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30 Lakh Home Loan EMI

Not everyone can afford to fulfil their dream of buying a home with their own hard-earned savings. However, the process of purchasing a home has become convenient and affordable as many banks and other financial institutions offer home loans at affordable rates of interest. Read on to understand about availing of an Rs. 30 lakh home loan with an extended tenure of up to 30 years and about 30 Lakhs loan EMI.

30 Lakh Home Loan

If you avail of a loan to invest in your dream house, you will have to repay the loan in monthly instalments comprising the interest and the principal. The monthly instalment is the 30 lakh home loan EMI and depends on the interest applied and the repayment period opted.

Tip: Best Home Loan for Salaried Person before applying for a loan

Table of Contents: 30 Lakh Home Loan EMI
30 Lakh Home Loan EMI Details

Before approaching the bank/financial institutions for a Home Loan, you should estimate the margin amount that you will be able to bring in. The higher your contribution, the requirement for a loan will be lower. The banks also provide a good deal if the margin percentage is higher.

After having decided on the loan amount, you should do thorough research and avail of the loan from the lender who is giving you the best deal. You will be able to cut down on the cost of the loan if you are able to bag the loan at a competitive interest rate.

Finally, you should calculate the EMI with the help of the 30 Lac Home Loan EMI calculator and arrive upto 30 Lakh Home Loan EMI that suits your budget. It is prudent if the EMI does not exceed 40% of your net take-home salary. A home loan EMI is a long-term commitment and so should not take away a major chunk of your salary. Ensure that enough funds are available to take care of any emergencies that may crop up during the loan tenure.

Once the loan is approved, you will be given the choice of tenure. The maximum tenure provided will range from 20 years to 30 years, depending on the lenders. It is best to choose a shorter tenure if you can afford a higher EMI. You can also keep the 30 lakh home loan EMI low by choosing a longer tenure. If you intend to lower the tenure subsequently, you can do so by making periodical prepayments whenever there are surplus funds available.

Additional Info: Check EMI for 35 Lakhs Home Loan

30 Lakh Home Loan Interest Rates 2022

With a lot of players in the market, providing home loans with interest differs from lender to lender. Given below is the list of competitive interest rates for home loan upto 30 Lakh. The rate of interest will depend on the loan amount, the CIBIL score, the internal rating and the occupation.

Name of the BankInterest Rate
Bajaj Finserv Home Loan7.70% – 14.00%
Bank of Baroda Home Loan7.95% to 9.30%
PNB Home Loan7.90% – 9.35% p.a.
Kotak Mahindra Home Loan7.99%  – 8.50% p.a. 
Canara Bank Home Loan8.05% – 12.85% p.a.
SBI Home Loan8.05% – 9.05%
LIC Housing Finance8.05%-9.25%
HDFC Home Loan8.10% – 9.00%
ICICI Home Loan8.10% – 8.95%

You observe from the table that there is a minute difference in the starting Home Loan Interest Rates among some lenders, whereas it is almost the same with some lenders. However, since a home loan is a big-ticket loan, even a small difference in interest rates can impact the cost of the loan. Since the slab-wise interest rate is applied, you should ensure the rate that will be offered to you before submitting the application.

Additional Info: Best Home Loan Interest Rates @7.90%

30 Lakh Home Loan EMI with Different Banks

EMI depends on the loan tenure and the interest rates. Given below is the Rs. 30 lakh home loan EMI with different banks. The rate of interest is slab-wise, and all the top banks have the lowest interest rates for a loan quantum up to Rs. 30 to Rs. 35 lakhs. The EMI is calculated for a tenure of 15 years for different interest rates within the slab stipulated for each bank.

Additional Info: Also check SBI Home Loan EMI Calculator

Name of the BankInterest Rate p.a.EMI (15 yrs)
CitibankStarting 7.40% p.a.Rs. 27640
Union Bank of India7.90%Rs. 28497
Indian Bank7.90%Rs. 28497
Bank of Baroda7.95%Rs. 28583
Kotak Mahindra Bank7.99%Rs. 28652
Canara Bank8.05%Rs. 28756
State Bank of India8.05%Rs. 28756
ICICI Bank8.10%Rs. 28843
HDFC Bank8.10%Rs. 28843

