Home Loan Up to ₹ 10 Lakh

A home loan upto ₹ 10 Lakh offers you funds to purchase, renovate or expand your home. Top banks and NBFCs provide a home loan up to ₹ 10 Lakh at affordable EMI and flexible loan tenure. Thereby, if you want to reduce the interest outgo on your home loan, you can get a loan for a shorter tenure. As per the current rates, IDFC First Bank offers the lowest home loan interest rate to purchase a ₹ 10 lakh house. Similarly, you can increase the loan tenure to lessen the monthly burden of your ₹ 10 Lakh house loan EMI. To find the accurate EMI for your home loan, you can use a 10 lakhs home loan EMI calculator. The details for ₹ 10 Lakh home loan EMI for different banks is provided below:.

Let us assume that you have availed of a home loan for a tenure of 10 years at the lowest rates starting at 6.50%. So, the EMI for loan changes in the proportion of a change in principal amount of loan less than ₹ 10 Lakh. Consider this table for a better understanding.

The main factors that determine your eligibility for a home loan of ₹ 10 Lakh are mentioned below:

• You should be between 18 to 70 years.
• Have a minimum monthly income of ₹ 25,000 per month and above.
• Have a CIBIL score of 650 or above.
• Can avail upto 90% of the property value.
• You should have three years work experience if you are a salaried person. Self-employed must-have business stability of at least five years.

The home loan EMI is determined by factors such as loan amount, interest rate, and tenure. For a ₹ 10 Lakh home, the calculation for EMI will vary based on the loan tenure and rate of interest. You can use an online MyLoanCare home loan EMI calculator to determine the best EMI for a home loan upto ₹ 10 Lakh. The calculation for 10 lakh home loan EMI at 6.70% and 7.00% for different tenures is provided below:

₹ 10 Lakh Home Loan EMI Details: Different Tenure

Documents required for a home loan application by salaried and self-employed are different. To get a ₹ 10 Lakh home loan, you need to submit the following documents.

To apply for a home loan up to ₹ 10 Lakh, you can either visit the bank website or the nearest bank branch. If you apply for a home loan with MyLoanCare online, you can get the best offers from top banks and NBFCs in one place. Here is a step-by-step procedure to avail of a loan.

• Step 1: Visit the official website of MyLoanCare. To apply for home loan up to 10 lakh instantly, click here.
• Step 2: Fill in the form with necessary details like name, pin code, phone number, loan amount.
• Step 3: Click on 'Get Quote' and enter the OTP received on your mobile phone.
• Step 4: Click on 'Submit'.
• Step 5: You will get the offers as per your eligibility.
• Step 6: MyLoanCare's executive will contact you within some time and help you with the further process.

✅Which bank is best for a Home Loan of up to ₹ 10 Lakh?

IDFC First Bank is the best bank for a home loan of upto ₹ 10 Lakh as it provides the lowest rates of 6.50%. However, the bank also charges a processing fee of upto Min ₹ 10,000 on a home loan.

✅Can I get a ₹ 10 Lakh home loan without collateral?

No, you cannot avail of a ₹ 10 Lakh home loan without collateral as it is a secured loan.

✅What are the factors that affect EMI of ₹ 10 Lakh Home Loan?

Factors including the home loan rates and tenure of your loan affect the ₹ 10 Lakhs loan emi. The longer the loan tenure, the lesser will be EMI and, similarly, vice-versa. For instance, HDFC home loan ₹ 10 Lakh EMI for five years and ten years is ₹ 1,957 & ₹ 1,135.

✅What is the Interest Rates for ₹ 10 Lakh Home Loan EMI SBI?

As per the current rates, you can avail ₹ 10 Lakh SBI home loan starting at 6.50% pa. However, the bank charges a processing fee of Nil to up to 0.5% on a home loan amount. You can use ₹ 10 Lakh home loan emi calculator SBI to calculate the SBI home loan 10 lakh EMI on the current rates for different tenures.

✅Can I avail income tax benefits on a ₹ 10 Lakh house loan?

Yes, you can avail of up to ₹ 1.50 Lakh under Section 80C for repayment of the principal amount. Further, a deduction of up to ₹ 2 Lakh is available for the interest amount accrued in a financial year on a home loan under Section 24.

✅What is the maximum tenure of a ₹ 10 Lakh home loan?

You can avail of a ₹ 10 Lakh home loan for a maximum tenure of 30 years.

✅How can I use a ₹ 10 Lakh home loan emi calculator?

₹ 10 Lakh home loan emi calculator uses a combination of the loan amount, tenure, and interest rate to calculate housing loan EMI instantly. You need to enter these details in the calculator to get the desired result. You can also calculate a Home Loan EMI using the formula EMI = P*R*(1+R)^N/ [(1+R)^N-1]. Here, P is the principal amount, R is the interest rate, and n is the loan tenure.

✅What is a ₹ 10 Lakh home loan EMI for 10 years?

Home loan ₹ 10 Lakh EMI is the monthly amount you must pay to the lender to repay your loan amount and interest. As per the current rates, the lowest EMI per lakh on ₹ 10 Lakh home loan for ten years is ₹ 11,355.

✅What is the minimum salary we need to have to get a 10 lakh home loan?

The minimum income you need to get a 10 lakh home loan varies based on your profession for every bank. While salaried individuals must at least earn ₹ 25,000 every month. The minimum income requirement for a self-employed is ₹ 35,000