INR 50 Lakhs Home loan - EMI Details, Interest Payable and More

Buying your own house is the biggest dream but at the same time, it can cause financial pressure. While buying a house, we look for funds from all pockets. We take out our savings, we liquidate our investments. We may still need funds. The best way to meet his requirement is to take a home loan. A home loan has many benefits. Apart from fulfilling your house dream, a home loan gives you tax benefits and flexibility to plan your funds in your way. Home loans are the best way to help you realize your home purchase. SMFG Grihashakti is very happy to offer a INR 50 lakh home loan to eligible borrowers at an affordable rate of interest. This home loan will give you the funds that you need with just a click of a few buttons.

What is the meaning of a INR 50 Lakh Home Loan?

If you are planning to buy a home or construct it on a land you own, you can take a home loan. Let’s assume that your overall cost is going to be approximately INR 63 lakhs and you are eligible for 80% of this as a home loan, then this can be your INR 50 lakh home loan. SMFG Grihashakti offers a INR 50 lakh home loan at competitive rates with long repayment tenure options extendable up to 30 years. Grihashakti’s interest rates are affordable, and customers can repay their loan through easy EMIs.  Grihashakti’s INR 50 lakh home loan offers multiple benefits to you in planning your finances better. SMFG Grihashakti loans are processed in duration as less as 72 business hours, after the final approval, execution of agreement, and submission of all the documents.

INR 50 lakh home loan EMI Details

Your EMI amount depends on factors like salary income or business income, how good is your credit score, and existing monthly debts. Based on your agreement with Grihashakti, your EMI may also consist of additional components such as insurance costs. EMI of INR 50 lakh home loan is at competitive home loan rates, aiding you in buying a home close to your heart. The final home loan interest rates depend on your eligibility and our policy at the time of loan application. Below table shows an illustrative understanding of INR 50 lakh home loan at an interest rate of 7.99% p.a. and 8.99% p.a. You will see how the EMI amounts change when you increase the tenure. These EMIs are estimated amounts and they may not include additional charges that could be applicable as per the terms agreed upon.

EMI Calculator for INR 50 Lakh home loan EMI

SMFG Grihashakti offers a home loan EMI calculator, which is an easy-to-use online tool. It is free of cost and can be repeatedly used. It is also very quick in use and helps you in more efficient financial planning and better decisions. Home loan EMI calculator allows you to evaluate your future monthly expenses in detail. All you need to do is to enter some basic details that are asked for. The details you need to key in are rate of interest, loan amount, and preferred repayment tenure. The home loan EMI calculator will give you the desired result in a few seconds. The interest amount on INR 50 lakh home loan EMI with a tenure of 30 years would be INR 32,78.087 at an interest rate of 7.99% p.a. and INR 37,88,103 at 8.99% p.a. This is subject to no part-payment during the tenure of the loan.

Eligibility and documents required for INR 50 lakh home loan

You can apply for Grihashakti’s INR 50 lakh home loan as a salaried or as a self-employed individual. Grihashakti’s home loan eligibility begins at 21 years of age as resident Indians only. You should not be older than 65 years at loan maturity. 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 apply too. Eligibility further depends on your overall financial status. You need to have a minimum CIBIL score of 700.

Documentation list is simple. For a INR 50 lakh home loan, you need to submit the following documents. Depending on your profile and our internal guidelines, we may request additional documents.

• ID Proof
• 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 SMFG Grihashakti. Please note that Aadhaar numbers should be masked before submission as per regulatory guidelines.

How to apply for a INR 50 lakh home loan?

You can apply for a SMFG Grihashakti INR 50 lakh home loan in two ways, online or offline. Online application is easy and time efficient. It can be successfully completed in the comfort of your home. All you have to do is to start the self-explanatory steps by clicking on the ‘Apply Now’ button, entering basic details, uploading your documents, and submitting the transaction. If you decide to apply offline, then you can visit the nearest branch.