<h2><strong>25 Lakh Home Loan EMI Interest Rate 2022</strong></h2><p>If you are planning to borrow a sum of Rs.25 Lakhs towards the purchase, construction or repair of a property, the good news is that there are several banks that you can choose from. However, before you make that financial commitment, you should know how much 25 lakh home loan EMI you can expect each month.&nbsp;</p><p>Here are all the details required for you to choose a bank that is best suited for you to finance a new property.&nbsp;</p><h2><strong>25 Lakh Home Loan EMI Details</strong></h2><p>One factor that influences the EMI payable towards the loan is the tenure of the loan. 25 Lakh home loan EMI for 10 years<strong> </strong>varies significantly from a home loan that has a tenure of 30 years.&nbsp;</p><p>Before we delve into the details of the exact EMI to expect, let us understand how 25 lakh home loan EMI<strong> </strong>is calculated, to begin with.&nbsp;</p><p>An EMI is an Equated Monthly Installment. This is the repayment that you have to make towards your loan each month. Every bank uses a standard formula to calculate this EMI, which is E = [P x R x (1+R)^N]/[(1+R)^N-1]. Here P is the loan amount, R is the rate of interest and N is the tenure of the loan.&nbsp;</p><p>You can also calculate the EMI using an excel sheet with the PMT formula. Just click on the ‘=’ symbol and enter the formula PMT (rate of interest, period and loan amount). Then click on the enter button. Then, you can add the three variables:&nbsp;</p><ul><li>The monthly interest- If your interest rate is 12% p.a, add the monthly interest rate as 1%.&nbsp;</li><li>Loan tenure- This value should be typed in months. So, if it is 15 years, you will enter 180 months</li><li>Loan Amount- The total amount availed as a loan.&nbsp;</li></ul><p>You can skip these complicated calculations entirely and make use of a 25 Lakh home loan EMI calculator.<strong> </strong>This is a financial tool that is available on all banking websites and finance-related websites. All you have to do is enter the parameters, namely the tenure, rate of interest and loan amount.&nbsp;</p><p>The calculator will apply the EMI formula and give you an accurate result. You can calculate 25 lakh EMI for 10 years<strong> </strong>or any other tenure in just a few seconds.&nbsp;</p><p>Calculating your EMI in advance will help you understand if a particular loan plan is affordable for you. You can plan your monthly budget accordingly and change parameters like the loan amount and tenure to reduce the EMI as per your convenience and affordability.</p><h2><strong>25 Lakh Home Loan Interest Rates</strong></h2><p>When you are calculating the EMI for an Rs.25 Lakh loan, the interest rate is the deciding factor when you are choosing the lender. Each lender offers different interest rates depending upon their internal policies.&nbsp;</p><p>Majorly, there are two kinds of interest rates that are applicable when calculating a 25 lakh home loan EMI:&nbsp;</p><ul><li><strong>Fixed interest rates: These interest rates remain the same from the beginning to the end of the tenure as they are not affected by the market lending rates.&nbsp;</strong></li><li><strong>Floating interest rates: Floating interest rates are linked to market lending rates. So, with any increase or decrease in the market rate, the rate of interest applicable also changes.&nbsp;</strong></li></ul><p>Irrespective of the type of interest rate that you opt for, there are many factors that determine the final rate of interest that is offered to the customer:&nbsp;</p><ul><li><strong>The CIBIL score: This is the most important factor that determines the 25 Lakh home loan EMI. The CIBIL Score, also known as the credit score, shows the financial health of any individual. If they have made regular repayments towards any existing credit and have good financial health, then the CIBIL score is high. In this case, the individual is considered a good candidate for a home loan. Therefore, he or she is offered a lower interest rate.&nbsp;</strong></li><li><strong>The Loan to Value ratio: The loan to value ratio is calculated according to the market value of the property. If the property is in a prime location and has a good resale value, the margin to be paid by the applicant reduces. Since the property is taken in as security against the loan, a higher loan to value ratio often attracts a lower interest rate.&nbsp;</strong></li><li><strong>The income: When the repayment capacity of the individual is higher, the interest rate is reduced. So when the income of the individual is higher, he or she is eligible for a lower interest rate. &nbsp;If you wish to apply for a home loan, it is a good idea to show multiple income sources to bring down your EMI payable. You can also apply for a joint loan where the income of the co-applicant is taken into consideration.&nbsp;</strong></li><li><strong>Age of the customer: Home loans are long term loans. Therefore, the age of the customer is a very important criterion. Younger candidates are most preferred as they can get the complete home loan tenure, allowing them to enjoy lower 25 lakhs home loan EMI for 10 years or more. So, they are also offered a lower rate of interest.&nbsp;</strong></li></ul><h2><strong>Popular Banks providing 25 Lakh Home Loan</strong></h2><p>You can use the 25 lakhs home loan EMI calculator<strong> </strong>for various banks to compare the final amount payable.&nbsp;</p><p>Here is a list of popular banks that provide up to 25 lakhs home loans and the interest rate offered by them:&nbsp;</p><figure class="table"><table><tbody><tr><td><strong>Name of the Lender&nbsp;</strong></td><td><strong>Rate of Interest&nbsp;</strong></td></tr><tr><td><strong>Indian Bank&nbsp;</strong></td><td>7.55% onwards</td></tr><tr><td><strong>Kotak Mahindra Bank</strong></td><td>6.65% onwards</td></tr><tr><td><strong>Punjab and Sind bank</strong></td><td>6.66%</td></tr><tr><td><strong>LIC Housing Finance&nbsp;</strong></td><td>6.66%</td></tr><tr><td><strong>State bank of India</strong></td><td>6.75%</td></tr><tr><td><strong>HDFC Bank&nbsp;</strong></td><td>6.75%</td></tr><tr><td><strong>ICICI Bank</strong></td><td>6.75%</td></tr><tr><td><strong>Bank of Baroda&nbsp;</strong></td><td>6.75%</td></tr><tr><td><strong>Punjab National Bank</strong></td><td>6.75%</td></tr></tbody></table></figure><h2><strong>25 Lakh Home Loan EMI for 30 Years</strong></h2><p>Let us calculate 25 Lakhs home loan EMI<strong> </strong>for 30 years at an interest rate of 6.80% which is the most common offering by most banks:&nbsp;</p><figure class="table"><table><tbody><tr><td>Total Loan Amount</td><td>Monthly Installment/ EMI</td><td>Total Interest Paid&nbsp;</td><td>Total Amount Paid</td></tr><tr><td>Rs. 25 Lakhs&nbsp;</td><td>Rs.16298.13</td><td>Rs.33,67,327</td><td>Rs.58,67,327</td></tr></tbody></table></figure><h2><strong>25 Lakh Home Loan EMI for 25 Years</strong></h2><p>Let us reduce the tenure by 5 years to see how the EMI is affected by the tenure.</p><figure class="table"><table><tbody><tr><td>Total Loan Amount</td><td>Monthly Installment/ EMI</td><td>Total Interest Paid&nbsp;</td><td>Total Amount Paid</td></tr><tr><td>Rs. 25 Lakhs&nbsp;</td><td>Rs.17352</td><td>Rs.27,05,540</td><td>Rs.52,05,540</td></tr></tbody></table></figure><h2><strong>25 Lakh Home Loan EMI for 20 Years</strong></h2><p>You can use a 25 lakh home loan EMI calculator<strong> </strong>to check the exact interest payable towards the loan.&nbsp;</p><figure class="table"><table><tbody><tr><td>Total Loan Amount</td><td>Monthly Installment/ EMI</td><td>Total Interest Paid&nbsp;</td><td>Total Amount Paid</td></tr><tr><td>FRs. 25 Lakhs&nbsp;</td><td>Rs.19083</td><td>Rs.20,80,037</td><td>Rs.45,80, 037</td></tr></tbody></table></figure><h2><strong>Eligibility Criteria</strong></h2><p>The eligibility criteria to avail of a loan for Rs.25 Lakhs are as follows:&nbsp;</p><ul><li>Should be a citizen of India&nbsp;</li><li>The applicant should be at least 18 years of age.&nbsp;</li><li>The maximum age varies according to the bank, with a cap at 65 years in most cases.&nbsp;</li><li>He or she should have a stable source of income in the form of employment or a business.</li><li>They should meet the minimum income requirement according to the bank chosen.&nbsp;</li></ul><h2><strong>Documents Required</strong></h2><p>The documents required are as follows:&nbsp;</p><ul><li>KYC documents like PAN Card or Adhaar Card&nbsp;</li><li>Salary Slips for the last 3 months or Form 16 in case of salaried individuals.&nbsp;</li><li>Profit and loss statements or tax return documents for self-employed individuals.&nbsp;</li><li>Bank account statements for the last 6 months.&nbsp;</li></ul><h3><strong>FAQs</strong></h3><h4><strong>✅Should I increase loan tenure to reduce monthly EMI?</strong></h4><p>You can opt to increase the tenure of your loan to bring down the EMI. However, you must note that you will end up paying a higher amount towards the interest. So, it is advisable to negotiate on the interest rate if possible and ensure the lowest possible tenure.&nbsp;</p><h4><strong>✅How to use an EMI calculator?&nbsp;</strong></h4><p>You will have to enter the rate of interest, tenure and loan amount or use a slider to set these parameters. Then click on ‘Calculate’ to get the exact details of your loan.&nbsp;</p><h4><strong>✅Do I have to pay a margin for a 25 lakh home loan?&nbsp;</strong></h4><p>In most cases, the borrower has to pay a margin of at least 10%. This depends upon the loan to value ratio offered by the bank that you have availed your loan from.&nbsp;</p><h4><strong>✅Are there any tax benefits with home loans?&nbsp;</strong></h4><p>Any repayment made towards a home loan is eligible for tax deductions according to the Income-tax Act of 1961. You can get deductions on both the interest and the principal amount based on the type of property and the value of the property.&nbsp;</p><h4><strong>✅What is the CIBIL score required for an Rs.25 lakh home loan?&nbsp;</strong></h4><p>Most banks ask for a CIBIL score of at least 650-700 for an individual to be eligible for a home loan of Rs.25 lakhs.&nbsp;</p>

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25 Lakh Home Loan EMI Interest Rate

If you are planning to borrow a sum of Rs.25 Lakhs towards the purchase, construction or repair of a property, the good news is that there are several banks that you can choose from.

25 Lakh Home Loan EMI Interest Rates - {{CURRENT_DATE}}

<p>Omni Channel Content Specialist| enthusiastic personal finance writer | Top50 CM professional by WMC, CMO</p>

Reshma Rawat

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<p>Finance Writer: Expert in Loans &amp; Credit Cards</p>

<p>If you are planning to borrow a sum of Rs.25 Lakhs towards the purchase, construction or repair of a property, the good news is that there are several banks that you can choose from.</p>

