With urban property prices soaring, a home loan of INR 75 lakhs has become a practical choice for aspiring homeowners. Whether you’re eyeing an apartment or a spacious family home, it's important to know what the EMI will be for an INR 75 lakhs home loan and what factors could impact your approval. This article breaks down the numbers, benefits, and eligibility criteria to help you plan better and make informed decisions.

What Is the EMI for an INR 75 Lakhs Home Loan?

To calculate the INR 75 lakhs home loan EMI, the following standard formula is used:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where:

• P = Loan amount
  
• R = Monthly interest rate
  
• N = Loan tenure

Instead of spending time on manual calculations, a home loan EMI calculator offers quick and accurate results.
For instance, if we assume an interest rate of 10% per annum and a tenure of 30 years, the EMI for an INR 75 lakhs home loan will be approximately INR 65,818.

INR 75 Lakhs Home Loan EMI Details

The following table provides a snapshot of the INR 75 lakhs home loan EMI over different tenures, calculated at a 10% per annum interest rate:

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.

How to Apply for an INR 75 Lakhs Home Loan?

Applying for an INR 75 lakhs home loan involves the following steps:

• Begin by evaluating the lender’s eligibility requirements. Ensuring you meet these conditions can increase the likelihood of approval with favourable terms.
• Gather your identity proof, income records, address proof, and property-related papers.
• Apply either online or in person at the lender’s branch. Accurately fill out the application form and submit it along with the required documents.
• After submission, a representative from the lender will connect with you to guide you through the remaining steps.

Eligibility Criteria for an INR 75 Lakhs Home Loan

Lenders evaluate multiple factors to determine your eligibility for a home loan of INR 75 lakhs, including:

• Age: You must be between 21 and 65 years old. Your age at the time of loan maturity should not exceed the upper limit.
  
• Credit Score: A CIBIL/credit score of at least 700 is generally preferred to qualify for a home loan.
  
• Income & Employment: You should have a stable and verifiable income, whether you are salaried or self-employed.

*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 75 Lakhs Home Loan

Here’s a list of commonly required documents when applying for an INR 75 lakhs home loan:
Proof of Identity

• PAN card
  
• Voter ID
  
• Driving licence
  
• Employee card (for salaried applicants)

Proof of Residence

• Aadhaar card
  
• Recent electricity bill or piped gas monthly bill
  
• Ration card
  
• Property tax receipt or water bill

Proof of Income for Salaried Applicants

• Last 6 months’ bank statements showing salary credits
  
• Salary slips for the last 3 months
  
• Form 16 for the previous 2 years

Proof of Income for Self-Employed Applicants

• Bank statements for the last 6 months (primary business account)
  
• Income Tax Returns (ITRs) for the past 2 years with computation
  
• CA-audited financial statements (if applicable)

Property Documents

• Sale deed
• Title deed
• Any other documents as prescribed by the lending institution

*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 75 Lakhs Home Loan Features and Benefits

Opting for an INR 75 lakhs home loan gives you access to several benefits:

• Interest Rates: Get competitive home loan interest rates tailored to your credit profile and financial background. This can help reduce your overall loan costs.
  
• Extended Repayment Tenures: Choose a repayment period that suits your financial planning – up to 30 years*.
  
• Easy Online Application: Apply conveniently through the lender’s website or mobile app. The digital application process typically requires minimal paperwork and enables faster loan processing.
  
• Tax Benefits: Through the Old Tax Regime, you can claim tax deductions under Section 80C (for principal repayment) and Section 24(b) (for interest paid) of the Income Tax Act, subject to applicable limits.

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Factors to Consider While Availing an INR 75 Lakhs Home Loan

Before applying for a high-value home loan, consider the following aspects to make an informed and financially sound decision:

• Financial Planning: Use an EMI calculator to estimate your monthly instalments based on the principal amount, interest rate, and tenure. Ensure the INR 75 lakhs home loan EMI fits within your budget without impacting other financial goals.
  
• Type of Interest Rate: Verify whether the interest rate is fixed or floating. Fixed rates offer EMI stability, while floating rates can help you benefit from future rate cuts.
  
• Processing Fees and Other Charges: Don’t focus solely on the interest rate. Check for processing fees, documentation charges, and other associated expenses that could increase your overall borrowing cost.
  
• Property Valuation and Location: Lenders typically conduct a valuation of the property to determine the Loan-to-Value (LTV) ratio. Properties in prime locations or under reputable developers may also fetch better loan terms.

Conclusion

An INR 75 lakhs home loan is a significant financial commitment, but also a crucial step toward owning your dream home. From understanding your EMI obligations to eligibility and documentation, being informed at every step helps you make confident financial decisions.

At SMFG Grihashakti, you can avail of home loans of up to INR 1 crore* at competitive interest rates and flexible repayment tenures. Check your eligibility, estimate your EMIs, and apply online today!