30 lakh home loan EMI Calculator

What is 30 lakh home loan EMI Calculator?

A home loan is a loan given by a bank at a specific interest rate for purchasing a house, refinance, or for other purposes such as renovation. A home loan can be taken from any of our bank partners with a fixed tenure. The amount of money that could be borrowed from the home loan varies on the person’s salary and other factors.

How is EMI on Rs. 30 lakh home loan calculated?

EMI calculation is the single most important calculation involved in taking a home loan. Knowing how the EMI is calculated, and what the different components can help you to take the right decision when it comes to your home loan. 

Let’s understand, the factors that are considered while calculating EMI.

• Principal (P) - This is the amount that needs to be repaid by the borrower in order to avoid being charged interest on top of it. For our calculation, we will take 30 lakhs as our Principal Amount

• Interest rate (i) - This is which determines how much you will have to pay back per month for your home loan and is generally expressed as a percentage of Principal. The interest rate is calculated in the form of the month with the formula of I = Annual Rate of interest/12/100

For Example: If the rate of interest is 6.90% then I = 6.90/12/100 = 0.0575

• Loan term (T) - The length of time that you have to repay a loan. This can be in a span of years, as is the case with most home loans.

So for ₹30 lakh home loan emi would be calculated:

Let’s take a scenario, If a person takes a loan of ₹30 Lakhs at an annual interest rate of 6.90% for a loan term of 240 months (20 years), then his EMI will be calculated as under:

Principal Amount (P): ₹30,00,000 (30 Lakhs).

Annual Rate of Interest (i): 6.90% which makes i = 6.90/12/100 = 0.0575.

Loan Term (T): 20 Years or 240 Months

EMI Formula: P x i x (1+i)^T / [(1+i)^T-1]

EMI= ₹30,00,000 * 0.0575(1 + 0.0575)240 / ((1 + 0.0575)240 - 1) = ₹23,079.

Total Payable Amount for ₹30 lakh home loan: ₹23,079 × 2400 = ₹55,39,015.

₹30 lakh home loan emi will be ₹23,079 if taken for a tenure of 20 Years.

You can use Loanz99 EMI calculator by considering factors such as loan amount, rate of interest, and loan tenure for your 30 lakh home loan EMI calculation.

Eligibility for getting a 30 lakh home loan

The eligibility criteria for getting a home loan from loanz99 are:

• The applicant must be between 18-70 years of age.

• Must have a monthly income of ₹25,000 and above. can also extend the tenure up to 30 years.

• 3 years of employment history

• CIBIL score of at least 650

• LVT ratio between 75-90%

You can instantly check your eligibility here at loanz99 & can instantly know the 30 lakh home loan emi.

EMI for a home loan of ₹30 lakhs tenure wise

30 lakh home loan emi for 5 years:

30 lakh home loan emi for 10 years:

30 lakh home loan emi for 20 years:

Bank Interest Rates for 30 lakh home loan in 2022

Documents required for home loan 2022

Depending on the group of buyers (salaried, professional, businessman, NRI), an applicant must present a variety of documents that verify their KYC, the antecedents of the property they seek to acquire, and their income background, etc. in order to secure a house loan

Although completing a loan application may seem like a difficult task, if you do your research, you will be able to complete this process quickly and easily. The applicant's profession or occupation is the main factor in determining the home loan paperwork needed with the loan application.

PAN

Identity Verification

• Driver’s License

• Aadhar Card

• Passport Address Proof

• An Identity Proof with the Permanent Address

• Voter’s ID Card

Documents related to the property

• Letter of Allotment or a Sales Deed/Stamped sale agreement

• NOC from the housing society

• Estimated Construction Costs and Certificate of Possession

Telephone Receipt for Electricity Bill

• Water Tax

• Property Tax

• Post-paid Mobile Phone Bill

Required Home Loan Documents for Salaried

1. An application for a home loan has been filled out and signed.

2. Identity Documents: (Any one of the below)

• PAN Card,

• Passport,

• Aadhaar Card,

• Voter ID Card

• Driver’s License

3. Documents for Age Verification: (Any one of the below)

• Aadhaar Card,

• PAN Card,

• Passport,

• Birth Certificate,

• 10th Class Marksheet,

• Bank Passbook,

• Driving Licenses are all required documents.

