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Home Loan up to Rs 30 Lakh

Home Home Loan – Apply Housing Loan Online Home Loan up to Rs 30 Lakh

Almost all banks and Housing Finance Companies (HFCs) provide home loans of Rs 30 lakh. The tenures of such home loans can go up to 30 years whereas their interest rate would depend on the credit score and other aspects of their credit profile. Other factors considered while setting the interest rate for a home loan would include the final LTV ratio set for the home and the loan amount.

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Updated: 27-10-2023 05:34:43 AM

Interest Rates for Home Loan up to Rs 30 Lakh

Most lenders offer home loans at floating interest rates. While a few lenders additionally offer home loans at fixed interest rates, they usually charge higher interest rates for it. Some lenders offer home loans at mixed/hybrid interest rates wherein the interest rates remain fixed for the first 2 or 3 years of the loan tenure, following which the borrowers are charged floating interest rates. Note that existing borrowers availing home loan up to Rs 30 lakh at high interest rates can exercise home loan balance transfer to transfer their existing home loans to other lenders at lower interest rates.

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Comparison Table for Rs 30 Lakh 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
SBI8.40% - 10.15% p.a.8.40% - 10.05% p.a.8.40% - 10.05% p.a.
HDFC Bank Limited8.35% p.a. onwards8.35% p.a. onwards8.35% p.a. onwards
LIC Housing Finance8.40% – 10.35% p.a. 8.40% – 10.55% p.a. 8.40% – 10.75% p.a.
ICICI Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Kotak Mahindra Bank8.70% p.a. onwards 8.70% p.a. onwards8.70% p.a. onwards
PNB Housing Finance8.50% - 14.50% p.a.8.50% - 14.50% p.a.8.50%-11.45% p.a.
Punjab National Bank8.45%-10.25% p.a.8.40%-10.15% p.a.8.40%-10.15% p.a.
Bank of Baroda8.40% - 10.65% p.a.8.40% - 10.65% p.a.8.40% - 10.90% p.a.
Union Bank of India8.40% – 10.80% p.a. 8.40% – 10.95% p.a. 8.40% – 10.95% p.a.
IDFC First Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
L&T Finance Limited8.60% p.a. onwards8.60% p.a. onwards8.60% p.a. onwards
Bajaj Housing Finance8.50% p.a. onwards8.50% p.a. onwards8.50% p.a. onwards
Tata Capital Housing Finance8.70% p.a. onwards8.70% p.a. onwards8.70% p.a. onwards
Federal Bank8.80% p.a. onwards8.80% p.a. onwards8.80% p.a. onwards

Note: Interest rates as on 27th October 2023

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Rs 30 Lakh Home Loan EMIs for 10 Year Tenure

Lender’s Name Interest Rate (% p.a.) EMI
SBI 8.40 – 10.15 Rs 37,035 – Rs 39,895
HDFC Bank 8.50 onwards Rs 37,195 onwards
ICICI Bank 9.00 – 9.80 Rs 38,003 – Rs 39,314
Bank of Baroda 8.40 – 10.65 Rs 37,035 – Rs 40,733
Union Bank of India 8.40 – 10.80 Rs 37,035 – Rs 40,986

Rs 30 Lakh Home Loan EMIs for 20 Year Tenure

Lender’s Name Interest Rate (% p.a.) EMI
SBI 8.40 – 10.15 Rs 25,845 – Rs 29,249
HDFC Bank 8.50 onwards Rs 26,034 onwards
ICICI Bank 9.00 – 9.80 Rs 26,992 – Rs 28,554
Bank of Baroda 8.40 – 10.65 Rs 25,845 – Rs 30,254
Union Bank of India 8.40 – 10.80 Rs 25,845 – Rs 30,558

Rs 30 Lakh Home Loan EMIs for 30 Year Tenure

Lender’s Name Interest Rate (% p.a.) EMI
SBI 8.40 – 10.15 Rs 22,855 – Rs 26,660
HDFC Bank 8.50 onwards Rs 23,067 onwards
ICICI Bank 9.00 – 9.80 Rs 24,139 – Rs 25,885
Bank of Baroda 8.40 – 10.65 Rs 22,855 – Rs 27,779
Union Bank of India 8.40 – 10.80 Rs 22,855 – Rs 28,117
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Factors to Consider while Availing Rs 30 Lakh Home Loan

Loan-to-value ratio
Loan Tenure
Credit Score
Processing Fees & Charges
Loan-to-value ratio

The LTV Ratio of home loans is the total percentage of a property’s value that a bank/HFC can finance through their loan. The rest of the component has to be arranged by the applicant from his own fund sources in the form of down payment or margin contribution. Note that RBI has capped the LTV ratio for home loan up to Rs 30 lakh at 90%. However, the final LTV ratio offered to home loan applicants would depend on their repayment capacity, credit profile, the property’s market value, etc. Note that some lenders offer lower interest rates to those opting for lower LTV ratios.

