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Owning a home is a priority for most, and it may be a part of your life goals too. However, buying such an asset is expensive, and you may need the assistance of a home loan. 

With a home loan of ₹45 Lakhs, you can comfortably purchase the house of your dreams. Today, you can easily access a home loan of this amount online in a few clicks with the relevant documents at hand.

Read on to know how to check your ₹45 Lakh loan EMI and what a ₹45 Lakh home loan EMI calculator is. Also learn how you can compute your ₹45 Lakh home loan EMI for 20 years and other tenures. 

EMI Calculations for a Home Loan of ₹45 Lakhs with Varying Tenures

Based on your means, age, years left to retirement and budget, you can choose various tenures over which to repay your ₹45 Lakh home loan EMIs. 

It is important to know the EMI you will be required to pay based on your choice of tenure. Here is a snapshot of the different amounts of EMI for a home loan of ₹45 Lakhs that you could be paying based on the duration.

Loan Amount (₹)

Interest Rate (p.a.)

Tenure

EMI (₹)

₹45 Lakhs

8.65%

5 years

₹92,650

₹45 Lakhs

8.65%

10 years

₹56,155

₹45 Lakhs

8.65%

15 years

₹44,710

₹45 Lakhs

8.65%

20 years

₹39,480

₹45 Lakhs

8.65%

25 years

₹36,691

₹45 Lakhs

8.65%

30 years

₹35,081

₹45 Lakh Home Loan EMI Calculator

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

If your desired tenure is not included in the above table, you can compute the monthly payments using the ₹45 Lakhs home loan EMI calculator. 

This type of home loan calculator is available online for free. It helps you arrive at your ₹45 Lakh loan EMI by simply entering your principal amount, interest rate and loan tenure.

You can also manually calculate your EMI using the formula:

EMI = P x R x (1+R)^N / [(1+R^N-1]

Where,

P = the principal loan amount

N = the repayment tenure

R = the annual rate of interest

Calculating your home loan EMI beforehand helps you prepare for repayment and plan your budget accordingly. It also helps you gauge the most economical tenure for your loan amount based on the various interest amounts payable for different tenures. 

In case you want to transfer your existing home loan to a lender offering affordable interest rates, you may do so by opting for a home loan balance transfer option.

Based on this calculation, you can even foreclose your home loan and become debt-free faster. So, make sure you give this step your time and attention.

₹45 Lakh Home Loan Interest Rate Offered by Banks/NBFCs

The rate of interest on home loan depends on many factors like your credit score and the loan amount. Most importantly, it varies from lender to lender. Interest rates for self-employed applicants may also be different from those that salaried individuals can get.

By increasing your loan eligibility, you can get the most competitive interest rate. On Bajaj Markets, you can get a home loan at interest rates starting from 8.65%. Know that you are eligible for home loan tax benefits on the interest paid towards your home loan repayment.

Take a look at the table below to see the lending partners you can avail 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

8.65% 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 ₹45 Lakh Home Loan

It is also important to know whether or not you are eligible for a ₹45 Lakhs home loan before you apply for one. The home loan eligibility criteria varies based on your employment type. 

1. For salaried professionals:

  • The applicant should be employed with a government entity or a reputed private organisation.

  • The applicant should be at least 23 to 26 years of age (varies across banks) and at the age of 60 years or superannuation, whichever comes earlier, at the time of loan maturity.

  • The minimum income of the applicant should be at least ₹25,000 per month

  • A good CIBIL score is also a must. 

2. For self-employed professionals:

  • The applicant should be 25 years old while applying for the loan and 60 to 65 years old at the time of maturity.

  • The minimum income of a self-employed applicant should be at least ₹2 Lakhs per annum.

  • A good credit score is also a must. 

Read More

Steps to Apply for a Home Loan Up to ₹45 Lakhs

You can follow these steps to avail a ₹45 Lakh home loan on Bajaj Markets. 

  • Step 1: Navigate to the home loan section, click on ‘Apply Now’ and enter a few personal details to check your instant home loan eligibility

  • Step 2: Select your lending partner from the various options you see on the screen

  • 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 ₹45 Lakh Home Loan

Even when you apply for a home loan online, you will need to submit a few documents. Here is the list of documents you may be asked to produce based on your income source:

  • Identity proof like Aadhaar card, PAN card or voter ID

  • Address proof such as Aadhaar card, voter ID, passport, driver’s licence

  • Income proof such as 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 

  • Asset-related documents like lease, sales deed, builder agreement and payment receipts

  • Passport-sized photos

  • Signature verification

₹45 Lakh Home Loan EMI for 10 Years

With ₹45 Lakh home loan for 10 years, you can pay off your loan faster with a higher EMI amount. In the short term, a larger monthly payment may seem like a big goal to achieve. However, it will help you reduce your total interest significantly. 

