80 Lakh Home Loan EMI

Home is where you grow for real! You grow love, support and the next generation. However, building that home is a big task and you may need some help with it! Here you can explore a comprehensive guide to 80 lakh home loans. From eligibility criteria to interest rates, our platform is designed to empower you with the knowledge needed to make informed decisions. Navigate the world of home financing with confidence, supported by a wealth of information tailored for both novice borrowers and those well-versed in financial matters. Your journey to homeownership begins here.

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Written By
Utsah Sharma
Utsah Sharma
Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Features and Benefits of 80 lakh Home Loan

An 80 lakh home loan gives you the money to cover the amount associated with your home purchase. Here’s what you get:

  • Flexible payments for all income slabs.
  • You can select fair interest rates by comparing different banks.
  • Getting the loan is not a headache; it’s simple with current easy-to-apply online applications.
  • Most of the bank comes with a quick approval model. They won’t keep you waiting forever; you get your money relatively fast.
  • When you take a loan for a large amount, the tax also gets sidelines. 
  • You might get some insurance to cover unexpected stuff that comes along with the loan.
  • Handle your loan and its payments easily through online management.

80 lakh Home Loan Eligibility Criteria

To be eligible for an 80 lakh home loan, you need to:

  • Show a monthly income of at least ₹20,000 (for major cities like Delhi, Mumbai, Bangalore, Pune, and Chennai) or ₹15,000 (for other cities).
  • Have a good credit score, usually above 650.
  • Experienced stable employment history with a minimum work experience of 2-3 years.
  • Age range between 21 and 65 years.
  • Ensure all necessary legal documents, including proof of income, property details, and identification, are accurate and up to date.

Factors Affecting 80 lakh Home Loan EMI

When diving into an 80 lakh home loan, think about what affects your monthly payment:

  • Aim for a sweet deal or boost your credit score for better rates. If the interest rate is low, your monthly payment is low too. High rates mean higher payments. 
  • How long you take to pay back matters. Longer time means smaller payments but more interest overall. Shorter time means bigger payments but less interest. With a EMI calculation calculator, you can easily compare the impact of different loan tenures on your home loan EMIs and total interest paid.
  • Lenders check what you earn and spend. More earnings and controlled spending make it easier to handle the monthly payment.

Documents Required for 80 lakh Home Loan

For your 80 lakh home loan, here are the must-have documents:

  • Identity Proof: 
    • Aadhar Card
    • Passport or Voter ID.
  • Address Proof: 
    • Utility bills
    • Rental Agreement
  • Income Proof: 
    • Salary slips
    • Income Tax Returns 
    • Form 16.
  • Property Documents: 
    • Sale Deed
    • NOC from the builder
    • Property Tax Receipts.
  • Bank Statements: 
    • Last 6 months statement
  • Employment Proof: 
    • For salaried – Employment Certificate
    • For self-employed – Business proof

80 lakh Home Loan Processing Fees & Other Charges

When getting an 80 lakh home loan make sure you check the following additional charges:

  • Processing Fees: 0.25% to 1% of the loan amount.
  • Prepayment Charges: Varies; check before repaying early.
  • Late Payment Charges: Pay EMIs on time to avoid extra costs.
  • Legal and Technical Fees: Needed for property checks.
  • Insurance Costs: Consider home loan insurance.

80 lakh Home Loan EMI for 5 Years

For an 80 lakh home loan over 5 years:

Interest Number of EMIs Amount of one EMI Total Interest Paid Total payments made over the loan term
9% 60 ₹166067 ₹1,964,011 ₹9,964,011

80 lakh Home Loan EMI for 10 Years

For an 80 lakh home loan over 10 years:

Interest Number of EMIs Amount of one EMI Total Interest Paid Total payments made over the loan term
9% 120 ₹101341 ₹4,160,874 ₹ 12,160,874

80 lakh Home Loan EMI for 15 Years

For an 80 lakh home loan over 15 years:

Interest Number of EMIs Amount of one EMI Total Interest Paid Total payments made over the loan term
9% 180 ₹ 81141 ₹ 6,605,439 ₹ 14,605,439

80 lakh Home Loan EMI for 20 Years

For an 80 lakh home loan over 20 years:

