How much EMI you have to pay for Rs 1 crore home loan?

Home loans of up to Rs. 1 crore are available from most banks and housing finance companies (HFCs) for 30-year repayment terms to salaried and self-employed borrowers. These loans have variable interest rates that are based on the borrowers’ credit histories, loan amounts, loan-to-value (LTV) ratios, employment histories, and other data. You can easily calculate your home loan EMI using home loan EMI calculators.

Rs 1 cr Home Loan Tenures Provided By Top Banks 

• 30 years
• 25 years
• 20 years
• 15 years
• 7 years
• 5 years

Year-Wise Breakup Of 1 Cr Home Loan EMI

Following are the details of EMI for 1 Crore home loan for 30 years, 20 years, 15 years, 10 years and 5 years tenure at an interest rate of 7.50% p.a

Eligibility Requirements For A 1 CR Home Loan 

Age

Home loan applications submitted by loan applicants 18 years of age and older are often approved by lenders. Most banks and HFCs demand that borrowers of house loans finish paying off their loans by the time they turn 70. Most lenders now provide home loan balance transfers at cheaper interest rates to current home loan customers of other lenders. To increase their eligibility for a house loan, borrowers might choose a longer loan term or add earning family members as co-borrowers.

Credit Rating

A Rs 1 crore home loan can easily be obtained by borrowers with credit scores of 750 and above. Many banks and HFCs also provide house loans to individuals with stronger credit scores at reduced interest rates. The eligibility for a house loan can also be determined by the lender taking into account other factors such as the applicant’s monthly or yearly income, employer profile, job history (for salaried applicants) or business continuity (for company owners), occupation profile, property age, etc.

To be eligible for a home loan of Rs 1crore, your monthly income must be at least Rs 1,20,000.

Documents Required for 1 Cr Home Loan

To apply for a 1 crore home loan, you will need to provide the following documents:

• Completed and signed application for a home loan.
• Recent passport-size pictures of the applicant.
• Identity proof like Aadhaar Card, Passport, Driving Licence, Voter ID, etc.
• Address proof, such as an Aadhaar card, passport, driver’s licence, or voter ID.
• Age proof, such as a Birth Certificate, 10th Grade Certificate, etc.
• The past six months of bank statements.
• Processing fees cheque
• Form 16 or Return of Income Tax.
• For self-employed candidates, a CA-certified Balance Sheet and Profit & Loss Statement for the last three years.
• Business profile of self-employed candidates.

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