Throughout the country, many families dream of buying their own homes. From independent bungalows to high-rise apartment complexes, owning a home is a matter of high respect for Indians. That’s why taking a home loan for such ownership is a great idea especially when so many lending institutions like SMFG Grihashakti offer an EMI repayment system. Housing finance is a great idea if you have a strong CIBIL score and your salary is high enough to enable you to repay the loan amount.

Depending on the city and current market conditions, you can consider availing the INR 35 lakhs home loan EMI finance option. Let’s read more about this in detail.

INR 35 Lakhs Loan EMI - Details

Typically, SMFG Grihashakti home loans come with affordable interest rates, reasonable repayment tenures, and easy EMI options. Home loan interest rates are affected by a few main factors. Some of them are RPLR or retail prime lending rate, type of interest rate (fixed or floating), your credit score, and your loan-to-value ratio, which indicates that normally, you can get a loan of about 85-90% of your home’s value.

Talking about the advantages of taking up an INR 35 lakhs home loan on EMI for personal growth, the following come to mind:

• Through the Equated Monthly Instalment option, you can choose how much of your loan amount you want to repay every month. That way, you can handle the loan without any additional financial burden.
• You can choose your loan tenure, interest rate, and mode of payment so that repayment is efficient, easy, and time-saving for you.
• All processes, from application to approval, from document submission to EMI payment, can be done online in a secure manner.

You get the loan amount transferred to your account only after you get the approval. Here are 2 main factors that affect this:

• Job stability - Though you might qualify for the eligibility criteria, your job stability will play a significant role in the approval process. Someone who has been in the same job for over 3 years will be preferred instead of someone who has switched jobs frequently month on month.
• Number of applications - If your borrowing history is filled with volumes of applications, there are high chances that your current application will be rejected.

EMI Calculation

Here is the formula for INR 35 lakhs home loan EMI:

The interpretation of the symbols is as follows:

E equals EMI for home loan of INR 35 lakhs,
P equals INR 35,00,000,
r equals the monthly rate of interest,
n equals the tenure in months.

However, you need not perform the manual calculations. Under a digitally-aided INR 35 lakhs home loan EMI calculator, you can find out how much your monthly requirement will be by entering all parameters as given in the formula above. 

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

Eligibility and Documents Required

Eligibility

• You must be a Resident Indian.
• Age must be between 21 and 65 throughout the loan tenure (including maturity period).
• CIBIL score must be 700 or above.
• If salaried, you must be working under a government body, an MNC, or a publicly listed organisation. Also, minimum salary must be INR 1.20 lakhs a year, and work experience must be 1 year at least.
• If self-employed, you must be working under a private listed company, unlisted organisation, or partnership/proprietorship firm.

To know more about home loan eligibility, you can check out Grihashakti’s home loan eligibility calculator online before applying for the loan.

Documents Required

The list of documents required for an EMI for a home loan of INR 35 lakhs are:

• Proof of identity (Aadhaar card, Voter’s ID, Passport, etc.)
• Address proof (Ration card, Electricity bill, PAN card, etc.)
• Income proof for Salaried Professionals:
•  
• Salary slips of the past 3 months
• Official banking statements for your account in the past 6 months
• Filled Form 16 under the Income Tax Department for proof of TDS for the past 2 years
• Income proof for Self-Employed Professionals:
•  
• ITR submissions of the past 2 years
• Official banking statements for your account in the past 6 months
• P&L statements as audited and authorised by a legally registered Chartered Accountant
• Home loan-related documents

How to Apply for an INR 35 Lakhs Home Loan?

To apply for an INR 35 lakhs home loan, you can visit SMFG Grihashakti’s housing finance now with options for home construction, purchase, extension, and improvement loans. You can enjoy a seamless application process and reduced EMIs with a transparent system of processing fees, too. You can apply online, submit all the required forms and documents, and get the sanctioned loan amount within a short span of time.

Conclusion

To efficiently repay the EMI for an INR 35 lakhs home loan, you must plan your lifestyle expenses and savings habits well. If you manage to repay all installments within their deadlines and adhere to all guidelines and rules of the lending body, then you can prevent your CIBIL score from dropping. To know more about your qualification for housing finance, you can check out SMFG Grihashakti’s online eligibility calculator. You are just one click away from purchasing your dream house!

Further Reading:

• What is the EMI for an INR 40 Lakhs Home loan?
• What is the EMI for an INR 50 Lakhs Home loan?