Rs. 40 lakh home loan EMI and interest rate
Bajaj Finserv home loan is a feature-rich housing solution that offers high-value financing alongside convenient repayment terms. Through this specialized offering, you can qualify for and avail of a sanction of up to Rs. 40 lakh with ease. Get the loan at a competitive interest rate and a flexible tenor when you meet our simple eligibility criteria. Repay over a lengthy period of up to 32 years, thus ensuring that your monthly instalments are budget-friendly.
Rs. 40 lakh home loan EMI for tenures ranging from 10 to 30 years
Our loan also comes with online tools such as the home loan EMI calculator. Using it, you can plan your loan, know more about the EMIs payable, and find the best tenor for your budget. To help you make this decision, here are a few tables you can refer to.
To get the estimates of EMI of 40 lakh home loan with different tenor, consider the examples with the applicable interest rate set at 8.50%* p.a.
Loan term |
Loan amount |
Rate of interest (p.a.) |
EMI |
Total interest |
Total amount payable |
10 years |
Rs. 40,00,000 |
8.50%* |
Rs. 49,594 |
Rs. 19,51,313 |
Rs. 59, 51,313 |
15 years |
Rs. 40,00,000 |
8.50%* |
Rs. 39,390 |
Rs. 30,90,125 |
Rs. 70,90,125 |
20 years |
Rs. 40,00,000 |
8.50%* |
Rs. 34,713 |
Rs. 43,31,103 |
Rs. 83,31,103 |
25 years |
Rs. 40,00,000 |
8.50%* |
Rs. 32,209 |
Rs. 56,62,725 |
Rs. 96,62,725 |
30 years |
Rs. 40,00,000 |
8.50%* |
Rs. 30,757 |
Rs. 70,72,354 |
Rs. 1,10,72,354 |
Home loan EMI with other loan amount
Rs. 40 lakh home loan EMI - Eligibility criteria
The housing loan eligibility criteria for this instrument are very simple and easy to meet. Here is a list of the terms you should be aware of.
Criteria |
Self-employed |
Salaried |
Age (in years) |
23 years - 70 years |
23 years - 65 years |
CIBIL score |
725 + |
725 + |
Citizenship |
Indian |
Indian |
Monthly income |
Varies from location |
1. Under the age of 37 years: Rs. 30,000 2. 37-45 years: Rs. 40,000 3. Above 45 years: Rs. 50,000 |
Work experience/ business continuity (in years) |
5 years |
3 years |
*Please note that the eligibility list mentioned above is indicative. Terms and conditions apply.
Interest rate and fees
Bajaj Finserv offers some of the most competitive home loan interest rates in the market, thus enabling you to borrow on cost-effective terms.
Read the complete fees and charges applicable on Bajaj Finserv Home Loans and make an informed choice.
*Conditions apply
How to apply for Rs. 40 lakh home loan
Step-by-step guide to applying for a home loan
- 1 Click on the 'APPLY' button on this page
- 2 Enter your full name, mobile number, and employment type
- 3 Now select the type of loan you wish to apply for
- 4 Generate and submit your OTP to verify your phone number
- 5 Upon OTP verification, enter additional details like your monthly income, required loan amount, and if you have identified the property
- 6 In the next steps, enter your date of birth, PAN number and other details as requested depending on your selected occupation type
- 7 Click on the ‘SUBMIT’ button
That is it! Your application is submitted. Our representative will connect with you and guide you through the next steps.
Documents required for Rs. 40 lakh home loan
Documents Required for Salaried |
Documents Required for Self-Employed |
KYC documents (identity and address proof) |
KYC documents (identity and address proof) |
Proof of income (latest salary slips) |
Proof of income (P&L statement) |
Account statements for the last 6 months |
Proof of business existence |
|
Account statements for the last 6 months |
Frequently asked questions
For a Rs. 40 lakh home loan with a tenure of 40 years at an interest rate starting from 8.50%*, the Equated Monthly Installment (EMI) would be approximately Rs. 30,517. This calculation accounts for both principal and interest payments throughout the loan term.
Securing a Rs. 40 lakh housing loan with a Rs. 55,000 salary depends on various factors like your credit score, existing debts, and financial stability. Lenders typically assess your ability to repay based on your income-to-debt ratio and other eligibility criteria.
To secure a Rs. 40 lakh loan at low interest rates, maintain a good credit score, minimise existing debts, and showcase stable income. Research lenders offering competitive rates, negotiate terms, and consider factors like tenure and collateral. Additionally, a sizable down payment can often lead to lower interest rates.