Interest Number of EMIs Amount of one EMI Total Interest Paid Total payments made over the loan term
9% 240 ₹ 71978 ₹ 9,274,738 ₹ 17,274,738

80 lakh Home Loan EMI for 25 Years

For an 80 lakh home loan over 25 years:

Interest Number of EMIs Amount of one EMI Total Interest Paid Total payments made over the loan term
9% 300 ₹ 67136 ₹ 12,140,713 ₹ 20,140,713

80 lakh Home Loan EMI for 30 Years

For an 80 lakh home loan over 30 years:

Interest Number of EMIs Amount of one EMI Total Interest Paid Total payments made over the loan term
9% 360 ₹ 64370 ₹ 15,173,131 ₹ 23,173,131

Important Key Points to Consider While Taking 80 lakh Home Loan

Here are some important key points that will help you get an easy and fast 80 lakh home loan agreement:

  • Your credit score is the key player. A high score gets you lower rates and cheaper monthly payments.
  • Putting more money down means a smaller loan, leading to smaller monthly payments and less interest.
  • Having a steady job helps. It can get you better rates and lower monthly payments.

Tips to Minimise Your 80 lakh Home Loan EMI

Navigating an 80 lakh Home Loan? Consider these practical tips for a smoother process:

  • Initiate your home loan journey with a substantial down payment. This not only reduces your loan amount but also showcases financial responsibility to lenders.
  • Choose your loan tenure wisely. While a longer tenure lowers monthly EMIs, it may result in higher overall interest payments. Find a balance that aligns with your financial goals.
  • Maintain a healthy credit score. A good score can lead to lower interest rates.
  • Don’t settle for the initial offer. Compare interest rates from different lenders to secure the most favourable terms for your 80 lakh home loan.
  • Periodic prepayments can make a substantial impact. They reduce the principal, diminishing both the outstanding amount and the overall interest burden. A home loan prepayment calculator is a valuable tool that helps that helps to get insights into how prepayments can reduce the overall loan tenure and interest paid.
  • Establish a robust emergency fund. Unforeseen expenses should not jeopardize your EMI commitments. A financial cushion ensures stability, even during unexpected circumstances.

Frequently Asked Questions (FAQs)

How is the EMI amount calculated for an 80 lakh home loan?

The EMI amount for an 80 lakh home loan is determined by a formula:

E = P*r*(1+r)^n/((1+r)^n-1)

  • E = Equated Monthly Instalment
  • P = Principal amount
  • R = Rate of interest
  • N= Loan term or tenure

What is an amortization schedule for an 80 lakh home loan EMI?

An amortisation schedule for an 80 lakh home loan EMI shows a month-by-month breakdown of your payments, including principal and interest. Over time, the interest decreases, and the principal increases. This schedule helps track your loan repayment progress.

Can I make pre-payments towards my 80 lakh home loan to reduce the EMI burden?

Yes, you can make extra payments on your 80 lakh home loan to pay it off faster. It helps reduce the principal amount, lowering the interest payable and shortening the loan tenure. However, some lenders may have pre-payment charges or conditions, so checking with your lender for specific details is crucial.

How can I manage my finances to ensure I can comfortably pay my 80 lakh home loan EMI?

To manage finances for an 80 lakh home loan EMI, start by budgeting wisely, and tracking your income and expenses. Save at least enough to cover the down payment(which is  20% of your whole income). Aim to improve your credit score, as lower scores may lead to higher interest rates. Maintain an emergency fund for unexpected expenses. Plan for additional costs like registration, insurance, and maintenance.

Choose a tenure which fits effortlessly in your salary. Compare lenders to secure the best interest rates. Lastly, avoid unnecessary debts to prioritize loan repayments.

What is the rate of interest for an 80 lakh Home Loan?

The interest rate for an 80 lakh home loan is generally between 7% and 9% per year. However, your actual rate depends on things like your credit score and how long you’ll take to repay the loan. 

What should be the minimum salary to get an 80 lakh Home Loan?

The minimum income needed for an ₹80 lakh home loan for both self-employed and salaried individuals depends on the city they live in.  For Delhi, Mumbai, Bangalore, Pune, and Chennai residents is ₹20,000 per month. For residents of other cities is ₹15,000 per month.

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