<h2><strong>15 Lakh Home Loan EMI Interest Rate 2022</strong></h2><p>Is Rs.15 lakh the only hurdle between you and your dream home? The good news is that this shortfall can easily be overcome by a Rs. 15 lakh home loan. Numerous lending companies offer a Rs.15 lakh home loan at an affordable rate of interest.&nbsp; Let’s understand the eligibility criteria, documents required, and what will be the Rs. 15 lakh home loan EMI for 10 years, 15 years, and 20 years loan terms.</p><h2><strong>Rs. 15 Lakh Home Loan EMI Details</strong></h2><p>A home loan can be availed for different loan tenures. The maximum loan term allowed by financial companies is up to 30 years. The following table shows the EMI details for different loan tenures for a Rs. 15 lakh home loan availed at a rate of interest of 6.80% per annum.</p><figure class="table"><table><tbody><tr><td><strong>Loan Amount</strong></td><td><strong>Rate of Interest</strong></td><td><strong>Repayment Term</strong></td><td><strong>EMI per month</strong></td></tr><tr><td>Rs. 15 lakh</td><td>6.80% p.a.</td><td>5 Years</td><td>Rs.29,560</td></tr><tr><td>Rs. 15 lakh</td><td>6.80% p.a.</td><td>10 Years</td><td>Rs.17,262</td></tr><tr><td>Rs. 15 lakh</td><td>6.80% p.a.</td><td>15 Years</td><td>Rs.13,315</td></tr><tr><td>Rs. 15 lakh</td><td>6.80% p.a.</td><td>20 Years</td><td>Rs.11,450</td></tr><tr><td>Rs. 15 lakh</td><td>6.80% p.a.</td><td>25 Years</td><td>Rs.10,411</td></tr><tr><td>Rs. 15 lakh</td><td>6.80% p.a.</td><td>30 Years</td><td>Rs. 9,779</td></tr></tbody></table></figure><h2><strong>Rs. 15 Lakh Home Loan Interest Rates</strong></h2><p>Several banks and non-banking financial companies (<b><a href="https://www.mymoneymantra.com/nbfc-personal-loan">NBFCs</a></b>)offer a competitive rate of interest for Rs.15 lakh home loans. Listed below is the most competitive rate of interest available on a Rs.15 lakh home loan.&nbsp;</p><figure class="table"><table><tbody><tr><td><strong>Name of Bank</strong></td><td><strong>Rate of Interest</strong></td></tr><tr><td>CitiBank</td><td>Starting 6.50% p.a.&nbsp;</td></tr><tr><td>Kotak Mahindra Bank</td><td>6.65% p.a.&nbsp; - 7.20% p.a.&nbsp;</td></tr><tr><td>ICICI Bank</td><td>6.75% p.a.&nbsp; -&nbsp; 7.55% p.a.</td></tr><tr><td>HDFC Bank</td><td>6.75% p.a.&nbsp; -&nbsp; 7.65% p.a.&nbsp;</td></tr><tr><td>SBI Bank</td><td>6.80% p.a.&nbsp; - 7.5% p.a.&nbsp;</td></tr><tr><td>IDFC First Bank</td><td>6.90% p.a.&nbsp; -&nbsp; 10.5% p.a.&nbsp;</td></tr><tr><td>Yes Bank</td><td>9.60% p.a.&nbsp; - 12% p.a.&nbsp;</td></tr></tbody></table></figure><h2><strong>Popular Banks providing Rs. 15 Lakh Home Loan</strong></h2><p>Numerous banks provide a Rs.15 lakh home loan. The top lenders offering Rs. 15 lakh home loans at the most attractive features and affordable rate of interest are:</p><figure class="table"><table><tbody><tr><td>CITIBANK Home Loan</td></tr><tr><td><a href="https://www.mymoneymantra.com/home-loans/icici-bank"><strong>ICICI Bank Home Loan</strong></a></td></tr><tr><td><a href="https://www.mymoneymantra.com/home-loans/hdfc-ltd"><strong>HDFC Bank Home Loan</strong></a></td></tr><tr><td><a href="https://www.mymoneymantra.com/home-loans/sbi"><strong>SBI Bank Home Loan</strong></a></td></tr><tr><td><a href="https://www.mymoneymantra.com/home-loans/kotak-mahindra-bank"><strong>Kotak Mahindra Bank Home Loan</strong></a></td></tr><tr><td>IDFC First Bank Home Loan</td></tr><tr><td>Yes Bank Home Loan</td></tr><tr><td>Axis Bank Home Loan</td></tr><tr><td>IDBI Bank Home Loan</td></tr><tr><td>Bank of Baroda Home Loan</td></tr><tr><td>PNB Bank Home Loan</td></tr></tbody></table></figure><h2><strong>Rs. 15 Lakh Home Loan EMI for 30 Years</strong></h2><p>The details of Rs. 15 lakh home loan EMI<strong> </strong>for a loan term of 30 years are as follows:</p><ul><li>Loan Amount – Rs. 15,00,000</li><li>Rate of Interest – 6.80% p.a.</li><li>EMI value – Rs. 9,779</li><li>Total Interest – Rs. 20,20,397</li><li>Total Repayment – Rs. 35,20,397</li></ul><figure class="table"><table><tbody><tr><td><strong>Year</strong></td><td><strong>Principal</strong></td><td><strong>Interest</strong></td><td><strong>Balance Principal</strong></td></tr><tr><td>1</td><td>Rs. 15,836</td><td>Rs. 101,512</td><td>Rs. 1,484,164</td></tr><tr><td>2</td><td>Rs. 16,946</td><td>Rs. 100,402</td><td>Rs. 1,467,218</td></tr><tr><td>3</td><td>Rs. 18,135</td><td>Rs. 99,213</td><td>Rs. 1,449,083</td></tr><tr><td>4</td><td>Rs. 19,407</td><td>Rs. 97,941</td><td>Rs. 1,429,676</td></tr><tr><td>5</td><td>Rs. 20,770</td><td>Rs. 96,578</td><td>Rs. 1,408,906</td></tr><tr><td>6</td><td>Rs. 22,227</td><td>Rs. 95,121</td><td>Rs. 1,386,679</td></tr><tr><td>7</td><td>Rs. 23,785</td><td>Rs. 93,563</td><td>Rs. 1,362,894</td></tr><tr><td>8</td><td>Rs. 25,455</td><td>Rs. 91,893</td><td>Rs. 1,337,439</td></tr><tr><td>9</td><td>Rs. 27,240</td><td>Rs. 90,108</td><td>Rs. 1,310,199</td></tr><tr><td>10</td><td>Rs. 29,152</td><td>Rs. 88,196</td><td>Rs. 1,281,047</td></tr><tr><td>11</td><td>Rs. 31,196</td><td>Rs. 86,152</td><td>Rs. 1,249,851</td></tr><tr><td>12</td><td>Rs. 33,386</td><td>Rs. 83,962</td><td>Rs. 1,216,465</td></tr><tr><td>13</td><td>Rs. 35,727</td><td>Rs. 81,621</td><td>Rs. 1,180,738</td></tr><tr><td>14</td><td>Rs. 38,236</td><td>Rs. 79,112</td><td>Rs. 1,142,502</td></tr><tr><td>15</td><td>Rs. 40,918</td><td>Rs. 76,430</td><td>Rs. 1,101,584</td></tr><tr><td>16</td><td>Rs. 43,788</td><td>Rs. 73,560</td><td>Rs. 1,057,796</td></tr><tr><td>17</td><td>Rs. 46,861</td><td>Rs. 70,487</td><td>Rs. 1,010,935</td></tr><tr><td>18</td><td>Rs. 50,148</td><td>Rs. 67,200</td><td>Rs. 960,787</td></tr><tr><td>19</td><td>Rs. 53,669</td><td>Rs. 63,679</td><td>Rs. 907,118</td></tr><tr><td>20</td><td>Rs. 57,433</td><td>Rs. 59,915</td><td>Rs. 849,685</td></tr><tr><td>21</td><td>Rs. 61,461</td><td>Rs. 55,887</td><td>Rs. 788,224</td></tr><tr><td>22</td><td>Rs. 65,774</td><td>Rs. 51,574</td><td>Rs. 722,450</td></tr><tr><td>23</td><td>Rs. 70,388</td><td>Rs. 46,960</td><td>Rs. 652,062</td></tr><tr><td>24</td><td>Rs. 75,325</td><td>Rs. 42,023</td><td>Rs. 576,737</td></tr><tr><td>25</td><td>Rs. 80,612</td><td>Rs. 36,736</td><td>Rs. 496,125</td></tr><tr><td>26</td><td>Rs. 86,268</td><td>Rs. 31,080</td><td>Rs. 409,857</td></tr><tr><td>27</td><td>Rs. 92,319</td><td>Rs. 25,029</td><td>Rs. 317,538</td></tr><tr><td>28</td><td>Rs. 98,798</td><td>Rs. 18,550</td><td>Rs. 218,740</td></tr><tr><td>29</td><td>Rs. 105,728</td><td>Rs. 11,620</td><td>Rs. 113,012</td></tr><tr><td>30</td><td>Rs. 113,066</td><td>Rs. 4,202</td><td>RS. 0</td></tr></tbody></table></figure><h2><strong>Rs. 15 Lakh Home Loan EMI for 25 Years</strong></h2><p>The details of <strong>Rs. 15 lakh home loan EMI</strong> for a loan term of 25 years are as follows:</p><ul><li>Loan Amount – Rs. 15,00,000</li><li>Rate of Interest – 6.80% p.a.</li><li>EMI value – Rs. 10,411</li><li>Total Interest – Rs. 16,23,324</li><li>Total Repayment – Rs. 31,23,324</li></ul><figure class="table"><table><tbody><tr><td><strong>Year</strong></td><td><strong>Principal</strong></td><td><strong>Interest</strong></td><td><strong>Balance Principal</strong></td></tr><tr><td>1</td><td>Rs. 23,662</td><td>Rs. 101,270</td><td>Rs. 1,476,338</td></tr><tr><td>2</td><td>Rs. 25,322</td><td>Rs. 99,610</td><td>Rs. 1,451,016</td></tr><tr><td>3</td><td>Rs. 27,098</td><td>Rs. 97,834</td><td>Rs. 1,423,918</td></tr><tr><td>4</td><td>Rs. 28,997</td><td>Rs. 95,935</td><td>Rs. 1,394,921</td></tr><tr><td>5</td><td>Rs. 31,032</td><td>Rs. 93,900</td><td>Rs. 1,363,889</td></tr><tr><td>6</td><td>Rs. 33,209</td><td>Rs. 91,723</td><td>Rs. 1,330,680</td></tr><tr><td>7</td><td>Rs. 35,539</td><td>Rs. 89,393</td><td>Rs. 1,295,141</td></tr><tr><td>8</td><td>Rs. 38,033</td><td>Rs. 86,899</td><td>Rs. 1,257,108</td></tr><tr><td>9</td><td>Rs. 40,703</td><td>Rs. 84,229</td><td>Rs. 1,216,405</td></tr><tr><td>10</td><td>Rs. 43,558</td><td>Rs. 81,374</td><td>Rs. 1,172,847</td></tr><tr><td>11</td><td>Rs. 46,614</td><td>Rs. 78,318</td><td>Rs. 1,126,233</td></tr><tr><td>12</td><td>Rs. 49,883</td><td>Rs. 75,049</td><td>Rs. 1,076,350</td></tr><tr><td>13</td><td>Rs. 53,383</td><td>Rs. 71,549</td><td>Rs. 1,022,967</td></tr><tr><td>14</td><td>Rs. 57,128</td><td>Rs. 67,804</td><td>Rs. 965,839</td></tr><tr><td>15</td><td>Rs. 61,137</td><td>Rs. 63,795</td><td>Rs. 904,702</td></tr><tr><td>16</td><td>Rs. 65,427</td><td>Rs. 59,505</td><td>Rs. 839,275</td></tr><tr><td>17</td><td>Rs. 70,016</td><td>Rs. 54,916</td><td>Rs. 769,259</td></tr><tr><td>18</td><td>Rs. 74,930</td><td>Rs. 50,002</td><td>Rs. 694,329</td></tr><tr><td>19</td><td>Rs. 80,186</td><td>Rs. 44,746</td><td>Rs. 614,143</td></tr><tr><td>20</td><td>Rs. 85,810</td><td>Rs. 39,122</td><td>Rs. 528,333</td></tr><tr><td>21</td><td>Rs. 91,832</td><td>Rs. 33,100</td><td>Rs. 436,501</td></tr><tr><td>22</td><td>Rs. 98,276</td><td>Rs. 26,656</td><td>Rs. 338,225</td></tr><tr><td>23</td><td>Rs. 105,171</td><td>Rs. 19,761</td><td>Rs. 233,054</td></tr><tr><td>24</td><td>Rs. 112,550</td><td>Rs. 12,382</td><td>Rs. 120,504</td></tr><tr><td>25</td><td>Rs. 120,563</td><td>Rs. 4,485</td><td>Rs. 0</td></tr></tbody></table></figure><h2><strong>Rs. 15 Lakh Home Loan EMI for 20 Years</strong></h2><p>The details of Rs. 15 lakh home loan EMI for a loan term of 20 years are as follows:</p><ul><li>Loan Amount – Rs. 15,00,000</li><li>Rate of Interest – 6.80% p.a.</li><li>EMI value – Rs. 11,450</li><li>Total Interest – Rs. 12,48,021</li><li>Total Repayment – Rs. 27,48,022</li></ul><figure class="table"><table><tbody><tr><td>Year</td><td>Principal</td><td>Interest</td><td>Balance Principal</td></tr><tr><td>1</td><td>Rs. 36,524</td><td>Rs. 100,876</td><td>Rs. 1,463,476</td></tr><tr><td>2</td><td>Rs. 39,086</td><td>Rs. 98,314</td><td>Rs. 1,424,390</td></tr><tr><td>3</td><td>Rs. 41,830</td><td>Rs. 95,570</td><td>Rs. 1,382,560</td></tr><tr><td>4</td><td>Rs. 44,763</td><td>Rs. 92,637</td><td>Rs. 1,337,797</td></tr><tr><td>5</td><td>Rs. 47,904</td><td>Rs. 89,496</td><td>Rs. 1,289,893</td></tr><tr><td>6</td><td>Rs. 51,265</td><td>Rs. 86,135</td><td>Rs. 1,238,628</td></tr><tr><td>7</td><td>Rs. 54,861</td><td>Rs. 82,539</td><td>Rs. 1,183,767</td></tr><tr><td>8</td><td>Rs. 58,711</td><td>Rs. 78,689</td><td>Rs. 1,125,056</td></tr><tr><td>9</td><td>Rs. 62,829</td><td>Rs. 74,571</td><td>Rs. 1,062,227</td></tr><tr><td>10</td><td>Rs. 67,238</td><td>Rs. 70,162</td><td>Rs. 994,989</td></tr><tr><td>11</td><td>Rs. 71,956</td><td>Rs. 65,444</td><td>Rs. 923,033</td></tr><tr><td>12</td><td>Rs. 77,004</td><td>Rs. 60,396</td><td>Rs. 846,029</td></tr><tr><td>13</td><td>Rs. 82,408</td><td>Rs. 54,992</td><td>Rs. 763,621</td></tr><tr><td>14</td><td>Rs. 88,189</td><td>Rs. 49,211</td><td>Rs. 675,432</td></tr><tr><td>15</td><td>Rs. 94,376</td><td>Rs. 43,024</td><td>Rs. 581,056</td></tr><tr><td>16</td><td>Rs. 100,998</td><td>Rs. 36,402</td><td>Rs. 480,058</td></tr><tr><td>17</td><td>Rs. 108,084</td><td>Rs. 29,316</td><td>Rs. 371,974</td></tr><tr><td>18</td><td>Rs. 115,666</td><td>Rs. 21,734</td><td>Rs. 256,308</td></tr><tr><td>19</td><td>Rs. 123,782</td><td>Rs. 13,618</td><td>Rs. 132,526</td></tr><tr><td>20</td><td>Rs. 132,591</td><td>Rs. 4,932</td><td>Rs. 0</td></tr></tbody></table></figure><h2><strong>Eligibility Criteria</strong></h2><p>To get the home loan approved, the borrower must meet the eligibility conditions. These are general rules which the borrower must fulfill. These include:</p><figure class="table"><table><tbody><tr><td><strong>Eligibility Head</strong></td><td><strong>Eligibility Criteria</strong></td></tr><tr><td>Age</td><td><p>The home loan applicant should be at least 21 years old.</p><p>The maximum age of the applicant can vary between 60 – 65 years, depending upon the lender policy and job profile of the applicant.</p><p>The maximum number of years for which the loan can be availed cannot exceed the total number of years left until retirement.</p></td></tr><tr><td>Job Profile</td><td>The home loan borrower can be a salaried, self-employed professional or self-employed non-professional.&nbsp;</td></tr><tr><td>Income</td><td><p>The home loan borrower must have a stable job profile and regular income.&nbsp;</p><p>Different banks and lending institutions have fixed minimum income requirements which the applicant must meet.</p></td></tr><tr><td>Work Experience</td><td><p>The salaried individual must be in a job for at least 2 years with at least one year with the current employer.</p><p>Self-employed individuals (professional and non-professionals) must be in the same business for at least 3 years of which at least 2 years should be profitable.</p></td></tr><tr><td>Residential Status</td><td>Indian citizens and Non-Resident Indians are eligible for a home loan.</td></tr><tr><td>Credit Score</td><td>The <a href="https://www.mymoneymantra.com/credit-score"><strong>credit score</strong></a> of the applicant must be 650 points or above.</td></tr><tr><td>Debt-Income Ratio</td><td><p>The Debt-Income ratio must be less than 50%.</p><p>The lower the ratio, the higher will be the chances of loan approval.</p></td></tr></tbody></table></figure><h2><strong>Documents Required</strong></h2><p>A <a href="https://www.mymoneymantra.com/home-loans"><strong>home loan</strong></a> is approved only after careful verification and scrutiny of the documents. The documents that need to be submitted along with the home loan application are:</p><div class="table-wrap"><figure class="table"><table><tbody><tr><td><strong>Category Name</strong></td><td colspan="2"><strong>Document Accepted</strong></td></tr><tr><td>Age Proof (Any One)</td><td colspan="2"><ul><li>Passport</li><li>Driving License</li><li>Life Insurance Policy</li><li>Birth Certificate</li><li>PAN Card</li><li>School Leaving Certificate</li></ul></td></tr><tr><td>Identity Proof (Any One)</td><td colspan="2"><ul><li>Passport</li><li>Driving License</li><li>PAN Card</li><li>Voter ID</li></ul></td></tr><tr><td>Residence Proof (Any One)</td><td colspan="2"><ul><li>Utility Bill</li><li>Bank Statements</li><li>Property Registration Documents</li><li>Property Tax Receipt</li><li>Voter ID</li></ul></td></tr><tr><td rowspan="2">Income Proof (All)</td><td><strong>Salaried</strong></td><td><strong>Self-Employed</strong></td></tr><tr><td><ul><li>Salary slips for the last three months</li><li>Appointment letter</li><li>Yearly increment letter</li><li>Form No. 16</li><li>Bank account statement of the salary account</li><li>Cheque for the processing fee amount issued from the salary account</li></ul></td><td><ul><li>IT returns for the last two years with supportive documents</li><li>Business profile on the letterhead</li><li>Registration certificate for business commencement</li><li>Bank account statement for last six months of operative current account</li><li>Bank statements for the last six months</li><li>Cheque for the processing fee amount issued from the business account</li></ul></td></tr></tbody></table></figure></div><p><i> Also Read - </i><a href="https://www.mymoneymantra.com/blog/50-lakh-home-loan-emi-interest-rates-2021"><i><strong>50 Lakh Home Loan EMI Interest Rate</strong></i></a></p><h3><strong>FAQs</strong></h3><h4><strong>✅What will be the Rs. 15 lakh home loan EMI for 10 years?</strong></h4><p>Rs. 15 lakh home loan EMI for 10 years @ rate of interest 6.80% p.a. as offered by SBI Bank is Rs.17,262.</p><h4><strong>✅What will be the Rs. 15 lakh home loan EMI for 20 years?</strong></h4><p>Rs. 15 lakh home loan EMI for 20 years @ rate of interest 6.80% p.a. as offered by SBI Bank is Rs.11.450.</p><h4><strong>✅What is Rs. 15 lakh home loan EMI for 10 years from YES Bank?</strong></h4><p>YES Bank offers home loans at a rate of interest starting at 9.60% p.a. The Rs. 15 lakh home loan EMI for 10 years from YES Bank is Rs.19,492.</p><h4><strong>✅What is Rs. 15 lakh home loan EMI for 10 years from HDFC Bank?</strong></h4><p>HDFC Bank offers home loans at a rate of interest starting at 6.75% p.a. The <strong>Rs. 15 lakh home loan EMI for 10 years</strong> from HDFC Bank is Rs.17,224.</p><h4><strong>✅What bank has the lowest Rs.15 lakh home loan EMI for 10 years?</strong></h4><p>Citibank offers the lowest rate of interest for home loans starting at 6.50% p.a. Its <strong>Rs.15 lakh home loan EMI for 10 years </strong>is Rs. 17,032.</p>

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15 Lakh Home Loan EMI Interest Rate

Is Rs.15 lakh the only hurdle between you and your dream home? The good news is that this shortfall can easily be overcome by a Rs. 15 lakh home loan. Numerous lending companies offer a Rs.15 lakh home loan at an affordable rate of interest.

