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What Is The EMI For An INR 6 Lakhs Home Loan?

July 31, 2023

EMI, or Equated Monthly Payment, is a phrase commonly associated with housing loans. It refers to the monthly amount that a borrower is obligated to pay towards the repayment of their mortgage. If you are considering obtaining an INR 6 lakh home loan EMI, you may be curious about your total monthly payment. In this post, we will examine the variables that affect your EMI and present an estimate of your EMI for a home loan of INR 6 lakh.

Factors Influencing EMI

The monthly mortgage payment (EMI) for a home loan depends on various variables, including the loan amount, interest rate, and loan term.

Loan amounts can go up to INR 1 crore* with NBFCs like SMFG Grihashakti. This amount is up to 90% of the total home or property valuation. Interest rates begin at 9.50%* for salaried employees and 10.50%* for self-employed persons. Typically, the interest rate on a mortgage loan is fixed for a specified period of time, after which it may be adjusted based on market conditions. The loan duration is the time period during which the loan is repaid. The longer the duration, the lower your EMI will be, but you will pay more interest over the life of the loan. This can go up to 30 years.

EMI Calculation For INR 6 Lakhs Home Loan

Generally, the calculation of EMI requires you to understand the basic terms and tenets of the loan which are as follows:

E is your EMI of home loan for INR 6 lakh,

P is INR 6,00,000,

R is the monthly rate of interest,

NN is your tenure in months,

And the formula is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Using SMFG Grihashakti’s home loan EMI calculator, you can estimate the EMI for an INR 6 lakhs home loan. These calculators take into consideration the loan amount, interest rate, and loan term to predict your EMI.

Considering a 7.5% interest rate and a 10-year (120-month) loan term, the projected EMI for home loan of 6 lakhs would be approximately INR 7,076. It is essential to remember, however, that the real EMI may vary based on the lender, the proposed interest rate, and other variables such as processing costs, prepayment charges, and late payment fees.

Eligibility Criteria

• Those having salaries must be affiliated with publicly traded enterprises, the government, private limited companies, or sole proprietorships.
• Self-employed individuals must have proper documents which include financial statements, history of income tax returns filed as well as history of running the business.
• The applicant's age must be between 21 and 65.
• Your CIBIL score must cross 700.

In addition to these basic requirements, factors such as income, loan-to-value ratio, collateral value, employment stability, property type, and repayment capability can affect your eligibility for a home loan.

The detailed list of documents required can be found here

How To Apply For A INR 6 Lakhs Home Loan?

You can apply for a house loan by visiting the website of your favourite NBFC and following the provided guidelines. With SMFG Grihashakti, all stages, from application to document submission, may be completed online. Follow the instructions below:

• Visit the webpage for SMFG Grihashakti.
• As appropriate, enter your principal loan amount.
• Choose the sort of loan you intend to obtain.
• Choose Apply Now.
• Using the OTP system, validate your phone number.
• Once this is complete, you will be directed to a page that requests various personal details.

Conclusion

In conclusion, the EMI for 6 lakhs home loan is contingent upon a number of variables, including the loan amount, interest rate, and loan term.

Since SMFG Grihashakti has no hidden charges, it can help you determine the exact amount payable. It is crucial to note, however, that this is only an estimate, and the real EMI may vary based on the terms and conditions of your loan. Prior to obtaining a home loan, it is essential to examine your financial condition and consider all relevant criteria to guarantee that you can comfortably afford the EMI and make timely payments. Apply for a home loan today.

Also Read Home Loan EMI for 8 Lakh