Loan Tenure

Most banks and HFCs offer home loans for tenures of up to 30 years. Lenders usually evaluate a loan applicant’s repayment capacity while finalising their loan tenure. Borrowers must note that home loan lenders usually require them to restrict their total EMI payment, which includes the EMIs of both their ongoing loans and the proposed home loan, to within 50-60% of their total net monthly income. Thus, to increase their home loan approval chances, prospective home loan borrowers should opt for a tenure that contains their total EMIs, including that of their home loans, within 50-60% of their monthly income.

Credit Score

Most banks and HFCs consider credit scores of 750 and above as ‘good’. Hence, loan applicants having such credit scores have higher chances of home loan approval. Many lenders have also started offering preferential interest rates to applicants having good credit scores. Therefore, prospective home loan borrowers must review their credit reports before applying for a home loan. Doing so will allow customers with lower credit scores to take corrective measures to first enhance their scores and then apply for a home loan with higher loan approval chances.

Those having low or no credit scores can also avail Step Up Credit Card co branded with SBM Bank India Ltd. to improve their credit scores.

Processing Fees & Charges

Processing fees is a one-time charge levied by most lenders on home loan applicants for processing their loan applications. Lenders usually charge processing fees of up to 2% of the total loan amount, with some lenders levying a higher tariff on home loan borrowers. Some lenders also exercise the option of a partial or complete waiver of the processing fees on home loans.

RBI has laid down detailed guidelines that prevent lenders from levying prepayment fees on floating rate loans. However, lenders are free to either charge or completely waive off prepayment fees on home loans with a fixed rate of interest.

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

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Eligibility Criteria for availing Home Loan up to Rs 30 Lakh

  • Resident Indians are eligible for availing home loan up to Rs 30 lakh. Some lenders also offer home loans to NRIs.
  • Age: Lenders usually offer Home Loans to fresh loan applicants or existing borrowers (under the balance transfer option) aged 18 years and older. However, lenders usually require borrowers to repay their home loans by the time they are 70 years old.
  • Lenders offer home loans to both salaried and self-employed individuals/business owners.
  • Borrowers can improve their home loan eligibility by using methods like adding earning family members as co-borrower(s) or by opting for a longer loan tenure.
  • Credit Score: Loan applicants with credit scores of 750 and above have higher chances of availing home loans. Many banks and HFCs also provide home loans at lower interest rates to applicants having higher credit scores

Individual lenders might also look at several other factors like the income of a loan applicant, work experience (for salaried) and business continuity (for business owners), liabilities, assets, age of the property, etc. while ascertaining their eligibility for availing home loan up to Rs 30 lakh.

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

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Documents Required for Rs 30 Lakh Home Loan

Most lenders require loan applicants to submit the following documents when they are applying for a home loan:

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

Note: This list is non-exhaustive. Lenders may ask for additional documents based on their requirements and the loan applicant’s profile.

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

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Rs 30 Lakh 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)

1. What is the EMI for Rs 30 lakh Home Loan for 10 years?

Ans. The EMI for Rs 30 lakh home loan availed for 10 years tenure would primarily depend on the home loan interest rate charged by your lender. For example, if your lender offers Home Loan of Rs 30 lakh for 10 years @ 7.6% p.a, your EMI will be Rs 35,767. If the Home Loan interest rate is 9% p.a. for the same loan amount and tenure, your EMI will be Rs 38,003.

2. What is the EMI for Rs 30 lakh Home Loan for 20 years?

Ans. The EMI for Home Loans of Rs 30 lakh for 20 years will depend on the interest rate offered by any bank/HFC. For example, the EMI for a loan applicant availing Home Loan of Rs 30 lakh for 20 years @ 7.6% p.a. will be Rs 24,352. Similarly, the same applicant will have to pay an EMI of Rs 26,992 if the lender charges an interest of 9%p.a. You can use Home Loan EMI Calculator to find out the EMI for Home Loans for various interest rates, loan amounts and tenures.

3. What should be the salary to get Rs 30 lakh Home Loan?

Ans. Lenders usually require their home loan applicants to have their total EMIs, including the EMI of their proposed loan, to be within 50-60% of their monthly income. Thus, the required salary amount would be higher for those already having existing EMIs. Similarly, the required salary amount would be higher for applicants opting for shorter loan tenure or paying higher interest rate.

4. What is the interest of Home Loan for Rs 30 lakh?

Ans. The Interest Rate for Home Loans offered by top banks/HFCs vary from one lender to another depending on multiple factors like the loan applicant’s monthly income, credit score, loan amount, repayment capacity, LTV ratio, occupation profile, work experience (for salaried) or business continuity (for self-employed), etc. As on 6th June 2023, the lowest interest rates offered among top banks/HFCs starts from 8.45% p.a.

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