15 Lakh Home Loan EMI Interest Rate - {{CURRENT_DATE}}

Priyanka Jain

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Priyanka Jain.jpg

<p>Is Rs.15 lakh the only hurdle between you and your dream home? The good news is that this shortfall can easily be overcome by a Rs. 15 lakh home loan. Numerous lending companies offer a Rs.15 lakh home loan at an affordable rate of interest.</p>

<h2><strong>20 Lakh Home Loan EMI Interest Rate 2022</strong></h2><p>Does arranging Rs. 20 lakh for your dream home appear insurmountable? Don’t worry! A Rs. 20 lakh home loan from leading financial companies can help you bridge this gap. What is the EMI for Rs. 20 lakhs home loan? Let’s use a Rs. 20 lakhs home<strong> </strong>loan EMI calculator to find out the Rs. 20 lakh home loan EMI for different loan tenures.</p><h2><strong>Rs. 20 Lakh Home Loan EMI Details</strong></h2><p>A home loan allows the borrower to borrow a lump sum amount which will be repaid in a specific loan term. The loan term can vary depending upon the repayment capacity of the borrower.&nbsp; Lending companies typically allow a maximum loan term of up to 30 years. The table below enlists the EMI details for different loan tenures for a Rs. 20 lakh home loan availed at a rate of interest of 6.80% per annum.</p><figure class="table"><table><tbody><tr><td><strong>Loan Amount</strong></td><td><strong>Rate of Interest</strong></td><td><strong>Repayment Term</strong></td><td><strong>EMI per month</strong></td></tr><tr><td>Rs. 20 lakhs</td><td>6.80% p.a.</td><td>5 Years</td><td>Rs.39,414</td></tr><tr><td>Rs. 20 lakhs</td><td>6.80% p.a.</td><td>10 Years</td><td>Rs.23,016</td></tr><tr><td>Rs. 20 lakhs</td><td>6.80% p.a.</td><td>15 Years</td><td>Rs.17,754</td></tr><tr><td>Rs. 20 lakhs</td><td>6.80% p.a.</td><td>20 Years</td><td>Rs.15,267</td></tr><tr><td>Rs. 20 lakhs</td><td>6.80% p.a.</td><td>25 Years</td><td>Rs.13,881</td></tr><tr><td>Rs. 20 lakhs</td><td>6.80% p.a.</td><td>30 Years</td><td>Rs.13,038</td></tr></tbody></table></figure><h2><strong>Rs. 20 Lakh Home Loan Interest Rates</strong></h2><p>Banks and non-banking financial companies in India offer home loans at a competitive rate of interest. The home loan interest rates are generally linked to MCLR rates fixed by the Reserve Bank of India. Listed below are the top lenders offering the most competitive rate of interest on Rs. 20 lakh home loans.</p><figure class="table"><table><tbody><tr><td><strong>Name of Bank</strong></td><td><strong>Rate of Interest</strong></td></tr><tr><td>CitiBank</td><td>Starting 6.50% p.a.&nbsp;</td></tr><tr><td>Kotak Mahindra Bank</td><td>6.65% p.a.&nbsp; - 7.20% p.a.&nbsp;</td></tr><tr><td>ICICI Bank</td><td>6.75% p.a.&nbsp; -&nbsp; 7.55% p.a.</td></tr><tr><td>HDFC Bank</td><td>6.75% p.a.&nbsp; -&nbsp; 7.65% p.a.&nbsp;</td></tr><tr><td>SBI Bank</td><td>6.80% p.a.&nbsp; - 7.5% p.a.&nbsp;</td></tr><tr><td>IDFC First Bank</td><td>6.90% p.a.&nbsp; -&nbsp; 10.5% p.a.&nbsp;</td></tr><tr><td>Yes Bank</td><td>9.60% p.a.&nbsp; - 12% p.a.&nbsp;</td></tr></tbody></table></figure><h2><strong>&nbsp;Popular Banks providing 20 Lakh Home Loan</strong></h2><p>The top financial companies approving Rs. 20 lakh home loans at the most affordable rate of interest and minimum eligibility conditions are:&nbsp;&nbsp;</p><figure class="table"><table><tbody><tr><td>CitiBank</td></tr><tr><td>SBI Bank</td></tr><tr><td>ICICI Bank &nbsp; &nbsp; &nbsp;&nbsp;</td></tr><tr><td>IDBI Bank</td></tr><tr><td>HDFC Bank</td></tr><tr><td>IDFC First Bank</td></tr><tr><td>Kotak Mahindra Bank</td></tr><tr><td>Axis Bank</td></tr><tr><td>Yes Bank</td></tr><tr><td>Bank of Baroda</td></tr><tr><td>PNB Bank</td></tr></tbody></table></figure><h2><strong>20 Lakh Home Loan EMI for 30 Years</strong></h2><p>What is the EMI for 20 lakhs home loan? Let’s find out the Rs. 20 lakh home loan EMI using the Rs. 20 lakhs home loan EMI calculator.</p><ul><li>Loan Amount – Rs. 20,00,000</li><li>Rate of Interest – 6.80% p.a.</li><li>EMI value – Rs. 13,038</li><li>Total Interest – Rs. 26,93,860</li><li>Total Repayment – Rs. 46,93,860</li></ul><figure class="table"><table><tbody><tr><td><strong>Year</strong></td><td><strong>Principal</strong></td><td><strong>Interest</strong></td><td><strong>Balance Principal</strong></td></tr><tr><td>1</td><td>Rs. 21,119</td><td>Rs. 135,349</td><td>Rs. 1,978,881</td></tr><tr><td>2</td><td>Rs. 22,600</td><td>Rs. 133,868</td><td>Rs. 1,956,281</td></tr><tr><td>3</td><td>Rs. 24,185</td><td>Rs. 132,283</td><td>Rs. 1,932,096</td></tr><tr><td>4</td><td>Rs. 25,882</td><td>Rs. 130,586</td><td>Rs. 1,906,214</td></tr><tr><td>5</td><td>Rs. 27,698</td><td>Rs. 128,770</td><td>Rs. 1,878,516</td></tr><tr><td>6</td><td>Rs. 29,643</td><td>Rs. 126,825</td><td>Rs. 1,848,873</td></tr><tr><td>7</td><td>Rs. 31,721</td><td>Rs. 124,747</td><td>Rs. 1,817,152</td></tr><tr><td>8</td><td>Rs. 33,946</td><td>Rs. 122,522</td><td>Rs. 1,783,206</td></tr><tr><td>9</td><td>Rs. 36,328</td><td>Rs. 120,140</td><td>Rs. 1,746,878</td></tr><tr><td>10</td><td>Rs. 38,878</td><td>Rs. 117,590</td><td>Rs. 1,708,000</td></tr><tr><td>11</td><td>Rs. 41,606</td><td>Rs. 114,862</td><td>Rs. 1,666,394</td></tr><tr><td>12</td><td>Rs. 44,523</td><td>Rs. 111,945</td><td>Rs. 1,621,871</td></tr><tr><td>13</td><td>Rs. 47,646</td><td>Rs. 108,822</td><td>Rs. 1,574,225</td></tr><tr><td>14</td><td>Rs. 50,991</td><td>Rs. 105,477</td><td>Rs. 1,523,234</td></tr><tr><td>15</td><td>Rs. 54,567</td><td>Rs. 101,901</td><td>Rs. 1,468,667</td></tr><tr><td>16</td><td>Rs. 58,397</td><td>Rs. 98,071</td><td>Rs. 1,410,270</td></tr><tr><td>17</td><td>Rs. 62,494</td><td>Rs. 93,974</td><td>Rs. 1,347,776</td></tr><tr><td>18</td><td>Rs. 66,878</td><td>Rs. 89,590</td><td>Rs. 1,280,898</td></tr><tr><td>19</td><td>Rs. 71,570</td><td>Rs. 84,898</td><td>Rs. 1,209,328</td></tr><tr><td>20</td><td>Rs. 76,591</td><td>Rs. 79,877</td><td>Rs. 1,132,737</td></tr><tr><td>21</td><td>Rs. 81,964</td><td>Rs. 74,504</td><td>Rs. 1,050,773</td></tr><tr><td>22</td><td>Rs. 87,716</td><td>Rs. 68,752</td><td>Rs. 963,057</td></tr><tr><td>23</td><td>Rs. 93,870</td><td>Rs. 62,598</td><td>Rs. 869,187</td></tr><tr><td>24</td><td>Rs. 100,456</td><td>Rs. 56,012</td><td>Rs. 768,731</td></tr><tr><td>25</td><td>Rs. 107,504</td><td>Rs. 48,964</td><td>Rs. 661,227</td></tr><tr><td>26</td><td>Rs. 115,046</td><td>Rs. 41,422</td><td>Rs. 546,181</td></tr><tr><td>27</td><td>Rs. 123,118</td><td>Rs. 33,350</td><td>Rs. 423,063</td></tr><tr><td>28</td><td>Rs. 131,758</td><td>Rs. 24,710</td><td>Rs. 291,305</td></tr><tr><td>29</td><td>Rs. 141,001</td><td>Rs. 15,467</td><td>Rs. 150,304</td></tr><tr><td>30</td><td>Rs. 150,374</td><td>Rs. 5,574</td><td>Rs. 0</td></tr></tbody></table></figure><h2><strong>20 Lakh Home Loan EMI for 25 Years</strong></h2><p>What is the EMI for 20 lakhs home loan? Let’s find out the Rs. 20 lakh home loan EMI using the Rs. 20 lakhs home loan EMI calculator for a loan term of 25 years are as follows:</p><ul><li>Loan Amount – Rs. 20,00,000</li><li>Rate of Interest – 6.80% p.a.</li><li>EMI value – Rs. 13,881</li><li>Total Interest – Rs. 21,64,432</li><li>Total Repayment – Rs. 41,64,432</li></ul><figure class="table"><table><tbody><tr><td><strong>Year</strong></td><td><strong>Principal</strong></td><td><strong>Interest</strong></td><td><strong>Balance Principal</strong></td></tr><tr><td>1</td><td>Rs. 31,544</td><td>Rs. 135,028</td><td>Rs. 1,968,456</td></tr><tr><td>2</td><td>Rs. 33,755</td><td>Rs. 132,817</td><td>Rs. 1,934,701</td></tr><tr><td>3</td><td>Rs. 36,124</td><td>Rs. 130,448</td><td>Rs. 1,898,577</td></tr><tr><td>4</td><td>Rs. 38,659</td><td>Rs. 127,913</td><td>Rs. 1,859,918</td></tr><tr><td>5</td><td>Rs. 41,371</td><td>Rs. 125,201</td><td>Rs. 1,818,547</td></tr><tr><td>6</td><td>Rs. 44,273</td><td>Rs. 122,299</td><td>Rs. 1,774,274</td></tr><tr><td>7</td><td>Rs. 47,378</td><td>Rs. 119,194</td><td>Rs. 1,726,896</td></tr><tr><td>8</td><td>Rs. 50,703</td><td>Rs. 115,869</td><td>Rs. 1,676,193</td></tr><tr><td>9</td><td>Rs. 54,260</td><td>Rs. 112,312</td><td>Rs. 1,621,933</td></tr><tr><td>10</td><td>Rs. 58,068</td><td>Rs. 108,504</td><td>Rs. 1,563,865</td></tr><tr><td>11</td><td>Rs. 62,143</td><td>Rs. 104,429</td><td>Rs. 1,501,722</td></tr><tr><td>12</td><td>Rs. 66,501</td><td>Rs. 100,071</td><td>Rs. 1,435,221</td></tr><tr><td>13</td><td>Rs. 71,167</td><td>Rs. 95,405</td><td>Rs. 1,364,054</td></tr><tr><td>14</td><td>Rs. 76,161</td><td>Rs. 90,411</td><td>Rs. 1,287,893</td></tr><tr><td>15</td><td>Rs. 81,504</td><td>Rs. 85,068</td><td>Rs. 1,206,389</td></tr><tr><td>16</td><td>Rs. 87,224</td><td>Rs. 79,348</td><td>Rs. 1,119,165</td></tr><tr><td>17</td><td>Rs. 93,342</td><td>Rs. 73,230</td><td>Rs. 1,025,823</td></tr><tr><td>18</td><td>Rs. 99,891</td><td>Rs. 66,681</td><td>Rs. 925,932</td></tr><tr><td>19</td><td>Rs. 106,898</td><td>Rs. 59,674</td><td>Rs. 819,034</td></tr><tr><td>20</td><td>Rs. 114,400</td><td>Rs. 52,172</td><td>Rs. 704,634</td></tr><tr><td>21</td><td>Rs. 122,424</td><td>Rs. 44,148</td><td>Rs. 582,210</td></tr><tr><td>22</td><td>Rs. 131,016</td><td>Rs. 35,556</td><td>Rs. 451,194</td></tr><tr><td>23</td><td>Rs. 140,207</td><td>Rs. 26,365</td><td>Rs. 310,987</td></tr><tr><td>24</td><td>Rs. 150,044</td><td>Rs. 16,528</td><td>Rs. 160,943</td></tr><tr><td>25</td><td>Rs. 161,023</td><td>Rs. 6,001</td><td>Rs. 0</td></tr></tbody></table></figure><h2><strong>20 Lakh Home Loan EMI for 20 Years</strong></h2><p>What is the EMI for 20 lakhs home loan? Let’s find out the Rs. 20 lakh home loan EMI<strong> </strong>using the Rs. 20 lakhs home loan EMI<strong> </strong>calculator for a loan term of 20 years are as follows:</p><ul><li>&nbsp;Loan Amount – Rs. 20,00,000</li><li>Rate of Interest – 6.80% p.a.</li><li>&nbsp;EMI value – Rs. 15,267</li><li>Total Interest – Rs. 16,64,030</li><li>Total Repayment – Rs. 36,64,030</li></ul><figure class="table"><table><tbody><tr><td><strong>Year</strong></td><td><strong>Principal</strong></td><td><strong>Interest</strong></td><td><strong>Balance Principal</strong></td></tr><tr><td>1</td><td>Rs. 48,703</td><td>Rs. 134,501</td><td>Rs. 1,951,297</td></tr><tr><td>2</td><td>Rs. 52,121</td><td>Rs. 131,083</td><td>Rs. 1,899,176</td></tr><tr><td>3</td><td>Rs. 55,777</td><td>Rs. 127,427</td><td>Rs. 1,843,399</td></tr><tr><td>4</td><td>Rs. 59,689</td><td>Rs. 123,515</td><td>Rs. 1,783,710</td></tr><tr><td>5</td><td>Rs. 63,877</td><td>Rs. 119,327</td><td>Rs. 1,719,833</td></tr><tr><td>6</td><td>Rs. 68,359</td><td>Rs. 114,845</td><td>Rs. 1,651,474</td></tr><tr><td>7</td><td>Rs. 73,157</td><td>Rs. 110,047</td><td>Rs. 1,578,317</td></tr><tr><td>8</td><td>Rs. 78,288</td><td>Rs. 104,916</td><td>Rs. 1,500,029</td></tr><tr><td>9</td><td>Rs. 83,783</td><td>Rs. 99,421</td><td>Rs. 1,416,246</td></tr><tr><td>10</td><td>Rs. 89,659</td><td>Rs. 93,545</td><td>Rs. 1,326,587</td></tr><tr><td>11</td><td>Rs. 95,951</td><td>Rs. 87,253</td><td>Rs. 1,230,636</td></tr><tr><td>12</td><td>Rs. 102,681</td><td>Rs. 80,523</td><td>Rs. 1,127,955</td></tr><tr><td>13</td><td>Rs. 109,885</td><td>Rs. 73,319</td><td>Rs. 1,018,070</td></tr><tr><td>14</td><td>Rs. 117,594</td><td>Rs. 65,610</td><td>Rs. 900,476</td></tr><tr><td>15</td><td>Rs. 125,846</td><td>Rs. 57,358</td><td>Rs. 774,630</td></tr><tr><td>16</td><td>Rs. 134,674</td><td>Rs. 48,530</td><td>Rs. 639,956</td></tr><tr><td>17</td><td>Rs. 144,125</td><td>Rs. 39,079</td><td>Rs. 495,831</td></tr><tr><td>18</td><td>Rs. 154,234</td><td>Rs. 28,970</td><td>Rs. 341,597</td></tr><tr><td>19</td><td>Rs. 165,056</td><td>Rs. 18,148</td><td>Rs. 176,541</td></tr><tr><td>20</td><td>Rs. 176,626</td><td>Rs. 6,566</td><td>Rs. 0</td></tr></tbody></table></figure><h2><strong>Eligibility Criteria</strong></h2><p>&nbsp;Lending companies have set eligibility criteria. The borrower must meet the eligibility conditions to get the home loan approved. Though the eligibility conditions vary from lender to lender, the general guidelines are:</p><figure class="table"><table><tbody><tr><td><strong>Eligibility Head</strong></td><td colspan="2"><strong>Eligibility Criteria</strong></td></tr><tr><td>Age</td><td colspan="2"><p>The home loan borrower must be at least 21 years old.</p><p>The maximum age of the borrower is 65 years.&nbsp;&nbsp;</p><p>The number of years for which the home loan is approved cannot be more than the total number of years left until retirement.</p></td></tr><tr><td>Job Profile</td><td colspan="2">The home loan applicant can be a salaried individual, self-employed professional or self-employed non-professional.</td></tr><tr><td>Income</td><td colspan="2">The home loan applicant must have a steady income. Different lending institutions have different minimum income requirements to be eligible for the home loan.</td></tr><tr><td>Work Experience</td><td><p>The salaried individual must have a work experience of at least 2 years of which at least one year must be with the current employer.</p><p>&nbsp;</p></td><td><p>Self-employed individuals (both professional and non-professionals) must be in the same business for at least 3 years.</p><p>At least last 2 years should be profitable.</p></td></tr><tr><td>Residential Status</td><td colspan="2">Both Indian citizens and Non-Resident Indians are eligible for a home loan.</td></tr><tr><td>Credit Score</td><td colspan="2">The home loan borrower must have a good credit score. Lending institutions prefer a credit score of 650 points or above.</td></tr><tr><td>Debt-Income Ratio</td><td colspan="2">The Debt-Income ratio of the applicant must be less than 50%. The lower the Debt-Income ratio, the better.</td></tr></tbody></table></figure><h2><strong>Documents Required</strong></h2><p>A home loan application is supported by several documents. The home loan is approved only after the attached documents are successfully verified. These documents include:</p><figure class="table"><table><tbody><tr><td><strong>Age Proof (Any One)</strong></td><td><strong>Identity Proof (Any One)</strong></td><td><strong>Address Proof (Any One)</strong></td><td><strong>Income Proof (All)</strong></td></tr><tr><td rowspan="2"><p>Passport</p><p>Driving License</p><p>Life Insurance Policy</p><p>School Leaving Certificate</p><p>PAN Card</p><p>Birth Certificate</p><p>&nbsp;</p></td><td rowspan="2"><p>Passport</p><p>Driving License</p><p>PAN Card</p><p>Voter ID</p></td><td rowspan="2"><p>Utility Bill</p><p>Bank Account Statements</p><p>Property Tax Receipt</p><p>Voter ID</p><p>Property Registration Documents</p><p>&nbsp;</p></td><td><p><strong>Salaried</strong></p><p>3 months salary slips</p><p>Appointment letter</p><p>Increment letter</p><p>Last Form No. 16</p><p>Bank account statement of the salary account</p><p>Processing fee cheque issued from the salary account</p></td></tr><tr><td><p><strong>Self-Employed</strong></p><p>2 years IT returns</p><p>Business profile on letterhead</p><p>Business registration certificate</p><p>Last 6 month operative current account bank account statement Processing fee cheque issued from the business account</p></td></tr></tbody></table></figure><h3><strong>FAQs</strong></h3><h4><strong>✅ What is the EMI for 20 lakhs home loan for 20 years?</strong></h4><p>Rs. 20 lakh home loan EMI<strong> </strong>for 20 years @ rate of interest 6.80% p.a. is Rs. 15,267.</p><h4><strong>✅</strong> What is Rs. 20 lakh home loan EMI for 30 years from Kotak Mahindra Bank?</h4><p>Kotak Mahindra Bank offers home loans at a rate of interest starting at 6.65% p.a. The Rs. 20 lakh home loan EMI<strong> </strong>for 30 years from Kotak Mahindra Bank is Rs. 12,840.</p><h4><strong>✅ What will be the Rs. 20 lakh home loan EMI for 10 years?</strong></h4><p>Rs. 20 lakh home loan EMI for 10 years @ rate of interest 6.80% p.a. is Rs.23,016.</p><h4><strong>✅ What is the EMI for 20 lakhs home loan for 30 years from IDFC First Bank?</strong></h4><p>IDFC First Bank offers home loans at a rate of interest starting at 6.90% p.a. The Rs. 20 lakh home loan EMI for 30 years from IDFC First Bank is Rs.13,172.</p><h4><strong>✅Which bank has the lowest Rs.20 lakh home loan EMI for 30 years?</strong></h4><p>Citibank offers the lowest home loan interest rates starting at 6.50% p.a. Its <strong>Rs.20 lakh home loan EMI</strong> for 30 years is Rs. 12,641.</p>

