35 Lakh Home Loan EMI With Calculator and Interest Rates

35 Lakh Home Loan EMI With Calculator and Interest Rates

Planning to buy your dream home with a ₹35 lakh loan? Before applying, it’s important to calculate your EMIs in advance. Using a 35 lakh loan EMI calculator helps you estimate monthly repayments based on interest rates and tenure. With the 35 lakh home loan EMI calculator, you can compare different options and choose the most suitable plan for your budget. For example, you can easily check the 35 lakh home loan EMI for 20 years to know how much you’ll pay monthly over a longer tenure. Calculating EMIs beforehand ensures better financial planning and stress-free loan management.

35 Lakh Home Loan EMI Details

When dealing with a 35 lakh home loan, your monthly EMI is influenced by factors such as the interest rate, loan tenure, and the concept of compound interest. Compound interest is calculated on both the initial loan amount and the accumulated interest from previous periods, resulting in interest on interest.

The following table illustrates the monthly Equated Monthly Installment (EMI) amounts for a 35 lakh home loan at a fixed interest rate of 8.45% across different loan tenures, ranging from 5 to 30 years.

35 Lakh Home Loan EMI as per tenure

You can avail home loans at attractive interest rates. Let’s check the ₹35 lakh housing loan EMI for different loan tenures:

How to Calculate 35 Lakh Home Loan EMI?

Calculating the EMI for your 35 lakh home loan is a critical step in managing your finances. You can effortlessly compute it using the 35 Lakh loan EMI formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

EMI = Equated Monthly Installment

P = Principal Loan Amount (35,00,000 INR)

R = Monthly Interest Rate (Annual Interest Rate divided by 12 and converted to a decimal)

N = Loan Tenure in Months (Loan Tenure in Years multiplied by 12)

With this formula, you can determine the monthly EMI required for your 35 lakh home loan, enabling you to effectively manage your financial planning.

35 Lakh Loan EMI Calculator

Planning to borrow ₹35 lakhs? Use a 35 lakh loan EMI calculator to estimate your monthly repayments before applying. Tools like the 35 lakh home loan EMI calculator help you understand how much EMI you’ll pay, along with the total interest, based on different loan tenures and interest rates.

How to Use the 35 Lakh EMI Calculator:

• Loan Amount – Enter ₹35 lakhs as the principal.
• Interest Rate – Input the applicable rate (e.g., 8.45% p.a.).
• Loan Tenure – Choose from 5 to 30 years, depending on your preference.

What You’ll Get:

• EMI for 35 Lakh Home Loan – Your fixed monthly repayment.
• Total Interest – The total interest payable over the chosen tenure.

For example, if you check the 35 lakh home loan EMI for 20 years, you can compare how the amount differs from shorter or longer tenures. The 35 lakh EMI calculator makes planning simple, helping you pick the most affordable repayment plan.

₹35 Lakhs Home Loan Eligibility & Documents Required

To qualify for a ₹35 lakh home loan EMI, you need to meet certain eligibility criteria and provide the required documents. Here’s a quick overview:

If you meet the eligibility criteria, you’ll need to submit the following documents when applying for a ₹35 lakh home loan:

• Identity Proof – Aadhaar Card, PAN Card, Passport, Voter ID, or Driving License
  
• Address Proof – Aadhaar Card, Passport, Voter ID, or Driving License
• Age Proof – PAN Card, Aadhaar Card, Passport, Voter ID, or Driving License
• Signature Proof – PAN Card or Passport
• Income Proof – Latest salary slips, Form 16, or income tax returns (for self-employed: audited financials, bank statements, and ITRs)

35 Lakh Home Loan EMI for 5 Years

Are you considering a ₹35 lakh (3.5 million) home loan with a 5-year repayment period at an 8.45% annual interest rate? To calculate your monthly EMI manually, you can use the formula:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 5-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^60} / {(1 + 0.00704)^60 – 1}

EMI ≈ ₹71,724

With a ₹35 lakh loan amount, your monthly EMI would be approximately ₹71,724 over 5 years, resulting in a total repayment of ₹4,303,413, including ₹803,413 in interest.

35 Lakh Home Loan EMI for 10 Years

Planning a ₹35 lakh home loan with a 10-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 10-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^120} / {(1 + 0.00704)^120 – 1}

EMI ≈ ₹43,301

A ₹35 lakh loan over 10 years translates to a monthly EMI of ₹43,301, resulting in a total repayment of ₹5,196,174, including ₹1,696,174 in interest.

