A 10 lakh home loan can help you with your renovation, extension and even construction purposes if you utilise it properly. Making informed financial decisions about managing your expenses is extremely important before you apply for a home loan. Read on to find out all about the 10 lakh home loan EMI, Eligibility and documents required.
If you are planning on buying a house soon and do not have enough financial stability, a home loan is the best option for you.
Even if you are looking for monetary support for the extension or renovation of your property, with a home loan, you can fulfil both purposes. Consider taking out a 10 lakh home loan from your preferred bank or financial institution for both goals in India. In addition, many banks offer home loans at low-interest rates and provide tax benefits and rewards to those who are eligible.
It can be not very comforting at times during your repayment duration if you do not meet any solid financial strategy beforehand. No matter what the principal amount of your loan is, it is best to plan how you will manage your finances during the repayment tenure and proceed accordingly.
Additional Info: Looking for 30 Lakh Home Loan? Check EMI & Apply
Several banks and NBCFs offer different home loan schemes to the citizens of the country. For example, a 10 lakh home loan usually remains on the lower side when it comes to home loans. You can utilise the money for renovation or extension purposes if you wish. You can also use it for construction purposes.
You can Apply for 20 Lakh Home Loan
When it comes to the 10 lakh home loan EMI, the monthly instalments depend on a lot of factors. The significant factors that affect your home loan EMI include:
Take a look at the chart to understand your monthly instalments for a home loan of 10 lakh at the lowest home loan interest rate of 6.50%.
|Loan Amount||Tenure||Monthly EMI|
|10 Lakh||5 years||19,566/-|
|10 Lakh||10 years||11,355/-|
|10 Lakh||15 years||8,711/-|
|10 Lakh||20 years||7,456/-|
If you get a 10 lakh home loan for a short tenure of 5 years, the EMI will be around 19,566/-. On the other hand, your instalments will decrease if you go for a longer tenure of up to 15 years or 20 years.
Additional Info: Also check DDA Housing Scheme
If you decide to take a home loan of 10 lakh for a tenure of 10 years, your interest rate will have a massive role in determining your monthly instalments.
For instance, for the lowest interest rate of 6.50%, your monthly instalments will be around 11,355/- if you choose a tenure of 10 years.
Your 10 lakh home loan EMI will be higher if you choose a shorter tenure and vice versa.
Your credit score for home loan plays a considerable role in determining your monthly instalments. Make sure you have a credit score of 750 and above to improve your chances of loan approvals.
Your tenure directly affects your monthly instalments. For a short tenure of around five years, your 10 lakh home loan EMI will be about 19 566/- per month for the lowest interest rate of 6.50%.
In order to decrease your instalment rates, choose a longer tenure of up to 15 years or 25 years.
In order to determine which scheme suits your affordability the most, you can choose the home loan EMI calculator online. It will give you an exact amount that you will need to pay on a monthly basis during your repayment tenure. Try different combinations to determine whether you are going for the right plan or not.
Additional Info: Also check Pan Number for Banks
Home loan eligibility differs from one bank to the other based on several factors. However, there are several common points that are taken into consideration by all banks and financial institutes in India while reviewing your loan application.
Different banks offer different home loan schemes in India. For a 10 lakh home loan, different banks provide tax benefits and other rewards to those who are eligible. Leading banks that offer home loans of 10 lakh include Kotak Mahindra Bank, Bank of India, HSBC Bank, HDFC Bank, IDBI Bank, Punjab National Bank, DBS Bank, Andhra Bank, SBI Bank, Axis Bank, ICICI Bank, Canara Bank, to name a few.
Go through the chart to analyse different interest rates offered by different leading banks in India to figure out which scheme will suit your demands the best.
|Bank Names||Minimum Interest Rates|
|Kotak Mahindra Bank||6.50%|
|Bank of Baroda||6.50%|
|State Bank of India||6.75%|
|Indian Overseas Bank||7.05%|
|Punjab National Bank||6.50%|
These are some of the leading banks in India that offer different home loan schemes that you must go through before applying for a home loan. Compare and analyze different interest rates to finalise which scheme you want to go for. For instance, 10 lakh home loan EMI SBI will be calculated for a minimum interest rate of 6.75%. On the other hand, Kotak Mahindra bank will allow you to take a 10 lakh home loan for the lowest interest rate of 6.50%.
Instead of directly going for the lowest interest rate for low monthly installments, make sure you also check the home loan tax benefits and other perks of that particular home loan scheme before you apply. Also, compare the scheme with other similar home loan schemes offered by other banks and financial institutes before you make the final call.
Additional Info: Also check AnyRoR Gujarat Land Record
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Your EMI will directly depend on the current interest rate and your selected tenure. For a tenure of 5 years, your monthly instalment will be around 19,566/- for an interest rate of 6.50%. For a longer tenure of 15 years, your EMI will be 6.711/- for the lowest interest rate of 6.50%. When the interest-rate increases, your monthly instalments will also increase along with it and vice versa.
The lowest interest rate offered by the banks for a 10 lakh home loan remains around 6.50%.
Different banks have different policies when it comes to the principal amount that you can borrow. For example, on average, with a monthly salary of around 50,000, you can get a home loan of up to 40 lakhs, depending on your credit score and other details.
Yes. You can get a home loan for a five years tenure. The monthly instalments will be around 19,566/- for the lowest interest rate of 6.50%.
On average, in order to apply for a home loan, you must have a stable income of at least 25,000/- per month.
With a salary of around 75,000/- per month, you can get a home loan of up to 55 lakhs in India.