Home Loan of INR 24 Lakhs: Know Your Monthly Payment

Buying a home is a big milestone, and for many people, a home loan of INR 24 lakhs is a practical way to make it happen. When borrowing such an amount, one of the most important aspects to consider is the Equated Monthly Instalment (EMI). An EMI is the fixed amount you pay the lender each month, combining both principal and interest, and it helps you plan your budget and manage long-term repayments effectively. .

In this article, we will explain how EMI for an INR 24 lakhs home loan is calculated, along with eligibility requirements, necessary documents, and the key benefits you should know before applying.

What Is the EMI for an INR 24 Lakhs Home Loan?

To calculate this, you can use a home loan EMI calculator. It requires three key inputs: the principal amount, tenure, and home loan interest rate..

For example, if we consider an interest rate of 10%* per annum and a tenure of 20 years, the INR 24 lakhs home loan EMI will be approximately INR 23,161.

INR 24 Lakhs Home Loan EMI Details

Here’s how the EMI changes across different tenures, assuming a 10%* per annum interest rate:

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 24 Lakhs Home Loan

Applying for a home loan of INR 24 lakhs is simple and can often be done fully online.

• Review the eligibility criteria and make sure you meet the lender’s basic requirements, such as age, income, and credit score.
• Prepare documents such as ID proof, address proof, income proof, and property details.
• Submit your application online with personal and loan-related information.
• Wait for the lender representative to get in touch with you to take the process further.

Eligibility Criteria for an INR 24 Lakhs Home Loan

To qualify for an INR 24 lakhs home loan, you need to meet certain basic requirements:

• Age: Typically between 21 and 65 years. You should not be older than 65 when the loan matures.
• Employment: Both salaried and self-employed individuals are eligible.
• Income: A proof of stable income is required to show repayment capacity.
• Credit Score: A minimum score of 700 is generally expected.

*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 24 Lakhs Home Loan

Providing the right documents speeds up the loan process. Common requirements include:

• PAN card
• Identity Proof: Aadhaar, passport, voter ID, or driving licence.
• Address Proof: Aadhaar, passport, voter ID, utility bills, or driving licence.
• Income Proof: Last 3 months’ salary slips, Form 16 for 2 years, and 6 months’ bank statements for the salaried; ITR for 2 years, CA-audited financials, and 6 months’ bank statements for the self-employed
• Property Documents: Sale deed, title deed, or approved building plan.

*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 24 Lakhs Home Loan Features and Benefits

An INR 24 lakhs home loan comes with multiple advantages to make your homeownership journey smoother:

• Flexible Tenures: Repayment tenures of up to 30 years* let you plan EMIs according to your financial comfort.
• Competitive Interest Rates: Enjoy attractive interest rates that help reduce the overall borrowing cost.
• Easy Online Application: Apply online with minimal documentation, saving time and multiple branch visits.
• Smart Planning Tools: Use digital tools like EMI and eligibility calculators to plan your finances effectively and make informed decisions.

Factors to Consider While Availing an INR 24 Lakhs Home Loan

Before committing to a high-value home loan, consider these key aspects to ensure long-term financial stability:

• EMI Feasibility: Check your monthly instalments using a home loan EMI calculator to avoid overextending your budget.
• Down Payment: Lenders may finance up to 90%* of the property value. Arrange for the remaining amount and additional costs like stamp duty.
• Loan Tenure: While longer tenures reduce EMIs, remember that they increase total interest outgo.
   
• Interest Rate Type: Decide between fixed or floating rates based on your financial preferences and interest rate outlook.
• Total Cost of the Loan: Consider processing fees, documentation charges, and other associated costs when comparing loan offers.

Conclusion

A home loan of INR 24 lakhs can be an excellent way to own your dream property, provided you plan your finances carefully. Using tools like a home loan eligibility calculator and an EMI calculator ensures you make informed and sustainable financial decisions.

Ready to move ahead? SMFG Grihashakti offers home loans of up to 90%* of the property’s value with interest rates starting at 10%* per annum and flexible tenures of up to 30 years*. Check your eligibility and apply online today to begin your homeownership journey.