of ₹35 Lakhs? This amount can help you buy your chosen property and repay the loan in easy instalments.

The following factors affect your borrowing experience:

• Your home loan eligibility 

• Your credit score 

• Your chosen tenure

• The lender’s internal policies and benchmark rate 

• The current economic climate 

While you have control over some, the others are outside your influence. However, by choosing a lender with the lowest rates, you can ensure that the home loan EMI for ₹35 Lakhs is affordable. 

You can get loans at affordable interest rates and flexible home loan repayment tenures at Bajaj Markets. Apart from competitive interest rates, you also get numerous other benefits, such as zero penalty for foreclosure or for making part prepayments and home loan tax benefits.

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

Knowing your EMI for a ₹35 Lakh home loan is key to planning proper repayment. To do this, you will need to explore different tenures. For instance, compare the ₹35 Lakh home loan EMI for 10 years with the EMI for a ₹35 Lakh home loan for 15 years. 

This is the only way to make a conscious decision and choose your tenure accordingly. Here is a table showing the various ₹35 Lakh loan EMI amounts as per different repayment terms at an interest rate of 8.65% per annum.

₹35 Lakh Home Loan EMI Calculator

One of the best tools 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.

Simply use the ₹35 Lakhs home loan EMI calculator to understand the EMI that you need to pay monthly. This digital tool calculates the loan instalment based on the principal amount, interest, and tenure of your home loan. 

The ₹35 Lakhs Home Loan EMI Calculator uses the following formula: 

EMI is - 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, and you also need to know that R will be the Annual Rate of interest/12/100. So, if the rate of interest is 8.65% p.a., then the value of r will be 8.65/12/100 or 0.007.

₹35 Lakh Home Loan Interest Rate Offered by Banks/NBFCs 

The interest rate is a significant factor that affects your EMI amount. So, comparing interest rates from lenders gives you a fair idea of which ₹35 Lakh housing loan offer suits you better. On Bajaj Markets, you can get a home loan of ₹35 Lakhs at competitive rates, starting at 8.65%. You can also enjoy home loan tax benefits.

Take a look at the table below to see the lending partners you can get a loan from:

*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.

Eligibility Criteria for a ₹35 Lakh Home Loan

It is critical to be aware of the eligibility terms for a home loan amount of ₹35 Lakhs. Take a look at what they are based on the type of applicant you are. 

1. For salaried professionals:

• Be employed with a government entity or a reputed private organisation for at least 3 years

• Be at least 23 to 26 years of age 

• Have a minimum income of ₹25,000 per month

• Have a excellent CIBIL score

2. For self-employed professionals:

• Be at least 25 years old 

• Have a minimum income of ₹2 Lakhs per annum

• Have a good CIBIL score 

• Have a business vintage of 5 years 

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

You can follow these steps to avail a ₹35 Lakh home loan on Bajaj Markets. 

• Step 1: Click on ‘Apply Now’ on this page and enter basic personal details to see your instant home loan eligibility

• Step 2: Choose your lending partner from the options you see 

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

• Step 4: Unlock your final loan details and amount

A customer service executive to get in touch with you to request the needed documents and process your application further.

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

• Passport-size photographs

• ID Proof: Aadhaar card, PAN card or voter ID

• Address Proof: Aadhaar card, valid Indian passport, valid voter ID, valid driver’s licence, or utility bills such as electricity bills, water bills or gas bills

• Income Proof: Bank statements of the last three months, Form 16 and salary slips for salaried employees; bank statements of the last three months along with ITR and proof of business for self-employed individuals

• Property Documents: Registered sales deed or conveyance or lease deed; builder agreement and payment receipts, along with the allotment letter

• House tax return 

• Business Proof: Certificate of incorporation/registration

₹35 Lakh Home Loan EMI for 10 Years

Using the ₹35 Lakh home loan EMI calculator, you can compute your EMIs for the tenure of 10 years. Doing this calculation for different tenures is important so you can choose the most pocket-friendly option. 

For instance, the EMI for ₹35 Lakh home loan for 15 years will be lower than that for 10 years. However, your total interest dues will be lower when you choose a 10-year tenure. See the calculation for ₹35 Lakh loan EMI for 10 years below.

Note: Calculated amount is exclusive of tax and other charges.

₹35 Lakh Home Loan EMI for 20 Years

A tenure of 20 years may be more affordable for you than of 10 years. Opt for it if you want to lower your home loan EMI for ₹35 Lakhs. Remember, this amount will be higher as compared to a ₹35 Lakh home loan EMI for 25 years. 

However, it will be lower than the ₹35 Lakh home loan EMI for 10 years. For easy comparison, see the calculation for the EMI for ₹35 Lakh home loan for 20 years. 

Note: Calculated amount is exclusive of tax and other charges.

₹35 Lakh Home Loan EMI for 30 Years

You can get a maximum of 30 years to repay your home loan amount. This tenure ensures the lowest ₹35 Lakh Home Loan EMI for you. However, you can get it only if you apply for a home loan at the right age and with the right lender. 

In this case, your monthly amount will be lower than a ₹35 Lakh home loan EMI for 25 years. Check out the calculation for yourself below. 

Note: Calculated amount is exclusive of tax and other charges.

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 you can try to lower this amount. 

• Take a Longer Tenure: Your EMI depends on the term of home loan repayment. The higher the loan tenure, the lower the EMI. Remember, the rate of interest on the outstanding debt is also greater if the duration of the loan is more.

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

• Choose a Step-Down EMI Plan: Many banks and NBFCs offer a step-down EMI plan, which allows you to pay higher EMIs when the loan starts. The EMI amount lowers over time as the principal amount decreases.

• Prepay the Loan: By prepaying your loan, you can reduce the principal outstanding. This will lower your EMIs.