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6 lakh Home Loan EMI - Benefits, Calculator and Eligibility Criteria

6 lakh Home Loan EMI: Securing a home loan is a significant step towards realising the dream of homeownership, offering individuals the opportunity to invest in a place they can call their own. Among the crucial considerations for potential homebuyers is the Equated Monthly Instalment (EMI), an important factor that determines the financial commitment associated with the loan. In the case of a 6 lakh home loan, the EMI becomes a cornerstone of financial planning, influencing the affordability and feasibility of the investment.

This introductory exploration delves into the dynamics of a 6 lakh home loan EMI, shedding light on the components, calculations, and key considerations that borrowers need to navigate as they embark on their journey towards homeownership. Understanding about the EMI structure is essential for making informed decisions and ensuring a sustainable and fulfilling homeownership experience.

What is the EMI for a 6 lakh Home Loan?

To calculate the Equated Monthly Instalment (EMI) for a home loan, several factors come into play, including the loan amount, interest rate, and loan tenure. Without specific details on the interest rate and tenure, it's challenging to provide an exact EMI amount. However, we can demonstrate a sample calculation using a hypothetical interest rate and tenure.

Let's assume an annual interest rate of 9% and a loan tenure of 20 years (240 months):

  1. Loan Amount: ₹ 6,00,000
  2. Annual Interest Rate: 9%
  3. Loan Tenure: 20 years (240 months)
  4. EMI: ₹ 5,398

The formula to calculate EMI is given by:

EMI = P * [r * (1 + r)^n] / [(1 + r)^n - 1]

Where:

  1. EMI is the Equated Monthly Instalment,
  2. P is the loan amount,
  3. r is the monthly interest rate (annual rate divided by 12 and multiplied by 100),
  4. n is the number of monthly instalments (loan tenure in months).

6 lakh Home Loan EMI Details

A 6 lakh home loan, when repaid through Equated Monthly Instalments (EMIs), is subject to various factors such as the loan tenure, interest rate, and type of interest (fixed or floating). Assuming a standard 20-year tenure and a prevailing interest rate, the EMI amount can be calculated using the loan amortisation formula. Typically, the EMI for a 6 lakh home loan EMI ₹ 5,398 per month, depending on the specific terms and conditions offered by Aavas Financiers. Borrowers should carefully consider these details and choose a repayment plan that aligns with their financial capabilities and long-term goals, taking into account any additional costs such as insurance or processing fees that may be associated with the loan.

6 lakh Home Loan EMI Calculator

1L1CR.
1 24
Monthly Payment(EMI) ₹ 5,398
Total Interest ₹6,95,606
Total Amount ₹12,95,606

6 lakh Home Loan EMI for 5 Years

Parameter Loan Amount
Loan Amount ₹ 6,00,000
Rate of Interest 9.00% p.a.
Loan Tenure 5 years
Monthly EMI ₹ 12,455

6 lakh Home Loan EMI for 10 Years

Parameter Loan Amount
Loan Amount ₹ 6,00,000
Rate of Interest 9.00% p.a.
Loan Tenure 10 years
Monthly EMI ₹ 7,601

6 lakh Home Loan EMI for 15 Years

Parameter Loan Amount
Loan Amount ₹ 6,00,000
Rate of Interest 9.00% p.a.
Loan Tenure 15 years
Monthly EMI ₹ 6,086

6 lakh Home Loan EMI for 20 Years

Parameter Loan Amount
Loan Amount ₹ 6,00,000
Rate of Interest 9.00% p.a.
Loan Tenure 20 years
Monthly EMI ₹ 5,398

6 lakh Home Loan EMI for 30 Years

Parameter Loan Amount
Loan Amount ₹ 6,00,000
Rate of Interest 9.00% p.a.
Loan Tenure 30 years
Monthly EMI ₹ 4,828

Home Loan EMI Per Lakh For 6 lakh

EMI per Lakh values for a 6,00,000 Home Loan at different tenures and an 9% interest rate:

  1. 5-year tenure: ₹2,075 per Lakh
  2. 10-year tenure: ₹1,271 per Lakh
  3. 20-year tenure: ₹900 per Lakh
  4. 30-year tenure: ₹773 per Lakh

These values represent the monthly EMI amount per Lakh of the loan amount for each respective tenure.

How to Apply for a 6 lakh Home Loan?

To apply for a 6 lakh home loan with Aavas Financiers Ltd., you can follow these general steps:

Check Eligibility:

  • Ensure you meet the eligibility criteria mentioned on their website, including nationality, employment status, work experience, etc.

Collect Required Documents:

  • Gather all the necessary documents required for a home loan application. The required documents for both salaried and self-employed individuals are listed on the website.

Visit the Aavas Website:

  • Go to the official website of Aavas Financiers Ltd.

