Rs. 40 lakh home loan EMI and interest rate
Planning to buy your dream home with a Rs. 40 lakh home loan? Before applying, it’s essential to understand how EMIs (Equated Monthly Instalments) work. Knowing your EMI and the interest payable in advance helps you plan your monthly budget with ease. Use an online EMI calculator to estimate your repayment amount based on the loan amount, interest rate, and chosen tenure. This gives you a clearer picture of what to expect and helps avoid financial stress later on. In this blog, we’ll walk you through the estimated EMIs for a Rs. 40 lakh home loan across different loan tenures so that you can make an informed borrowing decision that suits your income and long-term goals.
Bajaj Finserv's home loan is a feature-rich housing solution that offers high-value financing alongside convenient repayment terms. Through this specialized offering, you can qualify for and avail of a sanction of up to Rs. 40 lakh with ease. Get the loan at a competitive interest rate and a flexible tenor when you meet our simple eligibility criteria. Repay over a lengthy period of up to 32 years, thus ensuring that your monthly instalments are budget-friendly.
Rs. 40 lakh home loan EMI for tenures ranging from 10 to 30 years
Our loan also comes with online tools such as the home loan EMI calculator. Using it, you can plan your loan, know more about the EMIs payable, and find the best tenor for your budget. To help you make this decision, here are a few tables you can refer to.
To get the estimates of EMI of 40 lakh home loan with different tenor, consider the examples with the applicable interest rate set at 7.49%* p.a.
Loan term |
Loan amount |
Rate of interest (p.a.) |
EMI |
Total interest |
Total amount payable |
5 years |
Rs. 40,00,000 |
7.99%* |
Rs. 81,086 |
Rs. 8,65,186 |
Rs. 48,65,186 |
10 years |
Rs. 40,00,000 |
7.99%* |
Rs. 48,510 |
Rs. 18,21,189 |
Rs. 58,21,189 |
15 years |
Rs. 40,00,000 |
7.99%* |
Rs. 38,203 |
Rs. 28,76,539 |
Rs. 68,76,539 |
20 years |
Rs. 40,00,000 |
7.99%* |
Rs. 33,433 |
Rs. 40,23,851 |
Rs. 80,23,851 |
25 years |
Rs. 40,00,000 |
7.99%* |
Rs. 30,846 |
Rs. 52,53,847 |
Rs. 92,53,847 |
30 years |
Rs. 40,00,000 |
7.99%* |
Rs. 29,323 |
Rs. 65,56,173 |
Rs. 1,05,56,173 |
Rs. 40 lakh home loan EMI for different tenures
The home loan EMI calculator provides a convenient method to plan your housing loan and EMIs efficiently. Remember to use it before you apply. The tables below outline the EMI, total interest, and total amount payable for tenures of 5, 10, 15, 20, and 25 years using Bajaj Finserv’s competitive interest rate. Wondering if you are eligible? You might be! Check your eligibility now by entering your mobile number and verifying it with an OTP.
Rs. 40 lakh home loan EMI for 30 years
The table below illustrates the results of our home loan EMI calculator for a Rs. 40 lakh home loan with an interest rate of 7.99%*p.a. for a tenure of 30 years:
Loan amount |
Rs. 40 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
30 years |
EMI (Rs.) |
29,323 |
Total interest payable (Rs.) |
65,56,173 |
Total payable amount (Rs.) |
1,05,56,173 |
Rs. 40 lakh home loan EMI for 25 years
The table below illustrates the results of our home loan EMI calculator for a Rs. 40 lakh home loan with an interest rate of 7.99%*p.a. for a tenure of 25 years:
Loan amount |
Rs. 40 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
25 years |
EMI (Rs.) |
30,846 |
Total interest payable (Rs.) |
52,53,847 |
Total payable amount (Rs.) |
92,53,847 |
Rs. 40 lakh home loan EMI for 20 years
The table below illustrates the results of our home loan EMI calculator for a Rs. 40 lakh home loan with an interest rate of 7.99%*p.a. for a tenure of 20 years:
Loan amount |
Rs. 40 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
20 years |
EMI (Rs.) |
33,433 |
Total interest payable (Rs.) |
40,23,851 |
Total payable amount (Rs.) |
80,23,851 |
Rs. 40 lakh home loan EMI for 15 years
The table below illustrates the results of our home loan EMI calculator for a Rs. 40 lakh home loan with an interest rate of 7.99%*p.a. for a tenure of 15 years:
Loan amount |
Rs. 40 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
15 years |
EMI (Rs.) |
38,203 |
Total interest payable (Rs.) |
28,76,539 |
Total payable amount (Rs.) |
68,76,539 |
Rs. 40 lakh home loan EMI for 10 years
The table below illustrates the results of our home loan EMI calculator for a Rs. 40 lakh home loan with an interest rate of 7.99%*p.a. for a tenure of 10 years:
Loan amount |
Rs. 40 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
10 years |
EMI (Rs.) |
48,510 |
Total interest payable (Rs.) |
18,21,189 |
Total payable amount (Rs.) |
58,21,189 |
Rs. 40 lakh home loan EMI for 5 years
The table below illustrates the results of our home loan EMI calculator for a Rs. 40 lakh home loan with an interest rate of 7.99%*p.a. for a tenure of 5 years:
Loan amount |
Rs. 40 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
5 years |
EMI (Rs.) |
81,086 |
Total interest payable (Rs.) |
8,65,186 |
Total payable amount (Rs.) |
48,65,186 |
Home loan EMI with other loan amount
Rs. 40 lakh home loan eligibility and documents required
Criteria |
Salaried applicants |
Self-employed applicants |
Nationality |
Indian citizen residing in India |
|
Age |
Between 23 and 67 years* |
Between 23 and 70 years* |
Credit score |
CIBIL Score of 725 or higher |
|
Income |
Must have a steady source of income. Minimum income required varies based on city of residence. |
|
Work experience/ continuity |
At least 3 years of experience |
At least 5 years of business continuity |
*Maximum age considered at the time of loan maturity.
