Having a dream home is the biggest achievement in one’s life. You can have yours too. An Rs. 75 lakh home loan will help you realise your dream. Calculate the affordable EMI with Rs. 75 lakh home loan EMI calculator and be equipped with your eligibility before you approach the bank for a Home Loan. Read on for more details.
You are just a few clicks away from the best Home Loan offer in your city. Currently home loan interest rate starts at 7.90% 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.
It is recommended to know your affordability before applying for a home loan. Arrive at the Rs. 75 lakh home loan EMI that suits your pocket and the corresponding loan amount before you fill in the application for an Rs. 75 lakh Home Loan
Additional Info: You can also check Best Home Loan Interest Rates
Rs. 75 lakh home loan is a huge long-term commitment. Embrace the commitment cautiously so that it does not turn out to be a long-term burden. You should study the pros and cons of the Rs. 75 lakh home loan before applying for one.
The primary requirement is to consolidate all your current obligations that have to be provided for with your existing income. Arrive at the surplus amount available for the oncoming EMI and then decide on the loan amount accordingly.
Additional Info: Also Check How to Apply for PMAY
The comparative interest rates for Rs. 75 lakh home loan is given below.
Additional Info: Looking for 30 Lakh Home Loan? Check EMI & Apply
The Home Loan Rate of Interest impacts the Rs. 75 lakh home loan. The list of EMI for interest rates charged by different banks is given below. The EMI is calculated for a tenure of 20 years.
|Name of the Bank||Interest Rate p.a.||EMI in Rs|
|Canara Bank||8.05%||Rs. 62,967|
|Bank of Baroda||7.95%||Rs. 62,500|
|Union Bank of India||7.90%||Rs. 62,267|
|IDFC First Bank||7.95%||Rs. 62,500|
|Kotak Mahindra Bank||7.99%||Rs. 62,686|
|Punjab National Bank||7.90%||Rs. 62,267|
|ICICI Bank||8.10%||Rs. 63,201|
Additional Info: Also Apply for Home Construction Loan
Rs.. 75 lakh home loan EMI for 10 years at different interest rates is given below.
|Rate of Interest p.a.||EMI in Rs|
Rs.75 Lakh home loan EMI for 10 years @ rate of interest 7.90% p.a.
|Year||EMI (Rs. p.a)||Interest (Rs. p.a)||Principal (Rs. p.a)||Closing Balance (Rs. p.a)|
Additional Info: Also check Pan Number for Banks
EMI for 75 lakh home loan for 20 years at different interest rates is given below:
|Rate of interest p.a.||EMI in Rs|
Rs.75 Lakh home loan EMI for 20 years @ rate of interest 7.90% p.a.
|Year||EMI (p.a)||Interest (p.a)||Principal (p.a)||Closing Balance|
|1||Rs. 7,47,205.00||Rs. 5,86,774.00||Rs. 1,60,431.00||Rs. 73,39,569.00|
|2||Rs. 7,47,205.00||Rs. 5,73,630.00||Rs. 1,73,575.00||Rs. 71,65,994.00|
|3||Rs. 7,47,205.00||Rs. 5,59,411.00||Rs. 1,87,794.00||Rs. 69,78,201.00|
|4||Rs. 7,47,205.00||Rs. 5,44,026.00||Rs. 2,03,179.00||Rs. 67,75,022.00|
|5||Rs. 7,47,205.00||Rs. 5,27,380.00||Rs. 2,19,825.00||Rs. 65,55,198.00|
|6||Rs. 7,47,205.00||Rs. 5,09,372.00||Rs. 2,37,833.00||Rs. 63,17,365.00|
|7||Rs. 7,47,205.00||Rs. 4,89,887.00||Rs. 2,57,318.00||Rs. 60,60,048.00|
|8||Rs. 7,47,205.00||Rs. 4,68,807.00||Rs. 2,78,398.00||Rs. 57,81,650.00|
|9||Rs. 7,47,205.00||Rs. 4,45,999.00||Rs. 3,01,206.00||Rs. 54,80,445.00|
|10||Rs. 7,47,205.00||Rs. 4,21,323.00||Rs. 3,25,882.00||Rs. 51,54,563.00|
|11||Rs. 7,47,205.00||Rs. 3,94,626.00||Rs. 3,52,579.00||Rs. 48,01,985.00|
|12||Rs. 7,47,205.00||Rs. 3,65,741.00||Rs. 3,81,464.00||Rs. 44,20,521.00|
|13||Rs. 7,47,205.00||Rs. 3,34,490.00||Rs. 4,12,715.00||Rs. 40,07,807.00|
|14||Rs. 7,47,205.00||Rs. 3,00,679.00||Rs. 4,46,526.00||Rs. 35,61,281.00|
|15||Rs. 7,47,205.00||Rs. 2,64,097.00||Rs. 4,83,108.00||Rs. 30,78,173.00|
|16||Rs. 7,47,205.00||Rs. 2,24,519.00||Rs. 5,22,686.00||Rs. 25,55,488.00|
|17||Rs. 7,47,205.00||Rs. 1,81,699.00||Rs. 5,65,506.00||Rs. 19,89,982.00|
|18||Rs. 7,47,205.00||Rs. 1,35,370.00||Rs. 6,11,835.00||Rs. 13,78,148.00|
|19||Rs. 7,47,205.00||Rs. 85,246.00||Rs. 6,61,959.00||Rs. 7,16,189.00|
|20||Rs. 7,47,205.00||Rs. 31,016.00||Rs. 75,00,000.00||Rs. 0.00|
EMI for 75 lakh home loan for 30 years at different interest rates is given below:
|Rate of interest p.a.||EMI in Rs|
Rs.75 Lakh home loan EMI for 30 years @ rate of interest 7.90% p.a.
