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Home Loan up to Rs.10 Lakh

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Home Loan up to 10 Lakh Details

Bajaj Finserv offers funding on competitive terms. If you are looking for a home loan of up to Rs.10 lakh, the attractive interest rate coupled with the flexible tenor options available here makes borrowing budget-friendly. For instance, you can increase the tenor to make a 10 lakh home loan EMI structure easier on the pocket. Read on to learn important details about the EMI on a home loan of 10 lakhs.
 

10 Lakh Home Loan EMI Details

A 10 lakh house loan EMI structure is determined by 3 parameters: the principal amount, the tenor and the interest rate. In this case, the principal of the home loan, 10 lakh, is known and the rate is that which is offered by your lender. You can then adjust the tenor to obtain a favourable structure. For example, a 10 lakh home loan EMI for 10 years would be higher than the EMI on 10 lakh home loan for 20 years. As a borrower, it is important for you to note that the EMI of a 10 lakh home loan is governed by a complex formula.

That’s why, when you take a housing loan of 10 lakhs, a home loan EMI calculator becomes an indispensable tool. It allows you to know the EMI on home loan of 10 lakhs within moments. Read on to see the figures.
 

EMI Calculation for a Home Loan of Rs.10 Lakh with Different Tenors

The home loan EMI for a 10 lakh principal depends on the rate of interest and the tenor chosen. Assuming that the interest rate is 10%, here is a table indicating how, when you take a home loan of 10 lakh, EMI values change as the tenor increases or decreases.
Loan Amount EMI when Tenor is 10 Years EMI when Tenor is 15 Years EMI when Tenor is 20 Years
Rs. 10,00,000 13,215 10,746 9,650
*Disclaimer: The table has values that are subject to change.

Now that you’ve seen how the EMI on a 10 lakh home loan is linked to the tenor, consider how it changes as the principal is altered.
 

EMI Calculation for a Home Loan Amount Lower than Rs.10 Lakh

Just like the calculation of EMI was done for a home loan of 10 lakhs, let’s assume the interest rate to be 10% and the tenor to be 10 years. What you’ll notice is that the instalments rise or fall in proportion to the principal. For instance, for a loan of 8 lakhs, the home loan EMI calculator displays a figure of Rs.10,572 and for a loan of 5 lakhs, the home loan EMI calculator displays a figure of Rs.6,608.
Loan Amount EMI when Tenor is 10 Years
9 lakh home loan EMI Rs.11,894
8 lakh home loan EMI Rs.10,572
7 lakh home loan EMI Rs.9,251
6 lakh home loan EMI Rs.7,929
5 lakh home loan EMI Rs.6,608
4 lakh home loan EMI Rs.5,286
3 lakh home loan EMI Rs.3,965
2 lakh home loan EMI Rs.2,643
1 lakh home loan EMI Rs.1,322
*Disclaimer: The table has values that are subject to change.

It’s easy to see that the EMI for 1 lakh home loan is considerably lower than that for a 2 lakh home loan or a 3 lakh home loan. The same could be said between the values for a home loan of 2 lakh and a home loan of 5 lakh. What this means is that you should aim to borrow based on your needs and your repayment capacity.

For instance, if you are taking a home loan for 6 lakhs, then you should do so only after noting the EMI that you can manage. Here, a 1 lakh home loan may not suffice; however, a home loan of 3 lakh or a home loan of 5 lakhs may be enough, depending on how much you’ve saved up through the years. If you apply for a larger amount, say 8 lakhs, the home loan calculator may output results that may be unfavourable to your budget.
 

Interest Rate for a Home Loan of Rs.10 Lakh

The third parameter that impacts the loan amount is the rate of interest. With Bajaj Finserv, salaried persons enjoy a promotional home loan interest rate offering between up to Rs.30 lakh. So, 300K home loan repayments are easy on the pocket, as you get an interest rate starting at 6.9%*. The same applies for home loans under 100k.

Interest rates vary from one lender to the next and so, you should use the EMI calculator to handpick affordable ones. For example, consider that for a principal of 40000, the home loan calculator outputs an EMI value of Rs.5,000 and for a principal, taken with a different lender, of 50000, the home loan calculator outputs the same amount. Here, you know that the latter is the cheaper of the two.
 

Eligibility Criteria for a Home Loan of Rs.10 Lakh

Since Bajaj Finserv promises cost-effective rates, apply now based on the simple eligibility criteria. To qualify, you must:
  • Be a resident citizen of the country
  • Be between 23 and 62 years (salaried), and 25 and 70 years (self-employed)
  • Have a work experience of at least 3 years (salaried) or a stable business for at least 5 years (self-employed)
  • Possess the city-specific monthly income

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