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20 Lakh Home Loan EMI Interest Rate

Does arranging Rs. 20 lakh for your dream home appear insurmountable? Don’t worry! A Rs. 20 lakh home loan from leading financial companies can help you bridge this gap. What is the EMI for Rs. 20 lakhs home loan? 

20 Lakh Home Loan EMI Interest Rate - {{CURRENT_DATE}}

<p>Director - MyMoneyMantra Fintech&nbsp;</p>

Aparna Sharma

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<p>Does arranging Rs. 20 lakh for your dream home appear insurmountable? Don’t worry! A Rs. 20 lakh home loan from leading financial companies can help you bridge this gap. What is the EMI for Rs. 20 lakhs home loan?&nbsp;</p>

<h1><strong>50 Lakh Home Loan EMI Interest Rate 2022</strong></h1><p>Owning a big house requires substantial funds. Thankfully these funds can be easily arranged through a home loan. If you too want to live this dream and want to know what is the EMI for 50 lakhs home loan, let’s find it out with the help of a 50 lakh home loan EMI calculator.</p><h2><strong>50 Lakh Home Loan EMI Details</strong></h2><p>&nbsp;The home loan principal amount is received in a lump sum. The proceeds are to be repaid in the decided loan tenure. The amount to be repaid every month will be Rs. 50 lakh home loan EMI. The same is calculated using Rs. 50 lakh home loan EMI<strong> </strong>calculator. The ideal EMI is according to the repayment capacity of the borrower.&nbsp; To increase or decrease the EMI amount, adjustments in the loan term are made while using the Rs. 50 lakh home loan EMI calculator. Most lending companies have a maximum loan term of up to 30 years.</p><p>The table below shows the EMI details for different loan tenures for Rs. 50 lakh home loan. The rate of interest is @ 6.80% per annum.</p><figure class="table"><table><tbody><tr><td><strong>Loan Amount</strong></td><td><strong>Rate of Interest</strong></td><td><strong>Repayment Term</strong></td><td><strong>EMI per month</strong></td></tr><tr><td>Rs. 50 lakhs</td><td>6.80% p.a.</td><td>10 Years</td><td>Rs. 57,540</td></tr><tr><td>Rs. 50 lakhs</td><td>6.80% p.a.</td><td>15 Years</td><td>Rs. 44,384</td></tr><tr><td>Rs. 50 lakhs</td><td>6.80% p.a.</td><td>20 Years</td><td>Rs.38,167</td></tr><tr><td>Rs. 50 lakhs</td><td>6.80% p.a.</td><td>25 Years</td><td>Rs.34,704</td></tr><tr><td>Rs. 50 lakhs</td><td>6.80% p.a.</td><td>30 Years</td><td>Rs.32,596</td></tr></tbody></table></figure><h2><strong>50 Lakh Home Loan Interest Rates</strong></h2><p>The interest rates on home loans are linked to the lending rate fixed by the Reserve Bank of India. While some banks and non-banking financial companies in India approve home loans at MCLR rates, others add a certain percentage to determine their lending rate. Listed below are the leading banks that offer the most competitive rate of interest on Rs. 50 lakh home loans in India.</p><figure class="table"><table><tbody><tr><td><strong>Bank Name</strong></td><td><strong>Interest Rate</strong></td></tr><tr><td>Citibank</td><td>Starting 6.50% p.a.&nbsp;</td></tr><tr><td>Kotak Mahindra Bank</td><td>6.65% p.a.&nbsp; - 7.20% p.a.&nbsp;</td></tr><tr><td>Union Bank of India</td><td>6.70% - 7.10% p.a.</td></tr><tr><td>HDFC Ltd</td><td>6.75% - 7.15% p.a.</td></tr><tr><td>ICICI Bank</td><td>6.75% - 7.55% p.a.</td></tr><tr><td>State Bank Of India</td><td>6.80% - 7.15% p.a.</td></tr><tr><td>Bank of India</td><td>6.85% - 7.75% p.a.</td></tr><tr><td>Bank of Baroda</td><td>6.85% - 7.85% p.a.</td></tr><tr><td>AXIS Bank</td><td>6.90% - 8.40% p.a.</td></tr><tr><td>Canara Bank</td><td>6.90% - 8.90% p.a.</td></tr><tr><td>PNB Home Loan</td><td>7.00% - 7.60% p.a.</td></tr></tbody></table></figure><h2><strong>Popular Banks Providing 50 Lakh Home Loan</strong></h2><p>Top lenders offering Rs. 50 lakh home loan in India are:</p><figure class="table"><table><tbody><tr><td><strong>Bank Name</strong></td></tr><tr><td>Citibank</td></tr><tr><td>Kotak Mahindra Bank</td></tr><tr><td>Corporation Bank</td></tr><tr><td>Union Bank of India</td></tr><tr><td>HDFC Ltd</td></tr><tr><td>ICICI Bank</td></tr><tr><td>State Bank Of India</td></tr><tr><td>Bank of India</td></tr><tr><td>Bank of Baroda</td></tr><tr><td>AXIS Bank</td></tr><tr><td>Canara Bank</td></tr><tr><td>PNB Home Loan</td></tr></tbody></table></figure><h2><strong>50 Lakh Home Loan EMI for 30 Years</strong></h2><p>What is the EMI for 50 lakhs home loan? We can find out the Rs. 50 lakh home loan EMI<strong> </strong>with the help of Rs. 50 lakhs home loan EMI calculator.</p><ul><li>Loan Amount – Rs. 50,00,000</li><li>Rate of Interest – 6.80% p.a.</li><li>EMI value – Rs. 32,596</li><li>Total Interest – Rs. 67,34,653</li><li>Total Repayment – Rs. 1,17,34,653</li></ul><figure class="table"><table><tbody><tr><td><strong>Year</strong></td><td><strong>Principal</strong></td><td><strong>Interest</strong></td><td><strong>Balance Principal</strong></td></tr><tr><td>1</td><td>Rs. 52,778</td><td>Rs. 338,374</td><td>Rs. 4,947,222</td></tr><tr><td>2</td><td>Rs. 56,481</td><td>Rs. 334,671</td><td>Rs. 4,890,741</td></tr><tr><td>3</td><td>Rs. 60,442</td><td>Rs. 330,710</td><td>Rs. 4,830,299</td></tr><tr><td>4</td><td>Rs. 64,683</td><td>Rs. 326,469</td><td>Rs. 4,765,616</td></tr><tr><td>5</td><td>Rs. 69,221</td><td>Rs. 321,931</td><td>Rs. 4,696,395</td></tr><tr><td>6</td><td>Rs. 74,077</td><td>Rs. 317,075</td><td>Rs. 4,622,318</td></tr><tr><td>7</td><td>Rs. 79,274</td><td>Rs. 311,878</td><td>Rs. 4,543,044</td></tr><tr><td>8</td><td>Rs. 84,837</td><td>Rs. 306,315</td><td>Rs. 4,458,207</td></tr><tr><td>9</td><td>Rs. 90,788</td><td>Rs. 300,364</td><td>Rs. 4,367,419</td></tr><tr><td>10</td><td>Rs. 97,158</td><td>Rs. 293,994</td><td>Rs. 4,270,261</td></tr><tr><td>11</td><td>Rs. 103,974</td><td>Rs. 287,178</td><td>Rs. 4,166,287</td></tr><tr><td>12</td><td>Rs. 111,270</td><td>Rs. 279,882</td><td>Rs. 4,055,017</td></tr><tr><td>13</td><td>Rs. 119,076</td><td>Rs. 272,076</td><td>Rs. 3,935,941</td></tr><tr><td>14</td><td>Rs. 127,430</td><td>Rs. 263,722</td><td>Rs. 3,808,511</td></tr><tr><td>15</td><td>Rs. 136,372</td><td>Rs. 254,780</td><td>Rs. 3,672,139</td></tr><tr><td>16</td><td>Rs. 145,939</td><td>Rs. 245,213</td><td>Rs. 3,526,200</td></tr><tr><td>17</td><td>Rs. 156,180</td><td>Rs. 234,972</td><td>Rs. 3,370,020</td></tr><tr><td>18</td><td>Rs. 167,136</td><td>Rs. 224,016</td><td>Rs. 3,202,884</td></tr><tr><td>19</td><td>Rs. 178,862</td><td>Rs. 212,290</td><td>Rs. 3,024,022</td></tr><tr><td>20</td><td>Rs. 191,411</td><td>Rs. 199,741</td><td>Rs. 2,832,611</td></tr><tr><td>21</td><td>Rs. 204,842</td><td>Rs. 186,310</td><td>Rs. 2,627,769</td></tr><tr><td>22</td><td>Rs. 219,214</td><td>Rs. 171,938</td><td>Rs. 2,408,555</td></tr><tr><td>23</td><td>Rs. 234,593</td><td>Rs. 156,559</td><td>Rs. 2,173,962</td></tr><tr><td>24</td><td>Rs. 251,052</td><td>Rs. 140,100</td><td>Rs. 1,922,910</td></tr><tr><td>25</td><td>Rs. 268,665</td><td>Rs. 122,487</td><td>Rs. 1,654,245</td></tr><tr><td>26</td><td>Rs. 287,515</td><td>Rs. 103,637</td><td>Rs. 1,366,730</td></tr><tr><td>27</td><td>Rs. 307,686</td><td>Rs. 83,466</td><td>Rs. 1,059,044</td></tr><tr><td>28</td><td>Rs. 329,274</td><td>Rs. 61,878</td><td>Rs. 729,770</td></tr><tr><td>29</td><td>Rs. 352,375</td><td>Rs. 38,777</td><td>Rs. 377,395</td></tr><tr><td>30</td><td>Rs. 377,580</td><td>Rs. 14,054</td><td>Rs. 0</td></tr></tbody></table></figure><h2><strong>50 Lakh Home Loan EMI for 25 Years</strong></h2><p>What is the EMI for 50 lakhs home loan? We can find out the Rs. 50 lakh home loan EMI for 25 years with the help of Rs. 50 lakhs home loan EMI calculator.</p><ul><li>Loan Amount – Rs. 50,00,000</li><li>Rate of Interest – 6.80% p.a.