Additional Info: Also Check & Apply for SBI Plot Loan

Rs. 30 Lakhs Home Loan EMI for 10 years

Rs. 30 Lakhs Home Loan EMI for 10 years for different interest rates using our 30 Lakhs Home Loan EMI Calculator is given below:

Rate of Interest p.a EMI
7.40%Rs. 35454
7.80%Rs. 36082
7.90%Rs. 36240
7.95%Rs. 36319
7.99%Rs. 36382
8.05%Rs. 36478
8.10%Rs. 36557

Additional Info: You can also Check SBI MCLR Rate

EMI for Rs. 30 Lakhs Home Loan for 20 Years

EMI for 30 lakhs home loan for 20 years at different interest rates are given below. The 30 Lakh Home Loan EMI for 20 Years may change as per the interest rate applied on the loan:

Rate of Interest p.a EMI
7.40%Rs. 23985
7.80%Rs. 24721
7.90%Rs. 24907
7.95%Rs. 25000
7.99%Rs. 25075
8.05%Rs. 25187
8.10%Rs. 25280

Additional Info: Also check 50 Lakh Home Loan EMI Interest Rate 2022

EMI for Rs. 30 Lakhs Home Loan for 30 Years

From the list given below you can observe how EMI for 30 lakhs home loan for 30 years differs with interest rates applied: 

Rate of Interest Rate p.a EMI
7.40%Rs. 20771
7.80%Rs. 21596
7.90%Rs. 21804
7.95%Rs. 21908
7.99%Rs. 21992
8.05%Rs. 22118
8.10%Rs. 22222

Additional Info: Check Rs. 80 Lakh Home Loan EMI Apply Online.

Popular Banks Providing Rs. 30 Lakh Home Loan

The loan quantum will depend on your income. The other commitments that need to be provided for with the income, like existing loan repayments, payment of mandatory bills, etc., will be considered while deciding the loan quantum. A low debt to income ratio can yield a higher loan quantum. Consider closing as many existing loans as possible before applying for a home loan.

Additional Info: Also check HDFC Home Loan EMI Calculator

Given below is the list of popular banks that provide Rs. 30 lakh Home Loan:

  • State Bank of India
  • ICICI Bank
  • Axis Bank
  • Punjab National Bank
  • Central Bank of India
  • HDFC Bank
  • Citi Bank
  • Standard Chartered Bank
  • Canara Bank
  • Bank of Baroda
  • IDBI Bank
  • Indian Overseas Bank
  • Union Bank of India
  • Kotak Mahindra Bank
  • IndusInd Bank

You can also Check Loan Against Property without Income Proof and ITR

Formula to Calculate the EMI

The formula applied to calculate the 30 lakh home loan EMI is

EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1] where

P is the Principal

R is the rate of interest

N is the tenure

You can also use the 30 Lakhs Loan Emi Calculator for instant EMI calculation online.

Additional Info: Looking for 40 Lakh Home Loan? Check EMI & Apply.

Eligibility for Rs. 30 Lakh Home Loan

The main factors that are considered for an individual to qualify for a 30 lakh home loan are given below:

  • The age of the applicant should be between 21 years to 60 years if salaried and 21 years to 65 years if self-employed. Some of the banks consider the minimum age at 21 years if the income of the applicant is not considered and at 23 years if the income of the applicant is considered.
  • The loans are available for both resident Indians as well as Non-Resident Indians. There will be a slight change in the norms applicable in the case of Non-Resident Indians.
  • The minimum income will vary between Rs. 25,000 to Rs. 30,000 depending on the bank/financial institution’s internal policy.
  • The minimum credit score required will vary between 650 to 700, depending on the bank/financial institution.
  • A minimum work experience of 2 years if employed and a minimum existence in the present business between 3 to 5 years.
  • The debt to income ratio between 40% to 50% is mandatory.
  • The maximum quantum provided will be 90% of the market value of the property to be mortgaged. Home Loan Eligibility for Rs. 30 lakh will depend on the property value as well.

