What is the EMI for an INR 75 Lakhs Home loan

Have you already zeroed in on your new home, and are looking for a home loan of Rs. 75 lakh to fund the purchase? If so, read on.

Before applying for an INR 75 lakhs home loan, it’s imperative to know the EMI you will be paying for the entire loan tenure and the overall impact on your finances. This will help you to plan your home loan efficiently.

Home loan up to Rs. 75 lakh

Not just to purchase your dream home, you can also avail of the Rs. 75 lakh home loan for home loan refinancing, purchasing land, home construction, or house renovation.

With most lenders offering a maximum home loan tenure of up to 30 years, you can plan your Rs. 75 lakh home loan EMI accordingly so that your loan repayment doesn’t impact your finances.

INR 75 lakh loan EMI Details

Using the home loan EMI calculator, you can easily calculate the EMI for a home loan of 75 lakhs across different tenures.

The following are the approximate EMIs for 75 lakhs home loan for different loan tenors:

For 30 years of home loan tenure

The 75 lac home loan EMI for 30 years tenure at an 8% rate of interest is Rs. 55,032. You will pay approximately Rs. 1,98,11,643 during the entire loan tenure, out of which, the total interest amount is Rs. 1,23,11,643.

For 25 years of home loan tenure

The home loan EMI for 25 years tenure at an 8% rate of interest is Rs. 57,886. The total approximate amount you will pay during the entire loan tenure is Rs. 1,73,65,865, of which the interest amount is Rs. 98,65,865.

For 20 years of home loan tenure

The home loan EMI for 20 years tenure at an 8% rate of interest is Rs. 62,773. The total amount to be paid during the loan tenure will be Rs. 1,50,55,921, of which total interest amount is Rs. 75,55,921.

For 15 years of home loan tenure

The home loan EMI for 15 years loan tenure at an 8% rate of interest is Rs. 71,674. The total amount paid will be Rs. 1,29,01,303 and the share of interest component is Rs. 54,01,303.

The calculator also provides the schedule for EMI payments, which contains the EMI breakup, the principal amount repaid and the interest amount paid, for each year, until the loan gets repaid.

Please note that these figures only take into account the principal and interest components. Depending on your agreement with the lender, additional components such as insurance may be included.

EMI Calculation for INR 75 Lakh home loan EMI

You can use SMFG Grihashakti’s home loan EMI calculator to check the EMI amount for various loan tenures and choose accordingly.

To use the calculator, you just need three metrics, the home loan amount you wish to avail of, the interest rate, and the loan tenure. The calculator gives accurate results instantly and is very easy to use.

Regarding the rate of interest, if you have a credit score of 700 or above, the lender usually gives a competitive interest rate for the home loan amount. However, it also depends on your financial position, age, and the number of years left to retire. Moreover, the lender’s policy will also play an important role in determining the final interest rate offered to you.

Eligibility and documents required for INR 75 lakh home loan

To be eligible for a INR 75 lakh home loan amount, you need to fulfill the following eligibility criteria:

• Must be a resident Indian.
• The minimum age at the time of home loan application should be 21 years and should not exceed 65 years at the time of loan maturity.
• Must be salaried or self employed.
• Have a monthly stable income source.
• A credit score of 700 or above.

Documents required for a 75 lakh home loan amount

1. PAN Card
2. Proof of Identity (AADHAAR, Passport, Voter-ID)
3. Proof of Address (AADHAAR, Utility Bill)
4. KYC documents of co-applicant/ guarantor

For salaried professional

1. Last 6-months bank account statement.
2. Last 3-months salary slip.
3. Last 2 years Form 16.

For self-employed professional

1. IT returns for the last 2 years.
2. CA-audited business financial statement. (if applicable)
3. Proof of business existence. (PAN of company, GST registration certificate, Trade license, etc)
4. Bank statements of the past 6 months.

Property Documents

1. Sales deed or stamped agreement of sale of house property.
2. NOC from housing society or property developers.
3. Possession certificate and land tax receipt.
4. Proof of transaction detailing all the information related to payments of down payment.
5. Occupancy certificate, if buying a fully constructed flat.
6. Cost estimate- if the loan is availed for home construction.

Please note that depending on your profile and the lender’s policy, additional documents may also be requested.

How to apply for an INR 75 lakh home loan?

You can apply for a Rs. 75 lakh home loan online on the SMFG Grihashakti web platform or visit the nearest SMFG Grihashakti branch office.

To apply online, you need to fill out the online home loan application form and upload digital copies of the required documents. Once submitted, an executive will get in touch over the phone to explain the remaining process.

You may also submit the home loan application form with the required documents physically at the branch office.

Must Read: What is the EMI for 50 Lakh Home Loan