|Year||EMI (p.a)||Interest (p.a)||Principal (p.a)||Closing Balance|
|1||Rs. 6,54,125.00||Rs. 5,90,219.00||Rs. 63,906.00||Rs. 74,36,094.00|
|2||Rs. 6,54,125.00||Rs. 5,84,983.00||Rs. 69,142.00||Rs. 73,66,952.00|
|3||Rs. 6,54,125.00||Rs. 5,79,319.00||Rs. 74,806.00||Rs. 72,92,146.00|
|4||Rs. 6,54,125.00||Rs. 5,73,191.00||Rs. 80,934.00||Rs. 72,11,212.00|
|5||Rs. 6,54,125.00||Rs. 5,66,560.00||Rs. 87,565.00||Rs. 71,23,648.00|
|6||Rs. 6,54,125.00||Rs. 5,59,387.00||Rs. 94,738.00||Rs. 70,28,910.00|
|7||Rs. 6,54,125.00||Rs. 5,51,625.00||Rs. 1,02,500.00||Rs. 69,26,410.00|
|8||Rs. 6,54,125.00||Rs. 5,43,228.00||Rs. 1,10,897.00||Rs. 68,15,513.00|
|9||Rs. 6,54,125.00||Rs. 5,34,143.00||Rs. 1,19,982.00||Rs. 66,95,531.00|
|10||Rs. 6,54,125.00||Rs. 5,24,314.00||Rs. 1,29,811.00||Rs. 65,65,720.00|
|11||Rs. 6,54,125.00||Rs. 5,13,679.00||Rs. 1,40,446.00||Rs. 64,25,274.00|
|12||Rs. 6,54,125.00||Rs. 5,02,173.00||Rs. 1,51,952.00||Rs. 62,73,322.00|
|13||Rs. 6,54,125.00||Rs. 4,89,724.00||Rs. 1,64,401.00||Rs. 61,08,922.00|
|14||Rs. 6,54,125.00||Rs. 4,76,256.00||Rs. 1,77,869.00||Rs. 59,31,053.00|
|15||Rs. 6,54,125.00||Rs. 4,61,684.00||Rs. 1,92,441.00||Rs. 57,38,612.00|
|16||Rs. 6,54,125.00||Rs. 4,45,919.00||Rs. 2,08,206.00||Rs. 55,30,406.00|
|17||Rs. 6,54,125.00||Rs. 4,28,862.00||Rs. 2,25,263.00||Rs. 53,05,143.00|
|18||Rs. 6,54,125.00||Rs. 4,10,407.00||Rs. 2,43,718.00||Rs. 50,61,425.00|
|19||Rs. 6,54,125.00||Rs. 3,90,441.00||Rs. 2,63,684.00||Rs. 47,97,741.00|
|20||Rs. 6,54,125.00||Rs. 3,68,839.00||Rs. 2,85,286.00||Rs. 45,12,456.00|
|21||Rs. 6,54,125.00||Rs. 3,45,467.00||Rs. 3,08,658.00||Rs. 42,03,798.00|
|22||Rs. 6,54,125.00||Rs. 3,20,180.00||Rs. 3,33,945.00||Rs. 38,69,853.00|
|23||Rs. 6,54,125.00||Rs. 2,92,822.00||Rs. 3,61,303.00||Rs. 35,08,550.00|
|24||Rs. 6,54,125.00||Rs. 2,63,223.00||Rs. 3,90,902.00||Rs. 31,17,648.00|
|25||Rs. 6,54,125.00||Rs. 2,31,198.00||Rs. 4,22,927.00||Rs. 26,94,721.00|
|26||Rs. 6,54,125.00||Rs. 1,96,550.00||Rs. 4,57,575.00||Rs. 22,37,146.00|
|27||Rs. 6,54,125.00||Rs. 1,59,064.00||Rs. 4,95,061.00||Rs. 17,42,086.00|
|28||Rs. 6,54,125.00||Rs. 1,18,506.00||Rs. 5,35,619.00||Rs. 12,06,467.00|
|29||Rs. 6,54,125.00||Rs. 74,626.00||Rs. 5,79,499.00||Rs. 6,26,968.00|
|30||Rs. 6,54,125.00||Rs. 27,151.00||Rs. 75,00,000.00||Rs. 0.00|
The formula applied for the calculation of Rs. 75 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
Calculating the EMI manually with the formula is tedious and is prone to errors. You can use a 75 lakh home loan EMI calculator to arrive at the EMI.