If you fulfil the housing loan eligibility criteria above, here are the documents required for home loan application with Bajaj Finserv.
KYC documents (identity and address proof)
Proof of income (salary slips or P&L statement)
Proof of business (for self-employed applicants), and
Account statements for the last 6 months
Note: This is an indicative list that may change based on your actual loan application.
Curious to know how you qualify? Check your eligibility by entering your mobile number and completing the OTP verification.
*Please note that the eligibility list mentioned above is indicative. Terms and conditions apply.
Interest rate and fees
Bajaj Finserv offers some of the most competitive home loan interest rates in the market, thus enabling you to borrow on cost-effective terms. You might already be eligible for favourable terms – check your loan offers now by entering your mobile number and verifying it with an OTP.
Read the complete fees and charges applicable on Bajaj Finserv Home Loans and make an informed choice.
*Conditions apply
How to apply for Rs. 40 lakh home loan
Step-by-step guide to applying for a home loan
- 1 Click on the 'APPLY' button on this page
- 2 Enter your full name, mobile number, and employment type
- 3 Now select the type of loan you wish to apply for
- 4 Generate and submit your OTP to verify your phone number
- 5 Upon OTP verification, enter additional details like your monthly income, required loan amount, and if you have identified the property
- 6 In the next steps, enter your date of birth, PAN number and other details as requested depending on your selected occupation type
- 7 Click on the ‘SUBMIT’ button
That is it! Your application is submitted. Our representative will connect with you and guide you through the next steps.
Documents required for Rs. 40 lakh home loan
Documents Required for Salaried |
Documents Required for Self-Employed |
KYC documents (identity and address proof) |
KYC documents (identity and address proof) |
Proof of income (latest salary slips) |
Proof of income (P&L statement) |
Account statements for the last 6 months |
Proof of business existence |
|
Account statements for the last 6 months |
Home loan EMI with other loan amount
Home Loan EMI Based on Amount |
||
Apply for a home loan in different cities
Home loan calculators
Frequently asked questions
For a Rs. 40 lakh home loan with a tenure of 40 years at an interest rate starting from 8.50%*, the Equated Monthly Installment (EMI) would be approximately Rs. 30,517. This calculation accounts for both principal and interest payments throughout the loan term.
Securing a Rs. 40 lakh housing loan with a Rs. 55,000 salary depends on various factors like your credit score, existing debts, and financial stability. Lenders typically assess your ability to repay based on your income-to-debt ratio and other eligibility criteria.
To secure a Rs. 40 lakh loan at low interest rates, maintain a good credit score, minimise existing debts, and showcase stable income. Research lenders offering competitive rates, negotiate terms, and consider factors like tenure and collateral. Additionally, a sizable down payment can often lead to lower interest rates.
For a Rs. 40 lakh home loan with a 25-year term, the EMI will vary depending on the interest rate. At an average rate of around 8.25%, your EMI could be roughly Rs. 31,538.
Bajaj Finserv offers competitive interest rates starting at 7.49%* p.a.. You might already be eligible; check your offers by entering your mobile number and OTP.
Remember to use a home loan EMI calculator to get a more precise estimate based on current rates.
The EMI for a Rs. 40 lakh home loan over 20 years depends on the interest rate. If the rate is about 8.25%, your monthly EMI may come to around Rs. 34,083. Always check using an EMI calculator for accurate figures based on your loan terms.
Most lenders offer a maximum repayment term of up to 30 years for home loans, including for amounts like Rs. 40 lakh. However, your eligibility will depend on your age, income, credit score, and other financial factors reviewed by the lender. Bajaj Finserv offers flexible tenures extending up to 32 years. You might already qualify – check your offers by entering your mobile number and OTP.
Yes, you can apply for a Rs. 40 lakh home loan if you meet the lender’s eligibility criteria. These include factors like stable income, good credit history, repayment capacity, and existing debts. Submitting all required documents and a strong financial profile increases your approval chances.
The EMI for a Rs. 40 lakh home loan depends on the loan tenure and interest rate. For example, with an interest rate of 7.99% like that offered by Bajaj Finserv and a 20-year tenure, your EMI would be around Rs. 33,433. Use a reliable EMI calculator for the most accurate results.
Choosing a longer tenure, such as 20 or 25 years, can help lower your monthly EMI and make it more manageable. However, longer tenures increase total interest paid. It’s best to pick a tenure that balances affordable EMIs with quicker repayment.
Getting a Rs. 40 lakh home loan with a low credit score can be challenging. Some lenders may still approve your application but may offer a higher interest rate or ask for a guarantor. Improving your credit score increases your chances of loan approval on better terms.