</li><li>EMI value – Rs. 34,704</li><li>Total Interest – Rs. 54,11,802</li><li>Total Repayment – Rs. 1,04,11,802</li></ul><figure class="table"><table><tbody><tr><td><strong>Year</strong></td><td><strong>Principal</strong></td><td><strong>Interest</strong></td><td><strong>Balance Principal</strong></td></tr><tr><td>1</td><td>Rs. 78,876</td><td>Rs. 337,572</td><td>Rs. 4,921,124</td></tr><tr><td>2</td><td>Rs. 84,410</td><td>Rs. 332,038</td><td>Rs. 4,836,714</td></tr><tr><td>3</td><td>Rs. 90,333</td><td>Rs. 326,115</td><td>Rs. 4,746,381</td></tr><tr><td>4</td><td>Rs. 96,671</td><td>Rs. 319,777</td><td>Rs. 4,649,710</td></tr><tr><td>5</td><td>Rs. 103,455</td><td>Rs. 312,993</td><td>Rs. 4,546,255</td></tr><tr><td>6</td><td>Rs. 110,711</td><td>Rs. 305,737</td><td>Rs. 4,435,544</td></tr><tr><td>7</td><td>Rs. 118,477</td><td>Rs. 297,971</td><td>Rs. 4,317,067</td></tr><tr><td>8</td><td>Rs. 126,792</td><td>Rs. 289,656</td><td>Rs. 4,190,275</td></tr><tr><td>9</td><td>Rs. 135,686</td><td>Rs. 280,762</td><td>Rs. 4,054,589</td></tr><tr><td>10</td><td>Rs. 145,204</td><td>Rs. 271,244</td><td>Rs. 3,909,385</td></tr><tr><td>11</td><td>Rs. 155,393</td><td>Rs. 261,055</td><td>Rs. 3,753,992</td></tr><tr><td>12</td><td>Rs. 166,294</td><td>Rs. 250,154</td><td>Rs. 3,587,698</td></tr><tr><td>13</td><td>Rs. 177,962</td><td>Rs. 238,486</td><td>Rs. 3,409,736</td></tr><tr><td>14</td><td>Rs. 190,449</td><td>Rs. 225,999</td><td>Rs. 3,219,287</td></tr><tr><td>15</td><td>Rs. 203,811</td><td>Rs. 212,637</td><td>Rs. 3,015,476</td></tr><tr><td>16</td><td>Rs. 218,109</td><td>Rs. 198,339</td><td>Rs. 2,797,367</td></tr><tr><td>17</td><td>Rs. 233,412</td><td>Rs. 183,036</td><td>Rs. 2,563,955</td></tr><tr><td>18</td><td>Rs. 249,789</td><td>Rs. 166,659</td><td>Rs. 2,314,166</td></tr><tr><td>19</td><td>Rs. 267,316</td><td>Rs. 149,132</td><td>Rs. 2,046,850</td></tr><tr><td>20</td><td>Rs. 286,068</td><td>Rs. 130,380</td><td>Rs. 1,760,782</td></tr><tr><td>21</td><td>Rs. 306,139</td><td>Rs. 110,309</td><td>Rs. 1,454,643</td></tr><tr><td>22</td><td>Rs. 327,619</td><td>Rs. 88,829</td><td>Rs. 1,127,024</td></tr><tr><td>23</td><td>Rs. 350,605</td><td>Rs. 65,843</td><td>Rs. 776,419</td></tr><tr><td>24</td><td>Rs. 375,202</td><td>Rs. 41,246</td><td>Rs. 401,217</td></tr><tr><td>25</td><td>Rs. 401,411</td><td>Rs. 14,922</td><td>Rs. 0</td></tr></tbody></table></figure><h2><strong>50 Lakh Home Loan EMI for 20 Years</strong></h2><p>What is the EMI for 50 lakhs home loan? We can find out the Rs.<strong> </strong>50 lakh home loan EMI for 20 years with the help of Rs. 50 lakhs home loan EMI calculator.</p><ul><li>Loan Amount – Rs. 50,00,000</li><li>Rate of Interest – 6.80% p.a.</li><li>EMI value – Rs. 38,167</li><li>Total Interest – Rs. 41,60,074</li><li>Total Repayment – Rs. 91,60,074</li></ul><figure class="table"><table><tbody><tr><td><strong>Year</strong></td><td><strong>Principal</strong></td><td><strong>Interest</strong></td><td><strong>Balance Principal</strong></td></tr><tr><td>1</td><td>Rs. 121,750</td><td>Rs. 336,254</td><td>Rs. 4,878,250</td></tr><tr><td>2</td><td>Rs. 130,293</td><td>Rs. 327,711</td><td>Rs. 4,747,957</td></tr><tr><td>3</td><td>Rs. 139,435</td><td>Rs. 318,569</td><td>Rs. 4,608,522</td></tr><tr><td>4</td><td>Rs. 149,218</td><td>Rs. 308,786</td><td>Rs. 4,459,304</td></tr><tr><td>5</td><td>Rs. 159,686</td><td>Rs. 298,318</td><td>Rs. 4,299,618</td></tr><tr><td>6</td><td>Rs. 170,890</td><td>Rs. 287,114</td><td>Rs. 4,128,728</td></tr><tr><td>7</td><td>Rs. 182,881</td><td>Rs. 275,123</td><td>Rs. 3,945,847</td></tr><tr><td>8</td><td>Rs. 195,711</td><td>Rs. 262,293</td><td>Rs. 3,750,136</td></tr><tr><td>9</td><td>Rs. 209,442</td><td>Rs. 248,562</td><td>Rs. 3,540,694</td></tr><tr><td>10</td><td>Rs. 224,137</td><td>Rs. 233,867</td><td>Rs. 3,316,557</td></tr><tr><td>11</td><td>Rs. 239,861</td><td>Rs. 218,143</td><td>Rs. 3,076,696</td></tr><tr><td>12</td><td>Rs. 256,690</td><td>Rs. 201,314</td><td>Rs. 2,820,006</td></tr><tr><td>13</td><td>Rs. 274,700</td><td>Rs. 183,304</td><td>Rs. 2,545,306</td></tr><tr><td>14</td><td>Rs. 293,973</td><td>Rs. 164,031</td><td>Rs. 2,251,333</td></tr><tr><td>15</td><td>Rs. 314,598</td><td>Rs. 143,406</td><td>Rs. 1,936,735</td></tr><tr><td>16</td><td>Rs. 336,670</td><td>Rs. 121,334</td><td>Rs. 1,600,065</td></tr><tr><td>17</td><td>Rs. 360,291</td><td>Rs. 97,713</td><td>Rs. 1,239,774</td></tr><tr><td>18</td><td>Rs. 385,571</td><td>Rs. 72,433</td><td>Rs. 854,203</td></tr><tr><td>19</td><td>Rs. 412,621</td><td>Rs. 45,383</td><td>Rs. 441,582</td></tr><tr><td>20</td><td>Rs. 441,797</td><td>Rs. 16,433</td><td>Rs. 0</td></tr></tbody></table></figure><h2><strong>Eligibility Criteria</strong></h2><p>To get a home loan approved it is important that the borrower meets the lending company’s eligibility criteria. Though the eligibility conditions vary from one lender to another, the broad eligibility conditions are as under:</p><figure class="table"><table><tbody><tr><td><strong>Eligibility Head</strong></td><td><strong>Eligibility Criteria</strong></td></tr><tr><td>Age</td><td><p>The minimum age of a home loan borrower is 21 years and the maximum age of the borrower should not be more than 65 years.&nbsp;</p><p>The home loan term cannot be more than the number of years remaining until retirement.</p></td></tr><tr><td>Work Profile</td><td>The home loan applicant can either be a salaried individual, a self-employed professional, or a self-employed non-professional.</td></tr><tr><td>Income</td><td>The home loan borrower must have a regular and steady income. The minimum income clause varies from lender to lender.</td></tr><tr><td>Work Experience</td><td><p>The home loan applicant must have relevant work experience.&nbsp;</p><p>For salaried individuals at least 2 years work experience of which at least last one year must be with the current employer.&nbsp;</p><p>For self-employed individuals at least 3 years in the same business of which at least 2 years should reflect profit.</p></td></tr><tr><td>Residential Status</td><td>The home loan applicant can be either an Indian citizen or a Non-Resident Indian.</td></tr><tr><td>Credit Score</td><td>A good credit score is a must for home loan approval. A credit score of 650 points or above is preferred.</td></tr><tr><td>Debt-Income Ratio</td><td>The home loan applicant must maintain a Debt-Income ratio lower than 50%. The lower the Debt-Income ratio, the better it is.</td></tr></tbody></table></figure><h2><strong>Documents Required</strong></h2><p>Documents submission and verification is mandatory for a home loan approval. The home loan applicant must submit the following documents along with the home loan application. These are:</p><figure class="table"><table><tbody><tr><td>Age Proof (Any One)</td><td><p>Passport / Driving License / Life Insurance Policy / School Leaving Certificate / PAN Card / Birth Certificate</p><p>&nbsp;</p></td></tr><tr><td>Identity Proof (Any One)</td><td>Passport / Driving License / PAN Card / Voter ID</td></tr><tr><td>Address Proof (Any One)</td><td><p>Utility Bill / Bank Account Statements/ Property Tax Receipt / Voter ID/ Property Registration Documents</p><p>&nbsp;</p></td></tr><tr><td>Income Proof (All)</td><td><p><strong>Salaried</strong></p><ul><li>3 months salary slips</li><li>Appointment letter</li><li>&nbsp;Increment letter</li><li>Last Form No. 16</li><li>Bank account statement of the salary account</li><li>Processing fee cheque issued from the salary account</li></ul><p>&nbsp;<strong>Self-Employed (Professional and Non-Professional)</strong></p><ul><li>&nbsp;2 years IT returns</li><li>Business profile on letterhead</li><li>Business registration certificate</li><li>Last 6 months operative current account bank account statement Processing fee cheque issued from the business account</li></ul></td></tr></tbody></table></figure><h3><strong>FAQs</strong></h3><h4><strong>✅</strong>&nbsp;<strong>What is the EMI for a 50 lakh home loan for 20 years?</strong></h4><p>Rs. 50 lakh home loan EMI for 20 years @ rate of interest 6.80% p.a. is Rs.38,167.</p><h4><strong>✅</strong>&nbsp;<strong>What is 50 lakh home loan EMI for 30 years from Union Bank of India?</strong></h4><p>Union Bank of India offers home loans at a rate of interest starting at 6.70% p.a. The Rs. 50 lakh home loan EMI<strong> </strong>for 30 years from Union Bank of India is Rs.32,596.</p><h4><strong>✅</strong>&nbsp;<strong>What will be the&nbsp; 50 lakh home loan EMI for 25 years?</strong></h4><p>Rs. 50 lakh home loan EMI for 25 years @ rate of interest 6.80% p.a. is Rs.34,704.</p><h4><strong>✅</strong>&nbsp;<strong> What is the EMI for 50 lakhs home loan for 30 years from ICICI Bank?</strong></h4><p>ICICI Bank offers home loans at a rate of interest starting at 6.75% p.a. The Rs. <strong>50 lakh home loan EMI</strong> for 30 years from IDFC First Bank is Rs. 32,430.</p><h4><strong>✅</strong>&nbsp;<strong> Which bank has the lowest Rs.50 lakh home loan EMI for 30 years?</strong></h4><p>Citibank offers the lowest home loan interest rates starting at 6.50% p.a. Its Rs.<strong>50 lakh home loan EMI </strong>for 30 years is Rs. 31,603.</p>

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50 Lakh Home Loan EMI Interest Rate

Owning a big house requires substantial funds. Thankfully these funds can be easily arranged through a home loan. If you too want to live this dream and want to know what is the EMI for 50 lakhs home loan, let’s find it out with the help of a 50 lakh home loan EMI calculator.

