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Home Loan up to Rs.40 Lakh

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Home Loan up to 40 Lakh Details

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.
 

Details of EMIs on a 40 Lakh Home Loan

The 40 lac home loan EMI structure is determined by the interest rate and tenor. Since the principal is already known here, 40 lakhs, the home loan EMI calculator needs only the other two values to compute and generate results. The interest rate depends on the lender, and once you have it, you can enter it into the calculator. You can then key in values for the tenor to obtain an EMI structure suitable to your repayment capabilities. Bajaj Finserv offers you a long tenor and you’ll note that the EMIs for a 40 lakhs home loan for 20 years are considerably lower than those for a tenor of say 10 years.
 

EMI Calculations for a Home Loan of Rs.40 Lakh with varying Tenors

When applying for a sum of 40 lakhs, the house loan EMI calculator is a tool you can rely on as it provides error-free results that aid in repayment planning. In general, the longer the tenor, the lower will your monthly outgo be. Nevertheless, shorter tenors are better in terms of net interest payments.

Below are tables indicating how the tenor impacts the EMIs for 40 lakhs house loan. Here, the interest rate is assumed to be 10%.
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.
 

EMI Calculations for Loan Amounts lower than Rs.40 Lakh

In case you find the EMI for a loan of Rs.40 lakh tough to manage, you can consider reducing the principal. For instance, the EMIs for a home loan of 35 lakh would be lower than those for a loan of Rs.40 lakh across various repayment terms. For a given tenor, the 35 lac home loan EMI structure would be more manageable than that of a loan of Rs.40 lakh. Same can be said when comparing the EMIs for a 35 lakh home loan with those of a home loan of, say, Rs.30 lakhs.

Below is a table indicating EMI values for different principals and tenors.
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.
 

Interest Rate Applicable on a Rs.40 Lakh Home Loan

Bajaj Finserv offers competitive home loan interest rates and at present, salaried individuals can pick up a rate starting at 6.9%* on loans of up to Rs.30 lakh. For a loan of Rs.40 lakh this promotional rate will not apply, and standard rates will be applicable. Self-employed individuals get rates starting at 9.35%. As you consider the interest rates, note also that you can make part-prepayments are even foreclose your loan at no charge here.
 

Eligibility Criteria for a Rs.40 Lakh Home Loan

Here are the important terms you need to meet to qualify for financing with Bajaj Finserv.  

If you are a salaried individual:

  • You must be a resident citizen of India
  • You must be between 23 and 62 years of age
  • You should have a stable job and a work experience of at least 3 years
 

If you are a self-employed individual:

  • You must be a resident citizen of India
  • You must be between 23 and 70 years of age
  • You should have a stable business that has a vintage of at least 5 years
  In addition to these, meeting the minimum monthly income and property value criteria puts you in stead to obtaining tailored financing swiftly!

 

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