4. Residency Documents: (Any one of the below)

• Bank Passbook

• Voter’s ID

• Passport

• Ration CardUtility Bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill)

• LIC Policy Receipt

• Letter from a reputable government agency confirming the customer’s address

5. Income Documentation

• Form 16 (Salaried)

• Payslips from the last two months,

• Increment letter

• IT returns for the last three years (increment or promotion letter)

Required Home Loan Documents for Self-Employed

• An application that has been fully completed and signed

• PAN cards, voter ID cards, Aadhaar, and other identity and residency proof (KYC).

• Income documentation may include the last two income tax returns, the last two P&L and B/S statements (with schedules), a six-month bank statement, etc.

• Property records

You can read more about home loans here

Steps to get ₹30 lakh home loan from loanz99

Step 1: Visit our websiteloanz99

Step 2: You will find a form for a Quick apply loan.

Step 3: Enter all your required details & submit the form.

Step 4: You will be taken to successful form confirmation.

Step 5: Loanz99 team will check your eligibility & will contact you for further details

The benefits of loanz99 in terms of home loans is to help you get access to your dream house with instant support from loanz99 team & with our partner banks.Apply your loan today with loanz99.

Benefits of taking a home loan

Feeling of fulfillment

Aside from the sentimental significance, purchasing a home is one of the largest financial expenditures you may make in your lifetime. The majority of us invest a lot of money in our homes, making it the biggest part of our financial portfolio.

Tax advantages for home loans

The Indian government is offering a tax break on both the principal and interest paid on home loans as a way to get more people to own homes. The Income Tax Act gives you the option to deduct up to 1.5 lakh from your annual income. It is only after the house is complete that you can claim a deduction of up to Rs 2 lakh on interest. Until then, you cannot take advantage of this section.

Lower interest rate

The decision to purchase a home must be made over a 10-year period, and there may be numerous cycles of rising and falling interest rates. As a result, you may be sure that at some time during the cycle, you will profit from declining rates.

There may also be circumstances where the interest rates drop, enabling you to pay off your loan early and become the owner of your property. For instance, those who purchased real estate in 1995 at an interest rate of 18% not only watched interest rates drop precipitously over the following ten years to a low of roughly 7.5%, but also enjoyed substantial increases in property prices. This doubles the wealth-boosting effect.

Higher repayment duration

Given that it has the longest payback period of any sort of house loan—up to 30 years—one can lengthen the term to ease the pressure of equal monthly instalments. To determine how EMI changes as your home loan tenure changes, utilise our house loan EMI calculator.

30 lakh home loan faq’s

1. What is Home Loan EMI Calculator?

An EMI calculator is a tool that calculates the monthly repayment of an individual’s home loan. It is primarily used by people who are looking to purchase a house, but it can also be used for other purposes such as calculating the monthly repayment of a car or personal loan.

The Home Loan EMI Calculator is one such tool that calculates the monthly repayment of home loans. This calculator uses the following parameters:

• Loan amount

• Term of the loan:

• Interest rate of the loan

2. How to calculate home loan EMI?

Calculating the monthly EMI for a home loan is not difficult. It all depends on the loan amount and the tenure of the loan.

The formula to calculate EMI is: 

EMI Formula: P x i x (1+i)^T / [(1+i)^T-1]

Where, Principal Amount (P), Annual Rate of Interest (i), Loan Term (T)

3. What is the EMI for 25 lakhs home loan for 20 years?

The EMI for a home loan of Rs. 25 lakhs for 20 years is ₹19,232. Here the interest rate is taken as 6.90%.

The amount of interest you pay on a loan depends on the interest rate and the term of the loan. The higher the interest rate, the more you will have to pay in interest over time. If your monthly EMI is more than your monthly income, it is best to opt for a lower-interest home loan or to look at other options like an investment property or a rental property.

4. Can we stop home loan EMI for a few months?

The problem of EMI is too much for many people to handle. With the new schemes and loans, there are a lot of options available for people to choose from. Temporary relief can be found by stopping the home loan EMI for a few months and then restarting it after.

The interest rates on these loans are usually fixed, so it is important to check with your bank about the consequences of temporarily stopping your monthly payments. There might also be penalties if you need to stop paying for more than 3 months at a time.

5. What will be 30 lakh home loan emi sbi for 20 years?

Since SBI has an interest rate from 6.90% to 9.70%, your 30 lakh home loan emi would range around ₹22,190 to ₹28,356 if taken for 20 years.

6. What will be 30 lakh home loan emi hdfc for 20 years?

Since hdfc has an interest rate of 6.75%, your 30 lakh home loan emi will be around ₹22,810 for 20 years.