What is the EMI for a 20 Lakhs Home loan?

Buying a home can be a tough decision due to financial pressure. While buying a house, we pull out funds from our long term savings and investments. However, sometimes there could still be a gap in the required funds. Taking a home loan can help in meeting the financial gap smoothly. Home loans are the best way to finance your home purchase in an affordable manner. SMFG Grihashakti is happy to offer a INR 20 lakh home loan that can help you plan your goals better.

What is meant by INR 20 Lakh Home Loan?

If you are planning to construct a home on land you already possess, or buy a new home, you can take a home loan. Assuming that the overall cost would be INR 25 lakhs, and you are eligible to get upto 80% of this amount as a home loan, this becomes your INR 20 lakh home loan. SMFG Grihashakti’s repayment tenure can be extended up to 30 years and the interest rates offered are affordable. Assuming an interest rate of 7.99% per annum and a tenure of 30 years, the INR 20 lakh home loan EMI would be INR 14,661. Please note that this is an estimate, and does not include additional charges which may be applicable as per the agreed upon terms. Thus, a flexible and long repayment tenure helps in reducing the impact of EMI on your pocket.

Thus, SMFG Grihashakti’s INR 20 lakh home loan enables you to get your dream home at an affordable cost. After final loan approval and execution of agreement, the funds will be disbursed within 72 working hours.

INR 20 lakh loan EMI Details

Your EMI amount depends on a few factors. They include loan amount, interest rate and tenure. Depending on your agreement with the lender, the EMI may also consist of additional components such as insurance costs. With the INR 20 lakh home loan being offered at such competitive home loan rates, you can plan to buy a bigger apartment, fulfilling your life dreams in time. At Grihashakti, the home loan interest rates are very reasonably priced, and the final rate offered depends on your eligibility and our policy at the time of loan application.

The below table shows how the INR 20 lakh home loan EMI varies at an interest rate of 7.99% per annum for different tenures:

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EMI Calculator for 20 Lakh home loan EMI

At Grihashakti, we offer an easy-to-use online tool called home loan EMI calculator. The online home loan EMI calculator lets you understand your future monthly expenses. You have to enter some details like rate of interest, loan amount, and preferred repayment tenure. The calculator will give you the desired result in a few seconds. You can re-enter the details to get a result as per your suitability.

Using this calculator, you can see that the overall interest payout on an INR 20 lakh loan with a tenure of 30 years would be INR 32,78.087 at an interest rate of 7.99% per annum and INR 37,88,103 at 8.99% per annum. This calculation assumes that there would be no part-payments made during the tenure of the loan.

Eligibility and documents required for INR 20 lakh home loan

You can apply for SMFG Grihashakti’s INR 20 lakh home loan as a salaried or as a self-employed individual. SMFG Grihashakti’s home loan eligibility begins at 21 years of age and is available for resident Indians only. Applicants cannot be older than 65 by the time of 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 such as sole proprietors, CA, doctor, architect, partner in a partnership firm or a company can also apply.

Applicants must have a CIBIL score of 700 or more.

Must Read : CIBIL score for Home Loan

Final Eligibility also depends on various other factors including our policy at the time of loan application.

Given below is a list of basic documents* required for an INR 20 lakh home loan. Depending on your profile and our policy, additional documents may also be requested.

• ID Proof
• Address Proof
• Bank statements of the past 6 months
• Proof of Income
• Salaried: Salary slips of past 2 months,  past 2 years ITR and Form 16
• 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 20 lakh home loan?

You can apply for a INR 20 lakh home loan from SMFG Grihashakti online or offline. Online application is easy and time efficient. It can be carried out in the comfort of your home. You have to click on the ‘Apply Now’ button, enter basic details, upload your documents, and submit. If you decide to apply offline, then you can visit your nearest SMFG Grihashakti branch and take the process forward.

Must Read : What are the Advantage of taking Home loan