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Home Loan of up to Rs 1 Crore

Home Home Loan Home Loan of up to Rs 1 Crore

Most banks and housing finance companies (HFCs) provide home loans of up to Rs 1 crore to salaried and self-employed applicants for tenures of up to 30 years. The interest rate for these loans depend mainly on factors like the credit score, loan amount, LTV ratio, employer’s profile and other aspects of credit profile of loan applicants.

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Updated: 23-05-2023 10:37:27 AM

Interest Rates for Home Loan up to Rs 1 Crore

Most banks and HFCs provide home loans at floating interest rates. Although a few lenders do provide home loans at fixed interest rates, they usually charge higher rates of interest for it. Some lenders also give loan applicants the option of availing home loans at mixed/hybrid interest rates, wherein they levy a fixed interest rate on borrowers for the first 2/3 years of the loan tenure, following which they charge floating interest rates for the remaining Home Loan tenure. Note that existing borrowers who are availing home loan up to Rs 1 crore at high interest rates can use the Home Loan Balance Transfer facility to move their existing loans to another lender at lower interest rates.

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Comparison Table for Rs 1 Crore Home Loan Interest Rates and EMI offered by Banks/HFCs

Name of LenderUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI8.50% - 10.15%8.50% - 10.05%8.50% - 10.05%
HDFC8.50% - 10.35%8.50% - 10.60%8.50% - 10.70%
LIC Housing Finance8.60% – 10.35% 8.60% – 10.55% 8.60% – 10.75%
ICICI Bank9.00%-9.80%9.00%-9.95%9.00%-10.05%
Kotak Mahindra Bank8.85% onwards8.85% onwards8.85% onwards
PNB Housing Finance8.75% - 14.50%8.75% - 13.00%8.75%-11.35%
Punjab National Bank8.65%-9.60%8.60%-9.50%8.60%-9.50%
Bank of Baroda8.60% - 10.65%8.60% - 10.65%8.60% - 10.90%
Union Bank of India8.50% – 10.75% 8.50% – 10.95% 8.50% – 10.95%
IDFC First Bank8.85% onwards8.85% onwards8.85% onwards
L&T Housing Finance8.60% onwards8.60% onwards8.60% onwards
Bajaj Housing Finance8.50% onwards8.50% onwards8.50% onwards
Tata Capital9.15% onwards9.15% onwards9.15% onwards
Federal Bank10.15%-10.20%10.20%-10.25%10.25%-10.30%

Note: Rates as of 17th May 2023

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Rs 1 Crore Home Loan EMIs for 10 Year Tenure

Lender’s Name Interest Rate (% p.a.) EMI
SBI 9.15 – 10.05 Rs 1,27,489 – Rs 1,28,851
HDFC 8.50 – 10.70 Rs 1,23,718 – Rs 1,36,057
ICICI Bank 9.00 – 10.05 Rs 1,26,676 – Rs 1,31,045
Bank of Baroda 8.60 – 10.90 Rs 1,24,521 – Rs 1,36,902
Union Bank of India 8.50 – 10.95 Rs 1,23,718 – Rs 1,36,057

Rs 1 Crore Home Loan EMIs for 20 Year Tenure

Lender’s Name Interest Rate (% p.a.) EMI
SBI 9.15 – 10.05 Rs 90,940 – Rs 92,561
HDFC 8.50 – 10.70 Rs 86,466 – Rs 1,01,185
ICICI Bank 9.00 – 10.05 Rs 89,973 – Rs 95,181
Bank of Baroda 8.60 – 10.90 Rs 87,416 – Rs 1,02,200
Union Bank of India 8.50 – 10.95 Rs 86,466 – Rs 1,01,185

Rs 1 Crore Home Loan EMIs for 30 Year Tenure

Lender’s Name Interest Rate (% p.a.) EMI
SBI 9.15 – 10.05 Rs 81,544 – Rs 83,357
HDFC 8.50 – 10.70 Rs 76,537 – Rs 92,972
ICICI Bank 9.00 – 10.05 Rs 80,462 – Rs 86,283
Bank of Baroda 8.60 – 10.90 Rs 77,601 – Rs 94,101
Union Bank of India 8.50 – 10.95 Rs 76,537 – Rs 92,972
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Factors to Consider for Availing Home Loan up to Rs 1 Crore

Loan-to-Value Ratio

The LTV Ratio for home loans is the total percentage of a property’s value that any bank/HFC can finance through their home loans. Home loan applicants should arrange the remaining loan amount from their own funds as down payment or margin contribution. Note that the final home loan LTV ratio should not exceed the regulatory caps as finalized by the RBI. The loan amount breakup for a home loan and the corresponding LTV ratios are mentioned below:

Home Loan Amount LTV Ratio
Up to Rs 30 lakh Up to 90% of the property’s cost
Above Rs 30 lakh to Rs 75 lakh Up to 80% of the property’s cost
Above Rs 75 lakh Up to 75% of the property’s cost

Lenders decide the final LTV ratio for a home loan applicant based on factors like their credit profile, property’s market value, repayment capacity, etc. Note that some lenders may offer lower interest rates to home loan applicants opting for lower LTV ratios by increasing their down payment contribution.

