What is the EMI for an INR 30 Lakhs Home loan?
Oct 19, 2022
Fulfilling your dream of purchasing a house has become more convenient than ever as banks are offering home loans at affordable interest rates. Read on to know more about availing of an Rs. 30 lakh home loan with a tenure of up to 30 years and about the respective loan EMI.
30 Lakhs Home Loan
If you take a loan to purchase your dream house, you will have to repay the loan in monthly installments comprising the principal and the interest. The monthly installment is the 30 lakh home loan EMI which depends on the applied interest and the opted repayment period.
Before applying for a home loan, you should calculate the margin amount that you will be able to pay. The higher your contribution, the lower will be your loan requirement.
After deciding on the loan amount, it is advisable to research thoroughly and bag the best deal on your home loan. Availability of the home loan at a competitive interest rate will cut down the cost of the loan.
You can also take the help of the Housing Loan EMI Calculator for instant EMI calculation online. Please ensure that the EMI does not exceed 40% of your net in-hand salary.
You need to choose the loan duration after your loan approval. You can avail yourself of the home loan for a maximum period of 20 to 30 years.
₹30 Lakh Home Loan EMI Calculator
The formula for calculating INR 30 lakhs* home loan is:
The formula for EMI is:
EMI = P * r * (1+r)^n/ ((1+r)^n-1)
Where,
P = principal
r = monthly interest rate
n = loan tenure
However, manual calculation can be time consuming and lead to errors. A home loan EMI calculator is a convenient tool that takes these 3 inputs and produces an accurate EMI amount. You can even experiment with different loan amounts, tenures, and interest rates to get a more comprehensive picture of the monthly payments you can expect.
EMI for 30 Lakh Home Loan For 10 Years
From the table given below, you can see how EMI for 30 lakhs home loan for 10 years changes with different interest rates applied:
| Rate of Interest per annum |
EMI |
| 6.95% |
Rs. 34,755 |
| 7.05% |
Rs. 34,910 |
| 7.30% |
Rs. 35,298 |
| 7.40% |
Rs. 35,454 |
| 7.50% |
Rs. 35,611 |
| 7.60% |
Rs. 35,767 |
EMI For 30 Lakh Home Loan For 20 Years
EMI for 30 lakhs home loan for 20 years at different interest rates are mentioned below.
| Rate of Interest per annum |
EMI |
| 6.95% |
Rs. 23,169 |
| 7.05% |
Rs. 23,349 |
| 7.30% |
Rs. 23,802 |
| 7.40% |
Rs. 23,985 |
| 7.50% |
Rs. 24,168 |
| 7.60% |
Rs. 24,352 |
EMI for 30 Lakh Home Loan For 30 Years
EMI for INR 30 Lakhs Home Loan for 30 years calculated for different rate of interests using the Home Loan EMI Calculator is given below:
| Rate of Interest Rate per annum |
EMI |
| 6.95% |
Rs. 19,858 |
| 7.05% |
Rs. 20,060 |
| 7.30% |
Rs. 20,567 |
| 7.40% |
Rs. 20,771 |
| 7.45% |
Rs. 20,874 |
| 7.50% |
Rs. 20,976 |
| 7.55% |
Rs. 21,079 |
| 7.60% |
Rs. 21,182 |
₹30 Lakh Home Loan Interest Rate & Other Charges
SMFG Grihashakti offers attractive interest rates starting at 10% per annum* (11% per annum* for the self-employed) for eligible borrowers. We also offer a flexible repayment tenure of up to 30 years* so that you can spread out your payments. Let us take a look at the interest rate and other charges you can expect:
| Home Loan Interest Rate |
- Starts at 10% per annum for the salaried
- Starts at 11% per annum for the self-employed
|
| Type of Interest Rate |
Floating rate of interest |
| Processing Fee |
Up to 3% of the loan amount |
| Switch Fee Charges for Change in Loan Interest Type |
An amount not exceeding 1.00% of the outstanding principal amount |
| Available Loan Amount |
Up to INR 1 crore* – up to 90% of the property value |
| Loan Tenure |
Up to 30 years* |
| Cheque/ECS/NACH Dishonoured Charges |
INR 500 per instance |
| Prepayment Charges (In Part or Full) |
No foreclosure charges/ pre-payment charges will be applicable on any floating rate term loan sanctioned for purposes other than business to individual borrowers, with or without co-obligant(s). All Semi-fixed rate (combination of fixed and floating) loans shall attract the pre-closure norms applicable to fixed/ floating rate depending on whether at the time of pre-closure, the loan is on fixed or floating rate |
Eligibility Criteria for Rs. 30 Lakh Home Loan
The main factors that make you qualify for a 30 lakh home loan are as follows:
- Your age should be between 21 to 60 years if salaried and 21 to 65 years if self-employed. It may differ from one bank/financial institution to another.
- The minimum in-hand salary will vary between Rs. 20,000 to Rs. 25,000 depending on the lender or city you reside in.
- You will need a minimum credit score of 700, depending on the bank/ financial institution.
- You should have work experience of at least 1 year if employed/salaried, or existing in your current business of at least 3-5 years, if you are self-employed.
- It is compulsory to have a debt-to-income ratio between 40% to 50%.
