45 Lakh Home Loan EMI & Interest Rate

₹45 lakh is a big amount by every stretch of the imagination. Naturally, a borrower would want to make all the necessary estimations before borrowing such an amount. The article discusses the impact of changing loan tenures on the ₹45 lakh home loan EMIs. Loan seekers can find complete information regarding home loan eligibility and documentation criteria. We’ve meticulously curated a list of top home loan offers from the bank along with a free digital ₹45 lakh home loan EMI calculator.

45 Lakh Home Loan – An Overview

A home loan worth ₹45 lakh can be comfortably used to purchase your next family abode or make a solid real estate investment. Checking out the ₹45 lakh home loan EMIs before you submit your loan application is a prerequisite.

Different home loan amounts have different repayment implications. A home loan amount of up to ₹45 lakh is neither too small nor too big. With the help of our 45 lakh loan EMI calculator, you can easily gauge the monthly instalments needed to repay the loan.

Along with ₹45 lakh home loan EMIs, stay tuned for the prominent features, documentation and eligibility criteria of home loans. 

Top Features and Benefits of 45 Lakh Home Loan

A home loan worth ₹45 lakh can offer immense monetary relief in your home purchase. Check out some of the prominent features and benefits of borrowing such an amount.

• Financial Assistance: A home loan worth ₹45 lakh can cover almost all the housing finance needs. Borrowers can use the loan amount to buy a new house, invest in properties, renovate their existing homes or refinance their ongoing housing loans.
• High Loan-to-Value(LTV) Ratio: LTV is the ratio of the loan amount sanctioned to the value of the property. A ₹45 lakh home loan can finance between 75-90% of your property’s value. 
• Easy Repayments: ₹45 lakh home loan EMIs can be divided into loan tenures as long as 30 years. As long as the customer is choosing the right loan terms, ₹45 lakh home loan EMIs can be comfortably paid to settle the loan obligation. 
• Low Rates of Interest: Banks offer affordable interest rates on home loans because their risks are secured against the mortgaged property. Home loans start at interest rates as low as 8.4-8.5% p.a. This further results in affordable ₹45 lakh home loan EMIs.
• Tax Benefits: ₹45 lakh home loan borrowers can claim tax benefits of up to ₹1.5 lakh on principal repayments and up to ₹2 lakh on interest repayments. The Income Tax Act of 1961 guarantees these incentives.

45 Lakh Home Loan Eligibility Criteria

Lenders specify eligibility criteria so that the loans are applied for by only worthy candidates. Home loan applications can be submitted by self-employed and salaried individuals. The eligibility criteria for these candidates differ slightly and are mentioned below:

Salaried Applicants

• Age: 21-70 years.
• Minimum Salary: ₹20,000-₹25,000 per month.
• Work Experience of 2-3 years.
• Credit score of 700 or above.
• Indian citizenship.

Self-Employed Applicants 

• Age: 23-65 years.
• Minimum Income: ₹2-₹3 lakhs annually .
• The business must be consistently operating for 1-2 years.
• Credit score of 700 and above.
• Indian citizenship.

Documents Required for a 45 Lakh Home Loan

Be sure to gather the following documents before you start planning on your ₹45 lakh home loan EMI payments. The banks require the borrowers to submit the following documents while applying:

• Duly filled loan application form.
• PAN Card.
• ID Proof- Aadhar Card/ Driving License/ Voter ID.
• Address Proof- Utility Bills/ Aadhar Card/ Voter ID.
• Income Proof- Previous bank statements/ salary slips/ Form 16/ Other documents.
• Employment Proof- Certificates showcasing past as well as current employment.
• Authentic and complete Property documents.
• Disclosure of applicant’s existing assets and liabilities.
• Passport size photographs.

Factors Affecting 45 Lakh Home Loan EMI

The ₹45 lakh loan EMIs depend on the 3 main components – the loan amount, interest rate and loan tenure. Let us know how these and certain other factors impact EMI payments.

