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What is the EMI for an INR 30 Lakhs Home loan?

Oct 19, 2022
What is the EMI for an INR 30 Lakhs Home loan?

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.

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

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?

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.

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.

SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.)
CIN number: U65922TN2010PLC076972

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