₹35 Lakh Home Loan EMI
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Owning a home is a significant achievement, and if you're considering a home loan of 35 lakhs, you're on the verge of turning your homeownership dreams into reality. This page serves as your comprehensive guide to understanding the dynamics of a 35-lakh home loan EMI, offering insights to empower you on your journey to making your dream home a reality.
Before we delve into the intricacies of EMI calculations, let's establish the basics of your 35-lakh home loan. The principal amount is 35 lakhs, and the loan tenure, or the period over which you'll be repaying the loan, can be customized to align with your financial preferences and lender terms.
Home Loan EMI Calculation:
EMI, or Equated Monthly Installment, is the fixed amount you pay each month to your lender, covering both principal and interest components. The EMI amount is derived from the loan amount, interest rate, and tenure. This can be easilyy calculated using Home Loan EMI Calculator.
₹35 Lakh Home EMI as per tenure
Explore ₹35 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
- ₹35 Lakh
- 9.5%*
- 5 Years
- ₹ 73,507
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Row 3
- ₹35 Lakh
- 9.5%*
- 10 Years
- ₹ 45,289
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Row 4
- ₹35 Lakh
- 9.5%*
- 15 Years
- ₹ 36,548
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Row 5
- ₹35 Lakh
- 9.5%*
- 20 Years
- ₹ 32,625
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Row 6
- ₹35 Lakh
- 9.5%*
- 25 Years
- ₹ 30,579
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Row 7
- ₹35 Lakh
- 9.5%*
- 30 Years
- ₹ 29,430
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: Higher interest rates result in higher EMIs, while lower rates lead to reduced monthly installments.
- Loan Tenure: Longer tenures decrease the EMI but result in higher interest payments over the loan period.
- Loan Amount: The principal amount directly influences the EMI, with larger loan amounts leading to higher monthly installments.
Benefits of a 35 Lakh Home Loan:
- Diverse Property Choices: A 35 lakh home loan provides a broader range of properties within your budget, offering more choices for your dream home.
- Comfortable Living: With a larger loan amount, you can consider more spacious and comfortable homes that suit your lifestyle.
- Balanced Repayment: While the EMI may be higher, it allows for a quicker repayment period and reduces the overall interest burden.
EMI Repayment Tips:
- Budgeting: Allocate your monthly budget to comfortably accommodate the EMI payments without compromising your lifestyle.
- Regular Reviews: Periodically assess your financial situation and consider refinancing if it offers better terms.
- Emergency Fund: Maintain an emergency fund to cover unforeseen expenses and avoid financial strain.
How Piramal Finance Can Support Your Journey:
Embarking on the journey to homeownership with a 35-lakh home loan is a substantial leap towards a secure and comfortable future. At Piramal Finance, we're committed to guiding you at every stage, offering financial solutions that align with your aspirations. Start your journey towards a home of your own - a space where dreams flourish and memories are made.
Our transparent processes and flexible repayment options are designed to make your journey smoother. Connect with us to explore tailored home loan solutions crafted 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.