Home Loan up to Rs.30 Lakh

With the Bajaj Finserv Home Loan you can purchase an apartment or villa, renovate an existing house or construct a home from scratch with ease. If you are looking for a home loan of up to 30 lakhs, then you can easily obtain one here and also enjoy a range of value-added features such as a PMAY subsidy and a flexible tenor. The flexible tenor allows you to split your EMIs effectively to repay conveniently. You also enjoy competitive interest rates here and this too impacts your EMI structure.

Read on to know more about the EMIs on home loans up to Rs.30 lakh.
 

30 Lakh Home Loan EMI - Details

When you avail a Home Loan of 30 lakhs with Bajaj Finserv, you can repay the loan easily by choosing a convenient tenor, extending up to 20 years. When picking a tenor, bear in mind that the total interest payable is directly proportional to the length of the tenor, but inversely proportional to the monthly instalment amount. So, when deciding on the right tenor for a 30 lakhs home loan, a housing loan EMI calculator is a tool that can come in handy.

To obtain EMI and interest figures, all you have to do is enter values for the principal of the home loan, 30 lakhs, the tenor, and interest rate. The tool will then generate figures corresponding to the values entered. You can keep changing these till you attain a convenient EMI structure.
 

Eligibility Criteria for a Home Loan of 30 Lakhs

You can qualify for the Home Loan from Bajaj Finserv on simple eligibility terms.

If 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
• You should meet the minimum monthly income and minimum property value requirements, based on the area you live in

If self-employed, then:

• You should be a residing Indian citizen
• You should be aged between 25 to 70 years
• You should possess a business that has a minimum vintage of 5 years

 

EMI Calculations for a Home Loan of up to Rs.30 Lakh with Different Tenors

When you select a short tenor, your EMIs on a home loan of 30 lakhs may be high, but your net interest payments come down. Similarly, when you pay EMIs for a 30 lakhs home loan for 20 years, or a long, extended term, your monthly instalments are smaller, but the overall interest payable will be high. To help you understand this better, here is a table depicting the 30 lakh house loan EMI structure at various tenors.

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	EMI when Tenor is 10 Years	EMI when Tenor is 15 Years	EMI when Tenor is 20 Years
Rs.30,00,000	Rs.39,645	Rs.32,238	Rs.28,951

*Please note that the table has values that are subject to change.

You’ll see that when you take a home loan of 30 lakhs, EMI amounts can be conveniently brought within budget by adjusting the length of the tenor.
 

EMI Calculations for Loan Amounts Lower than Rs.30 Lakh

Just like the tenor, the loan amount also impacts EMI values, i.e., the lower the principal, the lower will your EMIs be. To illustrate, the EMI of a 30 lac home loan would be higher than that of a loan of Rs.25 lakh. Similarly, if you take a 28 lakh home loan, EMI amounts would be higher than those of a loan of Rs.25 lakh but lower than those of a loan of Rs.30 lakh.

For better understanding, here is a table showing EMI values for a Rs.26 lakh, Rs.27 lakh, Rs.28 lakh and 30 lakhs loan. An EMI calculator was used to generate results and the rate of interest was set as 10%.

Loan Amount	EMI when Tenor is 10 Years	EMI when Tenor is 15 Years	EMI when Tenor is 20 Years
Rs.26,00,000	Rs.34,359	Rs.27,940	Rs.25,091
Rs.27,00,000	Rs.35,681	Rs.29,014	Rs.26,056
Rs.28,00,000	Rs.37,002	Rs.30,089	Rs.27,021
Rs.30,00,000	Rs.39,645	Rs.32,238	Rs.28,951

*Please note that the table has values that are subject to change.

From the table you’ll see that the 30 lakh home loan EMI is larger than that of a Rs.26 lakh loan. However, if you vary tenors, the difference becomes negligible. For instance, the 30 lakh house loan EMI for a tenor of 20 years and the Rs.26 lakh EMI for a tenor of 15 years is similar. This indicates that when you are taking a home loan for 30 lakhs worth of expenses you can either avail the whole amount and pick a long tenor or apply for less and repay the same quickly.
 

Interest Rate Applicable for the Rs.30 Lakh Home Loan

The 30 lac home loan EMI depends directly on the rate of interest and luckily, with Bajaj Finserv, salaried persons enjoy a promotional home loan rates, starting at 6.9%*. This means that home loan EMIs for a 30 lakhs sanction would be fairly pocket-friendly. Further, in terms of home loan interest rates, an above 30 lakhs sanction would attract standard charges. Self-employed persons get rates starting at 9.35%. Both types of borrowers benefit from nil part-prepayment and foreclosure charges, meaning that you can repay your loan without any hassles!