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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 8.50%.

 

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. 

EMI Calculations for a Home Loan of ₹40 Lakh with Varying 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 8.50%

Loan Amount

Interest Rate

Loan tenure

EMI Payable

₹40 Lakhs

8.50% per annum

5 Years

₹82,356

₹40 Lakhs

8.50% per annum

10 Years

₹49,916

₹40 Lakhs

8.50% per annum

15 Years

₹39,742

₹40 Lakhs

8.50% per annum

20 Years

₹35,094

₹40 Lakhs

8.50% per annum

25 Years

₹32,614

₹40 Lakhs

8.50% per annum

30 Years

₹31,183

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. 

₹40 Lakh Home Loan EMI Calculator

Loan Amount
Tenure
Months
Rate of Interest
Home Loan
Your Monthly Home Loan EMI
Principal Amount
Total Interest
Total Amount Payable
Amortization Schedule
Download
Year EMI Principal Interest Balance

₹40 Lakh Home Loan Interest Rate Offered by Banks/NBFCs

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.

Name of the Partner

Interest Rates

Maximum Loan Amount

Maximum Tenure

Bajaj Housing Finance Limited

8.50% p.a. onwards

₹ 5 Cr 

Up to 30 Years

Home First Finance Company

9.50% p.a. onwards

₹ 40 Lakhs 

Up to 20 Years

ICICI Bank

9.00% p.a. onwards

₹ 5 Cr 

Up to 30 Years

India Shelter

10.50% p.a. onwards

₹ 50 Lakhs

Up to 20 Years

Kotak Mahindra Bank

9.00% p.a. onwards 

₹ 50 Lakhs

Up to 20 Years

LIC Housing Finance

8.50% p.a. onwards

₹ 15 Cr 

Up to 30 Years

PNB Housing Finance Limited

8.50% p.a. onwards

₹ 15 Cr 

Up to 30 Years

Shriram Housing Finance

11.50% p.a. onwards

₹ 1 Cr 

Up to 25 years

Shubham Housing Finance

10.90% p.a. onwards

₹ 50 Lakhs 

Up to 25 Years

Union Bank of India

8.50% p.a. onwards

₹ 15 Cr

Up to 30 Years

*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 ₹40 Lakh Home Loan

You have to meet certain eligibility criteria for approval on your home loan. See the terms mentioned below:

1. For salaried individuals

  • Nationality: Indian citizen

  • Age: 23-62 years

  • Job: A stable job and with experience of at least 3 years

2. For self-employed individuals

  • Nationality: Indian citizen

  • Age: 23-70 years

  • Work: A stable business with vintage of 5 years

Read More

Steps to Apply for a Home Loan Up to ₹40 Lakhs

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.

Documents Needed for a ₹40 Lakh Home Loan

You need to submit certain documents to get your home loan approved. They are:

  • Identity proof (Any government issued ID)

  • Address proof

 

Depending on your employment profile, you have to submit additional documents too. They are:

1. If you are self-employed

  • Audited financial statements of your business

  • Cash flow statements

  • Balance sheet

  • ITRs of the past few years

2. If you are a salaried individual

  • Form 16 and other tax and income-related documents

  • Income tax returns (ITRs) of previous three to five years

  • Bank account statements of last six months to one year

  • Salary slips

Read More

₹40 Lakh Home Loan EMI for 10 Years

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 8.50% p.a., take a look at the details of your monthly payment. 

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

Loan Amount

₹40,00,000

Tenure 

10 years

Rate of Interest

8.50% p.a.

EMI

₹49,916

Total payable Interest

₹1,989,894

Total Repayment Amount 

₹5,989,894

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

₹40 Lakh Home Loan EMI for 20 Years

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. 

Loan Amount

₹40,00,000

Tenure 

20 years

Rate of Interest

8.50% p.a.

EMI

₹35,094

Total payable Interest

₹4,422,474

Total Repayment Amount 

₹8,422,474

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

₹40 Lakh Home Loan EMI for 30 Years

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. 

Loan Amount

₹40,00,000

Tenure 

30 years

Rate of Interest

8.50% p.a.

EMI

₹31,183

Total payable Interest

₹11,225,778

Total Repayment Amount 

₹7,225,778

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

How to Minimise Your ₹40 Lakh Home Loan EMI?

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

FAQs About ₹40 Lakh Home Loan EMIs

What is the maximum repayment tenure I can go for in the case of a ₹40 Lakh home loan?

You can get a maximum repayment tenure of 30 years on your home loan of ₹40 Lakhs. However, this depends on your age and the lender’s terms. 

What is the minimum salary I need to have to get a ₹40 Lakh home loan?

To get a ₹40 Lakh home loan, a minimum salary of ₹50,000 a month is usually required for salaried individuals. This amount may be higher for self-employed individuals. However, you can check these details by using a home loan eligibility calculator on Bajaj Markets.

 

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