Navigate to Home Loan Section:

  • Locate the "Home Loan" section on the website.

Read and Understand:

  • Read through the information provided on the home loan page, including features, benefits, eligibility criteria, and documentation requirements.

Use Online Tools:

  • Utilise any online tools provided, such as the Home Loan EMI Calculator and Home Loan Eligibility Calculator, to plan your finances.

Click on "Apply for Loan":

  • Look for an option that says "Apply for Loan".

Fill in the Application Form:

  • Fill the basic details of yours like Name, Email ID, Mobile number, Type of Loan required, Amount of Loan Required and Your Area Pin Code.

Agree to Terms and Conditions:

  • Read and agree to the terms and conditions provided by Aavas Financiers Ltd.

Submit the Application:

  • Submit the Apply for Loan Form.

Follow Up:

  • After submission, you will receive communication on the successful submission of your enquiry form with Aavas Financiers Ltd. Be prepared to provide any additional information if requested.

6 lakh Home Loan Eligibility Criteria

The eligibility criteria mentioned for a home loan from Aavas are as follows:

  1. Nationality: The applicant must be a resident of India.
  2. Maximum Loan Tenure: The maximum loan tenure is 30 years. This refers to the maximum period over which the loan can be repaid.
  3. Employment: Both salaried individuals and self-employed individuals are eligible for the home loan.
  4. Work Experience: The applicant should have a minimum work experience of 1 year or more. This requirement is likely to ensure that the borrower has a stable source of income.
  5. Factors Affecting Eligibility:
    • Age: The age of the applicant is a crucial factor. Younger individuals may have a longer loan tenure available to them.
    • Income: The income of the applicant is a key determinant of the loan amount they are eligible for. Higher income often translates to a higher loan amount.
    • Loan Tenure: The desired tenure of the loan also influences eligibility. Shorter tenures may result in higher monthly payments but lower overall interest payments.
    • CIBIL Score: The creditworthiness of the applicant, as reflected in their Credit Information Bureau India Limited (CIBIL) score, is a significant factor. A good credit score enhances the chances of loan approval.
  6. Home Loan Eligibility Calculator: Aavas offers a home loan eligibility calculator to help potential borrowers assess their eligibility based on factors such as age, existing obligations, income and tenure. This tool is designed to provide a quick and convenient way for individuals to estimate the loan amount they might qualify for.

Applicants are encouraged to use the eligibility calculator provided by Aavas to get a personalised estimate of their eligibility and to understand how various factors can impact their home loan application. It's important to note that these criteria can vary between lenders, so individuals should always check with the specific financial institution for their exact requirements.

6 lakh Home Loan Documents Required

The list of documents required for a home loan from Aavas is provided separately for salaried individuals and self-employed individuals. Here is a detailed breakdown:

Documents Required for Salaried Individuals:

Identity Proof:

  • PAN Card (mandatory)
  • Any one of the following:
    • Valid Passport
    • Voter ID Card
    • Aadhar Card
    • Valid Driving License

Address Proof:

  • Any one of the following:
    • Valid Passport
    • Voter ID Card
    • Aadhar Card
    • PAN Card
    • Valid Driving License

Proof of Income:

  • Salary Slips/Bank Statements/Form-16
  • Salary certificate (for cash salaried cases)

Other Documents:

  • Application form with a photograph duly signed
  • Processing fee cheque
  • Last 6 months bank statements

Property Documents:

  • Copy of Allotment letter/Seller's Agreement
  • Receipts of payment made to builder/developer

Documents Required for Self-Employed Individuals:

Identity Proof:

  • PAN Card (mandatory)
  • Any one of the following:
    • Valid Passport
    • Voter ID Card
    • Aadhar Card
    • Valid Driving License

Address Proof:

  • Any one of the following:
    • Valid Passport
    • Voter ID Card
    • Aadhar Card
    • PAN Card
    • Valid Driving License

Proof of Income:

  • IT Returns and/or Financial Statements of the last 3 years
  • Informal Income Documents

Other Documents:

  • Application form with a photograph duly signed
  • Processing fee cheque
  • Proof of business existence
  • Last 6 months bank statements

Property Documents:

  • Copy of Allotment letter/Seller's Agreement
  • Receipts of payment made to builder/developer

Additional Note:

  • For a complete list of acceptable KYC documents, applicants are advised to contact the nearest Aavas branch.
  • The provided documents serve as proof of creditworthiness and financial stability, contributing to the home loan approval process.

Prospective borrowers are encouraged to consult with Aavas Financiers or visit their nearest branch for the most accurate and up-to-date information regarding document requirements and the home loan application process.

