Not everyone can afford to fulfil the aspiration of owning a home with their savings. Owning a home is made convenient and affordable by financial institutions by providing a loan that is repayable in easy instalments. Read on to understand about availing of an Rs. 30.00 lakh home loan with an extended tenure of up to 30 years.
If you avail of a loan to invest in your dream house, you will have to repay the loan in monthly instalments comprising the interest and the principal. The monthly instalment is the 30 lakh home loan EMI and depends on the interest applied and the repayment period opted.
Additional Info: You can also check Best Home Loan Interest Rates
Before approaching the bank/financial institutions for a Home Loan, you should estimate the margin amount that you will be able to bring in. The higher your contribution, the requirement for a loan will be lower. The banks also provide a good deal if the margin percentage is higher.
After having decided on the loan amount, you should do thorough research and avail of the loan from the lender who is giving you the best deal. You will be able to cut down on the cost of the loan if you are able to bag the loan at a competitive interest rate.
Finally, you should calculate the EMI with the help of the 30 lakh home loan EMI calculator and arrive at a 30 lakh home loan EMI that suits your budget. It is prudent if the EMI does not exceed 40% of your net take-home salary. A home loan EMI is a long-term commitment and so should not take away a major chunk of your salary. Ensure that enough funds are available to take care of any emergencies that may crop up during the loan tenure.
Once the loan is approved, you will be given the choice of tenure. The maximum tenure provided will range from 20 years to 30 years, depending on the lenders. It is best to choose a shorter tenure if you can afford a higher EMI. You can also keep the 30 lakh home loan EMI low by choosing a longer tenure. If you intend to lower the tenure subsequently, you can do so by making periodical prepayments whenever there are surplus funds available.
You can Apply for 20 Lakh Home Loan
With a lot of players in the market, providing home loans with interest differs from lender to lender. Given below is the list of competitive interest rates for 30 lakh home loan. The rate of interest will depend on the loan amount, the CIBIL score, the internal rating and the occupation.
Name of the Bank | Interest Rate |
---|---|
SBI Home Loan | 6.70% to 6.90% |
ICICI Home Loan | 6.70% to 7.55% |
Bank of Baroda Home Loan | 6.50% to 8.10% |
HDFC Home Loan | 6.70% to 7.65% |
LIC Housing Finance | 6.75% to 7.20% |
PNB Home Loan | 6.75% to 8.80% |
Canara Bank Home Loan | 6.65% t0 9.40% |
Bajaj Finserv Home Loan | 6.65% to 14% |
Kotak Mahindra Home Loan | 6.55% to 7.20% |
You observe from the table that there is a minute difference in the starting Home Loan Interest Rates among some lenders, whereas it is almost the same with some lenders. However, since a home loan is a big-ticket loan, even a small difference in interest rates can impact the cost of the loan. Since the slab-wise interest rate is applied, you should ensure the rate that will be offered to you before submitting the application.
EMI depends on the loan tenure and the interest rates. Given below is the Rs. 30 lakh home loan EMI with different banks. The rate of interest is slab-wise, and all the top banks have the lowest interest rates for a loan quantum up to Rs. 30 to Rs. 35 lakhs. The EMI is calculated for a tenure of 15 years for different interest rates within the slab stipulated for each bank.
