Purchasing a home is a major milestone, and choosing the right home loan is the first step toward making this goal a reality. If you're considering an INR 45 lakhs home loan, it’s important to understand how your EMIs will be calculated, what eligibility criteria you need to meet, and which factors to evaluate before applying. This guide offers comprehensive insights to help you navigate the home loan process with confidence.

What Is the EMI for an INR 45 Lakhs Home Loan?

The INR 45 lakhs home loan EMI depends on two key factors: the interest rate set by the lender and the loan tenure.
Let’s understand this with an example. Assuming an interest rate of 10% per annum and a tenure of 15 years, a home loan EMI calculator estimates your monthly EMI at approximately INR 48,357.

INR 45 Lakhs Home Loan EMI Details

Here's a year-wise breakdown of the EMI for an INR 45 lakhs home loan taken at an interest rate of 10% per annum:

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.

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How to Apply for an INR 45 Lakhs Home Loan?

Applying for a home loan typically involves the following steps:

• First, check if you meet the lender’s eligibility criteria and compile all necessary documents – this includes ID proof, address proof, income documents, and property-related paperwork.
  
• Proceed to submit your application either online or by visiting the lender’s branch.
  
• Ensure you upload or hand over all supporting documents along with the application.
  
• A representative from the lending institution will contact you to guide you through the next steps.
  
• After successful verification of your application and property details, the loan will be approved and disbursed.

Eligibility Criteria for an INR 45 Lakhs Home Loan

Financial institutions typically assess the following parameters before approving a home loan of INR 45 lakhs:

• Age Bracket: The applicant should fall within the 21-65 year range, with the upper limit not being exceeded at the time of loan maturity.
  
• Employment Status: Both salaried and self-employed individuals are eligible, provided they can demonstrate a stable and verifiable source of income.
  
• CIBIL Score Requirement: A credit score of 700 or above is usually expected for smoother approvals and more favourable loan terms.
  
• DTI Ratio: Your existing EMIs should ideally be less than 30% of your monthly income.

*Please note that these are only the basic eligibility requirements. The final eligibility will depend on several factors, including the lender’s policy at the time of loan application.

Documents Required for an INR 45 Lakhs Home Loan

Gather the following documents for a hassle-free INR 45 lakhs home loan application:

• Proof of Identity – PAN card, voter ID, driving licence.
• Proof of Residence – Aadhaar card, latest electricity bill/piped gas bill, ration card, property tax/water bill
• Proof of Income for Salaried Individuals – 6 months' bank statements with salary credit, last 3 months’ pay slips, 2 years’ Form 16
• Proof of Income for Self-Employed Individuals – 6 months’ primary bank statement, IT returns for the last 2 years, CA-audited financials (if applicable)
• Documents pertaining to the property you wish to purchase

*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 45 Lakhs Home Loan Features and Benefits

Home loans of INR 45 lakhs provide a range of practical benefits:

• Swift Loan Processing: Enjoy fast and efficient loan approvals and disbursals, subject to eligibility and accuracy of the submitted documentation.
  
• Online Loan Application Process: The digital application process makes it easy to apply from the comfort of your home, with quick document uploads and minimal paperwork.
  
• Attractive Interest Rates: Benefit from competitive home loan interest rates that help lower your overall borrowing cost.
  
• Customisable Repayment Tenure: Choose a flexible loan tenure of up to 30 years*, allowing you to align EMIs with your financial comfort and long-term plans.

Factors to Consider While Availing an INR 45 Lakhs Home Loan

Before applying for an INR 45 lakhs home loan, it’s important to take a few key aspects into account to ensure a smooth borrowing experience:

• Check Your Eligibility: Review the lender’s eligibility criteria, such as age, employment type, income level, credit score, and existing financial obligations. Meeting these conditions improves your chances of approval.
  
• Keep Your Documents Ready: Have all necessary documents prepared in advance and make sure they’re error-free to help speed up the loan processing time.
  
• Plan for the Down Payment: Lenders typically finance up to 90%* of the property’s value, depending on their policies and your eligibility. Ensure you have sufficient funds for the down payment and additional costs like registration charges and stamp duty.
  
• Select the Right Tenure: Choose a loan tenure that aligns with your financial situation. A longer tenure can reduce your EMIs but may increase the total interest paid, while a shorter tenure helps reduce the overall interest costs but means higher monthly payments.
  
• Use a Home Loan EMI Calculator: Use the calculator to estimate your monthly instalments and ensure they fit comfortably within your budget, keeping room for other expenses and savings.

Conclusion

Securing an INR 45 lakhs home loan can be a smart move towards owning your dream home. By understanding the EMI calculations, eligibility criteria, and associated benefits, you’ll be better equipped to make an informed borrowing decision. Always compare offers from different lenders to ensure you get the best loan option tailored to your requirements.
At SMFG Grihashakti, you can avail of home loans of up to 90%* of the property’s value. Estimate your EMIs and apply online today to take advantage of interest rates starting as low as 10%* per annum.