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What is the EMI for an INR 40 Lakhs Home loan? Know Details

Updated: May 17, 2022
What is the EMI for an INR 40 Lakhs Home loan? Know Details

Buying our own home is one of the biggest dreams we all have. We save money for years to make a corpus that finally goes into making our home. However, buying a home comes with financial strain. Many times we may need a top-up home loan. Taking a home loan to meet the gap in your funds is a great idea. A home loan gives you tax benefits, in addition to the ability to get your dream home without draining your savings. It is the best way to ease out your home purchase. Fullerton Grihashakti offers eligible borrowers INR 40 lakh home loan at competitive interest rates and repayment tenures upto 30 years*.

What is the meaning of a INR 40 Lakh Home Loan?

Home buying is a beautiful experience. Once you have finalized the house you wish to purchase, Grihashakti can help you take it forward by helping you with the financing. Assuming the property’s value is INR 50 lakhs and you are eligible for 80% of the amount as home loan, then Grihashakti’s INR 40 lakh home loan that can let you enjoy your experience of home buying. The repayment tenure can be a maximum 30 years and a minimum of 5 years. Grihashakti’s home loan interest rates are competitive and are offered to eligible borrowers depending on various parameters including our policy at the time of loan application. Flexible and long repayment tenure helps in reducing the impact of EMI on your wallet. Grihashakti’s INR 40 lakh home loan can benefit you in multiple ways. It can help you in planning your finances more efficiently, avail tax benefits, and fulfill your dream of buying your own home. Grihashakti’s loans are processed in less than 72 working hours, subject to proper provision of documentation and final approval after successful verification checks and property evaluation.

INR 40 lakh home loan EMI Details

EMI for a INR 40 lakh home loan depends on the annual interest rate agreed upon as well as the tenure. The tenure should be planned depending on the resulting EMI, as well as your salary income or business income. Depending on your agreement with Grihashakti, the EMI amount could consist of other components like insurance costs.

The below table shows an illustrative understanding of INR 40 lakh home loan at an interest rate of 7.99% p.a. and 8.99% p.a. Let’s see how the INR 40 lakh home loan EMI varies across tenures. These EMIs are estimated amounts and they may not include additional charges that could be applicable as per the terms agreed upon.

Tenure Options EMI  @ 7.99% interest rate per annum EMI  @ 8.99% interest rate per annum
5 years INR 81,086 INR 83,014
10 years INR 48,510 INR 50,649
15 years INR 38,203 INR 40,547
20 years INR 33,433 INR 35,963
25 years INR 30,846 INR 33,540
30 years INR 29,323 INR 32,156

EMI Calculator for INR 40 Lakh home loan EMI

Fullerton Grihashakti offers an online tool called home loan EMI calculator. It makes your transaction very efficient as it allows you to calculate your future EMI prior to finalizing your loan. You can do that with a click of a few buttons. You need to enter your preferred details like rate of interest, loan amount, and repayment tenure. The overall interest payout on INR 40 lakh home loan EMI with a tenure of 30 years would be INR 66,56,173 at an interest rate of 7.99% p.a. and INR 76,76,206 at 8.99% p.a. However, this is with an assumption that applicants do not make any part-payment in the interim.

Eligibility and documents required for INR 40 lakh home loan

You can apply for the INR 40 lakh home loan from Grihashakti as a salaried or as a self-employed individual. You need to be 21 years of age as and as resident Indians only. Also, you should not be older than 65 years of age during the maturity of the loan. As a salaried individual, you should be working with an MNC, listed public company, government company, private company, MSME, unlisted company, partnership firm, etc. Self-employed individuals like sole proprietor, CA, doctor, architect, partner in a partnership firm or a company can also apply. Eligibility further depends on a few factors related to your financial status. Your CIBIL score needs to be a minimum of 700.

Must Read : How Your Credit Score Can Impact Your Home Loan

Grihashakti requests a simple list of following documents from you for a INR 40 lakh home loan. However, depending on your profile and our policy, it is possible that we may call for additional documents.

  • PAN
  • Address Proof
  • Bank statements of the past 6 months
  • Proof of Income
    1. Salaried: Salary slips of past 2 months,  past 2 years ITR and Form 16
    2. Self Employed: Last 2 years ITR, audited financials, etc.
  • Property related documents

*Terms and conditions applicable. Loans are sanctioned at the discretion of Fullerton Grihashakti. Please note that Aadhaar numbers should be masked before submission as per regulatory guidelines.

How to apply for a INR 40 lakh home loan?

You can apply for a Grihashakti INR 40 lakh home loan online or offline. To apply online, click on the “apply now” button on this page, fill up the form, enter loan related details, upload your documents, and submit. It is very easy and convenient. If you decide to apply offline, then you can visit your nearest Grihashakti branch.

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