Factors to consider while availing 6 lakh Home Loan

When availing a home loan of 6 lakh, It's essential to consider various factors to ensure a smooth and financially sound home-buying experience. Here are some important factors to consider:

  1. Credit Score: Before applying for a home loan, check your credit score. A good credit score increases your chances of loan approval and helps you get favorable interest rates.
  2. Loan Amount: Determine the exact amount you need to borrow. Consider factors like the property cost, down payment, and other associated costs.
  3. Interest Rates: Compare different interest rates to validate different monthly EMI’s that you are comfortable with for better financial planning.
  4. Loan Tenure: Choose a loan tenure that aligns with your financial goals and capabilities. Longer tenures result in lower EMIs but higher overall interest payments.
  5. EMI Affordability: Calculate your Equated Monthly Instalment (EMI) using an online EMI calculator. Ensure that the EMI is affordable within your monthly budget.
  6. Eligibility Criteria: Understand the eligibility criteria set by the lender. Factors like age, income, and employment stability play a crucial role in determining your eligibility.
  7. Documentation: Prepare all necessary documents, such as identity proof, address proof, income proof, and property-related documents. Ensure that they are valid and up to date.
  8. Loan-to-Value Ratio: Check the Loan-to-Value (LTV) ratio, which is the percentage of the property value. A lower LTV ratio may require a higher down payment.
  9. Property Verification: Verify the legal status of the property and check for any encumbrances. This ensures that the property has a clear title.
  10. Customer Service: Consider the reputation and customer service of the lender. Reviews and testimonials can provide insights into the overall experience with the financial institution.
  11. Insurance Options: Explore insurance options, such as home loan insurance, to protect yourself and your family in case of unforeseen circumstances.
  12. Additional Benefits: Some lenders offer additional benefits, such as flexible repayment options, special schemes, or tie-ups with builders. Explore these options to maximise the benefits.
  13. Future Financial Planning: Consider how the home loan fits into your long-term financial plan. Evaluate the impact on your overall financial health and goals.

6 lakh Home Loan Features and Benefits

Home Loan Features:

Versatile Loan for Various Property Types:

  • Can be used for financing residential properties, including flats, houses, and bungalows from builders, Development Authorities, or resale properties.

Loan Amount Flexibility:

  • Minimum loan amount starting from Rs 1 Lakh.

Attractive Interest Rates:

  • Competitive and attractive interest rates to reduce the cost of financing.

Flexible Tenure Options:

  • Different tenure options based on employment status.
    • Salaried Customers: Up to 30 years.
    • Other Salaried Customers: Up to 25 years.
    • Self-Employed Customers: Up to 20 years.

Wide Range of Eligible Properties:

  • Includes properties from Development Authorities, RERA approved flats, Municipal Corporation/Nagar Palika, Freehold properties, and Gram Panchayat areas.

Integrated Branch Network:

  • Extensive branch network for convenient loan servicing.

Additional Information:

  • Interest Rate: Varies based on factors like loan amount, tenure, and creditworthiness.
  • EMI Calculator: Online tool for estimating monthly EMIs based on loan amount, interest rate, and tenure.

Home Loan Benefits:

  • Online Application: Home loans can be applied online.
  • Attractive Interest Rates: Competitive rates offered.
  • Guidance: Doorstep guidance from executives.
  • Eligibility Criteria:
    • Nationality: Resident of India
    • Maximum Loan Tenure: 30 years
    • Employment: Salaried or Self-employed
    • Work Experience: 1 year or more

Tips for Home Loan Applicants:

  • Use an online EMI calculator to estimate monthly payments.
  • Check eligibility with an online calculator.
  • Collect all required documents in advance.

Conclusion on 6 lakh Home Loan EMI

In conclusion, Aavas Financiers Ltd. offers a comprehensive and flexible home loan product to help individuals achieve their dream of homeownership. With a focus on versatility, the home loan can be utilised for various property types, including those from RERA approved, development authorities, Nagar Palika, municipalities, and gram panchayats. Aavas provides attractive interest rates, allowing borrowers to manage the cost of financing effectively.

The loan amount flexibility, ranging from a minimum of Rs 1 Lakh, caters to diverse financial needs. The tenure options are tailored to different employment statuses, providing convenience for borrowers with varying repayment capabilities.

The integrated branch network facilitates easy loan servicing, with borrowers having the convenience of visiting nearby branches for inquiries and assistance. Aavas also offers additional benefits, such as doorstep guidance, an easy online application process, and an eligibility criteria that considers residents of India, both salaried and self-employed individuals, with a minimum work experience of 1 year.

To aid financial planning, Aavas provides an online EMI calculator for borrowers to estimate monthly payments based on loan amount, interest rate, and tenure. The company emphasises transparency by disclosing that the specific interest rate may vary based on factors such as loan amount, tenure, and creditworthiness.

In summary, Aavas Home Loan stands out for its customer-centric approach, offering a seamless and accessible home loan experience with competitive features, attractive interest rates, and a commitment to providing financial support for individuals to realise their homeownership dreams.