50 Lakh Home Loan EMI Interest Rates - 
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<p>It’s pouring home loan offers in India!! Ahead of festival season, HDFC Ltd has slashed its lowest home loan interest rate to 6.70% p.a. Earlier this week, leading banks like Kotak Mahindra, State Bank of India, PNB &amp; Bank of Baroda also slashed home loan interest rates.</p><p>Both new home loan customers and balance transfer customers have ample choice to choose home loan interest rates starting from 6.50% p.a today. The customers can use the <a href="https://www.mymoneymantra.com/mmm/home-loan-emi-calculator.html"><strong>Home Loan EMI Calculator</strong></a> and lock the best EMI plan for fulfilling their housing dream.</p><h2><strong>Top Home Loan Interest Rates - Festival Offers 2021</strong></h2><figure class="table"><table><tbody><tr><td><strong>Bank/ HFC</strong></td><td><strong>Lowest Home Loan Interest Rate</strong></td><td><strong>Processing Fee</strong></td></tr><tr><td><strong>Kotak Mahindra Bank</strong></td><td>6.50%</td><td>Offer available</td></tr><tr><td><strong>SBI</strong></td><td>6.70%</td><td>Waived off</td></tr><tr><td><strong>PNB</strong></td><td>6.60%</td><td>Waived off</td></tr><tr><td><strong>BOB</strong></td><td>6.75%</td><td>Waived off</td></tr><tr><td><strong>HDFC Ltd</strong></td><td>6.70%</td><td>Flat processing offer</td></tr></tbody></table></figure><h2><strong>HDFC Festival Offer for Home Loans</strong></h2><p>Housing Development Finance Corporation Limited in the press release said: <i>Customers can avail </i><a href="https://www.mymoneymantra.com/home-loans/hdfc-ltd"><i><strong>HDFC Home Loan</strong></i></a><i> starting at 6.70 per cent per annum effective September 20, 2021. This offer will be applicable to all new loan applications irrespective of the loan amount or employment category</i>.</p><p>Following SBI, HDFC too announced an all-inclusive home loan interest rate waiver to the new customers. The HDFC Ltd festive offer starting at 6.70 % is open to borrowers with all loan slabs &amp; having credit score of 800 &amp; above.</p><p>In effect, the new HDFC rate cut will lead to saving of 45 bps for salaried &amp; up to 60 bps for self-employed applicants. The offer is valid till end of October this year. Prior the scheme, salaried customers could avail the best rate of 7.15% p.a., while the self-employed could only get best rate of 7.30 per cent, for loans above Rs 75 lakh &amp; credit score of 800.</p><h2><strong>PNB Festival Bonanza on Home Loans</strong></h2><p>A day after SBI announced its festival offer, another leading public sector lender Punjab National Bank revealed its festive offers for home loan customers. <a href="https://www.mymoneymantra.com/home-loans/pnb-housing-finance"><strong>PNB Home Loans</strong></a> now start at 6.60 % irrespective of any upper limit on home loan amount. The rate offer will be linked to the applicant's credit score said the lender.</p><p>With inclusion of all types of customers latest top housing loan scheme, the customers applying for loans above Rs 50 Lakh will enjoy the rate cut by 50 bps. Both salaried and self-employed borrowers can avail of the latest PNB offer.</p><p>Besides, PNB has also announced a full waiver of service charges/ processing fees on home loans, vehicle loans, personal loans, pension loans, MyProperty loan and gold loans. The bank added in the release: <i>Home loan ownership will become more affordable to the public in view of this offer of a full waiver of service charges and a low interest rate starting from 6.60%</i>.</p><h2><strong>Bank of Baroda Home Loan Offer</strong></h2><p>Bank of Baroda also announced its festival offer and shared new home loan and car loan interest rates with a 0.25 per cent waiver in the existing applicable rates.&nbsp;</p><p>With the BOB festival offer in place, <a href="https://www.mymoneymantra.com/home-loans/bank-of-baroda"><strong>Baroda Home Loans</strong></a> and Baroda Car Loans will now start from 6.75% p.a. and 7% p.a. respectively. Following footsteps of SBI, the BOB too has removed processing fee on home loans currently.</p><p>Adding festive cheer to customers the BOB assured faster loan processing for digital customers.&nbsp;</p><h2><strong>State Bank of India Cuts Home Loan Interest rates</strong></h2><p>Earlier this week State Bank of India had also announced open interest rate cut on home loans. <a href="https://www.mymoneymantra.com/home-loans/sbi"><strong>SBI home loans</strong></a> linked to credit score now start at 6.7% p.a., irrespective of the loan amount and customer profile, said the bank.&nbsp;</p><p>The bank added in the press statement: <i>The offer results in a saving of 45 bps which translates to a huge interest saving of more than Rs. 8 lac, for a Rs. 75 lac loan with a 30 year tenure.</i></p><p><strong>Read more: </strong><a href="https://www.mymoneymantra.com/sbi-anywhere-personal-app"><strong>SBI Cuts Home Loan Interest Rates to 6.70%, Waives Processing Fees</strong></a></p><h2><strong>Kotak Mahindra Bank slashes home loan rates</strong></h2><p>Kotak Mahindra Bank was the first one to announce rate cut in home loan interest rates ahead of festival season 2021. <a href="https://www.mymoneymantra.com/home-loans/kotak-mahindra-bank"><strong>Kotak Home Loans</strong></a> now start from 6.50% p.a for all profiles and loan amounts. The offer is valid from September 10, 2021 to November 8, 2021.</p><p>“Rates for both fresh home loans and balance transfers now start at 6.50% p.a., offering the best value to home buyers. This special rate is available across all loans amounts and is linked to a borrower’s credit profile," the bank said in its press statement.</p><p><strong>Read More: </strong><a href="https://www.mymoneymantra.com/blog/kotak-mahindra-bank-slashes-home-loan-interest-rates-to-6.50"><strong>Kotak Mahindra Bank Slashes Home Loan Interest Rates to 6.5% for next 60 days</strong></a></p><figure class="image"><a href="https://www.mymoneymantra.com/home-loans"><img src="https://d1lt2ralzv8247.cloudfront.net/images/origin/From_dream_home_to_realit_1_4546e8403d.jpg" alt="Best Home Loan in India"></a></figure>

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HDFC Ltd Home Loans now start at 6.70% p.a. Both salaried & self-employed can get the best rate for all amounts, i.e 45 & 60 bps cut for home loans over 75 lakh.

HDFC follows SBI, PNB & BOB; Slashes Home Loan Interest Rates

<p>HDFC Slashes Home Loan Interest Rates</p>

<p>Purchasing a home is supposed to be a big step in a common man’s life. It combines emotions like frustration, anxiety and a massive sense of accomplishment. Moreover, with rising property rates, it may be tough to purchase a home via your own savings entirely. Most individuals take the route of a home loan to purchase a home.&nbsp;</p><p>Given the inclusion of massive loan amounts clubbed with long repayment tenure, the home loan comes across to be a liability for many. However, the availability of various benefits on a home loan&nbsp;is one of the things that work in favour of the home loan borrowers. Below we will highlight the major home loan benefits.</p><h2><strong>What is Home Loan?</strong></h2><p>&nbsp;A home loan refers to a credit option taken up by borrowers to finance their dream home. With home loans, an individual can borrow the big-ticket amount from a financial institution at a particular interest rate, which is supposed to be repaid through EMIs for longer repayment tenures going up to 30 years. Note that in home loans, one is allowed to borrow funds of up to 75% - 90% of property’s value based on the loan amount. The remaining amount needs to be financed by the home loan borrower in the form of a down payment amount.&nbsp;</p><p>As home loans are secured in nature, the home you buy via a loan is taken up as security by a financial institution. In occasions of repetitive EMI default, the lenders may recover the loan amount via a sale of a home or property.&nbsp;</p><h2><strong>Top Benefits of Home Loan in India</strong></h2><h4><strong>&nbsp;Tax benefits</strong></h4><p>&nbsp;One of the crucial&nbsp;home loan benefits&nbsp;of taking up a home loan is an income tax deduction that one can claim on their interest or principal repayments. You can claim up to Rs 2 lakh on interest repayments under Section 24 B and up to Rs 1.5 lakh on principal repayment as per section 80 C.</p><h4><strong>Availability at lower rates</strong></h4><p>Home loans as secured credit options are available at lower rates with interest rates beginning from just 6.65% p.a onwards. Banks &amp; HFCs are offering lower rates of below 6.75% p.a. are Punjab &amp; Sind Bank, State Bank of India, Kotak Mahindra Bank and LIC Housing Finance.&nbsp;</p><h4><strong>Availability of longer loan tenure</strong></h4><p>&nbsp;Unlike various other credit options, home loans being a big-ticket credit option, are available at higher loan tenures that go up to thirty years. Due to the availability of longer tenure, one can choose their loan repayment tenure based on their repayment capacity.&nbsp;</p><h4><strong>Do not charge any prepayment fee in the case of the floating rate option.</strong></h4><p>As RBI has strictly disallowed all lenders from charging their borrowers foreclosure/prepayment charges on loan floating rates, those home loans taken up at floating interest rates do not come with any prepayment or foreclosure charges. While many lenders offering fixed-rate home loans may charge prepayment or foreclosure charges, few lenders may not charge any prepayment fees in case the prepayment of loan is made through your own funds.&nbsp;</p><h4><strong>Can opt for a top-up home loan option to meet emergencies or other financial mismatches&nbsp;</strong></h4><p>Only existing home loan borrowers are eligible to take up top-up home loans. Remember that these loans are the same as personal loans wherein borrowers are allowed to utilize their loan proceeds for meeting numerous big-ticket expenses such as car purchase, home improvement or renovation, children’s higher education, personal travel, medical expenses and others. Thus, there is zero restriction on funds’ usage on a top-up home loan, except if the loan proceeds are used for any speculation purpose. The presence of no restriction on funds usage through top home loans makes such credit options an alternative to loan against credit card and personal loans.&nbsp;</p><p>Also, remember that these loan options come at lower rates, which may be a little more than the underlying home loan rates with longer repayment tenures, which actually is dependent on the underlying home loan’s remaining tenure. Availability of lower rates and longer repayment tenures makes top-up loans one of the cheapest options that are available to existing home loan borrowers than their alternative credit options, namely loan against the credit card or personal loan.&nbsp;</p><h4><strong>What are the Most Popular Tax Benefits on Home Loans Available in India?</strong></h4><p>Home loan is one of the biggest tax-saving credit options owing to the availability of various tax deductions available as per Section 80 C, 24 b, and 80 EEA of the IT Act. Altogether, an eligible borrower of home loan can claim an overall tax deduction of nearly up to Rs 5 lakh wherein Rs 1.5 lakh deduction is allowed on principal repayments as per Section 80 C, Rs 2 lakh is allowed on loan interest component as per Section 24 b and Rs 1.5 lakh deduction is allowed on loan interest component as per Section 80 EEA if one meets the stated eligibility criteria.&nbsp;</p><h4><strong>When Should You Buy a Home Using Your Own Money?</strong></h4><p>Owing to the rising housing and property prices, owning a home by paying the entire amount is near to impossible for many. As an outcome, individuals opt for the home loan option to not just avail their dream home earlier but also make most of the available home loan benefits.</p><p>Big-ticket loan amounts clubbed with long repayment tenures available on home loans result in long term repayment commitment for the home loan borrowers. Also, lenders need their home loan borrowers to fund from their own pockets a sizable proportion of overall home buying or construction cost. Moreover, lenders even check home loan applicant’s repayment capacity when evaluating their application for a home loan. All such factors need prospective applicants of home loans to review his/her financial preparedness before submitting the home loan application.&nbsp;</p><p>Here, we will discuss the top four tips that a home loan applicant must consider to check his/her financial preparedness:&nbsp;</p><h4><strong>Build substantial corpus for home loan down payment</strong></h4><p>As the RBI has allowed the lenders to fund 75% to 90% of the cost of the property through a home loan, applicants of home loans require to contribute the remaining cost of the property from their own pocket as margin contribution or down payment. The ratio of home loan amount and home loan borrowers contribution from their own pocket is referred to as the LTV ratio. Though most home loan applicants prefer choosing higher LTV ratios, opting for a higher down payment for them would be more beneficial. They are choosing a lower LTV ratio results in a lower home loan amount, which helps at lowering the overall interest outgo incurred for property purchase or construction. As a lower LTV ratio lowers the lender’s credit risk, choosing the LTV ratio enhances the home loan approval chances at a lower rate of interest. However, one should not make a higher down payment by compromising on their contingency fund, or those investments particularly meant for achieving important financial goals. Doing this may impel one to take up high-cost credit options to mitigate financial goals or meet instant monetary crunch in case of financial exigencies.&nbsp;</p><h4><strong>&nbsp;Aim to build a higher credit score</strong></h4><p>&nbsp;A credit score is an important parameter factored in by home loan lenders when assessing the applicants for home loans. Applicants with higher scores of 750 or more have an increased probability of availing of home loan approval. Many lenders of home loans even provide preferential rates to the ones with higher scores. Thus, the ones planning to take up home loans must consider reviewing their credit reports regularly. Doing so would provide adequate time to the ones with lower scores to undertake required measures for ameliorating their scores before submitting the loan application for home.&nbsp;</p><p>The ones with lower scores can slowly build their scores by taking up credit cards and making their repayments of card bills on time. As the transactions through credit cards are equivalent to availing loans, such credit card transactions get reported to the credit bureaus, who use the data for setting one’s credit score. The ones who cannot take up regular credit cards owing to unserviceable location, risky job profile, low credit score etc., can take up secured credit cards for building their score.&nbsp;</p><h4><strong>Monthly repayment obligations for a loan within 60% of the monthly income</strong></h4><p>&nbsp;Just like other credit options, lenders of home loans factor in the home loan applicant’s repayment capacity when assessing their application for a home loan. Lenders generally consider lending the ones with a monthly repayment obligation for a loan, involving the new home loan’s EMI of within 60% of their income. Thus, the ones surpassing this limit must consider foreclosing or prepaying their prevailing loans to lower their EMI obligation. Also, these applicants can choose a lower LTV ratio or select longer repayment tenure to lower their overall EMI obligations.&nbsp;</p><p>Applicants of home loans can approach online EMI calculators for knowing their optimum EMI basis for their repayment capacity. Also, they must factor in their fund contributions towards important financial goals when estimating their disposal income. Submitting an application for a home loan once you know your repayment capacity lowers your chances of any EMI default or compromising your monthly investments towards your financial goals.&nbsp;</p><h4><strong>Include in your expected home loan EMI to your emergency fund</strong></h4><p>Uncertainties like job loss, illness, accident, disability etc., can massively affect your repayment capacity for loans. Failure to service home loan EMIs on time incurs heavy penalties and even adversely hampers your credit score. On the contrary, redeeming your investment for repayment of your EMIs for a home loan can morbidly damage your financial health. One of the ideal ways to ensure home loan repayment in such uncertain events is to add in the projected EMI for a home loan of at least six months to your emergency fund.&nbsp;</p><p>&nbsp;A major goal of creating an emergency fund is to keep yourself completely prepared to mitigate unavoidable expenditures such as rent, living expenses, child’s education costs, insurance premiums, loan EMIs and others in the situation of unforeseen financial emergencies or income loss.&nbsp;</p><h3><strong>FAQs</strong></h3><h4><strong>✅What are the benefits of home loan?&nbsp;</strong></h4><p>&nbsp;Home loan benefits&nbsp;include their availability at lower interest rates starting from as low as 6.65% p.a., longer repayment tenures going up to 30 years and involvement of no prepayment fees in case of floating home loans. Other benefits include the availability of tax benefits in home loans and the availability of top-up home loan options to only existing home loan borrowers at lower interest rates than their alternative options like credit card loans or personal loans to meet fund mismatches or to face financial emergencies.&nbsp;</p><h4><strong>✅Why do people go for home loans?&nbsp;</strong></h4><p>As homes involve big-ticket amounts, accumulating massive funds to finance one’s home dream may be near to impossible for many. Home loan comes across as a rescue for them as lenders allow one to buy their dream home by financing the home’s cost. Also, the interest rate on home loans is lower, with their tenures going as high as 30 years, which allows their applicants to opt for the home loan tenure basis their repayment capacity. The option of making a prepayment on a home loan is always available to their borrowers at zero cost in case of floating home loan rates. Opting for this option helps their borrowers to lower their overall interest cost.&nbsp;</p><h4><strong>✅Is home loan EMI tax-free?&nbsp;</strong></h4><p>&nbsp;The principal component of EMI paid on a home loan is allowed for a tax deduction as per Section 80 C. The maximum amount, which one can claim under this Section, is up to 1.50 lakh. In the case of the interest component paid on a home loan, a tax deduction of up to ₹ 2 lakh can be claimed as per Section 24 b.&nbsp;</p><h4><strong>✅How can I opt for a home loan?&nbsp;</strong></h4><p>Home loan applicants can avail of a better deal on home loans by widening their search for a home loan and opting for the lender offering the lowest interest rate for the optimal loan tenure as well as the loan amount.&nbsp;</p><h4><strong>✅Can husband and wife claim home loan interest?</strong></h4><p>In the case of joint home loan as the home or property may be jointly owned by the husband and wife, both are entitled to claim home loan benefits&nbsp;in reference to tax as per Section 24 b on interest repayment and on principal component repayment of home loan as per Section 80 C.</p>

