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What is the EMI for INR 15 Lakhs Home loan

Updated: May 17, 2022
What is the EMI for INR 15 Lakhs Home loan

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, Fullerton 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. Fullerton 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. Grihashakti’s 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. 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

Fullerton 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 Grihashakti’s INR 15 lakh home loan as a salaried or as a self-employed individual. 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

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 Fullerton 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 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 Grihashakti branch and complete the process.

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