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Loan Tenure

Most lenders provide home loans to loan applicants for tenures extending up to 30 years. Lenders usually take into account a loan applicant’s repayment capacity while deciding their loan tenure. Home loan applicants must note that lenders generally ask them to restrict their overall EMI payment, including EMIs both from their existing loans and proposed home loan, to within 50-60% of their net monthly income. Thus, any prospective home loan borrower should ideally opt for loan tenures that help limit his total EMIs, including that of their home loans, to within 50-60% of their monthly income. Doing so can increase their chance of getting home loan approval.

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Credit Score

Credit scores of 750 and above are considered as ‘good’ or ‘healthy’ by most lenders. Hence, loan applicants having such credit scores stand a higher chance of getting their home loan sanctioned by the lender. Many lenders have also started offering home loans at preferential interest rates for loan applicants with good credit scores. Therefore, loan applicants are advised to review their credit reports before they apply for a home loan. Doing so will help customers having lower credit scores to undertake remedial measures to first improve their scores and then apply for a housing loan thus increasing their scope of loan approval.

Customers with low or zero credit scores should look for the Step Up Credit Card co-branded with SBM Bank India Ltd. in order to improve their scores and then subsequently enhance their eligibility for home loans.

Processing Fees

Lenders charge a one-time processing fee to loan applicants to process their home loan applications. The processing charge for a home loan applicant usually goes up to 2% of the total loan amount, with some lenders charging a higher percentage from home loan borrowers. Some lenders also waive off the processing fees on a partial/complete basis for home loan applicants.

Prepayment Charges

RBI guidelines prevent lenders from charging prepayment fees for home loans availed at floating interest rates. When it comes to fixed rate home loans, lenders have the discretion to either charge or waive off the prepayment fees. Furthermore, lenders can levy prepayment fees for home loans with mixed/hybrid rates during the part of the loan tenure when they are charging fixed interest rates.

Click Here:-  To know more about processing fees and charges for home loan

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Eligibility Criteria for availing Rs 1 Crore Home Loan

  • Banks and HFCs usually offer home loans to both Resident as well as Non-Resident Indians (NRIs).
  • Age: Lenders usually approve the home loans applications made by loan applicants aged 18 years and above. Most banks and HFCs require their home loan borrowers to conclude their loan repayment by the time they are 70 years old. Most lenders also offer home loan balance transfer to existing home loan borrowers of other lenders, at lower interest rates.
  • Lenders offer home loans to both salaried and self-employed individuals.
  • Borrowers can add earning family members as co-borrower(s) or select a longer loan tenure to improve their home loan eligibility.
  • Credit Score: Loan applicants with credit scores of 750 and above have better chances of availing home loans. Many banks and HFCs also provide home loans at lower interest rates to applicants having higher credit scores

Lenders might also determine a home loan applicant’s eligibility by considering additional factors like their monthly/annual income, employer’s profile, work experience (for salaried applicants) or business continuity (for business owners), occupation profile, age of the property, etc.

Click Here:- To know more about the eligibility criteria for home loan

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Documents Required for Home Loan up to Rs 1 Crore

Most banks and HFCs ask home loan applicants to submit the below mentioned documents:

  • Duly filled application form
  • Identity proof
  • Income proof (both for salaried and self-employed)
  • Age proof
  • Proof of business/employment
  • Address proof
  • Property documents
  • Estimated cost of property

Note: Lenders have the discretion to ask home loan applicants to furnish additional documents.

Click Here:-To know more about the list of home loan documents

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Rs 1 Crore Home Loan EMI Calculator

Home Loan EMI Calculator
₹
%
Year(s)
Home Loan EMI Calculator

Monthly EMI ₹ 15,622

Total Amount Payble ₹ 5,62,395(Principal + interest)

Principal Amount ₹ 5,00,000

Total Interest Payble ₹ 62,395



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Frequently Asked Questions (FAQ)

Q1. Can I get a Home Loan of Rs 1 Crore?

Ans. Lenders would approve your home loan application of Rs 1 Crore on the basis of your repayment capacity, the market value of your property and the broader property features. Other factors that lenders would consider while evaluating your home loan eligibility are your credit score, your occupation profile, your employer’s profile (if you are a salaried applicant), business continuity (if you are a self-employed applicant), etc.

Q2. What is the Interest Rate for Rs 1 Crore Home Loan?

Ans. As of 7th November 2022, the interest rate on home loans for top banks and HFCs starts from 7.7% p.a. The home loan interest rates differ widely across banks/HFCs based on the loan applicant’s credit score, monthly income, repayment capacity, employer’s profile, business continuity/work experience, LTV Ratio, loan amount, etc.

Q3. What is the EMI for Rs 1 Crore Home Loan for 20 years?

Ans. The EMI for 20 year Home Loan of Rs 1 Crore would depend primarily on the interest rate charged by the bank/HFC. For example, the EMI for Home Loan of Rs 1 Crore with a 20 year loan tenure availed at 7.6% p.a. & @ 9% p.a. would be Rs 81,172 and Rs 89,973 respectively. Use online home loan EMI calculator to calculate the Home Loan EMIs for multiple loan amounts, tenures and interest rates.

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