40 Lakh Home Loan EMI

A home loan amount of Rs. 40 Lakhs is a long-term financial commitment for which you have to be prepared in advance by knowing your payable EMI and planning your budget. It will help you make timely repayments without any default. The Rs. 40 Lakh Home Loan EMI may vary from one lender to another depending on the home loan interest rate and the tenure of repayment.

Following are the details of an Rs. 40 Lakh loan EMI for 10, 20 and 30 years tenure at an interest rate of 8.50% p.a.:

Following is the table for Rs. 40 Lakh home loan EMI for different lenders for tenures of 10, 20 and 30 years using the 40 lakh loan EMI calculator:

Many home loan providers in India offer home loans of Rs. 40 Lakhs at different rates of interest. Below is the table with best home loan interest rates of the top 10 lenders for a home loan of Rs. 40 Lakhs:

You can calculate your Rs. 40 Lakh Home Loan EMI online with the Home Loan EMI Calculator. Here’s how to use it: 

• Open the online home loan EMI calculator. 
• Enter Rs. 40 Lakhs in the required loan amount field.
• Mention the rate of interest as applicable.
• Enter the required tenure of loan repayment.

You will instantly get the EMI to be paid along with the entire amortization schedule.

EMI for a Rs. 40 Lakhs home loan will be Rs. 30,757 for 30 years tenure at an interest rate of 8.50% p.a. The EMI may vary based on the lender’s policy, interest rate, borrower’s eligibility, and other factors. You can use the online Home Loan EMI Calculator on our web portal to calculate the home loan EMI instantly. 

Below is the table of different 40 Lakh Home Loan EMIs at different interest rates for 30 years tenure: 

Rs. 40 Lakh home loan EMI for a tenure of 15 years at an interest rate of 8.50% p.a. will be Rs. 39,390. The EMI for 15 years may differ at different banks based on the interest rate and the borrower’s eligibility. 

Below is the table for EMIs for a Rs. 40 Lakhs housing loan at different interest rates for a tenure of 15 years:

The Rs. 40 Lakh home loan EMI for 5 years at an interest rate of 8.50% p.a. is Rs. 82,066. The EMI varies from one lender to another based on the interest rate and other factors.

Following is the table of Rs. 40 Lakh Home Loan EMI for various interest rates for 5 years tenure:

You will have to meet the following eligibility factors for a home loan of Rs. 40 Lakhs:

Eligibility for Salaried 

• The applicant must be an Indian resident aged between 18 to 65 years old.
• The applicant should have a work experience of minimum 3 years.
• The applicant should be earning a monthly income of minimum Rs. 25,000.

Eligibility for Self-employed 

• The applicant must be an Indian resident aged between 18 to 70 years old.
• The applicant should have a minimum business continuity of 3 years.
• The applicant should be earning at least Rs. 2,60,000 annually. 

The following documents must be kept ready to apply for a Rs. 40 Lakhs home loan:

• Home loan application (filled in & signed) along with recent passport-size photographs (coloured)
• Identity proof: Aadhaar Card/ Voter ID/ Driving License/ Passport.
• Address proof: Aadhaar Card/ Voter ID/ Driving License/ Passport.
• Age proof: Birth Certificate/ Class 10th Certificate, etc.
• Income documents: Bank statements for the last 6 months, recent Form 16/ Income Tax Return (ITR), CA certified Balance Sheet and Profit & Loss Statement for the last 3 years for self-employed applicants
• Business profile of self-employed applicants
• A processing fee cheque

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.

Apply for the Rs. 40 Lakhs home loan by following the steps given below:

• Visit our official website and click on the ‘Home Loan’ tab.
• Fill the online application with all the required details.
• Enter the ‘OTP’ received on your registered mobile number.
• Click the ‘Submit’ button to check the best home loan offers.
• Select the preferred lender and apply online instantly.
• Our home loan experts will connect with you regarding the completion of your home loan process.