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Home Loan up to Rs.1 Crore

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Home Loan up to Rs.1 Crore

Bajaj Finserv offers high-value Home Loans up to Rs.3.5 crore, using which you can become a homeowner without compromise or delay. Further, you benefit from a flexible tenor spanning up to 240 months and to manage your EMIs with ease. If you are on a lookout for a 1 Cr home loan, EMI details would be among the most important factors of consideration. Read on to know about the EMI for 1 crore home loan that you can expect to pay.
 

1 Crore Home Loan EMI Details

With Bajaj Finserv, you get a flexible repayment tenor that ranges up to 20 years. This means that your EMIs are not fixed. So, you can decide on the EMIs for a 1 crore home loan by shortening or extending the length of the tenor and considering your financial capabilities. In fact, the loan amount, rate of interest and tenor are the three determinants of your 1 Cr home loan EMI.

While based on a complex math formula, you can arrive at the monthly EMI for a 1 crore home loan by making use of the EMI calculator. In fact, when applying for a sanction of 1 crore, home loan EMI calculator become an indispensable tool to planning. On entering the loan amount, tenor and rate of interest, you can see your monthly debt payments. If you find the 1 crore housing loan EMI too large, you can pick a longer tenor to achieve a more favorable repayment structure.
 

Eligibility Criteria Attached to a Home Loan of Rs.1 Crore

To qualify for a Home Loan of 1 crore from Bajaj Finserv, you need to meet the following criteria.

If you are salaried then:

  • You should be a residing Indian citizen
  • You should be aged between 23 to 62 years
  • You should be employed, having a minimum work experience of 3 years
Further, when applying for a loan of 1 crore, the home loan eligibility also require you to possess the minimum monthly income and clear the minimum property value as set for your city.

If you are self-employed then:

  • You should be a residing Indian citizen
  • You should be aged between 25 to 70 years
  • You should have a steady business, running for at least 5 years
 

EMI Calculations for a Home Loan of Rs.1 Crore with Different Tenors

Once you qualify for a home loan, 1 crore is your principal amount and the interest rate is set by your lender. When calculating the EMI on home loan of 1 crore, choose different tenors so as to arrive at a structure that suits your repayment capabilities.

Take a look at the table below to see how different tenors impact your EMIs. Here, consider an interest rate of 10%.

Below are calculations illustrating the EMIs for a 30 lakhs home loan for 10 years, 15 years, and 20 years. Here the interest rate is assumed as 10%.
Loan Amount 1 Crore Home Loan EMI for 10 Years 1 Crore Home Loan EMI for 15 Years 1 Crore Home Loan EMI for 20 Years
Rs.1 crore Rs.1,32,151 Rs.1,07,461 Rs.96,502
*The table has values that are subject to change.
 

EMI Calculations for a Home Loan of Less than Rs.1 Crore

In case your find that the EMIs for a home loan for 1 crore doesn’t suit your budget, or if you have already saved a certain amount, then you may want to borrow an amount that is lower. Availing a smaller loan amount allows you to bring down your EMIs.

For instance, the EMIs for an 80 lakhs home loan are lower than the EMIs for a 90 lakhs home loan. Similarly, the EMI of a 1 crore home loan will be higher than the EMI for a home loan of Rs.80 lakhs or Rs.90 lakhs. To help you get a practical understanding of this, consider the table below. The interest rate is assumed to be 10%.
Loan Amount EMI when Tenor is 10 Years EMI when Tenor is 15 Years EMI when Tenor is 20 Years
Rs.80 lakh Rs.1,05,721 Rs.85,968 Rs.77,202
Rs.90 lakh Rs.1,18,936 Rs.96,714 Rs.86,852
Rs.1 crore Rs.1,32,151 Rs.1,07,461 Rs.96,502
*The table has values that are subject to change.

On observing the table, you’ll see that the 80 lakh home loan EMI for a tenor of 15 years and the 90 lakh home loan EMI for a tenor of 20 years is round about the same. This illustrates how you can adjust values of the principal and tenor to avail a loan matching your needs and finances.
 

Interest Rate on a Home Loan of Rs.1 Crore

Interest rates with Bajaj Finserv for salaried persons start at 6.9%*. This promotional rate, however, is for small-ticket loans and for a 1 to 2 crore home loans, the rate will be different. For self-employed individuals, interest rates start at 9.35%. Nevertheless, with Bajaj Finserv, you enjoy nil charges on part-prepayments and foreclosures and thus can repay your loan hassle-free.

 

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