To compute your ₹45 Lakh home loan EMI for 10 years, you can rely on the ₹45 Lakh home loan EMI calculator. See the table below for a quick look at your ₹45 Lakh home loan EMI

when you choose a 10-year tenure. 

Loan Amount

₹45,00,000

Tenure 

10 years

Rate of Interest

8.65% p.a.

EMI

₹56,155

Total payable Interest

₹22,38,631

Total Repayment Amount 

₹67,38,631

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

₹45 Lakh Home Loan EMI for 20 Years

If an EMI of ₹56,155 is not feasible, a longer tenure will reduce your monthly repayment amount. This can help you repay your home loan easily and without any risk of default. 

To calculate your ₹45 Lakh home loan EMI for 20 years, you can use a ₹45 Lakh home loan EMI calculator. Here is what your ₹45 Lakh home loan EMI will look like when you choose a 20-year tenure. 

Loan Amount

₹45,00,000

Tenure 

20 years

Rate of Interest

8.65% p.a.

EMI

₹39,480

Total payable Interest

₹49,75,281

Total Repayment Amount 

₹94,75,281

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

₹45 Lakh Home Loan EMI for 30 Years

Thirty years is the maximum tenure you can get for a home loan. With 10 additional years, you can reduce your ₹45 Lakh home loan EMI a little more. However, always be aware that increasing your repayment duration will also lead to an increase in your interest dues.

Here is what your ₹45 Lakh home loan EMI for 30 years will be when you choose a tenure of 30 years. 

Loan Amount

₹45,00,000

Tenure 

30 years

Rate of Interest

8.65% p.a.

EMI

₹35,081

Total payable Interest

₹81,29,020

Total Repayment Amount 

₹1,26,29,020

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

How to Minimise your ₹45 Lakh Home Loan EMI?

Now that you know your ₹45 Lakh home loan EMI for 10 years, 20 years and 30 years, you can make the right decision about the loan tenure. After all calculations, is your ₹45 Lakh home loan EMI still too high? 

Fortunately, there are many ways in which you can minimise the EMI amount on your loan. Here are some tips. 

  • Bigger down payment: Increasing your house loan down payment can reduce the loan amount you take and therefore the total EMI for a ₹45 Lakh home loan. 

  • Longer tenure: The ₹45 Lakh loan EMIs are divided across your entire loan tenure. So the longer the home loan repayment tenure, the smaller will be the amount of EMIs you pay each month.

  • Prepayment: It is prudent to use surplus funds, a bonus or savings to make part-prepayments. This way you can reduce your EMIs going forward.

  • Step-down EMIs: Choose a step-down EMI plan and pay larger chunks at the beginning of the tenure. This way you can taper off the loan EMI amounts towards the end.

Read More

Factors that affect your ₹45 Lakh Home Loan EMI

Your ₹45 Lakh home loan EMIs are not simply instalments of the principal amount divided up over the tenure. EMIs are affected by the following factors. 

  • Principal amount: If you go for a large loan amount, automatically your EMI amount will also increase. 

  • Tenure: If you choose a shorter repayment tenure, your ₹45 Lakh home loan EMI will be higher and vice versa.

  • Interest rate: A high interest rate amounts to a higher EMI. In case you have chosen a longer home loan tenure, the interest levied on your loan will also be higher. 

Remember, all three of these figures impact your monthly dues. In fact, your EMIs consist of your principal home loan amount and your interest dues as per the tenure you choose.

Other Home Loan EMI Options

There are several types of EMIs that you can avail of. Here are the different types of loan EMIs:

  • Overdraft EMIs: Some lenders allow you to pay EMIs through an overdraft facility for home loan. You can keep any extra funds in your bank account and save on interest by parking your money there.

  • Under Construction EMIs: If you are purchasing a house that is still under construction, you can choose to pay only the interest on the principal. This is possible until you get possession of the property.

FAQs on ₹45 Lakh Home Loan EMI

The EMI on a ₹45 Lakh loan for tenure of 5 years at an interest rate of 8.85% would be ₹93,085. For tenure of 20 years, the EMI will be ₹40,055. The tenure and interest rate affects your ₹45 Lakh home loan EMI.

The interest on a ₹45 Lakh home loan varies from bank to bank. The interest rate you get also depends on your credit history, tenure and amount of the loan.

No, since home loans are secured, you cannot avail a home loan for ₹45 Lakhs without any security.

You can get a home loan for a maximum repayment term of 30 years. This tenure thus results in the lowest EMI for home loan of ₹45 Lakhs.

The minimum salary for a loan of ₹45 Lakhs depends on the lender. Usually, lenders may require you to earn around ₹55,000.

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