• Loan Amounts: The higher the loan amount, the greater will be the EMI. Loan amount primarily dictates repayments towards the principal component of the loan.
• Interest Rates: Lower interest rates mean lower ₹45 lakh home loan EMIs and vice versa. The rate of interest determines the repayments towards the interest component of the loan. A House Loan EMI Calculator helps you see how different interest rates affect your monthly payments.
• Loan Tenure: As the loan tenure increases, the monthly ₹45 lakh home loan EMI decreases. But at the same time, higher tenures also lead to higher overall interest outflows on loans.
• EMI Calculation Method: Most Indian banks calculate home loan EMIs as per the reducing balance method. This leads to more affordable EMIs and comfortable repayments.
• Repayment Behaviour: Banks can extend leverages and EMI breaks to borrowers making timely repayments. Banks treat credible re-payers with personalised assistance in managing their ₹45 lakh home loan EMIs.

45 Lakh Home Loan Processing Fees & Other Charges 

Banks levy the following additional charges while approving and processing a home loan request. While your ₹45 lakh loan EMIs won’t be influenced by these charges, it is wise to be informed about them in advance. Some of the many charges are:

• Processing Charges: Banks levy a processing charge of 0.25%-2% to recover their home loan administration costs. 
• GST: An 18% GST is payable over and above the processing charges and other home loan-related services provided by the bank.
• Memorandum of Deposit (MoD) Charges: A borrower has to pay a MoD charge of 01%-0.5% of the loan amount to successfully transfer the property deeds to the bank.
• Verification Charges: Lenders recover their costs incurred on property inspection and verification through these charges.
• Legal Fees: Legal charges include costs incurred on preparing new documents and assessing submitted papers by legal experts.

45 Lakh Home Loan EMIs for 5-30 Years 

As we’ve discussed in detail, loan tenures strongly impact the results of a ₹45 lakh house loan EMI calculation. In a nutshell, longer tenures mean smaller monthly instalments but overall higher interest outflows.

For our understanding, let us assume an interest rate of 8.40% on a home loan worth ₹45 lakh. The following table lists the changes in ₹45 lakh loan EMI resulting from changes in the loan tenure.

Tips to Minimise Your 45 Lakh Home Loan EMI

As discussed before, the ₹45 lakh loan EMI depends on multiple factors. By intelligently controlling these factors, one can ensure minimum monthly instalments on their home loans. Follow these tips to minimise your ₹45 lakh home loan EMI.

• Wisely Choose the Interest Rates: Interest rates have a direct impact on ₹45 loan EMIs. One must compare all the home loan offers in the market and choose as low an interest rate as possible. Borrowers can also negotiate with their banks to gain competitive rates and minimise their monthly instalments.
• Opt for a Longer Tenure: This is a tricky one. Longer loan tenures can definitely reduce monthly repayment burden. But it also results in higher interest outflows in the longer run. If you can manage that, there is absolutely no problem in going for longer home loan terms.
• Apply for Reasonable Loan Amounts: A home loan is a debt, after all. Applying for as  minimum an amount as possible not only ensures affordable EMIs but also comfortable loan settlement.
• Prepaying Home Loans: In case you have surplus funds, try repaying more than the monthly amount. Since EMIs are calculated widely as per the reducing balance method, prepaying can significantly reduce future EMIs. However, a reduction in EMIs will be accompanied by an increase in loan tenures.
• Transfer Your Home Loan: In case you’re an existing borrower and aren’t happy with your home loan, you can choose to transfer your loan to another lender. Banks offer lower rates of interest while refinancing existing home loans. Thus, ensuring lower EMIs.

Things to Remember While Applying for 45 Lakh Home Loans

A borrower should remember the following things while applying for a ₹45 lakh home loan.

• One should apply only with trusted and reputable lenders in order to avoid potential risks.
• An applicant must apply for loan amounts that align with their incomes.
• Applying jointly with your parent, spouse or anyone else can help avail higher loan amounts.
• Submitting updated documents in an organised manner can also help expedite the loan approval process.
• Home loan seekers borrowing for construction purposes can also check for pre-EMI options with their banks.
• Borrowers seeking paperless applications and document verification can submit online home loan applications on the lender’s website.
• Be sure to raise your credit scores to optimum levels before applying for a home loan to increase your loan eligibility.
• Make a conscious attempt to be aware of all the additional fees and charges levied by the bank.