35 Lakh Home Loan EMI

A 35 lakh home loan is the perfect way to finance the purchase of a new home. With this loan, you can borrow up to 35 lakh rupees at a competitive interest rate. The repayment terms are flexible, and you can choose a repayment period of up to 30 years. You can also opt for a variable interest rate or fixed interest rate. Additionally, applicants can also avail tax benefits on the loan amount.

35 Lakh Home Loan – An Overview

Financial institutions across the country offer various home loan options to applicants inclined to invest in real estate in India. Any loan applicant who wants to raise Rs 35 Lakhs can apply for a home loan with banks or NBFCs who offer terms and conditions that align with financial goals. The predetermined loan period generally ranges from 15 to 30 years. The applicants must also gauge the various other costs associated with home loans, such as processing fees and interest rate subsidies, to get the best deal in the market. Another important facet is that they should produce all the necessary documents during the loan application. 

Features and Benefits of 35 Lakh Home Loan 

The loan applicant must know the various features and benefits of the Rs 35 Lakhs home loan. 

Features

• Amount of  Loan: The bank offers a wide range of products to applicants who want to raise Rs 35 Lakhs to build or purchase a home. 
• Interest Rates: Interest rates on a home loan depend on the lending institution and from applicant to applicant. It is important to compare various products and determine the one best suits your financial needs.
• Tenure: The tenure on the home loan indicates the amount of time the applicant is required to pay back the loan with interest. Generally, for a home loan of Rs 35 Lakhs, the repayment period can range from 5 to 30 years.
  
• EMIs: The monthly instalments are a sum of the principal amount and interest. Generally, EMI amounts remain the same throughout the loan repayment period.
• Tax Benefits: The borrower can apply for tax deductions on a home loan’s principal and interest components under the Income Tax Act.

Benefits

• Home Ownership: Individuals can raise funds to acquire land from banks and NBFCs and build their property portfolio in India. 
• Long-Term Investment: You can book solid returns on your real estate investments, one of India’s most lucrative investment options. 
• Flexibility in EMIs: Applicants can select from the flexible repayment options that complement their financial strategy.
• Tax Savings: Under the Income Tax Act, you can also apply for tax deductions on the home loan and save money. 

35 Lakh Home Loan Eligibility Criteria 

The banks have established eligibility criteria for the 35 lakh home loan applicants to ensure that the loan will be repaid diligently. Generally, the banks will establish the following parameters for applicants who want a home loan of Rs 35 Lakhs:

• Income: The bank will examine the applicant’s income statement to ensure a consistent cash inflow. 
• Credit Score: The applicants must maintain a minimum credit score of 750 or higher to validate their creditworthiness. 
• Age: The expectant age of the applicant is between 21 and 65 years when it comes to a home loan of Rs 35 Lakhs. 
• Existing Loans: The bank also ensures that the applicant has no existing financial obligation to ensure a smooth repayment. 
• Loan Tenure: The loan tenure is the borrower’s duration to repay the loan. 
• Documentation: The applicants are also required to produce documents asked from the lenders, such as income proof, bank statements and property reports. 

Factors Affecting 35 Lakh Home Loan EMI 

The following factors directly impact the EMIs of a Rs 35 Lakh home loan:

• Loan Amount: the EMIs for a 35 Lakh home loan would depend on the amount. The borrower is required to pay both principal and interest on the same.
  
• Loan Term: repayment tenure is indirectly proportional to the loan amount. The lengthier the tenure, the lesser will be the EMI amount.
  
• Interest Rates: The interest rates offered on the home loan varies from bank to bank. The bank also evaluates the creditworthiness and offers the rates accordingly. 

Documents Required for 35 Lakh Home Loan 

The banks and NBFCs are required to produce the following documents against the 35 lakh home loan:

• Identity Proof: Government-identified identity proof such as the PAN Card, driver’s license, and voter ID must be submitted to the bank.
  
• Income Proof: Applicants must also produce income proof such as salary slips, bank statements, etc.
  
• Address Proof: Address proof such as utility bills, passports, and rental agreements must also be produced.
  
• Age Proof: The bank must also produce a birth certificate, Aadhaar Card and Voter ID.

35 Lakh Rupees Home Loan Processing Fees & Other Charges 

The loan applicant is also required to pay additional fees to facilitate their 35 lakh home loan application:

• Processing Fee: As the name suggests, the bank will charge a processing fee of 0.35% to 1% on the loan amount to process the loan.
  
• Fee for Legal and Technical Verification: The bank will also levy a legal fee, which is variable based on the location and related complexities with the property.
  
• Valuation Fee: The valuation fee on the property is levied after a thorough evaluation of the property’s market value. 
  
• Verification Fee for Documents: The bank will also charge a verification fee to verify the documents.
  
• Prepayment Charge: The bank will charge a prepayment fee if the borrower wants to pre-pay the loan.

35 Lakh Home Loan EMI for 5 Years

The following table showcases the 5 years EMI amount for 35 lakh home loan at 8.5% p.a interest rate.

35 Lakh Home Loan EMI for 10 Years

The following table showcases the 10 years EMI amount for 35 lakh home loan at 8.5% p.a interest rate.

35 Lakh Home Loan EMI for 15 Years

The following table showcases the 15 years EMI amount for 35 lakh home loan at 8.5% p.a interest rate.

35 Lakh Home Loan EMI for 20 Years

The following table showcases the 20 years EMI amount for 35 lakh home loan at 8.5% p.a interest rate.

35 Lakh Home Loan EMI for 25 Years

The following table showcases the 25 years EMI amount for 35 lakh home loan at 8.5% p.a interest rate.

35 Lakh Home Loan EMI for 30 Years

The following table showcases the 30 years EMI amount for 35 lakh home loan at 8.5% p.a interest rate.

Key Points to Consider While Taking a 35 Lakh Home Loan 

Refer to the following pointers before applying for a home loan of Rs 35 Lakhs:

• The loan applicant must look at the eligibility criteria and the terms and conditions of various banks.
  
• You should also be definitive of the loan amount you want to raise, as it directly impacts the interest rate and EMIs.
• It is better to go for a pre-approved loan before formally applying for a home loan.
  
• Maintain and produce all the necessary documents asked from the bank. 

Tips to Minimise Your 35 Lakh Home Loan EMI

Below are some useful tips to minimise your ₹35 Lakh Home Loan EMI:

• Loan Tenure: A longer tenure will minimise the EMI payment on the home loan.
  
• Rate of Interest: The interest rate is a major factor determining the loan’s cost. Try to get the best rates in the market to minimise the repayment amount.

Other Home Loan EMIs Based on Different Amount