40 Lakh Home Loan EMI

Are you dreaming of a new house? Whether you plan to buy it or build it, you may need a home loan. You can find a range of options for a home loan of ₹40 Lakhs on Bajaj Markets. Take your pick from various lenders offering convenient repayment tenures and nominal interest rates starting at 8.65%.

If you avail of a ₹40 Lakh home loan, your EMI will depend on your interest rate and loan tenure. When deciding on a home loan, always see whether your EMI is within your repayment ability. You can easily use the ₹40 Lakh home loan EMI calculator to compute your monthly payments.

Read on to know how to calculate your ₹40 Lakh home loan EMI. Using it and the tables below, you can easily arrive at the EMI for a ₹40 Lakhs home loan for 20 years and other tenures. 

Find home loans offered with different tenures at Bajaj Markets. Simply use the Home  Loan EMI calculator to plan your repayment tenure. 

When calculating the tenure, you will see that the ₹40 Lakh home loan EMI for tenures of 20 or 30 years is lower compared to 10 years. So, if you are looking to pay lower EMIs, opt for a longer tenure.

Given below is a table depicting ₹40 Lakh home loan EMIs for different tenures considering a home loan interest rate of 8.65%. 

You may have noticed how the loan tenure can affect the EMI amounts by seeing the table above. If you consider the net interest payments, short tenures are beneficial.

Long tenures are favourable if you want a lower EMI. So, choose the tenure carefully to get the ideal ₹40 Lakhs home loan EMI. 

Yes, you can get a home loan of ₹40 Lakhs from banks, NBFCs or housing finance companies. You can choose a tenure of up to 30 years to repay, and the interest depends on your eligibility, tenure and more.

Comparing lenders with variable ₹40 Lakhs loan interest rates is important to ensure you get the best offer. Here is a quick look at lending partners you can get a home 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.

Follow the below-mentioned steps to apply for a housing loan up to ₹40 Lakhs on Bajaj Markets.

• Step 1: Click on ‘APPLY NOW’ on this page and share a few personal details to see your instant home loan eligibility

• Step 2: Choose your lender from the various options listed

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

• Step 4: Get your final loan details and net disbursal amount

Then, simply wait for a customer service executive to get in touch with you to process your application further.

Your ₹40 Lakh home loan EMI for 10 years will be of a larger amount than the ₹40 Lakh home loan EMI for 15 years. However, your total interest obligation will be lower. 

To check this, you can use the ₹40 Lakhs EMI calculator. This digital tool makes it very quick and convenient to check your monthly dues.

Considering an interest rate of 8.65% p.a., take a look at the details of your monthly payment. 

You can also see your total interest and total repayable amount below.

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

If the ₹40 Lakh home loan EMI of ₹49,916 is too high, you can choose other durations for repayment. For instance, the ₹40 Lakh home loan EMI for 20 years may be more suitable. The ₹40 Lakh house loan EMI calculator makes this comparison easier to do.

Remember, you can also manually calculate your EMIs using the following formula:

EMI = {P x r x (1+r) ^T} / {(1 + r) ^T – 1}

Where, P is principal amount, R is monthly interest rates, and N is tenure in months.

However, this method may be prone to errors, especially if you are comparing different tenures and loan amounts. For a quick glance, take a look at the calculation below for the EMI for a ₹40 Lakh home loan for 20 years. 

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

At the most, lenders offer 30 years for you to repay your home loan. This home loan tenure helps you get the lowest possible EMI on a ₹40 Lakh home loan. 

However, ensure you keep in mind that a longer repayment term will lead to a higher interest payment. So, choose the best one based on your income and expenses. 

Take a look at the calculation for a ₹40 Lakh home loan EMI for 30 years. 

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

The ₹40 Lakh home loan EMI for 25 years will be lower than the ₹40 Lakh home loan EMI for 15 years. However, this doesn’t mean that you take the first home loan offer you get. You can still reduce your EMIs in other ways, such as:

• Compare the interest rates before you choose a home loan of ₹40 Lakhs as lower interest rates result in a lower EMI

• Choose a longer tenure for your home loan to reduce your EMI

• Make a partial prepayment in the early stage of your home loan to bring down your EMI amount