All you have to do is access the Home Loan EMI Calculator on the website of the respective financial institution. Enter the three parameters, i.e., the loan amount, tenure and the rate of interest. The EMI will be calculated instantly. You can vary the parameters several times to arrive at the EMI that suits your pocket.
Additional Info: Looking for 40 Lakh Home Loan? Check EMI & Apply.
The following are the general Home Eligibility Criteria to qualify for an Rs. 75 lakh Home Loan.
Additional Info: You can also avail Navi Home Loan
KYC documents, income documents and property documents have to be submitted along with the home loan application.
Income documents for the salaried individuals
Income documents for the self-employed
Property documents (copies to be submitted)
Additional Info: You can also Check Banglarbhumi West Bengal Land Record
The factors that affect Rs. 75 lakh home loan EMI are:
It is not mandatory to maintain the EMI at the same level as it was on availing of the loan. There are various ways you can implement to reduce the EMI and the cost of the loan subsequently.
The interest pricing regime keeps changing as per the RBI guidelines. It could be BPLR, Base Rate, MCLR or EBR. You can observe that the interest rate charged under BPLR is much higher than the other interest pricing regimen and the lowest being EBR.
Additional Info: Also check SBI Home Loan EMI Calculator
If you have availed the loan under any interest pricing regimen that charges higher interest, you can switch over to the regimen that charges lower interest to reduce the EMI.
Youngsters who have just started their careers can opt for the step-down EMI option. Under this option, the EMI will be set at a higher level initially and then reduced gradually over the years. This will enable you to reduce the interest cost as the principal comes down rapidly during the initial years, and the interest will reduce accordingly.
Most banks allow prepayments for Rs. 75 lakh home loan without any charges if availed at a floating interest rate. Whenever you have surplus funds, you can make prepayments to the loan and request for the EMI to reschedule. The loan tenure will be kept constant, and the EMI will be reduced if you want to bring the EMI burden.
Normally a fixed interest rate is higher than a floating interest rate. The advantage of choosing a fixed interest rate is the EMI will be fixed, and it will help you manage the funds for the long term EMI payment. You will not have frequent surprises when the EMI suddenly increases with the hike in the interest rate. That will leave you unprepared for the additional burden.
But during the repayment tenure, if you intend to reduce the EMI, then you can request a switchover from a fixed interest rate to a floating interest rate.
If you have not compared the interest rate while applying for the Rs. 75 lakh home loan and realise that you are paying a higher interest rate, you can transfer the existing home loan balance to a lender who offers a home loan at a competitive interest rate. This will help in reducing your EMI burden.
EMI is a critical factor when you are availing of a big-ticket loan like a home loan. You should exercise prudence while choosing the EMI. You should keep in mind the cost of the loan while choosing the parameters for arriving at the EMI.
A lower EMI with a long tenure may work well for your budget. But the cost of the loan gets higher with a longer repayment tenure. So even if you have chosen a longer tenure, in the beginning, make efforts to reduce the tenure by reworking your finances and making regular prepayments to the loan and minimising the cost of the loan to the possible extent.
Additional Info: Looking for 10 Lakh Home Loan ? Check EMI & Apply.
You can apply for Rs.75 lakh home loan by accessing the website of the respective lender and following the procedure given below.
A representative of the respective bank/financial institution will contact you for further assistance. The documents also will be collected from your contact address by the representative.
Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.
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The Rs. 75 lakh home loan EMI will depend on the interest and tenure. You can calculate the EMI using the EMI calculator very easily. You can also use different combinations of interest and tenure till you arrive at the EMI you desire.
The applicant should have a minimum salary of Rs. 60000/- to Rs. 65000/- to be eligible for the Rs. 75 lakh home loan
SBI charges interest between 8.05% to 8.75% p.a. for a Rs. 75 lakh home loan. The EMI for a Rs. 75 lakh home loan for 30 years at 8.05% interest will be Rs. 55,294/-
The HDFC home loan interest rate for Rs. 75 lakhs varies between 8.10% to 8.90% p.a. The EMI for 75 lakh home loan for 30 years at 8.10% interest p.a. will be Rs. 55,556/-
If you have chosen a rate of interest at 7.20% and a tenure of 15 years and do not have any existing EMI commitment, you will be eligible for a loan of Rs. 20, 00,000/-