You are just a few clicks away from the best Home Loan offer in your city. Currently home loan interest rate starts at 8.45% p.a for all loan amounts. Share your name, mobile number & email to check your eligibility and get a list of most affordable home loan schemes.
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.
Tip: Best Home Loan for Salaried Person before applying for a loan
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.
You should calculate the EMI with the help of the 30 Lacs Home Loan EMI calculator and arrive up to 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 5 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 lakhs 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.
Loan Amount (in Rs) | Interest Rate (p.a.) | Tenure | EMI |
---|---|---|---|
Rs. 30,00,000.00 | 8.45% | 5 Years | Rs. 61,477 |
Rs. 30,00,000.00 | 8.45% | 10 Years | Rs. 37,116 |
Rs. 30,00,000.00 | 8.45% | 15 Years | Rs. 29,454 |
Rs. 30,00,000.00 | 8.45% | 20 Years | Rs. 25,940 |
Rs. 30,00,000.00 | 8.45% | 30 Years | Rs. 22,961 |
Additional Info: Check EMI for 35 Lakhs 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 home loan upto 30 Lakh. 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 |
---|---|
Citibank | Starting @8.45% p.a. |
Indian Bank Home Loan | 8.20% - 9.70% p.a. |
LIC Housing Finance | 8.65% - 9.60% p.a. |
PNB Home Loan | 8.55% - 9.20% p.a. |
Bank of Baroda Home Loan | 8.60% - 10.30% p.a. |
Union Bank of India | 8.60% - 10.45% p.a. |
Bajaj Finserv Home Loan | 8.60% - 14.00% p.a. |
Kotak Mahindra Home Loan | 8.65% - 9.45% p.a. |
SBI Home Loan | 8.75% - 9.40% p.a. |
HDFC Home Loan | 8.65% - 9.85% p.a. |
Canara Bank Home Loan | 8.90% - 11.15% p.a. |
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.
Additional Info: Best Home Loan Interest Rates @8.45%
The Rs. 30 Lakh home loan EMI for 10 years tenure at a 8.45% p.a. interest rate would come to Rs. 37,116. The EMI on an Rs. 30 Lakhs Home Loan for a tenure of 10 years varies from lender to lender based on the interest rate offered and the borrower’s eligibility.
Below is the table for Rs. 30 Lakhs Loan EMI, total Interest payable and total Repayment at 8.45% interest rates for 10 years tenure:
Rs. 30 Lakh Home Loan EMI for 10 Years | |
---|---|
Loan Amount | Rs. 30,00,000.00 |
Rate of Interest | 8.45% p.a. |
Loan Tenure | 10 years |
Loan EMI | Rs. 37,116 |
Total Interest | Rs. 14,53,864 |
Total Repayment | Rs. 44,53,864 |
Additional Info: You can also Check SBI MCLR Rate
The EMI for 30 Lakhs home loan for 20 years tenure at an 8.45% p.a. rate of interest will be Rs. 25,940. The EMI varies from lender to lender based on the rate of interest offered and the borrower’s profile.
Below is the table for Rs. 30 Lakhs Loan EMI, total Interest payable and total Repayment at 8.45% interest rates for 20 years tenure:
Rs. 30 Lakh Home Loan EMI for 20 Years | |
---|---|
Loan Amount | Rs. 30,00,000.00 |
Rate of Interest | 8.45% p.a. |
Loan Tenure | 20 years |
Loan EMI | Rs. 25,940 |
Total Interest Payable | Rs. 31,12,295.00 |
Total Repayment (Principal + Interest) | Rs. 61,12,295.00 |
Additional Info: Also check 50 Lakh Home Loan EMI Interest Rate 2023
EMI for 30 Lakhs home loan for 30 years tenure will be Rs. 26,171 at an interest rate of 8.45% p.a. The EMI can vary depending on the lender’s policy, the interest rate offered by the lender and the borrower’s eligibility. You can use the EMI Calculator available on our website for calculating the EMI for Rs. 30 Lakhs home loan for various tenures and interest rates.
Below is the table for Rs. 30 Lakhs Loan EMI, total Interest payable and total Repayment at 8.45% interest rates for 30 years tenure:
Rs. 30 Lakh Home Loan EMI for 30 Years | |
---|---|
Loan Amount | Rs. 30,00,000.00 |
Rate of Interest | 8.45% p.a. |
Loan Tenure | 30 years |
Loan EMI | Rs. 22,961 |
Total Interest Payable | Rs. 52,66,026 |
Total Repayment (Principal + Interest) | Rs. 82,66,026 |
Additional Info: Check Rs. 80 Lakh Home Loan EMI Apply Online.
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
You can also use the 30 Lakhs Loan Emi Calculator for instant EMI calculation online.
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 Home Construction 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: Also check Pan Number for Banks
The following are the factors that affect the 30 lakh home loan EMI.
Additional Info: You can also Check LRD Loan
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 check How to Apply for Pradhan Mantri Awas Yojana
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 8.45% and the tenure is 20 years, then the EMI will be Rs. 25,940. 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 Rs. 30 lakh home loan will range between Rs. 45000/- to Rs. 50000/
The rate of interest for an SBI home loan starts at 8.75%. Rs. 30 lakh home loan EMI for 30 years at 8.75% will be Rs. 23,601/-
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.