₹10 Lakh Home Loan EMI
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Owning a home is a significant achievement and a dream shared by many. If you're considering a home loan of 10 lakh to turn your dream into reality, you're in the right place. This page guides you to understanding the dynamics of a 10-lakh home loan EMI, making your journey toward homeownership seamless and transparent.
Before we delve into the EMI details, it's crucial to grasp the basics of your 10-lakh home loan. The principal amount, in this case, is 10-lakh, and the tenure (repayment period) can vary based on your financial preferences and lender terms.
Home Loan EMI Calculation:
EMI, or Equated Monthly Installment, is the fixed amount you pay each month, covering both principal and interest components. The EMI amount is determined based on the loan amount, interest rate, and tenure. This can be perfectly calculated using Home Loan EMI Calculator.
₹10 Lakh Home EMI as per tenure
Explore ₹10 lakh loan EMIs for various tenures and find the best fit for you.
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Row 1
- Loan Amount
- Interest Rate
- Repayment Tenure
- EMI Amount
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Row 2
- ₹10 Lakh
- 9.5%*
- 5 Years
- ₹ 21,002
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Row 3
- ₹10 Lakh
- 9.5%*
- 10 Years
- ₹ 12,940
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Row 4
- ₹10 Lakh
- 9.5%*
- 15 Years
- ₹ 10,442
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Row 5
- ₹10 Lakh
- 9.5%*
- 20 Years
- ₹ 9,321
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Row 6
- ₹10 Lakh
- 9.5%*
- 25 Years
- ₹ 8,737
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Row 7
- ₹10 Lakh
- 9.5%*
- 30 Years
- ₹ 8,409
Home Loan Eligibility Criteria
Understanding the home loan eligibility criteria is crucial. Whether you're salaried or self-employed, various profiles have different minimum work experience requirements and credit score expectations. Here's an overview:
Eligibility for Salaried
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Row 1
- Borrower / Co-Borrower
- Minimum work experience
- Credit Score
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Row 2
- Government / PSU (Salaried)
- No minimum work experience norms
- 700 - 750 +
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Row 3
- Listed Companies / MNC /Category A / Category B (Salaried)
- 1 year**
- 700 - 750 +
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Row 4
- Closely Held Companies / Private Limited / LLP (Salaried)
- 2 years
- 700 - 750 +
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Row 5
- Partnership / Proprietorship / others (Salaried)
- 2 years (Minimum 6 months vintage with current employer)
- 700 - 750 +
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Row 5
- Cash Salary
- 3 years (Minimum 12 months vintage with current employer)
- 700 - 750 +
Eligibility for Self-employed
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Row 1
- Borrower / Co-Borrower
- Minimum work experience
- Credit Score
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Row 2
- In the same business (same location and same line of business) to be validated during PD / Documentary Proof
- 2 years - 3 years
- 700 - 750 +
Factors Influencing EMI:
- Interest Rate: A higher interest rate increases the EMI, while a lower rate reduces it.
- Loan Tenure: A longer tenure decreases the EMI, but you end up paying more interest over the loan period.
- Loan Amount: A higher loan amount leads to a higher EMI.
Benefits of a 10 Lakh Home Loan:
- Affordable Repayment: A 10 lakh home loan is a manageable amount for many individuals, resulting in a reasonable EMI.
- Wider Property Choices: With 10 lakhs, you have the flexibility to explore a variety of properties within your budget.
- Quicker Loan Approval: Smaller loan amounts often result in faster approval processes.
EMI Repayment Tips:
- Prepayment: Consider making occasional prepayments to reduce the overall interest burden.
- Budget Planning: Align your monthly budget to comfortably accommodate the EMI payments.
- Periodic Review: Periodically review your financial situation and consider refinancing if it offers better terms.
How Piramal Finance Can Help:
Embarking on the journey to homeownership with a 10-lakh home loan is a significant step. At Piramal Finance, we're here to guide you at every stage, providing financial solutions that align with your aspirations. Begin your journey towards a home of your own - a space where dreams flourish and memories are made.
Our transparent processes and flexible repayment options make the journey smoother. Connect with us to explore tailored home loan solutions that are designed to suit your unique needs.
Note: The figures provided by the Piramal Finance eligibility calculator are indicative, and actual loan amounts may vary based on factors like your city, age, and other considerations.