10 Lakh Home Loan EMI

There are many banks, non-banking financial companies (NBFCs) and other financial institutions that offer Rs. 10 Lakh Home Loan at different interest rates. Following are the interest rates of top ten banks and NBFCs for a Home Loan of Rs. 10 Lakh Home Loan. 

The EMI is Calculated for a Maximum tenure for different interest rates for Respective banks:

Your tenure directly affects your monthly instalments. For a short tenure of around five years, your 10 lakh home loan EMI will be about Rs. 20,517/- per month for the lowest interest rate of 8.50%.

In order to decrease your instalment rates, choose a longer tenure of up to 15 years or 25 years. 

In order to determine which scheme suits your affordability the most, you can choose the home loan EMI calculator online. It will give you an exact amount that you will need to pay on a monthly basis during your repayment tenure. Try different combinations to determine whether you are going for the right plan or not.

Planning to buy a house through PMAY, You can check How to Apply for Pradhan Mantri Awas Yojana Online

If you decide to take a home loan of 10 lakh for a tenure of 10 years, your interest rate will have a massive role in determining your monthly instalments. 

For instance, for the lowest interest rate of 8.50%, your monthly instalments will be around Rs. 12,399/- if you choose a tenure of 10 years.

Your 10 lakh home loan EMI will be higher if you choose a shorter tenure and vice versa. 

Your credit score for home loan plays a considerable role in determining your monthly instalments. Make sure you have a credit score of 750 and above to improve your chances of loan approvals.

Looking for 50 Lakh Home Loan EMI? Check Interest rates, Eligibility & EMI Online!

If you decide to take a home loan of 10 lakh for a tenure of 20 years, your interest rate will have a massive role in determining your monthly instalments. 

For instance, for the lowest interest rate of 8.50%, your monthly instalments will be around Rs. 8,584/- if you choose a tenure of 15 years.

If you decide to take a home loan of 10 lakh for a tenure of 30 years, your interest rate will have a massive role in determining your monthly instalments. 

For instance, for the lowest interest rate of 8.50%, your monthly instalments will be around Rs. 7,583/- if you choose a tenure of 15 years.

Every Home Loan EMI is subject to the loan amount sanctioned, the applicable interest rate and the selected repayment tenure. Home Loan EMI for a Rs 10 lakh home loan can be easily calculated through the Home Loan EMI calculator within a minute. MyMoneyMantra Home Loan EMI calculator can provide you the exact Home Loan EMI for the selected Home Loan amount, tenure and rate of interest. 

You’re just required to enter the desired home loan, the tenure in which you wish to repay the Home Loan and the interest rate quoted by the bank or housing financier. With MyMoneyMantra’s Home Loan EMI calculator, you can ascertain your monthly repayments before you take a Home Loan.

Home loan eligibility differs from one bank to the other based on several factors. However, there are several common points that are taken into consideration by all banks and financial institutes in India while reviewing your loan application.

• You must be at least 18 years old in order to apply for a 10 lakh home loan at any bank or financial institute in India.
• Both salaried and self-employed individuals are eligible to apply for a home loan.
• Both Indian and non-Indian residents are eligible to apply for home loans in India.
• The LTV remains up to 90% when you take a 10 lakh home loan.
• The maximum age to apply for home loans remains around 60 to 70 years, depending upon the different policies of different banks.
• The typical documents required for home loan include your identity proof – voter card, Aadhaar card, passport, driving license; Address proof – utility bills such as your electricity bill and water bills.
• Home loan documents required include your bank statements for the past six months on average. Many banks demand bank statements for more extended periods.
• For salaried people, proof of their monthly income and payslips are necessary in order to be eligible for applying for a home loan.
• For self-employed people, proof of the existence of their business and evidence of monthly income is required, along with their identity and address proof.
• In order to be eligible to apply for a home loan, you must have a minimum salary of 25,000 per month, according to the policies of most banks and NBCFs in India.
• For salaried people, work experience of at least three years is required when they apply for a 10 lakh home loan.
• For self-employed people, proof of their business stability of at least five years is required for loan approval.
• You must have a credit score of 750 or above to make sure your loan application is approved by the bank. You can also apply with a co-applicant who has a good credit score for a better chance of loan approval. So, always remember to check free credit score before applying for a loan.

You can also check SBI Home Loan Eligibility Online.

The following documents are required to be submitted to apply for a Rs. 10 Lakhs home loan:

• Duly filled in & signed home loan application form.
• Recent passport-sized photographs of applicants and co-applicants.
• Identity proof, such as Aadhaar Card, Driving License, Passport, Voter ID, etc.
• Address proof, such as Aadhaar Card, Driving License, Passport, Voter ID, etc.
• Age proof, such as Birth Certificate, Class 10th Certificate, etc.
• Bank statements of last 6 months. 
• Form 16 or Income Tax Return.
• Processing fee cheque.
• Balance Sheet and P&L Statement of the last 3 years certified by a CA certified (for self-employed applicants).
• Business profile of self-employed applicants.

You can also check Documents Required For Home Loan

Follow the steps given below to apply for a home loan of Rs. 10 Lakhs:

• Visit our website and then click on the ‘Home Loan’ tab under the ‘Loans’ section.
• Fill out the online home loan application completely and accurately by entering all the mandatory details.
• Enter the ‘OTP’ received on your registered mobile number.
• Click on the ‘Submit’ button to receive the best home loan offer quote.
• Housing loan offers will be displayed on the screen according to the information entered by you.
• Choose your preferred option and apply online.
• Our home loan experts will contact you regarding the home loan process completely.