There are a number of financial institutions from which you may choose if you are interested in applying for a home loan in the amount of Rs 8 lakh. You should, however, be aware of the monthly EMI on a home loan of Rs 8 lakh to plan your future finances.
Rs 8 lakh home loan EMI calculator
It’s possible to find a number of online EMI home loan calculators. You may quickly determine your regular payment, interest due, and the total amount owed with the help of these calculators. You may calculate your monthly payments for the Rs. 8 lakh home loan by providing the loan amount, the loan’s term, and the interest rate.
Before applying for the Rs. 8 lakh home loan and deciding on a lender, you may use an EMI calculator to determine the Rs. 8 lakh home loan EMI amount. If the EMI is too high, you may extend the length of the loan or try to lower the interest rate.
Rs 8 lakh home loan EMI for various tenures
| Tenure (in years) | Interest rate (%) | Monthly EMI (in Rs) |
| 30 | 7.55 | 5,621 |
| 25 | 7.55 | 5,938 |
| 20 | 7.55 | 6,469 |
| 15 | 7.55 | 7,439 |
| 10 | 7.55 | 9,517 |
| 5 | 7.55 | 16,049 |
Rs 8 lakh home loan EMI: Year-wise break-ups
Rs 8 lakh home loan EMI for 30 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 8 Lakh | 30 | 7.55 | 5,621 |
Rs 8 lakh home loan EMI for 20 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 8 Lakh | 20 | 7.55 | 6,469 |
Rs 8 lakh home loan EMI for 15 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 8 Lakh | 15 | 7.55 | 7,439 |
Rs 8 lakh home loan EMI for 10 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 8 Lakh | 10 | 7.55 | 9,517 |
Rs 8 lakh home loan EMI for 5 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 8 Lakh | 5 | 7.55 | 16,049 |
Eligibility criteria for Rs 8 lakh home loan
The borrower is required to satisfy all of the eligibility requirements before the Rs 8 lakh home loan may be authorised. These are some of the general requirements that the borrower is responsible for meeting.
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Age
At the very least, the candidate for the Rs 8 lakh home loan has to be 21 years old. The maximum age that an application may be is anywhere from 60 to 65 years old; this age limit is determined by the policy of the lender as well as the applicant’s employment description. It is not possible to take out a loan for a longer period of time than the number of years before retirement, which is the maximum amount of time allowed.
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Job Profile
Borrowers for a Rs 8 lakh home loan might come from a variety of employment backgrounds, including salaried, self-employed non-professionals or self-employed professionals.
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Income
The potential borrower for the Rs 8 lakh home loan is required to have secure employment history and consistent income. There are certain minimum income criteria that an applicant has to fulfil, and these requirements vary from bank to bank and lending institution to lending institution.
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Work Experience
The paid employee must have been working for a minimum of two years, with at minimum one of those years spent in their present place of employment. People who are self-employed are required to have been operating their firm for at least three years, with at least two of those years showing a profit.
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Residential Status
Home loans are available to both Indian nationals and Non-Resident Indians who meet the requirements.
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Credit Score
The applicant’s credit score has to be at least 650 points high in order to be considered.
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Debt-Income Ratio
The ratio of debt to income must be lower than 50 per cent. When the ratio is lower, there is a better probability that the loan application will be approved.
Rs 8 lakh home loan: Documents required
The approval of the Rs 8 lakh home loan comes only after the documentation has been thoroughly investigated and checked over. Along with the application for the Rs 8 lakh home loan, the following documents need to be presented as supporting documentation:
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Age Proof (Any one)
Passport
Driving Licence
PAN Card
School Leaving Certificate
Life Insurance Policy
Birth Certificate
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Identity Proof (Any one)
Passport
PAN Card
Voter ID
Driving Licence
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Residence Proof (Any one)
Property Tax Receipt
Voter ID
Utility Bill
Bank Statements
Property Registration Documents
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Income Proof (All)
For salaried
- Payslips from the previous three months
- Appointment letter
- Annual increment letter
- Form No. 16
- Details of salary account
- Cheque for the amount of the processing fee drawn from salary account
For self-employed
- IT returns for the previous two years with supporting papers
- Letterhead containing a company’s profile
- Certificate of enrollment for launching a business
- Bank statement for the past six months of an active current account.
- Bank statements from the previous six months
- From the business’s account, a check for the amount of the processing charge
FAQs
What is the monthly payment for the Rs 8 lakh home loan over a period of 30 years?
Your house loan EMI would be Rs 5,621 per month if the term of the loan is 30 years and the interest rate is 7.55%, which is the current interest rate being offered by the State Bank of India.
How much interest do you pay on 8 lakhs?
The interest rates that banks charge for house loans are always shifting, as a direct result of shifts in the repo rate set by the RBI. As of the month of September 2022, the most reputable banks in India have interest rates that are more than 7%.
