Home Loan up to Rs.75 Lakh

Buying a house is a major milestone in life and requires considerable finance. When you are looking for funding to the tune of Rs.75 lakh or more, consider Bajaj Finserv. Here, you can obtain substantial home loans that you can repay conveniently. With the right planning, you can bring the EMIs for a 75 lakhs home loan within your budget by adjusting the loan particulars to your advantage. Read on to know more.
 

EMI Details for a Home Loan of Rs.75 Lakh

Home loan EMI is what you pay on a monthly basis in order to settle the loan by the end of the tenor. The EMIs are determined by 3 factors: the principal, rate of interest and tenor. Picking a long repayment tenor allows you to split your debt into smaller instalments, hence making repayment easy. However, selecting a short tenor lets you minimise your interest payments. You can decide on your loan particulars by using an EMI calculator. For instance, you can arrive at the 75 lakh home loan EMI by entering the principal, rate of interest and tenor length into the blank fields.
 

Eligibility Criteria for a Home Loan of Rs.75 Lakh

Here’s how you can qualify for a 75 lakh home loan amount with Bajaj Finserv.

For Salaried Individuals:

• 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 your city of residence

  For Self-employed Individuals:

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

 

EMI Calculations for a Home Loan of Rs.75 Lakh with Different Tenors

When choosing a tenor, ensure that you are able to service EMIs without straining your budget. Below is a table indicating how you can reduce the EMIs for a 75 lakhs home loan by opting for a longer tenor. A housing loan interest rate of 10% is assumed here.

Loan Amount	EMI when Tenor is 10 Years	EMI when Tenor is 15 Years	EMI when Tenor is 20 Years
Rs.75,00,000	Rs.99,113	Rs.80,595	Rs.72,377

*The table has values that are subject to change.
 

EMI Calculations for a Home Loan of less than Rs.75 Lakh

If these instalments push your debt-to-income ratio too high, you can consider 70 lakh home loan EMI values, or those for a lower principal, to check the maximum loan amount you can manage. Just as you can stretch the tenor to reduce your EMIs, you can trim the principal to reduce your monthly EMIs. For example, the EMI for a 60 lakhs home loan for 20 years is Rs. 57,901 and you get a similar value when you set the principal as Rs.45 lakh and the tenor as 10 years.

Likewise, the EMIs for a home loan of 60 lakhs would be lower than those for a loan of 70 lakhs. Home Loan EMI calculators help you spot these differences in detail, as they give you values for both your monthly and net interest payments.

Here’s how choosing a lower loan amount along with a longer tenor helps in managing your repayment.

Instalment Details	Tenor of 10 Years	Tenor of 15 Years	Tenor of 20 Years
EMI for 55 lakhs home loan	Rs. 72,683	Rs. 59,103	Rs. 53,076
EMI for 60 lakhs home loan	Rs.79,290	Rs.64,476	Rs.57,901
EMI for 70 lakhs home loan	Rs.92,506	Rs.75,222	Rs.67,552
EMI for 75 lakhs home loan	Rs.99,113	Rs.80,595	Rs.72,377

*The table has values that are subject to change.

From the table, you’ll notice that a 60 lac home loan EMIs are considerably lower than those for a loan of 75 lakh. When you enter a value of 60 lakhs, the home loan EMI calculator outputs a lower EMI because as per the EMI formula, the instalment values are directly proportional to the quantum of the principal. This exercise of finding smaller EMIs through reducing the principal can also help you apply for funding smartly. So, if the EMIs for a home loan of 60 lakh are still too large for you, apply for less.

Similarly, if all you need is a home loan for 60 lakhs of total expenses, then you needn’t avail the whole amount. You could bank on your savings, apply for less and thereby sidestep the total 60 lakh home loan EMI payments.
 

Interest Rate for a Home Loan of Rs.75 Lakh

By opting for a Home Loan from Bajaj Finserv, you can avail financing at an interest rate starting at 8.50%*. This promotional offering stands for salaried persons and for loans below Rs.30 lakh. For a loan in the range of Rs.75 lakhs, you can expect standard rates to apply. Similarly, self-employed persons can obtain financing at a rate starting at 9.35%. In both cases, you enjoy a free part-prepayment are foreclosure facility and so, can make borrowing easy on your pocket as you become a proud homeowner.