Additional Info: You can also avail Home Construction Loan

Documents Required for Rs. 30 Lakh Home Loan

Documents to establish the identity, whereabouts and income of the applicant are required along with the property documents to ensure the marketable title of the property. The list of Home Loan Documents Required is given below:

Address Proof: (anyone)

Photo Identity Proof: (anyone)

  • PAN Card
  • Aadhar Card
  • Passport
  • Driving Licence
  • Voter’s ID Card

Proof of business existence in the case of the self-employed

  • PAN Card of the Company/firm
  • GST Certificate
  • Partnership Deed (For Partnership Firm)
  • Articles of Association
  • Memorandum of Association
  • Trade Licence

Income Proof for Salaried Individuals

  • Salary slips for the last three months
  • Form 16
  • IT Returns
  • Bank statement of the salary account for the last six months

Income Proof for the Self-Employed

  • Audited Financial Statements like the Balance Sheet and Profit and Loss Accounts for the last two years.
  • IT Returns for the last two years
  • Bank Statement for the last year.

Property Documents

  • Copy of Absolute Sale Deed or Agreement of Sale (depending on the property type)
  • Copy of the possession certificate
  • Latest Tax Paid Receipt
  • Copy of Encumbrance certificate for the last 13 years.
  • Copy of Khata Certificate
  • Copy of Mother documents (flat purchase)
  • NOC from the housing society or the builder
  • Detailed estimate for construction
  • Occupancy certificate in the case of ready flats.

The property documents list is exhaustive, and the lender you approach for the home loan may demand additional documents depending on the nature of the property.

Additional Info: Also check Pan Number for Banks

Factors that Affect the 30 Lakh Home Loan EMI

The following are the factors that affect the 30 lakh home loan EMI.

  • Choice of interest rate type: You can choose between fixed interest rate, floating interest rate, or mixed interest types. In a fixed interest rate, the EMI will remain constant. In the case of a floating rate of interest, there will be an upward or downward fluctuation depending on the RBI policy. EMI will go up when the interest goes up and will come down when the interest rates come down.
  • In the case of a fixed interest rate, during the first few years, a fixed interest rate will be applied, and thereafter it will be converted to a floating interest rate. EMI will vary accordingly.
  • Loan to value ratio: Normally, the banks provide a home loan between 75% to 90% of the market value of the property to be mortgaged. The higher the margin, the lower will be the risk for the banks. Hence a lower LTV ratio will fetch a competitive interest rate, and the EMI will depend on the interest applied.
  • Location of the property: The resale value of the property depends on the location and the amenities available. A high resale value for the property is a reassuring factor for the bank, and so better interest rates will be offered, which will translate into a lower 30 lakh home loan EMI. 
  • Employment: If you are employed in a Central/State Government organisation or any reputed company where a regular income is guaranteed, the rate of interest offered will be much lower when compared to the interest rate offered if you are a business owner and your income is volatile in nature.
  • Tenure: Home loans are provided with repayment tenures of up to 30 years. A longer repayment tenure no doubt will reduce the EMI burden but will result in a higher cost of the loan. The shorter the loan tenure, the higher will be the EMI and vice versa.
  • You should consider the above factors before applying for a home loan in order to bag the best deal.

Additional Info: You can also Check LRD Loan 

How to Apply Up to Rs. 30 Lakh Home Loan

Follow the procedure given below to apply for a Rs. 30 lakh home loan:

  • Access the official website of the bank/financial institution.
  • Choose a home loan under the loans option.
  • Click on the ‘Apply Online’ tab.
  • You will be directed to the page where you will have to fill up the basic personal details like name, address, email ID, contact number etc.
  • An OTP will be sent to your mobile number.
  • Enter the OTP for verification
  • Choose the loan amount and tenure.
  • You will be directed to the page where you will have to provide the employment, income and property details.
  • On completion, click on the ‘submit’ button.

The representative of the concerned bank will contact you for details and will assist you in completing the loan application process. The required documents will also be collected by the representative.

You can also submit the completed home loan application along with the required documents to the nearest branch of the bank/financial institution.

Additional Info: Also check How to Apply for Pradhan Mantri Awas Yojana

Lowest Interest Rate

Home loan interest rates are the lowest ever in the past 15 years. With raining festival offers on home loan, currently you can avail of the best interest rate on Bajaj Finserv home loan @7.70% p.a for all loan amounts.

Affordable EMI plans

You can avail the lowest Home Loan EMI at Rs. 727/- per lakh with maximum repayment flexibility. Some options are Step-Up EMIs, Step Down EMIs, Moratorium, OD facility, balance transfer, top up and more.

No Foreclosure Charge

Home Loans at floating interest rate (linked to repo rate) offer you ultimate prepayment flexibility. There is no part or full prepayment charge. You can prepay early & reduce interest cost as per your cash flows.

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