A home loan is a simple way to finance the acquisition of real estate. When qualifying for the largest house loan possible, several things must be taken into account. It depends totally on your revenue as well as any potential commitments. Your monthly income will establish your eligibility for a particular amount, which will influence your house loan interest rates. The majority of banks offer house loans up to 85 percent of the property’s value. To get the most money out of a loan, you must first determine your affordability and confirm that you meet the bank’s eligibility requirements. The bank determines your home loan EMI based on your earnings. Your EMI for a house loan is decided mainly by your income.
A home loan of INR 25 Lac. can be used for a variety of purposes, including buying your first home, building one, or renovating an existing one. You also receive the benefit of a flexible loan tenure and cheap home loan interest rates in addition to the large loan amount. All you have to do now is make sure you don’t fall behind on your monthly payments. Your CIBIL score will be affected if you miss even a single EMI.
Eligibility for a Home Loan worth INR 25 Lac.
You must match the following eligibility conditions to be approved for a SBI home loan for INR 25 Lac:
- You must be a citizen of India.
- If salaried, between the ages of 23 and 62 years; if self-employed, between the ages of 25 and 70 years.
- If salaried, you must have worked for at least three years, one of which must have been with your current company.
- If self-employed, you must have been in operation for at least 5 years.
- For salaried personnel, basic documentation such as Aadhaar and PAN cards, coupled with Form 16 or the most recent salary slips for the past three months, and P&L statement and balance sheets for the preceding two years are required.
- Bank Account statement for the previous six months.
EMI for an INR 25 Lac. Home Loan
To get the exact monthly repayment details for a home loan worth INR 25 lac, you can use a home loan EMI calculator. The SBI home loan calculator is the most accurate tool for obtaining correct information because it calculates your monthly payment amounts using crucial variables such as the loan’s principal amount, loan length, and interest rate. Your EMI will be lower as your loan term lengthens, and vice versa. However, if you take out a longer loan term, you will wind up paying a bigger loan amount at the end of the term than if you took out a shorter loan term.
The EMI amount on a loan of INR 25 Lac. for 10, 15, and 20 years is shown in the table below to provide a better understanding. The table shows the EMI amount for different years, to compare the interest amount that is being paid on different loan tenures.
| Loan Amount | Interest Rate | Loan Tenure | EMI |
| INR 25 Lac. | 7% p.a. | 10 Years | INR 29,027 |
| INR 25 Lac. | 7% p.a. | 15 Years | INR 22,471 |
| INR 25 Lac. | 7% p.a. | 20 Years | INR 19,382 |
The above table illustrates the EMI amounts for a home loan of INR 25 lac over 10, 15, and 20 years, with the interest rate remaining constant at 7% p.a. These figures may alter depending on a variety of criteria such as your age, income, CIBIL score, and so on.
