40 Lakh Home Loan EMI

Check 40 Lakh Home Loan EMI & Interest Rate

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.50%

Are you dreaming of a new house? Whether you plan to buy it or build it, you may need a Home Loan. If you want a Home Loan of up to Rs. 40 lakh, Finserv MARKETS is your one-stop solution. You can find Home Loans from various lenders with convenient repayment tenure and low-interest rates here.


If you avail an Rs. 40 lakh Home Loan, the EMI will depend on your interest rate and loan tenure. When deciding on taking a Home Loan, you should always see whether your EMI is in your repayment capacities. You can easily use any EMI calculators available online to find the EMI you have to pay.

EMI Calculations for a Home Loan of Rs. 40 Lakhs with Varying Tenures

You can find Home Loans offered with different tenures at Finserv MARKETS. Since your principal amount is Rs. 40 lakhs, use the Home Loan EMI calculator to plan your repayment tenure. Note that tenures of 20 or 30 years have a lesser EMI amount compared to 10 years tenure.


Let us take an example. Consider the Home Loan interest rate to be 8.50%. Given below is a table depicting your Rs. 40 Lac Home Loan EMI for different tenures.

Loan Tenure

EMI for Rs. 40 lakh Home Loan

Net Interest

30 Years

Rs. 25, 811

Rs. 52,92,107

20 Years

Rs. 30,296

Rs. 32,70,925

15 Years

Rs. 35,286

Rs. 23,51,344

10 Years

Rs. 45,827

Rs. 14,99,293

You might have noticed how loan tenure can affect the EMI amounts. If you consider the net interest payments, short tenures are beneficial, whereas long tenures are favourable if you want a lower EMI.

Interest Rate Applicable on a Rs. 40 Lakh Home Loan

Many financial institutions, including Banks and NBFCs, have partnered with Finserv MARKETS to offer Home Loans. You can avail of these loans at desirable interest rates. Both salaried individuals and self-employed persons can get Home Loans of up to Rs. 40 Lakhs.


If you are self-employed, you can avail of loans starting from an interest rate of 9.00%. 

Eligibility Criteria for a Rs. 40 Lakh Home Loan

You have to fulfil certain eligibility criteria for Home Loan approval. They are mentioned below:

1. For salaried individuals

  • Nationality: Indian citizen

  • Age: 23-62 years

  • Job: A stable job and an experience of 3 years

2. For self-employed individuals

  • Nationality: Indian citizen

  • Age: 23-70 years

  • Job: A stable business and an experience of 5 years

Steps to Apply for a Home Loan Up to Rs. 40 Lakh

Follow the below-mentioned steps to apply for Housing Loan up to Rs. 40 lakh.

  • Step 1: Online Application: Carefully fill all the important information required in the application form. Submit relevant scanned documents along with it.

  • Step 2: Choose the Lender: Select a lender of your choice that matches your requirements.

  • Step 3: Enter Requirements: Fill in your loan requirements like principal amount you need, loan tenure, EMI module, etc to proceed with the application.

  • Step 4: Approval and Disbursal: Your Home Loan will be approved once all your documents are submitted and verified. After approval, the concerned executive will contact you. Once it is signed, the loan will be disbursed to your account.

Documents Needed for a Rs. 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, then your

  • Businesses' audited financial statements

  • Cash flow statements

  • Balance sheet

2. If you are a salaried individual, then your

  • Form no 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

How to Minimise Your Rs. 40 Lakh Home Loan EMI?

  • Compare the interest rates in the market before you choose one. A loan at lower interest rates results in a lower EMI.

  • Loan tenure is inversely proportional to the EMI you have to pay. So, choose a longer tenure for your Home Loan to lessen your EMI.

  • Make a partial prepayment or a payment before the official due date in the early stage of your Home Loan. This will lessen your EMI amount.

Factors that Affect Your Rs. 40 Lakh Home Loan EMI

Certain factors affect your Rs. 40 Lakhs Home Loan EMI. They are mentioned below:

  • Loan tenure: The repayment tenure of your loan plays a vital part in determining the EMI you have to pay. Loan tenure and EMI are inversely proportional. As the loan tenure increases, the EMI amount will reduce proportionally.

  • Interest rate: The Home Loan interest rate is a determining factor in deciding the EMI amount. The lower the interest rate,the lower will be the EMI amount. Compare the interest rates in the market before taking a Home Loan to avail better offers.

  • Loan amount: The loan amount is directly proportional to the EMI amount. As the loan amount increases, EMI too increases. The EMI you have to pay for a Rs. 40 lakh loan will be much higher than the EMI for Rs. 10 lakh loan.

  • Credit score: Credit score is a 3 digit numeric ranging between 300 and 900. It depicts your trustworthiness. If you have a good credit score, you will get a lower interest rate. A score above 750 is considered good.

  • Location of house: Location of the house affects its resale value. If the location of your house is a posh area, it will have a higher resale value. This gives the Bank a surety if the loan repayment gets hindered. As a result, a house having higher resale value will positively impact the EMI you have to pay.