An INR 10 lakhs home loan is a practical option for individuals aspiring to own a home without taking on a substantial financial burden upfront. Whether you're a first-time buyer or investing in a second property, understanding the details of your loan – such as EMI calculation, eligibility criteria, and the documentation required – is essential.
If you're wondering what the EMI will be for an INR 10 lakhs home loan, factors like the interest rate and tenure will play a crucial role – making it all the more important to evaluate your options carefully before applying.
This article covers everything you need to know to make an informed decision.

What Is the EMI for an INR 10 Lakhs Home Loan?

The INR 10 lakhs home loan EMI depends on key factors such as the interest rate and repayment tenure.
A home loan EMI calcolator can help you estimate your monthly instalments by adjusting the interest rate (which is ultimately determined by the lender) and the loan tenure.
For example, at an interest rate of 10% per annum and a tenure of 20 years, the EMI comes to approximately INR 9,650.

INR 10 Lakhs Home Loan EMI Details

Here’s a year-wise breakdown of the approximate EMIs for an INR 10 lakhs home loan at an interest rate of 10% per annum:

Disclaimer: Please note that the figures above are approximate and for illustrative purposes only. Your final EMI amount will depend on many factors and will be disclosed in the schedule shared with you after loan approval.

How to Apply for an INR 10 Lakhs Home Loan?

Applying for an INR 10 lakhs home loan typically involves the following steps:

• Eligibility Check: Ensure you meet the lender's eligibility criteria, which typically include age, income, credit score, and existing financial obligations.
  
• Documentation: Gather necessary documents such as identity proof, address proof, income proof, and property documents.
  
• Application Submission: Fill out the online loan application form and submit it along with the required documents.
  
• Verification: The lender will verify your documents, and a representative may reach out to take the process further.
  
• Disbursal: Upon successful verification, the loan will be sanctioned and disbursed to your account.

Eligibility Criteria for an INR 10 Lakhs Home Loan

To qualify for an INR 10 lakhs home loan, applicants must meet specific eligibility conditions. These may vary slightly depending on the lender, but the typical criteria include:

• Employment Type
• Salaried Individuals: Applicants should be employed with reputed multinational companies (MNCs), government institutions, or publicly listed companies. Employment in private limited companies, unlisted/closely held firms, partnership firms, or proprietorships is also acceptable.
  
• Self-Employed Individuals: Eligible applicants include sole proprietors, individual business owners, and self-employed professionals such as doctors, architects, and chartered accountants. Partnership firms and private limited companies/closely held/unlisted companies are also among eligible entities.
  
• Age Criteria
  Applicants must be at least 21 years old at the time of loan application and not older than 65 years at the time of loan maturity.
  
• Credit Score
  A minimum CIBIL score of 700 is generally required to be eligible for a home loan. A higher score improves the likelihood of approval and may also help secure a better interest rate.

*Please note that these are only the basic eligibility requirements. The final eligibility will depend on several factors, including the lender’s policy at the time of loan application.

Documents Required for an INR 10 Lakhs Home Loan

To process your home loan application and verify your eligibility, you’ll need to submit a set of supporting documents. These help the lender assess your financial profile and the property details accurately.
Here’s a simple checklist for your reference:
Proof of Identity

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• PAN card
  
• Voter ID
  
• Driving licence
  
• Employee Card (for salaried applicants)

Proof of Residence

• Aadhaar card
  
• Recent electricity bill or piped gas monthly bill
  
• Ration card
  
• Property tax receipt or water bill

Proof of Income – Salaried Applicants

• Last 6 months’ bank statements showing salary credits
  
• Salary slips for the last 3 months
  
• Form 16 for the previous 2 years

Proof of Income – Self-Employed Applicants

• Bank statements for the last 6 months (primary business account)
  
• Income Tax Returns (ITRs) for the past 2 years with computation
  
• CA-audited financial statements (if applicable)

Property Documents

• Relevant documents related to the property being financed will also be required. These may include the sale deed, allotment letter, title deed, and other valid papers as per the lender’s guidelines.

*Please note that additional documents may be required based on your individual profile and the lender’s policy at the time of loan application.

INR 10 Lakhs Home Loan Features and Benefits

Here are some of the key features and benefits of an INR 10 lakhs home loan:

• Seamless Online Loan Application Process
  Enjoy a hassle-free application experience that can be completed online with just a few essential documents.
• Attractive Interest Rates
  Benefit from competitive home loan interest rates that help reduce your monthly EMIs and overall borrowing cost.

• Tenure Flexibility
  Repayment tenures typically extend up to 30 years*, allowing you to choose a duration that keeps your EMIs budget-friendly and manageable.
• No Hidden Fees or Charges
  Reputed lenders maintain transparency by clearly listing applicable fees and charges on their websites and communicating them upfront, so there are no surprise costs down the road.

Factors to Consider While Availing an INR 10 Lakhs Home Loan

Before applying, keep the following in mind to make the most of your INR 10 lakhs home loan:

• Interest Rates: Compare offerings across multiple lenders to find the most competitive rates.
  
• Associated Costs: Review additional charges such as processing fees, documentation charges, and prepayment penalties (especially in the case of fixed-rate home loans) to better understand the total cost of borrowing.
• EMI Planning: Ensure your INR 10 lakhs home loan EMI fits within your monthly budget, while still leaving room for savings and emergency expenses.
  
• Customer Service: Opt for a lender known for prompt, transparent, and helpful customer support throughout the loan tenure.

Conclusion

An INR 10 lakhs home loan can be a smart and manageable way to finance your property purchase, especially when backed by the right lender. By understanding the EMI breakdown, eligibility criteria, required documents, and the key benefits, you can make an informed borrowing decision tailored to your financial needs and goals.
Looking for a trusted lending partner? SMFG Grihashakti offers home loans of up to INR 1 crore* with interest rates starting at just 10%* per annum and flexible repayment tenures of up to 30 years*. Check your eligibility, estimate your EMIs, and apply online today!