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Know the various benefits of taking a Home Loan at mymoneymantra.com. Buy a new house or renovate the old one with the Home Loan amount and get the benefits.

Benefits of Home Loan in India - MyMoneyMantra

<p>Know the various benefits of taking a Home Loan at mymoneymantra.com. Buy a new house or renovate the old one with the Home Loan amount and get the tax benefits.</p>

<p>State Bank of India (SBI) has waived off 100% processing fee on home loans till August 31, 2021. This comes as a special bonus for new home loan borrowers.</p><p>Currently, the processing fee on <a href="https://www.mymoneymantra.com/home-loans/sbi"><strong>SBI Home Loans</strong></a> is 0.40 per cent of the sanctioned loan amount. Thus, a customer stands to save flat Rs 20,000 on a home loan of Rs 50 Lakh.&nbsp;</p><p>SBI in its press release said that the 'Monsoon Dhamaka Offer' is for limited period and ends on 31st August 2021. It will benefit the home loan borrowers substantially and revive the consumer sentiments.</p><p>SBI said: <i>There could not be a better time to buy a house, considering </i><a href="https://www.mymoneymantra.com/sbi-home-loan-interest-rates"><i><strong>SBI Home Loan Interest Rates</strong></i></a><i> start at just 6.70 per cent.</i>&nbsp;</p><p>C.S. Setty, Managing Director of SBI added, with historically low home loan interest rate the waiver on processing fee will further facilitate consumers and encourage the home buyers to take decision with ease.&nbsp;</p><p>Furthermore, the largest public sector lender in the country is also offering 0.05 % concession (interest rate discount) to home loan applications sourced digitally through YONO App. The women applicants get another 0.05% rate concession on SBI Home Loans.</p><p>The bank had offered a similar processing fee waiver offer in September 2020 as well.</p>

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Good news for home loan borrowers. SBI has waived off 100% processing fee on home loans. Further enjoy lower interest rate on online home loan applications.

SBI’s Monsoon Dhamaka: Zero Processing Fee for New Home Loans

<p>SBI’s Monsoon Dhamaka: Zero Processing Fee for New Home Loans</p>

<p>In the event of financial requirements, it is common for one to opt for loans. In case you are one of those already servicing or repaying your home loan EMIs, your best bet is often to opt for the top-up<strong> </strong>loan option, which is available over and above one's existing home loan. Though you can avail a different credit option like a personal loan, gold loan etc., they are generally available at a higher interest rate than top-up home loans. Thus, as top-up home loans come with no documented requirement and are available at a lower interest rate than other credit options, opting for them in case of financial emergencies are much better for existing home loan borrowers.&nbsp;</p><p>HDFC top-up loan, SBI home loan top up<strong> </strong>and other banks and HFCs provide top-up loans even when you opt for the home loan balance transfer option. Also, note that the features of top-up loans of home loans are similar to personal loans or loans against credit cards wherein the loan borrower is allowed to use their fund proceeds for meeting any purpose, may it be for funding their child's higher education, home renovation cost, travel abroad expenses etc. Thus, one can use top-up loans for meeting various purposes and at the same time enjoy their cost-effective rate of interest.&nbsp;</p><h2><strong>What is Top Up Loan?</strong></h2><p>Top-up home loans are an additional loan, which is taken over and above the outstanding home loan amount for mitigating big-ticket lifestyle expenses such as car buying, home renovation, medical exigencies, personal travel, child's higher education or wedding etc.&nbsp;</p><p>The loan amount sanctioned on top-up loans generally depends upon the difference between the originally disbursed home loan amount &amp; the outstanding loan amount. The lenders can allow a home loan amount of around Rs 50 lakh or more. On the contrary, in the situation of their alternatives, the personal loan's amount can go up to Rs 40 lakh basis on the applicant's capacity to repay. For loans against credit cards, their loan amount is generally a proportion of the card holder's free credit limit. Note that there are few credit card issuers who might permit credit card loans over and above the credit card user's credit card limit. Thus, in the event of the top-up loans, the possibility of getting higher loan amounts is way higher.&nbsp;</p><h3><strong>Benefits of Top Up Loan</strong></h3><p>The existing home loan borrowers might require incurring big-ticket lifestyle expenses related to home renovation or improvement, car purchase, personal travel, medical emergencies, child's higher education or wedding etc. The ones witnessing monetary mismatches or shortfalls to mitigate such expenses can look for taking up top-up loans on their home loans from their existing lenders of home loan.</p><p>Here, we will in detail discuss some of the top advantages of opting for top-up home loans for the existing home loan borrowers:&nbsp;</p><h3><strong>Fund proceeds that are available come with zero restriction on their end usage.</strong></h3><p>Though top-up loans<strong> </strong>can only be taken up by the existing borrowers of home loans, they do not have any restriction on the end-use of the funds. However, their funds cannot be used for meeting speculative purposes. The absence of end-use restriction on their loan proceeds makes top-up loans an alternative to personal loans or loans against credit cards for the existing borrowers of home loans. Proceeds available from top-up loans can be used for purchasing a car, funding a child's higher education or marriage etc.&nbsp;</p><h3><strong>Available at a lower rate of interest</strong></h3><p>Interest rates on personal loans can range anywhere from 9% to 24% p.a. based on the applicants' credit profiles. Loan against credit card's rates is usually a notch higher as compared to personal loan's rates available to the applicants from the same bank or NBFC. However, the top-up home loan's rates are usually the same or maybe slightly higher as compared to the existing rates of the underlying home loans. It makes top-up loans one of the cheapest loan options for the existing home loan borrowers who are availing of home loans at a lower rate of interest.</p><h3><strong>Higher repayment loan tenure</strong></h3><p>The repayment tenures of the top-up home loans primarily are based on the remaining tenure of the underlying home loan. For example, for the existing home loan borrowers with remaining home loan repayment tenure of 15 years, his top-up loan repayment tenure may be of up to 15 years. Loan repayment tenures for their alternative loan options such as personal loans and loans against credit cards are usually up to five years, with few of the lenders allowing to offer longer tenures on personal loans for up to 7 years. As higher loan repayment tenures result in reduced EMIs, selecting top loans might help in lowering the EMI burden.&nbsp;</p><h3><strong>Higher loan amount</strong></h3><p>Loan amount on the occasion of a top-up home loan can go nearly up to Rs fifty lakh or even more. Note that for top-up home loans, the loan amount calculation is primarily based on the difference between the originally disbursed home loan amount and the outstanding loan amount. The loan amount in the situation of personal loan ranges anywhere between Rs 50,000 and Rs 40 lakh based on the applicant's income and his repayment capacity. In the case of loans against credit cards, loan amounts usually are the portion of the credit card user's free credit card limit. However, some of the credit card issuers can provide a loan against a credit card option over the card user's credit limit. Hence, the possibility of availing higher loan amount in the case of top-up loans are much higher, particularly for the ones who have repaid a considerable portion of their original home loan amount.&nbsp;</p><h3><strong>Swift processing and documentation</strong></h3><p>Top-up home loan's processing time is generally longer as compared to personal loans and credit card loans. Loans against credit cards are generally sanctioned on the same day of submitting the loan application, while personal loans take time and are usually sanctioned within 2 to 7 days of a loan application. However, in the case of top-up home loans, a few of the lenders have begun offering such loans in pre-approved versions to the existing home loan borrowers. Top-up loans nowadays may get disbursed on the same day of the loan application. Availability of instant top-up home loans competes against personal loan options and loans against credit cards in terms of instant disbursal.&nbsp;</p><h3><strong>Features of Top Up Loan</strong></h3><h4><strong>High loan amount</strong></h4><p>Top-up home loan's loan amount usually goes up to Rs 50 lakh or even higher. Remember that for top-up home loans, their loan amount calculation is done based on the difference between the original home loan amount, which is sanctioned and the outstanding home loan amount.</p><h4><strong>Longer repayment tenure</strong></h4><p>A top-up home loan's repayment tenure basically depends upon the residual tenure of the underlying home loan. For instance, for existing borrowers of home loans with a residual home loan tenure of 15 years, his top-up repayment tenure would be up to 15 years.&nbsp;</p><h4><strong>Lower rate of interest</strong></h4><p>Top-up home loan's interest rates are generally the same or might be a little higher than the existing home loan's interest rate. This makes top-up loans one of the cheapest credit options for the existing home loan borrowers servicing their home loans at a lower rate of interest.</p><h4><strong>Has no restriction on funds end usage</strong></h4><p>Similar to a personal loan or loan against a credit card's loan proceeds, the loan proceeds of top-up home loans come with no restriction on their funds end usage. One can use the loan proceeds for any purpose such as home furnishing, meeting medical expenses, funding a child's education or marriage expenses etc. However, one cannot use the loan proceeds for any speculative reason.</p><h4><strong>Swift processing</strong></h4><p>While the regular top-up home loan may take up to a week to get disbursed, their instant version offered by some lenders makes the top-up home loans available to the existing home loan borrowers on the same day of submission of a loan application. Note that the availability of top-up home loans competes well against credit card loans and personal loan credit options in reference to instant disbursals.&nbsp;</p><h2><strong>Best Top Up Loan Interest Rates 2021</strong></h2><figure class="table"><table><tbody><tr><td colspan="4">Top-up home loan interest rates</td></tr><tr><td>Name of lender</td><td>Interest rate (%)</td><td>Loan amount (Rs)</td><td>Loan repayment tenure</td></tr><tr><td>State Bank of India</td><td>7.50 - 9.80</td><td>No limit</td><td>Up to 30 years</td></tr><tr><td>Punjab &amp; Sind Bank</td><td>8.10 - 8.65</td><td>Up to 25 lakh&nbsp;</td><td>Up to 10 years</td></tr><tr><td>Bank of Baroda</td><td>Applicable ROI on linked home loan + Strategic Premium + 0.60</td><td>1 lakh – 2 crore</td><td>Depends on the applicant's age criteria</td></tr><tr><td>Canara Bank</td><td>7.45 - 9.50</td><td>Up to 25 lakh</td><td>Up to 10 years</td></tr><tr><td>HDFC Ltd</td><td>For existing customers: 7.60 – 8.80; For new customers: As per home loan slab</td><td>Up to 50 lakh</td><td>Up to 15 years</td></tr><tr><td>Bank of India</td><td>Applicable interest rates linked home loan + 0.50</td><td>2 lakh onwards*</td><td>Up to 12 years</td></tr><tr><td>UCO Bank</td><td>8.70</td><td>1 lakh – 25 lakh</td><td>The personal loan is to be repaid before the borrower attains the age of 75 years.</td></tr><tr><td>Axis Bank</td><td>8.65 onwards</td><td>Up to 50 lakh</td><td>Same as the residual tenure of existing home loan</td></tr><tr><td>Bank of Maharashtra</td><td>7.40 – 8.65</td><td>Up to overall LTV ratio of 75%</td><td>Up to 15 years</td></tr><tr><td>Indian Bank</td><td>8.60 – 9.25</td><td>1 lakh-60 lakhs</td><td>Up to 10 years</td></tr><tr><td colspan="4">* Total loan amount including outstanding loan amount of existing home loan should not exceed 75% of distress value of property&nbsp;</td></tr><tr><td colspan="4"><strong>Data as of 27th July 2021</strong></td></tr></tbody></table></figure><h3><strong>Eligibility Criteria</strong></h3><p>Existing home loan borrowers can take up top-up home loans basis the listed conditions:&nbsp;</p><p>* Top up loans can just be extended against a complete property with zero post disbursal documentation requirement.</p><p>* For the existing borrowers, a clear repayment track record of home loan's EMI is crucial. Even one bounced EMI can hamper the borrower's approval chances for availing of top-up home loans.</p><p>* An existing home loan borrower becomes eligible for the top-up option post 6 months' clear repayment.</p><p>* For a top-up home loan with the takeover of the home loan from another lender, a 1-year clear repayment history will be needed.&nbsp;</p><h3><strong>Documents Required</strong></h3><p>Usually, in the case of pre-approved top-up home loan offer to the existing home loan borrowers, there is no requirement of any documentation as lenders offer the pre-approved option to select borrowers with a good credit profile and excellent repayment record. However, in the case of regular top-up loans, few documents may be required.&nbsp;</p><p>An updated bank account statement showing your existing home loan EMIs is a vital document needed for a top-up loan. Before you submit an application, ensure to avail relevant information regarding the documents needed as different lenders have different document requirements. Doing so can help you fasten up your approval process.&nbsp;</p><h3><strong>How to Apply for Top Up Loan in India</strong></h3><p>There are majorly 2 ways to apply for top home loans. Firstly, you can directly approach your existing home loan lender to avail of the loan by visiting the bank or HFC branch. Secondly, you can visit the lender's website and apply for a top-up loan online, wherein you require submitting your contact details, and the respective lender will contact you.</p><h3><strong>FAQ</strong></h3><h4><strong>✅What is the benefit of top-up loan?&nbsp;</strong></h4><p>One of the main benefits of top-up loans is that they are available at a lower interest rate than their alternatives, such as personal loans and loans against credit cards. Additionally, the loan repayment tenure offered by top-up home loans are even much higher and are based on the residual tenure of the underlying home loans. However, in the case of their alternative credit option, personal loans allow a loan tenure of up to 7 years and loans against credit cards permit a loan repayment tenure of up to 5 years.&nbsp;</p><h4><strong>✅How much top-up loan can I get?&nbsp;</strong></h4><p>The loan amount for a top-up home loan can go up to Rs 50 lakh or more. Note that in the case of top-up loans, their calculation for a loan amount is on the basis of the difference between the originally disbursed or sanctioned home loan amount and the outstanding home loan amount.</p><h4><strong>✅Is a top-up loan a good idea?&nbsp;</strong></h4><p>Yes, for the existing home loan borrowers, opting for a top-up home loan is the best decision they can make in the event of financial shortages or emergencies. It is because top-up home loan's interest rates are lower as compared to their alternatives like personal loans and loans against credit cards. Also, the top-up loan option's repayment tenure is higher than personal loan and credit card loans. Furthermore, the chances of availing of the higher loan amount are more in the case of top-up home loans than unsecured loan alternatives.&nbsp;</p><h4><strong>What is the interest rate for a top-up loan in Axis Bank?&nbsp;</strong></h4><p>The top-up home loan rate offered by Axis Bank begins from 8.65% p.a onwards.</p><h4><strong>What is the rate of interest for a top-up loan in SBI?&nbsp;</strong></h4><p>SBI's top-up home loans interest rate at present ranges between 7.50% p.a. and 9.80 % p.a.</p>

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Top-up loan can be used for the purpose of modification or construction of your house or to meet your personal expenses. Know more about top up loans here.

