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Rs. 80 Lakh Home Loan is a long-term commitment. It is crucial to understand the pros and cons of such a huge Home Loan amount before applying for one. The EMI for a Rs. 80 Lakhs home loan may vary depending on the interest rate and tenure of the loan.
Following are the details of EMI for 80 Lakhs home loan for 30 years, 20 years and 10 years tenure at an interest rate of 7.90% p.a.
Loan amount | Rs. 1 Crore |
EMI for a tenure of 30 years | Rs. 58,144 |
EMI for a tenure of 20 years | Rs. 66,418 |
EMI for a tenure of 10 years | Rs. 96,640 |
Additional Info: Also check Home Loans in Delhi - NCR
There are many banks, non-banking financial companies (NBFCs), housing finance companies (HFCs) and other financial institutions that offer home loan of Rs. 80 Lakhs at different interest rates. Following is the table for the Home Loan Interest Rates of top 10 banks and NBFCs for a home loan of Rs. 80 Lakhs:
Bajaj Finserv | 8.30% - 14.00% |
Bank of Maharashtra | 7.80% - 9.20% |
Kotak Mahindra Bank | 8.65% - 9.45% |
HDFC Bank | 8.65% - 9.35% |
ICICI Bank | 8.75% - 9.85% |
Punjab National Bank | 8.55% - 9.20% |
Tata Capital | 8.60% onwards |
Federal Bank | 9.55% - 9.70% |
There are many banks and NBFCs that provide Rs. 80 Lakhs home loan in India. Some of the best banks offering a housing loan of Rs. 80 Lakhs are ICICI Bank, HDFC Bank, Kotak Mahindra Bank, State Bank of India, Bank of Maharashtra, Federal Bank, Axis Bank, Punjab National Bank, Bank of Baroda, and so on. The sanctioned home loan amount can be used for various housing-related purposes including the purchase of a flat, plot, or under-construction property. The interest rate for a Rs. 80 Lakhs home loan start from 7.90% p.a. at present. The rate of interest varies from lender to lender depending on the borrower’s eligibility and requirement.
Additional Info: Also check Pan Number for Banks
The Rs. 80 Lakh home loan EMI for 10 years tenure at an 7.90% p.a. interest rate would come to Rs. 93,093. The EMI on a loan of Rs. 80 Lakhs for a tenure of 10 years varies from lender to lender based on their interest rate and borrower’s eligibility.
Here’s the table for different EMIs on Rs. 80 Lakhs loan at different interest rate for 10 years tenure:
Rate of Interest (p.a.) | Tenure | EMI for Rs. 80 Lakhs Loan |
---|---|---|
7.90% | 10 years | Rs. 96,640 |
7.95% | 10 years | Rs. 96,851 |
8.05% | 10 years | Rs. 97,274 |
8.10% | 10 years | Rs. 97,485 |
8.35% | 10 years | Rs. 98,548 |
Additional Info: Looking for 1 Crore Home Loan? Check EMI & Apply
The EMI for 80 Lakhs home loan for 20 years tenure at an 7.90% p.a. interest rate would be Rs. 66,418. The EMI varies from lender to lender based on the interest rate offered by the lender, existing EMI obligations and eligibility of the borrower.
Here’s the table for different EMIs on Rs. 80 Lakhs loan at different interest rate for 20 years tenure:
Rate of Interest (p.a.) | Tenure | EMI for Rs. 80 Lakhs Loan |
---|---|---|
7.90% | 20 years | Rs. 66,418 |
7.95% | 20 years | Rs. 66,666 |
8.05% | 20 years | Rs. 67,164 |
8.10% | 20 years | Rs. 67,414 |
8.35% | 20 years | Rs. 68,668 |
Additional Info: Also check SBI Home Loan EMI Calculator
EMI for Rs. 80 Lakhs home loan for 30 years of tenure will be Rs. 58,144 at an interest rate of 7.90% p.a. The EMI can fluctuate depending on the lender, interest rate offered by the lender and the borrower’s eligibility. You can use Rs. 80 Lakhs home loan EMI calculator available on our website for calculating the EMI for Rs. 80 Lakhs home loan for various tenures and interest rates.
Here’s the table for different EMIs on Rs. 80 Lakhs loan at different interest rate for 10 years tenure:
Rate of Interest (p.a.) | Tenure | EMI for Rs. 80 Lakhs Loan |
---|---|---|
7.90% | 30 years | Rs. 58,144 |
7.95% | 30 years | Rs. 58,423 |
8.05% | 30 years | Rs. 58,980 |
8.10% | 30 years | Rs. 59,260 |
8.35% | 30 years | Rs. 60,665 |
Tip: 50 Lakh Home Loan EMI Interest Rate 2022 before applying for a loan
You have to meet the Home Loan Eligibility Criteria as mentioned below to be eligible to avail of a home loan of Rs. 80 Lakhs:
Eligibility Criteria for Salaried Applicants
Eligibility Criteria for Self-employed Applicants
You will have to submit the documents as mentioned below to apply for Rs. 80 Lakhs home loan:
Additional Reading: Minimum CIBIL Score for Home Loan
Follow the steps mentioned below to apply for a home loan up to Rs. 80 Lakhs:
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The EMI for Rs. 80 Lakhs home loan depends on the tenure and rate of interest of the loan. For instance, if you avail of an Rs. 80 Lakhs home loan at an interest rate of 7.90% p.a. for a tenure of 30 years, your EMI will be Rs. 58,144.
The minimum salary required to apply for an Rs. 80 Lakhs home loan is Rs. 65,000 per month. The income criteria may vary from lender to lender.
The State Bank of India (SBI) offers home loans at interest rates ranging from 8.05% to 8.75% p.a. Based on this rate of interest range the Rs. 80 Lakh home loan EMI for 30 years tenure in SBI ranges from Rs. 58,980 to Rs. 62,936.
HDFC offers home loan at interest rates between 8.10% to 8.90% per annum. Based on this interest rate range, the Rs. 80 Lakhs home loan EMI for 30 years tenure in HDFC will range from Rs. 59,260 to Rs. 63,795.
According to the Home Loan Eligibility Calculator available online, you can get up to Rs. 34,39,710 home loan on an Rs. 50,000 monthly salary.
Additional Reading: Top Credit Rating Agencies in India