30 lakh home loan EMI calculation in March 2023

Depending on how much capital you have saved to buy a home, you will decide your home loan amount. This decision must be made after carefully understanding the monthly monetary expense you will shoulder as a home loan equated monthly instalment (EMI).

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In its Home Loan EMI series, Housing News is trying to assist new home buyers to understand the implications of home loans of specific values. In this article, we would discuss the EMI implications of an Rs 30-lakh home loan in 2023.

Rs 30 lakh home loan EMI in 2023

On approval of your home loan application, banks will give you the choice to select the loan repayment period or loan tenure. For home loans, the oft-used loan tenures are 15, 20 and 30 years. Some borrowers also choose a 10-year home loan repayment tenure. During this period, a specific EMI amount is deducted from your salary account into your home loan account. Those opting for a long tenure, pay a lower EMI amount for their Rs 30 lakh home loan while those selecting a shorter tenure pay higher monthly EMIs.

Considering public lender SBI is offering home loans at 8.5% as of March 2023, you will have to pay the following monthly EMI based on your loan tenure:

Rs 30 lakh home loan EMI in March 2023

Loan tenure	EMI*
30 years	Rs 23,067
25 years	Rs 24,157
20 years	Rs 26,035
15 years	Rs 29,542
10 years	Rs 37,196
5 years	Rs 61,550

*Calculated on SBI’s home loan interest rate of 8.5%

Rs 30 lakh home loan EMI for 30 years

Loan amount	Tenure	Interest	EMI
Rs 30 lakh	30 years	8.5%	Rs 23,067

Rs 30 lakh home loan EMI for 25 years

Loan amount	Tenure	Interest	EMI
Rs 30 lakh	25 years	8.5%	Rs 24,157

Rs 30 lakh home loan EMI for 20 years

Loan amount	Tenure	Interest	EMI
Rs 30 lakh	20 years	8.5%	Rs 26,035

Rs 30 lakh home loan EMI for 15 years

Loan amount	Tenure	Interest	EMI
Rs 30 lakh	15 years	8.5%	Rs 29,542

Rs 30 lakh home loan EMI for 10 years

Loan amount	Tenure	Interest	EMI
Rs 30 lakh	10 years	8.5%	Rs 37,196

Rs 30 lakh home loan EMI for 5 years

Loan amount	Tenure	Interest	EMI
Rs 30 lakh	5 years	8.5%	Rs 61,550

Choose your loan tenure for an Rs 30-lakh home loan, depending on your monthly income. Be advised not to use more than 40% of your monthly income as your home loan EMI payment. Also, note that the home loan EMI amount might change with a change in interest rates.

Rs 30 lakh home loan documents

Banks ask you to submit several documents along with your home loan application. These include:

Identity proof

Driving licence

Passport

Aadhaar card

Voter ID

Address proof

Driving licence

Passport

Aadhaar card

Utility bills

Income proof

Last 3 months’ salary slips

Last 6 months’ bank statements

latest Form-16

IT returns

Property documents

Copy of allotment letter/buyer agreement

Sale deed

This list is not all-inclusive since banks might demand a different set of documents, depending on the personal profile of the applicant.

Rs 30 lakh home loan eligibility

Banks follow a definite set of regulations before approving home loan applications of any amount. The major factors considered include:

Age

Home loans are offered to people over 18 years of age. Certain banks have increased the minimum age limit to 21 years.

Residency

All banks in India offer home loans to resident Indians. A large number of banks also offer housing finance to non-resident Indians.

Income

Since home loans are all about money, the bank considers your income generation history to ensure it is not investing in a probable defaulter. Whether or not the bank will offer you an Rs. 30 lakhs loan will depend on whether or not you would be able to pay the EMIs for the Rs. 30 lakhs loan.

Loan-to-value ratio

Banks offer up to 80% of the property value as a home loan. This means that Rs. 30 lakh loan will be sanctioned on a property value of Rs. 37 lakhs 50 thousand. It is important to note that even if you can comfortably pay the monthly EMI because of a high income, the bank would still not grant more than 80% of the property value because of the loan-to-vale-ratio norms.

Credit score

Your credit score plays a major role in the sanction of the Rs. 30 lakhs home loan. Your credit score will also determine the interest you will have to pay on your home loan. All leading banks in India offer their best rate to customers with a credit score of over 800.

Tips to get Rs 30 lakh home loan

Make sure your monthly income is sufficient to repay the EMI comfortably
Keep all the paperwork ready
Be ready with your contribution to the property purchase. The more money you are contributing to the sale, the more confident the bank is in lending credit to you.

See also: Know all about Punjab National IFSC code

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Sunita Mishra

An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.

In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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