₹50 Lakh Home Loan EMI Up to 30 Years

Buying a new home is more than just a mere financial transaction. It is about having your own safe haven. You can have a space you can call your own, create new memories, and enjoy happy moments you can cherish for the rest of your life. 

Today, most financial organisations in India realise the importance of buying a home. To help aspiring homeowners make their dreams come true, they offer customised housing loan solutions to suit their specific loan needs. 

 

Home loan of up to Rs. 50 Lakh

The financial organisations in India mostly sanction home loans based on the financial credibility and repayment capacity of the borrower. So, you can even borrow a Rs. 50 Lakh home loan, making it easier to buy your dream home. With an easy online application and approval process, minimal documentation, and affordable interest rates, you can take a step towards making your dream of being a homeowner come true and enjoy a hassle-free borrowing experience. 

 

Eligibility criteria for a Rs. 50 Lakh home loan

When you apply for Rs. 50 Lakh home loan with any financial organisation, be it a bank or an NBFC (non-banking financial company), you must meet certain eligibility requirements. Although the requirements may vary from one lender to another, some of the common criteria include –

 

• Age

All lenders have a cap on the minimum and maximum age for home loan applicants. You must be at least 18 years old and the maximum age must not exceed 70 years when applying for the loan. 

 

• Income

Income is one of the most important factors lenders consider when determining your eligibility for a home loan. It also has a huge impact on the 50 Lakh home loan EMI you pay over 30 years. Whether you are a salaried employee or a self-employed individual, most lenders require you to have a stable income source to repay the loan. 

 

• Credit score

The maximum amount you can borrow greatly depends on your past repayment records and current credit history. The higher your credit score, the better your chances of getting a higher loan. Lenders attach great importance to the credit score since it reflects your creditworthiness. 

Generally, most lenders need a minimum credit score of 750 to sanction home loan application. However, some lenders understand that not everyone can have a high credit score. Therefore, they sanction loans for applicants even with a credit score of (-1). 

 

• Property ownership

To be eligible for ₹50 Lakh home loan, you must be either the full or a co-owner of the property, i.e., the home must be registered in your name. 

 

• Property value

Some lenders in India consider the property value as among the important factors to determine the 50 Lakh EMI eligibility. The property you want to buy must meet the lender's specified minimum value requirement. 

 

Documents required to get a Rs. 50 Lakh home loan

Complying with the documentation process is an integral part and a mandatory requirement for getting a home loan. Most lenders nowadays have a simple documentation process and require you to submit only a few basic documents. The documents required may vary based on whether you are salaried or self-employed. The following table will help you understand the document requirements:

 

For Salaried Individuals

Identity Proof (you may submit any of the below)

• Pan card (required) 
• Voter ID
• Aadhar card
• Driving license

 

Address Proof (you may submit any of the below)

• Valid passport
• Aadhar card
• Voter ID
• Driving license
• Utility bills – water bill, landline or post-paid telephone bill, electricity bills (any one of these)

 

Income Proof

• Salary slips
• From 16 or ITR (Income Returns Proof)
• Bank statement reflecting salary credit

 

Property-related Documents

• The title deed of the property
• Proof of no encumbrances on the property

 

For Self-employed Individuals

Identity Proof (you may submit any of the below)

• Passport
• Voter ID
• Aadhaar card
• Driving license

 

Address Proof (you may submit any of the below)

• Valid passport
• Aadhar card
• Voter ID
• Driving license
• Utility bills – water bill, landline or post-paid telephone bill, electricity bills (any one of these)

 

Income Proof

• Proof of IT (Income Tax) returns
• Financial statement of the business – Profit and Loss account, balance sheet duly audited for last three years
• Income-related documents

 

Other Documents

• The application form duly signed with a picture
• A cheque duly signed to pay the processing fee
• Proof of business existence

 

Property-related Documents

• The title deed of the property
• Proof of no encumbrances on the property

 

EMI for a Rs. 50 Lakh home loan

When you apply for a home loan, you must know the EMI. If you are applying for a Rs. 50 Lakh home loan, you may want to know about the 50 Lakh home loan EMI. You must know that the EMI you repay every month depends on the interest rate, the duration you choose, etc. 

You can use the home loan EMI calculator to determine the exact EMI payable on your home loan. It is an easy-to-use online tool, and almost all lenders nowadays have this tool on their websites. They even encourage potential borrowers to use it and make an informed borrowing decision. 

The following table will give you a breakdown of the 50 lakh home EMI for different durations you may choose. In the below example, let us assume the interest rate levied by the lender is 9% per annum. 

 

Home Loan Amount	Repayment Tenure	EMI Amount
Rs. 50 Lakh	5 years	Rs. 1,03,792
Rs. 50 Lakh	10 years	Rs. 63,338
Rs. 50 Lakh	15 years	Rs. 50,713
Rs. 50 Lakh	20 years	Rs. 44,986
Rs. 50 Lakh	30 years	Rs. 40,231

 

Conclusion

Nowadays, getting a 50 Lakh home loan is not as challenging as it may seem. If you have the repayment capacity and meet the lender's requirements, you can easily get the loan sanctioned. However, it is paramount that you plan your finances well and have a repayment strategy so that you can easily afford the Rs. 50 lakh loan EMI and manage the repayment without any hassles throughout the loan tenure.