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There are several banks and financial institutes that offer home loans of several amounts to eligible customers across the country. Leading banks that offer home loans of up to 40 lakh include the State bank of India, Bank of Baroda, HDFC Bank, Bank of India, to name a few. Based on details such as your monthly income, credit history, financial status, and other details, your 40 lakh home loan EMI is decided by the bank officials during the review procedure after you apply.
Several factors that you need to keep in mind if you intend to apply for a 40 lakh home loan include:
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Loan Amount | Rate of Interest | Tenure | EMI |
Rs. 40 lakhs | 8.50% | 5 Years | Rs. 82,066 |
Rs. 40 lakhs | 8.50% | 10 Years | Rs. 49,594 |
Rs. 40 lakhs | 8.50% | 15 Years | Rs. 39,390 |
Rs. 40 lakhs | 8.50% | 20 Years | Rs. 34,713 |
Rs. 40 lakhs | 8.50% | 25 Years | Rs. 32,209 |
Rs. 40 lakhs | 8.50% | 30 Years | Rs. 30,757 |
If you are looking forward to applying for a loan of 40 lakh soon, the major factors that you need to keep in mind include:
Go through the chart to understand different interest rates and how they get affected by the tenure you select when you apply.
These instalment rates have been calculated based on an estimated interest rate of 8.50%. Make sure you check the current interest rate offered by your preferred bank when you apply for a 40 lakh home loan. When the interest rate increases, your monthly amount will increase along with it.
Use a 40 lakhs home loan EMI calculator to find out if you are comfortable with the payable instalment rates or not before you apply for a home loan.
Planning to buy a house through PMAY, You can check How to Apply for Pradhan Mantri Awas Yojana Online
Name of the Bank | Interest Rate | EMI* |
---|---|---|
HDFC Home Loan | 8.50% - 9.15% | Rs. 30,757 |
HSBC Bank Home Loan | 8.45% - 9.10% | Rs. 30,615 |
Kotak Mahindra Home Loan | 8.70% - 8.95% | Rs. 31,325 |
IDFC Bank Home Loan | 8.75% - 8.85% | Rs. 31,468 |
PNB Housing Finance Loan | 8.50% - 10.75% | Rs. 30,757 |
Federal Bank Home Loan | 8.80% - 10.30% | Rs. 31,611 |
Bajaj Finserv Home Loan | 8.50% - 14.00% | Rs. 30,757 |
L&T Housing Finance Loan | 8.60% - 8.75% | Rs. 31,040 |
SBI Home Loan | 8.40% - 10.05% | Rs. 30,474 |
ICICI Bank Home Loan | 9.00% - 10.05% | Rs. 32,185 |
Every Home Loan EMI is subject to the loan amount sanctioned, the applicable interest rate and the selected repayment tenure. Home Loan EMI for a Rs 40 lakh home loan can be easily calculated through the Home Loan EMI calculator within a minute. MyMoneyMantra Home Loan EMI calculator can provide you the exact Home Loan EMI for the selected Home Loan amount, tenure and rate of interest.
You’re just required to enter the desired home loan, the tenure in which you wish to repay the Home Loan and the interest rate quoted by the bank or housing financier. With MyMoneyMantra’s Home Loan EMI calculator, you can ascertain your monthly repayments before you take a Home Loan.
If you decide to take a home loan of 40 lakh for a tenure of 30 years, your interest rate will affect your monthly instalments immensely. For instance, for the lowest interest rate of 8.50%, your monthly instalments will be around Rs. 30,757/- if you choose a tenure of 30 years.
Your 40 lakh home loan EMI will be on the higher side higher if you choose a shorter tenure. And when you choose a longer tenure, your EMI will automatically decrease.
Below is the table for Rs. 40 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 30 years tenure:
Rs. 40 Lakh Home Loan EMI for 30 Years | |
---|---|
Loan Amount | Rs. 40,00,000.00 |
Rate of Interest | 8.50% p.a. |
Loan Tenure | 30 years |
Loan EMI | Rs. 30,757 |
Total Interest | Rs. 70,72,354 |
Total Repayment | Rs. 1,10,72,354 |
Your tenure directly affects your monthly instalment rates immensely. For a shorter tenure of 25 years, your 40 lakh home loan EMI will be around 32,209/- per month for the lowest interest rate of 8.50%.
In order to decrease your instalment rate, you can choose to go for 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 to apply for the right home loan scheme or not.
Below is the table for Rs. 40 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 25 years tenure:
Rs. 40 Lakh Home Loan EMI for 25 Years | |
---|---|
Loan Amount | Rs. 40,00,000.00 |
Rate of Interest | 8.50% p.a. |
Loan Tenure | 25 years |
Loan EMI | Rs. 32,209 |
Total Interest | Rs. 56,62,725 |
Total Repayment | Rs. 96,62,725 |
You can also use Loan Prepayment Calculator to find out how much you will save on interest and how it affects your Loan EMI.
Below is the table for Rs. 40 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 15 years tenure:
Rs. 40 Lakh Home Loan EMI for 15 Years | |
---|---|
Loan Amount | Rs. 40,00,000.00 |
Rate of Interest | 8.50% p.a. |
Loan Tenure | 15 years |
Loan EMI | Rs. 39,390 |
Total Interest | Rs. 30,90,125 |
Total Repayment | Rs. 70,90,125 |
Home loan eligibility is a subjective factor that differs from one bank to the other based on several matters. However, there are several common points that are taken into consideration by all banks and financial institutes in the country when they review your loan application before granting a home loan.
The age factor remains similar for all the banks and NBFCs in India.
You can also check SBI Home Loan Eligibility
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.
You can also Check Pan Numbers for Home Loan of All Banks Online
A home loan can help you bring your dream of owning a house into reality. No matter whether you are looking forward to constructing your dream house or renovating or extending your existing house, a home loan can provide you with the necessary financial support that will help you fulfil all your property requirements without any hassle.
A 40 lakh home loan can be useful for many reasons. You can either use the entire amount for construction purposes or use the money to buy furniture or even extend a certain portion of your house.
Home loans are offered by several banks and other financial institutes in India to eligible customers based on their credit history, income details, and other details. Home loans are massive amounts that are extremely useful when it comes to your property requirements.
This article closely discusses all the details that you need regarding a 40 lakh home loan if you are intending to apply for one soon.
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Your monthly EMI will depend on your selected tenure. For a short tenure of around five years, your EMI will be around 82,066/-
On the other side, if you select a longer tenure of up to 20 years, your monthly instalments will be around 34,713/-
Your EMI also depends on the current interest rate that is offered by your preferred bank when you take a home loan.
Yes, you can apply for a home loan with a foreclosure. However, having a foreclosure affects your credit score badly which may affect your credibility as a borrower.
Visit the official website of your preferred bank and use a home loan EMI calculator and select the current interest rate offered to salaried people to check your EMI.
Your EMI will begin following the loan disbursal date on the due date in a month. For instance, if your loan is disbursed on 10th January, your first EMI will be deducted on 10th February.
A home loan amortisation schedule refers to a complete periodic table that contains all your loan payment details, including your principal amount and each payment detail till the end of your tenure.