Home Loan up to 45 lakh details

With Bajaj Finserv, borrowers can avail a substantial amount, for instance, 45 lakh home loan or more, to cater to all your home finance requirements, ranging from house purchase, construction of a house, and even while transferring your existing loan.

Besides, you can also avail of additional benefits like PMAY subsidy, top-up loan, flexible repayment tenor, and more. To reap the benefits of this financial product, check eligibility criteria for home loan and fulfil them diligently.

Eligibility Criteria for the 45 lakh Home Loan

One must fulfil the home loan eligibility criteria to qualify for a home loan up to 45 lakh or more from Bajaj Finserv, following are the eligibility parameters:

For salaried individuals

  • Applicants should be aged between 23 and 62 years** of age
  • One must be a resident of India
  • Applicants must have stable employment with a work experience of 3 years
  • One must meet the minimum income and property value requirement

For self-employed individuals

  • One must be aged between 25-70 years**
  • Must be an Indian resident
  • Applicants should have a stable business vintage of at least 5 years

Besides meeting home loan eligibility criteria, individuals are required to have basic documents required for home loan. The documents include-

  • KYC documents (identity and address proof)
  • Latest salary slips or Form 16
  • Profit and Loss statement, TR documents of previous 2 years
  • Bank account statement of last 6 months
  • Business existence proof

** The upper age limit is considered as age, at the time of loan maturity.

Rs. 45 lakh Home Loan Interest Rate

On a 45 lakh home loan, the applicable home loan interest rate for salaried individuals and professional applicants starts from 7.70%*, provided they meet the required eligibility criteria.

Since the interest rate affects the overall borrowing cost, one must keep a tab on home loan interest rates and borrow accordingly.

45 lakh Home Loan EMI Details

To understand the overall EMI breakup when availing of a home loan of Rs. 45 lakh; individuals can take help of a home loan EMI calculator. This is because the EMIs for this amount can differ based on tenor and interest rate.

Besides, an online home loan EMI calculator will allow individuals to modify these determinants to reach desirable results. Such online calculators are free and easy to use.

For a comprehensive home loan EMI structure for 45 lakh home loan, read along.

EMI Calculation for a 45 lakh Home Loan

To know home loan EMI for a 45 lakh home loan, refer to the following table with an interest rate fixed at 7.70%*.

EMI for an Rs. 45 lakh home loan for 30 years

Home Loan Amount

Rs. 45 lakh

Interest rate

7.70%*

Tenor

30 Years

EMI

Rs. 32,083


EMI for an Rs. 45 lakh home loan for 20 years

Home Loan Amount

Rs. 45 lakh

Interest rate

7.70%*

Tenor

20 Years

EMI

Rs. 36,804


EMI for an Rs. 45 lakh home loan for 15 years

Home Loan Amount

Rs. 45 lakh

Interest rate

7.70%*

Tenor

15 Years

EMI

Rs. 42,229


From the above classification, borrowers can see that for a 45 lakh home loan, the EMI for a repayment tenor of 15 years is higher than the EMI for 20 years for the same amount. Hence, one must carefully choose the tenor and amount carefully to avoid repayment burden in the long run.

EMI Calculations for a Home Loan Lower than Rs. 45 lakh

If you find that the EMIs on a 45 lakh home loan is difficult to manage, you can choose to apply for a less principal amount, as lowering the loan amount will significantly decrease the monthly installments. Therefore, if you are applying for a lesser home loan amount, calculate your EMIs with an online EMI calculator.

Follow is an example to explain the difference by keeping the tenor and interest rate constant:

EMI for Rs. 44 lakh home loan for 20 years

  • Loan principal: Rs. 44 lakh
  • Interest rate: 7.70%*
  • Tenor: 20 years
  • EMIs: Rs. 34,643

EMI for Rs. 43 lakh home loan for 20 year

  • Loan principal: Rs. 43 lakh
  • Interest rate: 7.70%*
  • Tenor: 20 year
  • EMIs: Rs. 33,856

EMI for Rs. 42 lakh home loan for 20 years

  • Loan principal: Rs. 42 lakh
  • Interest rate: 7.70%*
  • Tenor: 20 years
  • EMIs: Rs. 33,069

EMI for Rs. 41 lakh home loan for 20 years

  • Loan principal: Rs. 41 lakh
  • Interest rate: 7.70%*
  • Tenor: 20 years
  • EMIs: Rs. 32,281

Here, it is evident that principal amount also plays a significant role as the EMIs for Rs. 40 lakh home loan is higher than that of Rs. 35 lakh loan amount. So, if you are planning to avail of a 45 lakh home loan and want to know the detailed EMI breakups, use the EMI calculator and apply with Bajaj Finserv for additional benefits.

*The Interest Rate mentioned are subjected to change, To know the latest rate visit here.