Home Loan up to 55 Lakh Details

Bajaj Finserv encourages prospective home buyers by extending substantial amounts such as 55 lakh home loan or even more at affordable interest rates. With the availability of a sizable amount, individuals can fulfil their home finance needs, ranging from purchasing a property and construction of a new house to refinancing an existing loan.

Besides, eligible borrowers can also enjoy add-on benefits such as Pradhan Mantri Awas Yojana, top-up facility, flexible tenor, online account management and likes. To maximise the benefits of this financial product, go through the eligibility parameters laid down by the financial lender and fulfil them to ensure hassle-free loan approval.

Eligibility Criteria for the 55 Lakh Home Loan

To avail a home loan from reputed NBFCs like Bajaj Finserv, one must meet the following eligibility criteria form home loan without any discrepancy:

For salaried individuals

  • Applicants must be within the age bracket 23-62 years**
  • Must be a resident of India
  • Minimum work experience should be 3 years with a stable employment
  • Must meet the necessary income criteria and property value requirement

For self-employed individuals

  • Must be aged between 25-70 years**
  • Should be an Indian resident
  • Must possess a business vintage of at least 5 years

Besides meeting home loan eligibility criteria, individuals must submit certain documents for home loan to support their eligibility. The documents include:

  • KYC documents (identity and address proof)
  • Latest salary slips/ Form 16
  • P & L statement, TR documents of last 2 years
  • Financial statement of last 6 months
  • Business existence proof

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

Interest Rate Applicable on Rs. 55 lakh Home Loan

For a home loan, the home loan interest rate for salaried individuals and professional applicants starts from 6.75%* , if they meet the eligibility criteria.

Since the applied interest rate significantly impacts the overall borrowing cost, one must keep a check on home loan interest rates and borrow accordingly.

55 Lakh Home Loan EMI Details

If borrowers are willing to avail a home loan amount of Rs. 55 lakh, it is essential for them to know the entire EMI breakup thoroughly. For this, a home loan EMI calculator can be an effective online tool for them. This is because the EMIs for this amount can vary depending on the chosen tenor and applied interest rate.

Besides, this home loan EMI calculator will allow individuals to alter these inputs to achieve desirable results. Moreover, its user-friendly interface allows borrowers to avail of error-free results within seconds.

Read along for a detailed home loan EMI overview for a home loan of Rs. 55 lakh.

EMI Calculation for a 55 Lakh Home Loan with Varying Tenors

To understand home loan EMI for a 55 lakh home loan, check out the following description below with a fixed interest rate of 6.75%*.

EMI for Rs. 55 lakh home loan for 30 years

Home Loan Amount

Rs. 55 lakh

Interest rate

6.75%*

Tenor

30 Years

EMI

Rs. 35,305


EMI for Rs. 55 lakh home loan for 20 years

Home Loan Amount

Rs. 55 lakh

Interest rate

6.75%*

Tenor

20 Years

EMI

Rs. 41,494


EMI for Rs. 55 lakh home loan for 15 years

Home Loan Amount

Rs. 55 lakh

Interest rate

6.75%*

Tenor

15 Years

EMI

Rs. 62,872


From the above figures, it is evident that for a 55 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 select the repayment tenor and loan quantum carefully to avoid financial strain in the long run.

EMI Calculations for a Home Loan Amount Lower than Rs. 55 lakh

If borrowers find that the EMIs on a 55 lakh home loan is difficult to repay, they can apply for a less principal amount to ease out their repayment. This is because applying for a lower loan amount will significantly reduce EMIs. Check out the home loan EMI breakup of choosing an amount lesser than Rs. 55 lakh and notice the difference.

Go through the description below for reference:

For an Rs. 54 lakh home loan

  • Loan principal: Rs. 54 lakh
  • Interest rate: 6.75%*
  • Tenor: 20 years
  • EMIs: Rs. 40,739

For an Rs. 53 lakh home loan

  • Loan principal: Rs. 53 lakh
  • Interest rate: 6.75%*
  • Tenor: 20 years
  • EMIs: Rs. 39,985

For an Rs. 52 lakh home loan

  • Loan principal: Rs. 52 lakh
  • Interest rate:6.75%*
  • Tenor: 20 years
  • EMIs: Rs. 39,230

For an Rs. 51 lakh home loan

  • Loan principal: Rs. 51 lakh
  • Interest rate: 6.75%*
  • Tenor: 20 years
  • EMIs: Rs. 38,476

The above classification shows that the principal amount also plays a significant role as the EMIs for Rs. 53 lakh is comparatively higher than that of Rs. 48 lakh loan amount.

So, if borrowers plan to opt for a 55 lakh home loan amount and want to know the detailed EMI breakups beforehand, take the help of this online EMI calculator and apply with Bajaj Finserv for exclusive benefits.

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