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

 

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. 1 Click on the 'APPLY' button on this page
  2. 2 Enter your full name, mobile number, and employment type
  3. 3 Now select the type of loan you wish to apply for
  4. 4 Generate and submit your OTP to verify your phone number
  5. 5 Upon OTP verification, enter additional details like your monthly income, required loan amount, and if you have identified the property
  6. 6 In the next steps, enter your date of birth, PAN number and other details as requested depending on your selected occupation type
  7. 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

20 Lakh Home Loan EMI

75 Lakh Home Loan EMI

70 Lakh Home Loan EMI

50 Lakh Home Loan EMI

45 Lakh Home Loan EMI

10 Lakh Home Loan EMI

35 Lakh Home Loan EMI

30 Lakh Home Loan EMI

25 Lakh Home Loan EMI

15 Lakh Home Loan EMI

12 Lakh Home Loan EMI

1 Crore Home Loan EMI


Apply for a home loan in different cities

Home Loan in Mumbai

Home Loan in Delhi

Home Loan in Bangalore

Home Loan in Hyderabad

Home Loan in Chennai

Home Loan in Pune

Home Loan in Kerala

Home Loan in Noida

Home Loan in Ahmedabad

 

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Frequently asked questions

What is the EMI for a Rs. 40 lakh home loan?

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.

Can I get a housing loan of Rs. 40 lakh with my salary at Rs. 55,000?

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.

How to get a Rs. 40 lakh loan at low interest rates?

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.

What will be the Rs. 40 lakh home loan EMI for 25 years?

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.

What is the EMI for a Rs. 40 lakh home loan for 20 years?

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.

What is the maximum repayment tenure I can go for in the case of a Rs. 40 lakh home loan?

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.

Can I get a home loan of Rs. 40 lakh?

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.

What will be the EMI for a Rs. 40 lakh home loan?

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.

What is the ideal loan tenure for a Rs. 40 lakh home loan to have a manageable EMI?

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.

Can I get a Rs. 40 lakh home loan with a low credit score?

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.

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