Factors Affecting the 30 Lakh Home Loan EMI
The factors that affect the EMI for 30 lakh home loan are as follows:
- Choice of interest rate type: You can choose between the following types of interest rates:
- Fixed interest rate: In this case, the EMI will remain constant.
- Floating Interest rate: In this case, there will be an upward or downward fluctuation in the interest rate based as per market conditions.
- Mixed interest rate: In this case, during the first few years, the bank will charge a fixed interest rate, and then it will change to a floating interest rate. EMI will vary accordingly.
- Loan to value ratio (LTV): Generally, the banks can give a home loan of up to 90% of the market value of the mortgaged property. The higher the margin, the lesser the risk for the banks. Therefore, a lower LTV ratio will help you get a competitive interest rate.
- Employment: A job in a government organization or any reputable company will fetch you a lower rate of interest. But if you are a business owner and your income is volatile, you need to pay a higher rate of interest.
Must Read: What is the EMI for a 40 Lakh Home Loan?
Tips to Get Rs 30 Lakh Home Loan
- Work on improving your creditworthiness, one of the most important factors that can affect your loan eligibility and interest rate. A minimum credit score of 700 is necessary to apply for a home loan at SMFG Grihashakti.
- Maintain a consistent and stable source of preferably high income to increase lender confidence in your repayment capability.
- Gather all necessary documentation such as proof of income, identity, and property details. Make sure they are error-free to smoothen the application process.
- Consider a larger down payment, making you less of a risky borrower from the lender’s point of view. This may also get you a lower interest rate.
A home loan EMI is a long-term commitment and should not take away a major portion of your salary. Make sure that enough funds are available to take care of any emergencies that may crop up during the loan tenure. You should consider the above factors before applying for a home loan to bag the best deal. Apply with Grihshakti to get the best rates on your home loan.
Please note that this article is for your information only, and should not be taken as a confirmation of one’s eligibility or possible loan terms. Final loan eligibility and terms of the loan including interest rate offered will depend on Grihashakti’s policy at the time of loan application.
Conclusion
Securing an INR 30 lakhs* Home loan is a big financial step that requires careful planning and consideration. A crucial aspect of this planning stage is to know the EMIs you can expect. Using a home loan EMI calculator will help you get a realistic picture of your monthly payments, especially by trying different tenures and interest rates. This will help you decide on the tenure that best suits your budget.
If you are seeking a home loan of INR 30 lakhs*, SMFG Grihashakti can help. We offer home loans up to 90% of the property value with attractive interest rates and a flexible repayment tenure of up to 30 years. You can explore different repayment schedules using our EMI calculator and apply online for a hassle-free experience.
FAQ's
What will be the ₹30 lakhs home loan EMI for 25 years?
The EMI for INR 30 lakhs* a home loan for 25 years will depend upon the interest rate. Let us consider the interest rate to be 10% per annum*. Using our home loan EMI calculator, the EMI turns out to be INR 27,261.
What is the maximum repayment tenure I can go for in the case of a ₹30 Lakhs home loan?
At SMFG Grihashakti, you can get a maximum repayment tenure of 30 years for an INR 30 lakhs* home loan.
What is the ideal loan tenure for a ₹30 Lakhs home loan to have a manageable EMI
There is no single ideal loan tenure for an INR 30 lakhs* home loan. While a longer tenure will lower your EMI, you will end up paying more in total interest costs over the life of the loan. On the other hand, shorter tenures will increase the monthly EMI amount. The loan tenure should be based on your current income, existing financial obligations, and any potential future expenses.
Can I get a ₹30 lakhs home loan with a low credit score?
Getting an INR 30 lakhs* a home loan with a low credit score might be difficult, but not impossible. In general, you need a credit score of 700 and above to apply for a home loan. While some lenders are more flexible about credit scores, you might get a higher interest rate and stricter terms for loan repayment. You can also get a co-applicant with a strong credit score/history to strengthen your loan application. However, it is recommended that you try to improve your credit score before applying for a home loan. This will help you increase your chances of getting a loan with more favourable terms.
What is the minimum salary required for an Rs. 30 Lakh home loan?
The minimum salary for getting an INR 30 lakhs* Home loans differ from lender to lender, as well as your location. Generally, a stable income of at least INR 20,000 to INR 25,000 is desirable. Applicants from cities like Delhi and Mumbai may have higher minimum income requirements.
Who is eligible for a 30 lakh loan?
You should meet the following basic criteria to be eligible for an INR 30 lakhs* home loan:
- You should be between 21 to 60 years of age if salaried and 21 to 65 years if self-employed. This age limit may differ from lender to lender.
- The minimum monthly salary should be around INR 20,000 to INR 25,000 depending on the lender or your location.
- You must have a credit score of at least 700, depending on the lending institution.
- You should have a minimum work experience of 1 year if you are a salaried employee. If you are self-employed, your current business should have been around for 3-5 years.
- A debt-to-income ratio between 40% to 50% is mandatory.
Please note that these are the basic eligibility requirements. The final eligibility will depend on several factors including the lender’s policy at the time of loan application.
What is the EMI of 30 lakhs home loan per month?
The EMI for an INR 30 lakhs* Home loans will depend on the loan tenure and the interest rate.
For example, a tenure of 20 years and an interest rate of 10% per annum* leads to an EMI of INR 28,951. You can use our home loan EMI calculator to try out different tenures and interest rates to get a clearer picture of the EMIs you can expect.
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.