30 Lakh Home Loan EMI

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. 

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

Rs. 30 lakhs home loan EMI for 10 years for different interest rates is given below

Additional Info: Also check Pan Number for Banks

EMI for 30 lakhs home loan for 20 years at different interest rates are given below

From the list given below you can observe how EMI for 30 lakhs home loan for 30 years differs with interest rates applied.

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:

• State Bank of India
• ICICI Bank
• Axis Bank
• Punjab National Bank
• Central Bank of India
• HDFC Bank
• Citi Bank
• Standard Chartered Bank
• Canara Bank
• Bank of Baroda
• IDBI Bank
• Indian Overseas Bank
• Union Bank of India
• Kotak Mahindra Bank
• IndusInd Bank

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:

• The age of the applicant should be between 21 years to 60 years if salaried and 21 years to 65 years if self-employed. Some of the banks consider the minimum age at 21 years if the income of the applicant is not considered and at 23 years if the income of the applicant is considered.
• The loans are available for both resident Indians as well as Non-Resident Indians. There will be a slight change in the norms applicable in the case of Non-Resident Indians.
• The minimum income will vary between Rs.25000/- to Rs. 30000/- depending on the bank/financial institution's internal policy.
• The minimum credit score required will vary between 650 to 700, depending on the bank/financial institution.
• A minimum work experience of 2 years if employed and a minimum existence in the present business between 3 to 5 years.
• The debt to income ratio between 40% to 50% is mandatory.
• The maximum quantum provided will be 90% of the market value of the property to be mortgaged. Eligibility for Rs. 30 lakh home loan will depend on the property value as well.

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)

• Aadhar Card
• Voter's ID Card
• Driving Licence
• Passport

Photo Identity Proof: (anyone)

• PAN Card
• Aadhar Card
• Passport
• Driving Licence
• Voter's ID Card

Proof of business existence in the case of the self-employed

• PAN Card of the Company/firm
• GST Certificate
• Partnership Deed (For Partnership Firm)
• Articles of Association
• Memorandum of Association
• Trade Licence

Income Proof for Salaried Individuals

• Salary slips for the last three months
• Form 16
• IT Returns
• Bank statement of the salary account for the last six months

Income Proof for the Self-Employed

• Audited Financial Statements like the Balance Sheet and Profit and Loss Accounts for the last two years.
• IT Returns for the last two years
• Bank Statement for the last year.

Property Documents

• Copy of Absolute Sale Deed or Agreement of Sale (depending on the property type)
• Copy of the possession certificate
• Latest Tax Paid Receipt
• Copy of Encumbrance certificate for the last 13 years.
• Copy of Khata Certificate
• Copy of Mother documents (flat purchase)
• NOC from the housing society or the builder
• Detailed estimate for construction
• Occupancy certificate in the case of ready flats.

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.

• Choice of interest rate type: You can choose between fixed interest rate, floating interest rate, or mixed interest types. In a fixed interest rate, the EMI will remain constant. In the case of a floating rate of interest, there will be an upward or downward fluctuation depending on the RBI policy. EMI will go up when the interest goes up and will come down when the interest rates come down.
• In the case of a fixed interest rate, during the first few years, a fixed interest rate will be applied, and thereafter it will be converted to a floating interest rate. EMI will vary accordingly.
• Loan to value ratio: Normally, the banks provide a home loan between 75% to 90% of the market value of the property to be mortgaged. The higher the margin, the lower will be the risk for the banks. Hence a lower LTV ratio will fetch a competitive interest rate, and the EMI will depend on the interest applied.
• Location of the property: The resale value of the property depends on the location and the amenities available. A high resale value for the property is a reassuring factor for the bank, and so better interest rates will be offered, which will translate into a lower 30 lakh home loan EMI. 
• Employment: If you are employed in a Central/State Government organisation or any reputed company where a regular income is guaranteed, the rate of interest offered will be much lower when compared to the interest rate offered if you are a business owner and your income is volatile in nature.
• Tenure: Home loans are provided with repayment tenures of up to 30 years. A longer repayment tenure no doubt will reduce the EMI burden but will result in a higher cost of the loan. The shorter the loan tenure, the higher will be the EMI and vice versa.
• You should consider the above factors before applying for a home loan in order to bag the best deal.

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.

• Access the official website of the bank/financial institution.
• Choose a home loan under the loans option.
• Click on the 'Apply Online' tab.
• You will be directed to the page where you will have to fill up the basic personal details like name, address, email ID, contact number etc.
• An OTP will be sent to your mobile number.
• Enter the OTP for verification
• Choose the loan amount and tenure.
• You will be directed to the page where you will have to provide the employment, income and property details.
• On completion, click on the 'submit' button.

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