What is Top-up Loan? Should You Avail One?

<p>Top-up loan can be used for the purpose of modification or construction of your house or to meet your personal expenses. Know more about top up loans here.</p>

<h2><strong>What are the Home Loan Tax Benefits in 2021?</strong></h2><p>Purchasing a home is one of the significant financial decisions one makes in their lifetime. To give it a push, the Indian government has come up with various home loan tax benefit options to encourage home seekers to invest in the home through a home loan. One of the most common home loan tax benefits generally availed by individuals is offered by Section 80 C, wherein up to Rs 1.5 lakh tax deduction is allowed on account of repayment of the principal component. And a home loan tax benefit of up to Rs 2 lakh can be availed on repayment of the interest component for the self-occupied property under Section 24b. Apart from this, there are other income tax benefits on home loans available to the home loan borrowers about which we will discuss below.&nbsp;</p><p>Besides this, note that the government has also come up with numerous schemes, such as Pradhan Mantri Jan Dhan Yojana, which strives at bringing down the problem of accessibility and affordability.&nbsp;</p><h2><strong>Income Tax Benefit on Home Loan in FY 2021-22</strong></h2><p>Have any idea about the income tax rebate on a home loan provided by the government? Here, we will look at numerous home loan tax benefits that one can claim against their home loan.&nbsp;</p><figure class="table"><table><tbody><tr><td colspan="3"><strong>Home loan tax benefit</strong> in FY 2021-22</td></tr><tr><td>IT Section</td><td>Home loan tax deduction nature</td><td>The maximum tax deduction amount</td></tr><tr><td>Section 80C</td><td>Principal (including the registration &amp; stamp duty fee)</td><td>1.50 lakh</td></tr><tr><td>Section 24 (b)</td><td>Interest&nbsp;</td><td>Rs 2 lakh</td></tr><tr><td>Section 80EE</td><td>In addition, interest for first-time buyers</td><td>Rs 50,000</td></tr></tbody></table></figure><p>Indian government provides home loan tax benefits under the IT Act of 1961. Home loan borrowers can avail the benefits of the tax deduction on interest under Section 24 (b), tax deduction on principal under Section 80C and additional home loan tax benefit for first time home applicants as per Section 80EE.</p><p>Such tax saving on home loans assists borrowers in saving a sizable component per year. Moreover, the Finance Minister - Nirmala Sitharaman, on 1st&nbsp;February 2021, in the Union Budget, extended additional tax deduction on interest paid of up to Rs 1.50 lakh for buying affordable homes by a year more. Thus, the home loan borrowers can avail of deduction on interest paid of up to Rs 3.50 lakh for a year more until 31st&nbsp;March 2022. Remember that such tax deductions are available as per Section 80EEA, which offers home loan tax benefits of up to 1.50 lakh on the interest component serviced through home loans. Such benefits on a home loan are available over and above the present exemption of Rs 2 lakh as per Section 24 b.</p><p>However, note that such deductions can just be claimed to buy houses available at a value of up to Rs 45 lakh. Homebuyers can claim such benefits on home loans if availed till 31st March 2022. &nbsp;</p><h3><strong>Home Loan Tax Benefits under Section 80C</strong></h3><p>Section 80 C of the IT Act offers a home loan tax benefit linked to principal amount repayment. As per the section, the amount serviced as repayment of principal amount through home loan is permitted as a deduction for up to Rs 1.50 lakh.&nbsp;</p><p>&nbsp;Crucial terms for a tax deduction on home loan principal repayment based on Section 80C:&nbsp;</p><ul><li>Such types of deductions are permitted after the home construction. Also, completion certificates must be awarded for obtaining such deductions. Such deductions cannot be permitted for periods under which the home was under the construction phase.&nbsp;</li><li>&nbsp;Crucial point to be considered is that according to Section 80 (5), one cannot transfer their property if deduction under Section 80 has been obtained. These properties cannot be transferred for a minimum 5 years period from the end of the year when possession of the home was obtained. In case such properties are sold under a 5 year period, all the deductions that were permitted as a tax benefit in erstwhile years may be considered to be your income when you made such property sale.&nbsp;</li></ul><figure class="table"><table><tbody><tr><td>Particulars</td><td>Section 80C of the IT Act</td></tr><tr><td>Tax deduction permitted for&nbsp;</td><td>Principal</td></tr><tr><td>Kind of property</td><td>Just residential house property</td></tr><tr><td>Tax deduction basis</td><td>Paid basis</td></tr><tr><td>Tax deduction allowed</td><td>Rs 1.50 lakh</td></tr><tr><td>Loan purpose</td><td>Construction of new property/purchase</td></tr><tr><td>Eligibility to claim a tax deduction</td><td>Nil</td></tr><tr><td>Restriction on the property sale</td><td>Deduction claimed can be reversed if the property is sold off within 5 years.</td></tr></tbody></table></figure><h3><strong>Home Loan Tax Benefits under Section 24B</strong></h3><p>According to the Section 24 b of the Income Tax Act, 1961, one can avail<strong> of home loan tax benefit </strong>on home loan interest amount. As per the Section, one can claim up to Rs 2 lakh tax deduction on the interest paid for a home loan for a self-occupied property. However, zero maximum limit applies in the situation of the property, which may not be self-occupied, is deemed or rented. A taxpayer can get a deduction of the entire amount paid as per Section 24. However, if the property owner owing to employment or occupation reason does not occupy the home and is living in another place, the maximum tax deduction permitted will be Rs 2 lakh. Property must be constructed or bought within a span of 5 years from the end of the financial year when the loan was drawn.&nbsp;</p><figure class="table"><table><tbody><tr><td>Particulars&nbsp;</td><td>Section 24 b of IT Act&nbsp;</td></tr><tr><td>Tax deduction permitted for</td><td>Interest</td></tr><tr><td>Property type</td><td>Any kind of real estate property</td></tr><tr><td>Tax deduction basis</td><td>Accrual basis</td></tr><tr><td>The amount allowed for a tax deduction</td><td>Self-occupied property: Rs 2 lakh</td></tr><tr><td>Loan purpose</td><td>Construction/purchase/renewal/repair/reconstruction of residential home property</td></tr><tr><td>Eligibility to claim tax deductions</td><td>Construction must be completed with a span of 5 years/Purchase.</td></tr></tbody></table></figure><h3><strong>Tax benefits on home loan as per Section 80EE</strong></h3><p>&nbsp;Just the first time, home loan owners can claim home loan tax benefits as per Section 80EE. According to the section provision, an additional Rs 50,000 deduction may be permitted to those making payment of interest on their home loan. This specific incentive can be separate &amp; in excess of Rs 2 lakh deduction permitted under Section 24 and deduction of Rs 1.5 lakh permitted as per Section 80 C.&nbsp;</p><h4><strong>Crucial conditions for a tax deduction on first home loan interest according to Section 80EE</strong></h4><ul><li>Taxpayers must not be the owner of any other type of property when submitting the loan application. Property against which home loan is taken must be the first.&nbsp;</li><li>Property’s value must be up to Rs 50 lakh.</li><li>Home loan taken must be up to Rs 35 lakh.</li><li>Amount of such home loan must be disbursed to individuals between 1st&nbsp;April 2016 &amp; 31st&nbsp;March 2017.&nbsp;</li></ul><figure class="table"><table><tbody><tr><td>Particulars</td><td>Section 80EE</td></tr><tr><td>Tax deduction permitted on</td><td>Interest</td></tr><tr><td>Property type</td><td>Just residential home property</td></tr><tr><td>Tax deduction basis</td><td>On paid basis</td></tr><tr><td>Tax deduction amount permitted</td><td>Rs 1.50 lakh</td></tr><tr><td>Loan purpose</td><td>Construction of new home property/purchase</td></tr><tr><td>Eligibility to claim a tax deduction</td><td>Nil</td></tr></tbody></table></figure><h3><strong>Additional deduction on tax as per PMAY - CLSS scheme: Section 80EEA</strong></h3><p>To make purchasing homes affordable, the government has extended the interest deduction permitted for the low-cost housing loan to 31st&nbsp;March 2022. According to this new section of 80EEA, one can claim up to Rs 1.50 lakh deduction on interest paid for a home loan.&nbsp;</p><h4><strong>For claiming the benefits, listed conditions must be met:&nbsp;</strong></h4><ul><li>Stamp duty value of the house property must be within Rs 45 lakh.&nbsp;</li><li>You must not own a residential property on loan sanction date.&nbsp;</li><li>You must not be eligible for claiming a deduction as per Section 80EE of the IT Act.</li></ul><h4><strong>Income Tax Benefit on Home Loan on Buying Second Property</strong></h4><p><strong>&nbsp;</strong>One can claim this tax deduction on availing of their second home loan but just on interest paid on a home loan. Presently, individuals can claim a home loan tax benefit just for the 1 property, which is self-occupied and conduct tax repayments basis notional rent.&nbsp;</p><h4><strong>Income Tax Benefit on Joint Home Loan</strong></h4><p>Submitting a home loan application jointly not just enhances one’s home loan eligibility. It even renders home loan tax benefits. Those individuals taking up home loans jointly are given a choice to take up avail tax benefit individually. It implies that if 2 individuals have submitted an application for a joint home loan, each of them can claim the home loan tax benefit of up to Rs 2 lakh and up to Rs 1.5 lakh on their home loan interest and principal, respectively. Thus, the combined home loan tax benefit that they may enjoy can sum up to Rs 7 lakh only if they meet the required prerequisites.&nbsp;</p><h3><strong>How to Claim Tax Benefit on Home Loan in India?&nbsp;</strong></h3><p>The procedure for claiming home loan tax benefits is very simple and easy.</p><ul><li>Ensure you are the owner of the residential property. In the situation of a joint home loan, make sure to be the home’s co-owner.&nbsp;</li><li>Ensure to calculate the overall amount that you can claim in the form of tax deduction.&nbsp;</li><li>Ensure to hand over your company with whom you are working your home loan interest certificate to make sure they adjust the TDS. On failing to follow the step, you require filing your IT returns.</li></ul><p>&nbsp;A self-employed borrower requires not to submit such documents. They should keep them handy so that they can provide them right away in the case of any query in the future.&nbsp;</p><h3><strong>FAQs</strong></h3><p><strong>✅What is the home loan tax deduction in case of a joint loan?</strong></p><p>&nbsp;If a home loan is taken jointly, each home loan borrower can enjoy home loan tax benefits from their taxable income individually. Note that one can claim up to Rs 1.5 lakh on their principal amount paid and up to Rs 2 lakh on their interest amount paid.&nbsp;</p><h4><strong>✅Is there any home loan tax benefit on a second home?</strong></h4><p>&nbsp;In case you take another home loan, home loan tax benefits are applicable on payable interest components. In this case, you can claim the whole interest amount that is paid as no cap is applied to it. Presently, individuals can claim just one property in the form of self-occupied and make the tax payments on another notional basis rent.&nbsp;</p><h4><strong>✅How to claim a home loan tax benefit?</strong>&nbsp;</h4><p>The procedure to claim the home loan tax benefit involves:&nbsp;</p><ul><li>Ensure the residential property is owned by you. In the event of a joint home loan, make sure you are the co-owner of the home loan.&nbsp;</li><li>Calculate the overall amount that you can claim in the form of tax deduction.</li><li>You should hand over the company with whom you are employed with your home loan interest certificate so that they can adjust TDS. Not following the step will require you to file IT returns.&nbsp;</li></ul><p>&nbsp;A self-employed person does not require to submit any of the above-mentioned documents. However, they should keep required documents handy in the case of any query, which may come up in future.&nbsp;</p><h4><strong>✅What is the highest amount eligible for a tax deduction for a home loan?</strong></h4><p><strong>&nbsp;</strong>The maximum tax-deductible amount for a home loan is stated below as per IT Act 1961:</p><ul><li>Up to Rs 1.50 lakh on the principal amount repaid as per Section 80C.&nbsp;</li><li>Up to Rs 2 lakh deduction under Income tax act on home loan interest amount repaid as per Section 24 b.&nbsp;</li><li>Up to Rs 1.50 lakh on interest repaid for only first time home buyers under Section 80EEA</li><li><strong>✅Who is eligible for Income tax exemption on a home loan?&nbsp;</strong></li></ul><p>An individual who has bought a new home for self-occupation or to rent out can claim the tax exemption as per Section 24(b), 80C and 80EEA of the IT Act, 1961. Co-owners or co-borrowers of home loans can even claim home loan tax benefits.&nbsp;</p>

What are the home loan tax benefits in 2021

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know about Tax benefit on Home loan, Housing loan interest deduction, Income Tax rebate on Home loan.Find out Income tax exemption and home loan tax benefit

What are the Home Loan Tax Benefits in 2021? 

<p>know about Tax benefit on Home loan, Housing loan interest deduction, Income Tax rebate on Home loan.Find out Income tax exemption and home loan tax benefit</p>

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