75 Lakh Home Loan EMI

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.

Rs.. 75 lakh home loan EMI for 10 years at different interest rates is given below.

Rs.75 Lakh home loan EMI for 10 years @ rate of interest 7.90% 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:

Rs.75 Lakh home loan EMI for 20 years @ rate of interest 7.90% p.a.

EMI for 75 lakh home loan for 30 years at different interest rates is given below:

Rs.75 Lakh home loan EMI for 30 years @ rate of interest 7.90% p.a.

The following banks provide Rs. 75 lakh Home Loan:

• ICICI Bank
• Canara Bank
• State Bank of India
• Bank of Baroda
• Kotak Mahindra Bank
• HDFC Bank
• IDBI Bank
• Union Bank of India
• Central Bank of India
• Citi Bank
• IndusInd Bank
• IDFC Bank

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.

• The applicant should be in the age bracket of 21 years to 60 years if salaried and 21 years to 65 years if self-employed.
• The minimum income required will be between Rs. 25000/- to Rs. 30000/-
• Salaried individuals should have a minimum work experience of 2 years, and the self-employed should show a minimum business existence of 3 years.
• The debt to income ratio should be between 40% to 50%.
• The minimum credit score required will be 650 to 750
• Both residents and non-residents will be eligible for the 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.

KYC documents

• Aadhar Card
• Voter’s Id card
• Passport
• PAN
• Driving Licence

Income documents for the salaried individuals

• Salary slips for the last three months
• latest Form 16
• Latest ITR
• Bank account statement for the last six months

Income documents for the self-employed

• Audited financial statements like Balance Sheet and Profit and Loss Account for the last two years.
• ITR for the last two years
• Bank account statement for the last 12 months.

Property documents (copies to be submitted)

• Sale Deed
• Agreement of Sale (for flats)
• Possession Certificate
• Khata Extract and Khata Certificate
• Latest Property Tax Paid Receipt
• Encumbrance certificate for the last 13 years
• Mother documents (for flats)

Additional Info: You can also Check Banglarbhumi West Bengal Land Record

The factors that affect Rs. 75 lakh home loan EMI are:

• Income: Individuals employed in Central/State Government organisations and Public Sector Organisations have guaranteed income. The interest rates for loans to these individuals will be comparatively lower, and the cost of the loan will also be lower.
• Interest type: If you have chosen a fixed interest rate, then the rate of interest will be 1 to 2% higher than the floating interest rate. 
• LTV Ratio: The rate of interest charged depends on the LTV Ratio. Banks normally provide 75% to 90% of the market value of the property as a home loan. The higher the margin, the lower will be the interest rate as the risk associated will be lower for the lender. With a better interest rate, the EMI will also be lower.
• Tenure: A longer tenure will lead to a higher EMI and vice versa

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.

Switchover to a better interest pricing regimen

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.

Can opt for a step-down EMI option

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.

Make prepayments 

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.

Shift your interest option from a fixed rate to a floating rate

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.

Transfer the existing home loan balance to a new lender who offers a better 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.

• Choose ‘Home Loan’ under the ‘Loans’ option.
• Click on the ‘Apply Online’ tab.
• A page will open up where you will have to provide basic details like name, contact address, email id, phone number and PAN.
• You will receive an OTP on your mobile number.
• Enter the OTP for verification.
• Choose the loan amount and tenure.
• Another page will open up where you will have to furnish employment, income and property details.
• Click on the ‘Submit’ button to complete the online application process.

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.

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