What is the EMI for INR 15 Lakhs Home loan
Nov 01, 2022
Buying your own house leads to immense happiness. It is natural to spend a lot of time finding a house closest to your requirement. However, it can also lead to financial strain. At such times, SMFG Grihashakti is happy to offer a INR 15 lakh home loan. It is likely that there is a small shortfall after reaching your savings made over years. It would make tremendous sense to meet this shortfall with a INR 15 lakh home loan. This will help you in tax savings, better planning, and a financial cushion. SMFG Grihashakti provides a INR 15 lakh home loan that can help you plan your financial goals better.
What is meant by an INR 15 Lakh Home Loan?
Once you choose your dream home and gather your savings but happen to arrive at a shortfall of payment, Grihashakti’s INR 15 lakh home loan is a loan that can bridge the gap between your collection of funds and your home. This loan can also be used to pay stamp duty, legal fees, and other added costs of home purchase, which can be upto 5%-6% of the value of the property. Alternatively, an INR 15 lakh home loan can help you buy your dream home. Grihashakti’s repayment tenure offers flexibility and can range from 5 years to 30 years. SMFG Grihashakti home loan interest rate is competitive and is offered depending on various parameters including the applicant’s credit score, repayment history, existing debts, nature of employment, income level, etc as well as our policy at the time of loan application. The monthly EMI for a INR 15 lakh home loan can be as low as INR 10,996 for the above interest rate and tenure. Grihashakti’s loans are processed in duration as less as 72 business hours, subject to submitting the final agreement and getting final approval.
INR 15 lakh loan EMI Details
EMI of a home loan depends on certain factors. Some of the main factors are monthly salary income or business income, how healthy your credit score is, and fixed debt commitments. Depending on your agreement with Grihashakti, the EMI amount could consist of other components such as insurance costs. SMFG Grihashakti’s INR 15 lakh home loan is offered at competitive home loan rates, aiding you in buying an apartment of your choice. The below table shows an illustrative understanding of INR 15 lakh home loan at an interest rate of 7.99% p.a. and 8.99% p.a. You will notice the change in the EMI amounts across tenures. These are estimated EMI amounts without additional charges that could be applicable as per the terms agreed upon.
| Tenure Options |
EMI @ 7.99% interest rate per annum |
EMI @ 8.99% interest rate per annum |
| 5 years |
INR 30,407 |
INR 31,130 |
| 10 years |
INR 18,191 |
INR 18,993 |
| 15 years |
INR 14,326 |
INR 15,205 |
| 20 years |
INR 12,537 |
INR 13,486 |
| 25 years |
INR 11,567 |
INR 12,578 |
| 30 years |
INR 10,996 |
INR 12,059 |
EMI Calculator for INR 15 Lakh home loan EMI
SMFG Grihashakti an online tool called home loan EMI calculator. This online home loan EMI calculator allows you to calculate your EMI instantly. All you need to do is to enter certain basic details as requested. For EMI calculation, you need to enter the rate of interest, loan amount, and preferred repayment tenure. Once you key them in, you get your desired result in a few seconds. This helps you in understanding your EMI before finalizing your home loan. This can be of tremendous help in planning your future expenses. The total interest outgo on INR 15 lakh home loan EMI over a tenure of 30 years would be INR 24,68,686 at an interest rate of 7.99% p.a. and INR 28,41,077 at 8.99% p.a. This is assuming no part-payments are made by the applicant in the entire tenure. This interest outgo can be reduced by choosing a shorter tenure, and/or making part prepayments during the tenure of the loan.
Eligibility and documents required for INR 15 lakh home loan
You can apply for SMFG Grihashakti’s INR 15 lakh home loan as a salaried or as a self-employed individual. SMFG Grihashakti’s home loan eligibility begins at 21 years of age and only resident Indians are allowed to apply. At loan maturity, you should not be more than 65 years of age. You can apply as a salaried individual, working with an MNC, listed public company, government company, private company, MSME, unlisted company, partnership firm, etc. You can also apply as a self-employed individual. Sole proprietor, CA, doctor, architect, partner in a partnership firm or a company can also apply. Further, your eligibility depends on your overall financial status. You need to have a CIBIL score of at least 700, income stability, earn a minimum monthly income (depending on the nature of employment and location), have a minimum amount of work experience (depending on the nature of employment), and so on.
Must Read : Minimum CIBIL Score for Home Loan
SMFG Grihashakti’s document list is very simple for your INR 15 lakhs home loan. You need to submit PAN, Valid Address Proof, Bank statements of the past 6 months.
As Proof of Income:
- For Salaried: Salary slips of past 2 months, past 2 years ITR and Form 16.
- For Self Employed: Last 2 years ITR, audited financials, etc., and Property related documents.
However, we may request you to submit additional documents. This would depend on our policy and your profile.
*Terms and conditions applicable. Loans are sanctioned at the discretion of SMFG Grihashakti. Please note that Aadhaar numbers should be masked before submission as per regulatory guidelines.
How to apply for a INR 15 lakh home loan?
You can apply for a SMFG Grihashakti INR 15 lakh home loan in two ways. You can either apply home loan online or offline. The online application can be carried out in the comfort of your home. You need to follow the self-explanatory steps on the site. You can fill up the form and upload documents online. Another option is to visit the nearest SMFG Grihashakti branch and complete the process.
FAQ's
What will be the interest rates for INR 15 lakhs per month?
Home loan interest rates for INR 15 lakhs can start from 9.50%* per annum for salaried individuals and 10.50%* per annum for self-employed candidates.
Can I get an INR 15 lakhs home loan from Grihashakti?
Yes, if you fall into the eligibility criteria under Grihashakti, you can avail of an INR 15 lakhs home loan. Check your eligibility here.
What will be the EMI for INR 15 lakhs for 5 years?
The EMI for a principal amount of INR 15 lakhs and a tenure of 5 years will also depend upon the interest rate. For example, at an interest rate of 12%, the EMI will be INR 33,367 while at an interest rate of 15%, the EMI will be INR 35,685.
What will be the INR 15 lakhs home loan EMI for 10 years?
The INR 15 lakhs home loan EMI for 10 years will depend on the interest rate. For example, the EMI at 12% interest rate will be INR 21,521 while at 15% interest rate will be INR 24,200.
What will be the INR 15 lakhs home loan EMI for 20 years?
The INR 15 lakhs home loan EMI for 20 years will depend on the interest rate. For example, the EMI at 12% interest rate will be INR 16,516 while at 15% interest rate will be INR 19,752.
Can I get an INR 15 lakh home loan without collateral?
Under all lending firms, home loans are secured loans that are given out in exchange for an asset of equivalent price. Hence, home loans cannot be given out without collateral.
Can I avail income tax benefits on an INR 15 lakhs housing loan?
Yes, the Income Tax Act of India does give you certain provisions to claim tax benefits on your INR 15 lakhs home loan:
- Section 24: This is for salaried employees. You can claim a benefit of up to INR 2 lakhs for a house loan on the interest paid if you fall under the conditions mentioned by the Act.
- Section 80C: Under this, deductions of up to INR 1.5 lakhs on repayment principal amount can be availed.
- Section 80EE: You can avail of tax deductions of up to INR 50,000 under certain conditions.
Disclaimer: *Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you wish to know more about our products and services, please contact us.