35 Lakh Home Loan EMI for 15 Years

Considering a ₹35 lakh home loan with a 15-year repayment period and an 8.45% annual interest rate? Calculate your EMI manually:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 15-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^180} / {(1 + 0.00704)^180 – 1}

EMI ≈ ₹34,363

With this loan, your monthly EMI for 15 years would be ₹34,363, resulting in a total repayment of ₹6,185,409, which includes ₹2,685,409 in interest.

35 Lakh Home Loan EMI for 20 Years

Thinking of a ₹35 lakh (3.5 million) home loan with a 20-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 20-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^240} / {(1 + 0.00704)^240 – 1}

EMI ≈ ₹30,263

Your monthly EMI for 20 years would amount to ₹30,263, resulting in a total repayment of ₹7,263,155, including ₹3,763,155 in interest.

35 Lakh Home Loan EMI for 25 Years

Planning a ₹35 lakh home loan with a 25-year repayment period at an 8.45% annual interest rate? Calculate your EMI manually:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 25-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^300} / {(1 + 0.00704)^300 – 1}

EMI ≈ ₹28,065

Your monthly EMI for 25 years would be ₹28,065, resulting in a total repayment of ₹8,419,534, which includes ₹4,919,534 in interest.

35 Lakh Home Loan EMI for 30 Years

Thinking of a ₹35 lakh (3.5 million) home loan with a 30-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 30-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^360} / {(1 + 0.00704)^360 – 1}

EMI ≈ ₹26,788

With this loan, your monthly EMI for 30 years would be ₹26,788, resulting in a total repayment of ₹9,643,697, including ₹6,143,697 in interest.

Comparison of Interest Rate & Processing Fee for 35 Lakh Home Loan EMI

Important considerations while applying for a house loan are the interest and processing charge rates. The overall cost of the loan may vary depending on the rates and processing fees offered by different banks. Here are the interest rates and processing costs for a home loan of ₹35 lakh from many major banks.

Interest Rates and EMI on 35 Lakh Home Loan EMI Across Different Banks

Knowing how much you would pay each month in EMIs is crucial when applying for a house loan of ₹35 lakh. The interest rate and the length of the loan determine the EMI. The rates that you pay over 5, 10, 15, 20, 25, and 30 years will vary depending on the bank. A comparison of the EMIs provided by some of India’s leading banks can be found below.

Important Information:

• Amount of Loan: ₹35 Lakh
• Interest rates: It is determined by the current offers made by different institutions.
• Loan Tenures: The loan terms are 5, 10, 15, 20, 25, and 30 years.

35 Lakh Home Loan EMI Amortization

Loan amortization is the process of reducing a loan through consistent payments over the loan term. The amortization schedule shows the interest and repayment amount for each year and how your loan is paid off over time. Here is a table of home loan amortization of Rs 35 lakh at 8.45% interest:

Things to Keep in Mind When Applying for a 35 Lakh Home Loan EMI

When considering a 35 Lakh home loan, it’s crucial to take into account several key factors that can influence your borrowing experience. Here’s a concise overview to aid you:

• Credit Score: Maintaining a robust credit score, typically above 750, is vital as it holds significant sway over your loan approval and interest rates.
• Eligibility: Make sure you satisfy the lender’s eligibility requirements, which may encompass age, nationality, and income criteria.
• Repayment Capacity: Evaluate your capacity to repay the loan by assessing your existing financial situation and job stability.
• EMI Assessment: Compute the EMIs for various loan durations to determine the one that best fits your monthly budget.
• Comprehensive Cost Analysis: Acquire an understanding of the total interest payable throughout the loan’s tenure, enabling you to make well-informed borrowing choices.

Do’s and Don’ts for a Successful 35 Lakh Home Loan EMI Application

Following these guidelines will help you navigate the 35 Lakh home loan application process effectively and make informed decisions.

How Can NoBroker Help?

NoBroker simplifies the 35 lakh home loan EMI process. Through online applications, lender access, and expert guidance, NoBroker streamlines your journey. Their solutions, transparent terms, and efficient processing support you from application to post-approval.

Conclusion

A ₹35 lakh home loan can make your dream of owning a house a reality, but understanding your EMIs beforehand is crucial for smooth financial planning. By using an EMI calculator, you can compare different loan tenures, interest rates, and monthly repayments to make a confident decision.

Partnering with NoBroker ensures your home loan journey is easy, quick, and stress-free — helping you find the best interest rates and lowest EMIs without paying any commission.