Home Loan Up to ₹ 10 Lakh

₹ 10 Lakh home loan can be used 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. Similarly, you can increase the loan tenure to lessen the monthly burden of your ₹ 10 Lakh house loan EMI. Get more details about ₹ 10 Lakh home loan emi.

Let us assume that you have availed 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 work experience of three years if you are a salaried person. Self-employed must-have business stability of at least five years.

Use MyLoanCare's home loan emi calculator to calculate the EMI for a ₹ 10 Lakh home loan. It is an online calculator that helps you calculate the EMI online using mathematical algorithms. You need to enter basic information such as loan amount, interest rate and tenure. The table below presents the EMI for an amount of ₹ 10 Lakh for different tenures at the lowest home loan rate of 6.50%.

₹ 10 Lakh Home Loan EMI For 5 years

₹ 10 Lakh Home Loan EMI For 10 years

₹ 10 Lakh Home Loan EMI For 15 years

₹ 10 Lakh Home Loan EMI For 25 years

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 or download the Android App
• Step 2: Go to the Home Loans option or fill the above form.
• Step 3: Fill in the form with necessary details like name, pin code, phone number, loan amount.
• Step 4: Click on 'Get Quote' and enter the OTP received on your mobile phone
• Step 5: Click on 'Submit'
• Step 6: You will get the offers as per your eligibility.
• Step 7: 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?

HSBC 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 1.00% , Max ₹ 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 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 and 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 pay interest. Every EMI has two components which include the outstanding 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.