The Bajaj Finserv Home Loan is a feature-rich housing solution that offers high-value financing alongside convenient repayment terms. If you are in search of a loan of Rs.40 lakh, you can find easy financing here. However, when taking a 40 lakh home loan, EMI values are to be given importance as you don’t want to be thrown off budget during repayment. Read on to know more about EMI structures and the eligibility criteria pertaining to a home loan of Rs.40 lakh.
|Loan Details||Monthly Instalment||Net Interest|
|40 lakh home loan EMI for 30 years||Rs. 35,103||Rs.86,36,744|
|40 lakh home loan EMI for 20 years||Rs. 38,601||Rs.52,64,132|
|40 lakh home loan EMI for 15 years||Rs. 42,984||Rs.37,37,204|
|40 lakh home loan EMI for 10 years||Rs. 52,860||Rs.23,43,266|
*The table has values that are subject to change.On observing the table you’ll notice that for the home loan of 40 lakhs, EMI values and net interest payments bear an inverse relationship with each other. What this means is selecting the ideal 40 lakh house loan EMI figure has as much to do with monthly budgets as it has to do with long-term financial planning.
|Loan Details||Tenor of 20 Years||Tenor of 15 Years||Tenor of 10 Years|
|35 lakh home loan EMI||Rs.33,776||Rs.37,611||Rs.46,253|
|32 lakh home loan EMI||Rs.30,881||Rs.34,387||Rs.42,288|
|30 lakh home loan EMI||Rs.28,951||Rs.32,238||Rs.39,645|
*The table has values that are subject to change.You’ll note that the EMI for a 35 lakhs home loan for 20 years is considerably similar to that of a Rs.30 lakh loan taken for 15 years. What this means is that if your current budget is all that you have to manage, then you can choose a larger loan amount by picking an appropriate tenor. In this case you could avail a surplus, over and above Rs.30 lakhs, and obtain, say, 35 lakhs. The home loan EMI calculator will help you determine just how much you can afford.
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