You will determine the amount of your home loan based on the amount of money you have worked hard and saved specifically to purchase your dream house. This choice has to be only taken after you have a thorough grasp of the monetary obligation each month in the form of an equivalent monthly payment for a home loan. To aid first-time purchasers in comprehending the ramifications associated with various home loan amounts, this article will examine the repercussions of a Rs 45 lakh home loan.
Rs 45 lakh home loan EMI for various tenures
Following the acceptance of your application for a Rs 45 lakh home loan, the bank will provide you with the option to choose either the loan repayment term or the loan duration. When it comes to a Rs 45 lakh home loan, the most common loan terms are for 10, 15, 20, and 30 years.
| Tenure (in years) | Interest rate (%) | Monthly EMI (in Rs) |
| 30 | 7.55 | 31,619 |
| 25 | 7.55 | 33,401 |
| 20 | 7.55 | 36,389 |
| 15 | 7.55 | 41,844 |
| 10 | 7.55 | 53,533 |
| 5 | 7.55 | 90,278 |
Rs 45 lakh home loan EMI: Year-wise break-ups
Rs 45 lakh home loan EMI for 30 years
| Loan amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 45 Lakh | 30 | 7.55 | 31,619 |
Rs 45 lakh home loan EMI for 20 years
| Loan amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 45 Lakh | 20 | 7.55 | 36,389 |
Rs 45 lakh home loan EMI for 15 years
| Loan amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 45 Lakh | 15 | 7.55 | 41,844 |
Rs 45 lakh home loan EMI for 10 years
| Loan amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 45 Lakh | 10 | 7.55 | 53,533 |
Rs 45 lakh home loan EMI for 5 years
| Loan amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 45 Lakh | 5 | 7.55 | 90,278 |
Eligibility criteria for Rs 45 lakh home loan
Before deciding whether or not to grant a Rs 45 lakh home loan, financial institutions are required to adhere to a predetermined set of guidelines. Among the most important considerations are the following:
Age
People at least 18 years old are eligible to get a Rs 45 lakh home loan. There are several financial institutions that now require customers to be at least 21 years old.
Income
Because of the financial nature of the home loan, the bank will look at your employment and income records to guarantee it is not taking a risk on a possible defaulter. The bank’s decision on whether to provide you with a Rs 45 lakh home loan hinges on the extent to which it thinks you can afford the monthly instalments.
Residential status
Home loans are available from every bank in India to Indian citizens living in the country. Housing loans are made available to non-Indian residents by a significant number of India’s banks.
Credit Score
The approval of the Rs 45 lakh home loan heavily depends on the score you have obtained for your credit report. Your interest rate on Rs 45 lakh home loan will also be based somewhat, but not entirely, on your credit score. Customers with credit scores of 800 or above get the best interest rate offered by all of the main banks in India.
Debt-Income Ratio
The proportion of one’s income to that of their debts must not exceed 50 per cent. If the ratio is smaller, then there is a greater chance that the application for the loan will be accepted.
Work Experience
It is required that the paid employee has worked for a minimum duration of two years, with at least one of those years having been involved in working in the person’s current job position. Individuals who are self-employed are expected to have been running their business for a minimum of three years, with at least a couple of those years demonstrating a profit.
Rs 45 lakh home loan: Documents required
Along with your application for a Rs 45 lakh home loan, the bank will ask you to provide a few different documents. These are the following:
Identity proof (Any one)
- Driving licence
- Passport
- Aadhaar card
- Voter ID
Address proof (Any one)
- Driving licence
- Passport
- Aadhaar card
- Utility bills
Income proof (All)
- Paystubs from the previous three months
- Bank statements from the last six months
- The most recent Form 16 and tax returns
Property documents
A copy of the allotment letter as well as the purchasing agreement and the sale deed.
This list does not include all of the possible requirements since the personal details of the application may cause the bank to seek a different collection of paperwork.
How to reduce the Rs 45 lakh home loan EMI?
By using the following strategies, you will be able to significantly lower your Rs 45 lakh home loan EMI:
Extended term
The duration of time left on your house loan has an inverse relationship to the amount that must be paid each month. This implies that selecting a longer duration for the Rs 45 lakh home loan will result in lower monthly EMI payments for you.
Reduced interest rates
In order to avoid paying a large amount of EMI each month, it is preferable to get a loan with a low-interest rate. Check the rates offered by many lending institutions and banks before committing to one. You should also attempt to negotiate the rate of interest, but you’ll need a high credit score and supporting documentation to succeed.
Initial payment
When purchasing an expensive item, such as a home or automobile, you will often be required to make a “down payment,” which refers to a certain sum of money. The buyer will often pay for it out of their own finances, and it will count against the overall purchase price. Because it is subtracted from the overall amount of money that must be paid, it immediately results in a decrease in the EMI that must be paid.
Partial prepayment
If you want to pay off your debt early or make a partial prepayment, this implies making early deposits of money or settling your monthly instalments before the date that is officially due. Your Rs 45 lakh home loan EMI might be reduced if you make a partial payback in the beginning stages of your loan.
FAQs
How may your Rs 45 lakh home loan EMI be reduced?
You may lower your Rs 45 lakh home loan EMI payments by selecting a longer term for your loan.
Why is the usage of an EMI calculator recommended?
Before you request a Rs 45 lakh home loan, it is highly advised that you make use of the EMI calculator since it will provide you with an estimate of the cash outflow.
Housing News Desk is the news desk of leading online real estate portal, Housing.com. Housing News Desk focuses on a variety of topics such as real estate laws, taxes, current news, property trends, home loans, rentals, décor, green homes, home improvement, etc. The main objective of the news desk, is to cover the real estate sector from the perspective of providing information that is useful to the end-user.
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