Thinking of taking an INR 28 lakhs home loan? While the idea may seem straightforward, factors like EMI calculations, interest rates, and rising property-related costs in urban areas need to be carefully considered.

With real estate prices continuing to climb, many homebuyers turn to housing loans to make property ownership more accessible. Whether you're purchasing your first flat or upgrading to a larger home, it's essential to understand how the loan works.

This guide covers everything you need to know: INR 28 lakhs home loan EMI estimates, the associated benefits, documents you’ll need, and more.

What Is the EMI for an INR 28 Lakhs Home Loan?

Before applying, it’s essential to understand your expected monthly payment. A home loan EMI calculator can help you estimate this amount by factoring in the loan amount, interest rate, and repayment tenure.

Example Calculation:

Assuming an interest rate of 10% per annum and a tenure of 10 years, the estimated INR 28 lakhs home loan EMI would be approximately INR 37,002.

INR 28 Lakh Home Loan EMI Details

Here’s a detailed breakdown showing estimated EMIs for an INR 28 lakhs home loan at a 10% annual interest rate across various tenures:

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 28 Lakhs Home Loan?

Here's what you need to do to apply for a home loan of INR 28 lakhs:

• Begin by confirming that you meet the eligibility requirements and collecting all necessary documents such as identification proof, income statements, and property-related papers.
  
• Next, visit the lender’s official website or a nearby branch to fill out the application form, ensuring that all personal, financial, and property details are correctly entered.
  
• Submit or upload the full set of required documents as part of your application.
  
• After your application is successfully submitted, a representative from the lender may get in touch to proceed with the next steps.
  
• Following a thorough verification process, the loan will be approved and the sanctioned amount will be disbursed to your account.

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Eligibility Criteria for an INR 28 Lakhs Home Loan

To qualify for a home loan of INR 28 lakhs, you need to fulfil some fundamental criteria, which can differ slightly depending on the lender. The most commonly required conditions include:

• Age: Applicants should be at least 21 years old at the time of applying and not older than 65 by the time the loan matures.
  
• Income: Salaried individuals should have a regular income, while self-employed applicants must demonstrate consistent business income/profits. Minimum income thresholds may differ based on factors such as location and profession, or the nature of the industry.
  
• Employment Type:
  
• For salaried individuals: Employment should be with government organisations, multinational corporations (MNCs), listed public firms, private limited companies, closely-held/unlisted firms, proprietorships, or partnerships.
  
• For self-employed individuals: Eligible applicants include sole proprietors, business owners, and professionals like doctors, architects, and chartered accountants. Entities such as partnership firms and private limited or closely held/unlisted companies may also apply.
  
• Credit Score: A CIBIL score of 700 or higher is usually preferred.

You can further use a home loan eligibility calculator to estimate the maximum amount you may be able to borrow.

Documents Required for an INR 28 Lakhs Home Loan

For an INR 28 lakhs home loan, here’s the list of commonly required documents:

• PAN card.
• Proof of identity and residence issued by the government, such as an Aadhaar card, Voter ID, or ration card.
• Income proof such as last 3 months’ salary slips and 2 years’ ITR for the salaried; last 2 years’ ITR with computation and CA-audited financials for the self-employed.
• Last 6 months’ bank statements.
• Co-applicant or guarantor and their KYC documents, if applicable.
• Documents pertaining to the property to be purchased.

*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 28 Lakhs Home Loan Features and Benefits

Here’s why you should consider opting for a home loan of INR 28 lakhs:

• Substantial Loan Amount: With an INR 28 lakhs home loan, you can finance a significant portion of your dream home’s cost – ideal for mid-range residential properties in urban or semi-urban areas.
  
• Competitive Interest Rates: Benefit from attractive home loan interest rates, especially if you have a high credit score and stable income.
  
• Flexible Repayment Tenure: Choose a repayment period that suits your financial comfort, with options typically extending up to 30 years*.
  
• Easy Online Application: Apply from anywhere through a streamlined digital process that reduces paperwork and speeds up loan processing.
  
• Minimal Documentation: Enjoy a hassle-free experience requiring only a few essential documents.

Factors to Consider While Availing an INR 28 Lakhs Home Loan
Before finalising your home loan of INR 28 lakhs, keep the following in mind:

• Interest Rate Type: Understand whether the lender offers fixed or floating interest rates. A fixed rate ensures stable EMIs, while a floating rate may vary with market conditions.
  
• Loan Tenure: A longer tenure reduces your monthly outgo but increases the overall interest paid. Choose a tenure that balances affordability and total cost of borrowing.
  
• Monthly EMI Commitment: Evaluate your monthly budget and ensure that the repayment fits comfortably within your income.
  
• Processing Fees and Other Charges: Look out for associated home loan costs such as processing fees and documentation charges that can influence the total cost of borrowing.
• Credit Score Impact: A strong credit score (typically 700 or above) increases your chances of approval and may help you secure better loan terms, such as lower interest rates.

Conclusion

An INR 28 lakhs home loan is a practical option for buying mid-sized residential properties, especially in Tier 2 cities. To support your homeownership journey, SMFG Grihashakti offers housing financing of up to INR 1 crore* at competitive interest rates and flexible repayment tenures of up to 30 years*. Check your eligibility, estimate your EMIs, and apply online today!