There is no greater source of enjoyment than owning your own home. It is normal to spend a great deal of time trying to select a home that most closely meets your requirements. However, this might also put a strain on one’s financial situation. Several financial institutions provide a Rs 15 lakh home loan in such a situation.
Once you have exhausted your accumulated savings over the years, you can find yourself just a little short. Taking up a Rs 15 lakh home loan would be a brilliant move to cover this difference. By doing this, you can reduce your tax liability, improve your financial outlook, and secure your financial future.
What is a Rs 15 lakh home loan EMI calculator?
When applying for a Rs 15 lakh home loan, consumers can utilise a digital home loan calculator to estimate their monthly EMI payments. A Rs 15 lakh home loan calculator can determine the EMIs that must be paid each month based on different variables.
In order to use the Rs 15 lakh home loan EMI calculator, a user must first enter their desired loan amount (in rupees), desired loan term (in years), and desired interest rate (in percentage). You can see your home loan amortisation schedule and your monthly EMIs on the same page.
Rs 15 lakh home loan EMI for various tenures
| Tenure (in years) | Interest rate (%) | Monthly EMI (in Rs) |
| 30 | 7.55 | 10,540 |
| 25 | 7.55 | 11,134 |
| 20 | 7.55 | 12,130 |
| 15 | 7.55 | 13,940 |
| 10 | 7.55 | 17,844 |
| 5 | 7.55 | 30,039 |
Rs 15 lakh home loan EMI: Year-wise break-ups
Rs 15 lakh home loan EMI for 30 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 15 Lakh | 30 | 7.55 | 10,540 |
Rs 15 lakh home loan EMI for 20 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 15 Lakh | 20 | 7.55 | 12,130 |
Rs 15 lakh home loan EMI for 15 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 15 Lakh | 15 | 7.55 | 13,940 |
Rs 15 lakh home loan EMI for 10 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 15 Lakh | 10 | 7.55 | 17,844 |
Rs 15 lakh home loan EMI for 5 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 15 Lakh | 5 | 7.55 | 30,039 |
Rs 15 lakh home loan eligibility criteria
In order to qualify for a Rs 15 lakh home loan, you need to demonstrate that you meet a particular list of requirements. The following descriptions serve as eligibility criteria for a Rs 15 lakh home loan:
- To qualify for a Rs 15 lakh home loan, you are required to be at least 21 years old and no older than 60 when the loan is paid off.
- A three-year tenure with a reputable employer and a steady salary are prerequisites. If you are self-employed, you need to have been making money regularly for at least five years.
- Your credit score should be at or above 750 for most loan approvals today. You can qualify for a home loan of Rs 15 lakh with reduced interest rates if your creditworthiness score is better than this.
- Lenders typically need borrowers to make at least a certain amount per month. The same is not always true from one area to the next or one lender to the next.
Documents required for a Rs 15 lakh home loan
If you want your application for a Rs 15 lakh home loan from a bank or NBFC to go through, you will need to submit the following paperwork.
- Proof of identity: Aadhaar Card or Voter ID
- Proof of address: Utility Bills
- Income proof: Three-month-old salary slips/six-month-old bank statements
- Property documents: Allotment letters, purchase agreements, or deeds of sale
How to get a Rs 15 lakh home loan?
When determining whether or not to provide home loans, banks prioritise applicants who will spend 40 per cent or less of their monthly income on home loan interest and principal payments. Determine how many years you want your mortgage to last based on how much money you bring in each month.
How to reduce your rs 15 lakh home loan EMI?
You can lower the amount of the EMI on your home loan of Rs 15 lakh in a few different methods, including the following:
Consider a longer repayment period
If you extend the length of time you have to make payments on your house loan, your monthly instalments (EMIs) will be lower. The opposite is also true.
Reduce your rate of interest
You always have the choice to evaluate the various home loan alternatives available to you and select the one that features an interest rate that is as low as feasible. A decrease in the interest rate will result in a decrease in the EMI payments.
Get your CIBIL score up to par
When applying for a 15 lakh home loan, it is best if you possess a Credit rating that is at least 750 points high. A higher CIBIL score can be achieved through responsible loan repayment, a low credit utilisation ratio, and the closure of any outstanding personal loans.
Obtain banking advice
You may be able to negotiate a lower interest rate on your Rs 15 lakh home loan with your banker if you have established a long history of borrowing from them and making timely payments on those loans. When the interest rate on your house loan goes down, your monthly payment will go down as well.
Put down a significant downpayment
A larger down payment will minimise the amount of your house loan that is required, which will eventually bring your monthly EMI amount downwards as well.
FAQs
Is it possible to get a Rs 15 lakh home loan without pledging any collateral?
Since a house loan of Rs 15 lakh is a secured form of finance, the answer to your question is negative. You cannot get one without collateral. As a result, you will be required to provide collateral in the form of either your current residence or a future one.
What variables impact the Rs 15 lakh home loan EMI?
The monthly payment on a Rs 15 lakh home loan is based on the loan's principal amount, cost of borrowing, and loan period. Your EMI will vary based on your house loan interest rate and term, but the financing is set at Rs 15 Lakh. Interest payments are cheaper during longer loan terms and vice versa.
Can I get tax advantages on a Rs 15 lakh home loan?
Yes, you are eligible to get up to Rs 1.50 lakh in tax relief under Section 80C if you refund the original amount. In addition, an exemption of up to two lakh rupees may be claimed under Section 24 of the Income Tax Act for the interest that is collected within a particular fiscal year on a house loan.
What would be the maximum term for a Rs 15 lakh home loan?
Home loans of up to Rs 15 lakh may be obtained for terms ranging from one to thirty years in length.
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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