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Home Loan Up to ₹ 10 Lakh

Apply Online for ₹ 10 Lakh Home Loan

Last Updated 24th Sep 2021

  • You can avail home loan upto ₹ 10 Lakh at the lowest rates starting at 6.50% for a maximum tenure of 30 years.
  • Get best offers on a ₹ 10 Lakh home loan to purchase a residential property or for home renovation, repairs or improvement at affordable EMI
Home Loan Rate starts at 6.50%
Processing FeeNil to up to 0.5%
Loan TenureUpto 30 years
Lowest EMI Per Lakh₹ 19,566 for 5 years
Prepayment ChargesNil
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

Home Loan Upto ₹ 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.

Interest Rates for ₹ 10 Lakh Home Loan

HSBC Bank
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6.55%
HDFC
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6.70%
PNB
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6.80%
Andhra Bank
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6.85%
IDBI Bank
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6.95%
DBS Bank
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7.30%
Standard Chartered Bank
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7.49%
IIFL
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8.45%
Indiabulls
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8.65%
Yes Bank
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8.95%

Home Loan EMI Calculation for Loan Amount Lower Than ₹ 10 Lakh

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.

Loan Amount10 Years Tenure EMI
₹ 9 Lakh home loan emi₹ 10,219
₹ 8 Lakh home loan emi₹ 9,084
₹ 7 Lakh home loan emi₹ 7,948
₹ 6 Lakh home loan emi₹ 6,813
₹ 5 Lakh home loan emi₹ 5,677
₹ 4 Lakh home loan emi₹ 4,542
₹ 3 Lakh home loan emi₹ 3,406
₹ 2 Lakh home loan emi₹ 2,271
₹ 1 Lakh home loan emi₹ 1,135

Eligibility Criteria for Home Loan of ₹ 10 Lakh

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.

₹ 10 Lakh Home Loan EMI with Different Tenure

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

Loan Amount₹ 10 Lakh loan emi for 5 years
₹ 1000000₹ 19,566

₹ 10 Lakh Home Loan EMI For 10 years

Loan Amount₹ 10 Lakh loan emi for 10 years
₹ 1000000₹ 11,355

₹ 10 Lakh Home Loan EMI For 15 years

Loan Amount₹ 10 Lakh loan emi for 15 years
₹ 1000000₹ 8,711

₹ 10 Lakh Home Loan EMI For 25 years

Loan Amount₹ 10 Lakh loan emi for 20 years
₹ 1000000₹ 7,456

Documents Required to Get Home Loan Up to ₹ 10 Lakh

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.

DocumentsSalariedSelf employed
Application form with passport size photographs
Identity proof- PAN Card (Mandatory) and Aadhar card
Address proof- passport, Aadhaar card, voter ID card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill
Income proof- Last 3 years Form 16, last 6 months salary slip, last 6 months bank account statement showing salary creditLast 3 years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA
Property documents- Registered Sale Deed/ Conveyance/ Lease Deed, Builder buyer agreement, receipts of payment made, allotment letter
House tax return
Business proof- Certificate and Proof of Business Existence and Business ProfileNo

Steps to Apply for a Home Loan Up to ₹ 10 Lakh

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.

FAQs

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.


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Home Loan News - Sep 2021
  • 2021-09-17 : SBI Bring Down Home Loan Interest Rate
    State Bank of India (SBI) has slashed home loan interest rate by 45 bps (basis points). A customer whose cibil score is above 800 can get a home loan at a lowest rate of 6.70% and whose score is in between 750-800 will get a loan at a rate of 6.80%.
  • 2021-08-13 : SBI offers ZERO processing fees on home loans
    State Bank of India (SBI) is offering zero processing fees on home loans. This is an Independence day offer by the bank as they want to help its customers achieve freedom from rent.
  • 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
    State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
  • 2021-06-18 : SBI kept its Marginal cost of lending rates unchanged
    State Bank of India kept its MCLR rate unchanged with effect from 15 June 2021. The overnight and one-month MCLR is 6.65%. The three months and six months MCLR is 6.65% and 6.95%, respectively. MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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