Additional Info: Also check SBI Home Loan EMI Calculator
Name of the Bank | Interest Rate p.a. | EMI |
---|---|---|
State Bank of India | 6.70% | Rs. 26,464 |
Bank of Baroda | 6.75% | Rs. 26,547 |
Canara Bank | 6.90% | Rs. 26,797 |
Indian Bank | 6.50% | Rs. 26,133 |
Union Bank of India | 6.60% | Rs. 26,298 |
Kotak Mahindra Bank | 6.55% | Rs. 26,216 |
ICICI Bank | 6.80% | Rs. 26,631 |
HDFC Bank | 7.30 | Rs. 27,471 |
Citi Bank | 6.65% | Rs. 26,381 |
Rs. 30 lakhs home loan EMI for 10 years for different interest rates is given below
Rate of Interest p.a | EMI |
---|---|
6.65% | Rs. 34,294 |
6.50% | Rs. 34,064 |
6.70% | Rs. 34,370 |
6.55% | Rs. 34,141 |
6.80% | Rs. 34,524 |
6.90% | Rs. 34,678 |
7.30% | Rs. 35,298 |
6.60% | Rs. 34,217 |
7.65% | Rs. 35,846 |
Additional Info: Also check Pan Number for Banks
EMI for 30 lakhs home loan for 20 years at different interest rates are given below
Rate of Interest p.a | EMI |
---|---|
6.50% | Rs. 22,367 |
6.55% | Rs. 22,456 |
6.60% | Rs. 22,544 |
6.70% | Rs. 22,722 |
6.80% | Rs. 22,900 |
6.90% | Rs. 23,079 |
7.30% | Rs. 23,802 |
7.65% | Rs. 24,444 |
From the list given below you can observe how EMI for 30 lakhs home loan for 30 years differs with interest rates applied.
ROI p.a | EMI |
---|---|
7.65% | Rs. 21,285 |
7.30% | Rs. 20,567 |
6.90% | Rs. 19,758 |
6.80% | Rs. 19,558 |
6.70% | Rs. 19,358 |
6.60% | Rs. 19,160 |
6.55% | Rs. 19,061 |
6.50% | Rs. 18,962 |
The loan quantum will depend on your income. The other commitments that need to be provided for with the income, like existing loan repayments, payment of mandatory bills, etc., will be considered while deciding the loan quantum. A low debt to income ratio can yield a higher loan quantum. Consider closing as many existing loans as possible before applying for a home loan.
Additional Info: Also check HDFC Home Loan EMI Calculator
Given below is the list of popular banks that provide Rs. 30 lakh Home Loan:
Additional Info: Looking for 50 Lakh Home Loan? Check EMI & Apply
The formula applied to calculate the 30 lakh home loan EMI is
EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1] where
P is the Principal
R is the rate of interest
N is the tenure
Additional Info: Looking for 40 Lakh Home Loan? Check EMI & Apply.
The main factors that are considered for an individual to qualify for a 30 lakh home loan are given below:
Additional Info: You can also avail Navi Home Loan
Documents to establish the identity, whereabouts and income of the applicant are required along with the property documents to ensure the marketable title of the property. The list of Home Loan Documents Required is given below:
Address Proof: (anyone)
Photo Identity Proof: (anyone)
Proof of business existence in the case of the self-employed
Income Proof for Salaried Individuals
Income Proof for the Self-Employed
Property Documents
The property documents list is exhaustive, and the lender you approach for the home loan may demand additional documents depending on the nature of the property.
Additional Info: How to get Bajaj Finserv Home Loan
The following are the factors that affect the 30 lakh home loan EMI.
Additional Info: You can also Check Banglarbhumi West Bengal Land Record
Follow the procedure given below to apply for a Rs. 30 lakh home loan.
The representative of the concerned bank will contact you for details and will assist you in completing the loan application process. The required documents will also be collected by the representative.
You can also submit the completed home loan application along with the required documents to the nearest branch of the bank/financial institution.
Additional Info: Also Apply Home Renovation Loan
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The EMI for Rs. 30 lakh home loan will depend on the rate of interest and the tenure chosen. If the rate of interest is 6.65% and the tenure is 20 years, then the EMI will be Rs. 22633. You can easily calculate the EMI with a home loan EMI calculator by providing the loan amount, tenure and interest rate.
The minimum salary required for an Rs. 30 lakh home loan will range between Rs. 25000/- to Rs. 30000/
The rate of interest for an SBI home loan starts at 6.70%. Rs. 30 lakh home loan EMI for 30 years at 6.70% will be Rs.19358/-
A minimum of Rs. 25000/- to Rs. 30000/- will be required to qualify for a 30 lakh home loan.
The eligible home loan is calculated at 48 months to 60 months' gross salary. You will be able to get a home loan between Rs. 12.00 lakhs to Rs. 15.00 lakhs provided you satisfy all eligibility criteria stipulated for the home loan.