For aspiring property owners considering a home loan of INR 14 lakhs, one of the first questions is usually about the monthly EMI. Understanding this is an important step in planning the property-buying journey.

An INR 14 lakhs home loan can help bridge the gap between savings and the cost of your dream home, allowing you to repay in manageable instalments over flexible tenures.

In this article, we’ll explain all you need to know about EMI for an INR 14 lakhs home loan, how eligibility is determined, what documents are needed, and which factors affect your overall borrowing experience.

What Is the EMI for an INR 14 Lakhs Home Loan?

The EMI for an INR 14 lakhs loan depends on the tenure chosen and the home loan interest rate offered.

Here’s an example:

• Loan Amount: INR 14,00,000
  
• Interest Rate: 10% per annum
  
• Tenure: 20 years (240 months)

To calculate the EMI, the standard formula used is:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]

Where:

• P = Loan amount
  
• R = Monthly interest rate (10% ÷ 12 = 0.833% or 0.00833)
  
• N = Loan tenure in months

Enter these values into a home loan EMI calculator, and you will get an EMI of around INR 13,510.

INR 14 Lakhs Home Loan EMI Details

Here’s a comparison of the INR 14 lakhs home loan EMI across different tenures 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 14 Lakhs Home Loan

Applying for a home loan of INR 14 lakhs is generally a well-structured process including the following steps:

• Review the lender’s eligibility criteria to check if you qualify.
  
• Prepare the required documents in advance for a smooth application.
  
• Submit the application (online or offline) along with supporting documents.
  
• A lender representative will reach out to take the process further.

Use a home loan eligibility calculator before applying to estimate the maximum amount you may be able to borrow and refine your application.

Eligibility Criteria for an INR 14 Lakhs Home Loan

Lenders will evaluate the following factors before sanctioning your loan:

• Age: Minimum 21 years at the time of application, maximum 65 at loan maturity
  
• Employment: Salaried or self-employed with proof of stable income
  
• CIBIL Score: 700 or above
  
• Debt-to-Income Ratio: Should ideally be below 30%

*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 14 Lakhs Home Loan

To process a home loan of INR 14 lakhs, lenders generally request the following:

• PAN card
  
• Aadhaar card, voter ID, or passport for identification
  
• Utility bill, Aadhaar, or passport for address proof
  
• Salary slips for the last 3 months, or CA-audited financials for self-employed
  
• Bank statements for the past 6 months
  
• Sale deed, title deed, or NOC from the developer or housing society

*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 14 Lakhs Home Loan Features and Benefits

An INR 14 lakhs home loan comes with the following features and benefits:

• Competitive interest rates that help lower the overall cost of borrowing.
  
• Flexible repayment tenures up to 30 years*, allowing for manageable EMIs.
  
• Straightforward eligibility criteria for both salaried and self-employed applicants.
  
• Online tools such as EMI and eligibility calculators for prudent financial planning.
  
• Minimal paperwork and the convenience of online applications.
  
• Option to add a co-applicant, enhancing eligibility and potentially increasing the approved loan amount.
  
• Tax benefits under Sections 80C and 24(b) on principal and interest repayments.

Factors to Consider While Availing an INR 14 Lakhs Home Loan

While choosing your INR 14 lakhs home loan, keep these factors in mind:

• Interest Rate: Compare across lenders. Is the interest rate fixed or floating?
  
• Tenure: Longer tenures reduce monthly EMI but increase the total interest paid.
  
• Associated Costs: Be mindful of processing fees, documentation charges, and other charges that influence the total loan cost.
  
• Credit Score: A score of 700+ improves chances of approval with a favourable interest rate.
  
• Documentation: Ensure all documents are valid, up to date, and consistent to avoid delays.

Conclusion

An INR 14 lakhs home loan offers a practical path to homeownership, with manageable monthly EMIs, flexible tenure, and competitive interest rates.

SMFG Grihashakti provides customised housing finance solutions to suit diverse borrower needs, with loan amounts of up to INR 1 crore*, interest rates starting from 10%* p.a., and tenures of up to 30 years*. Apply online today for a hassle-free borrowing experience.