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When you take a ₹ 40 Lakh Home Loan, one of the most crucial aspects to consider is your EMI (Equated Monthly Instalment). It’s the fixed monthly amount you need to pay until the loan is fully repaid. The EMI on a 40 Lakh Home Loan depends on factors such as the loan tenure, interest rate.
To understand what is the EMI for 40 Lakh s Home Loan, you must know the formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
For example, if your Home Loan interest rate for 40 Lakh is 8.70% per annum and your loan tenure is 20 years (240 months), then your EMI of 40 Lakh Home Loan will be approximately ₹ 35,094.
The ₹ 40 Lakh Home Loan EMI calculator is a digital tool designed to make your life easier. It allows you to simulate different loan scenarios and find out the best monthly EMI suited to your financial profile.
To use the 40 Lakh Home Loan EMI calculator, follow these steps:
1. Input the loan amount (₹ 40 Lakh ).
2. Enter the interest rate (example: 8.65% per annum).
3. Select the loan tenure (up to 30 years).
This calculator helps you evaluate EMI under different conditions, making it easier to plan your budget and apply for the loan confidently.
Let’s understand how EMI on 40 Lakh Home Loan changes with tenure. Assuming an average interest rate of 8.70% p.a.:
These figures help answer queries like what is the EMI for 40 Lakh s Home Loan over varying durations.
₹ 40 Lakh Home Loan Eligibility
| Type | Criteria |
|---|---|
| Residency | Indian resident or NRI |
| Age requirement | Salaried: 23 years to 70 years Self-employed: 25 years to 70 years |
| Profession | Salaried / self-employed professionals and non-professionals |
| Other: | Can be increased by adding co-applicant income or other verifiable income sources |
| Document Type | Required Document & Checks |
|---|---|
| Age Proof | Aadhaar Card | PAN Card | Passport |
| Address Proof | Aadhar Card | Passport | Voter ID | Utility Bill | Driving License |
| Photo ID Proof | Aadhaar Card | PAN Card | Passport |Voter ID |
| Income Proof | Income proofs vary for different professionals across salaried and self employed. |
Please find the easy detailed list of required documents here
| Type | Document |
|---|---|
| Salaried | i. Salary slips for the last 3 months ii. Bank statements for 1 year iii. Latest Form 16 |
| Self Employed: Professionals | i. Latest two ITRs (personal and business) with computation of income ii. Advance tax challans (if available) iii. Latest two years of P&L accounts and balance sheets (with schedules), certified by a CA (both personal and business) iv. Bank account statements (current and savings accounts) for the last 1 year v. Qualification Proof of professionals |
| Self Employed: Non-Professionals | i. Latest 2 years ITRs with computation for individual applicants and co-applicants (if borrower is an individual) ii. Bank account statements (current and savings accounts) for the last 1 year iii. Latest 2 years of audited/CA-certified profit & loss accounts and balance sheets of the firm/company (if borrower is a firm/company) iv. Proof of Business (GST / Shop Establishment/Udayam Aadhar, etc.) v. MOA & AOA & Certificate of Incorporation vi. For Partnership Firm-Partnership Deed |
Other documents to be provided as required for disbursement of Loan
If you plan to repay your ₹ 40 Lakh Home Loan over a 10-year term at an interest rate of 8.70% p.a., your EMI will be ₹ 49,916.
A 15-year loan tenure strikes a balance between EMI and total interest. At the same 8.70% p.a. EMI will be ₹ 39,429.
For those looking for lower EMIs and easier cash flow management, a 20-year tenure is common. The EMI for 20 years will be ₹ 35,094 at 8.70% p.a.
Stretching the tenure to 25 years can reduce the monthly burden further. At an interest rate of 8.70% p.a., your EMI will be ₹ 32,614.
A 30 years tenure is perfect for maximum affordability. The EMI for 30 years at an interest rate of 8.70% p.a. will be around ₹ 31,183.
List of all fees and charges for Home Loan
| Processing Fees / Documentation Charges: | Up to 3% of sanctioned amount + applicable taxes (this is inclusive of Login Fee) |
| Login Fees: | Up to ₹ 5000 (inclusive of applicable taxes)(non refundable) |
| EMI Dishonour/Bounce Charge* | As shown in the table below |
| *A bounce charge is a charge for (i) dishonour of any repayment instrument; or (ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate | |
| Loan sanction amount (in INR) | Charges in (in INR) |
| < ₹ 5 Lakh | ₹ 500 |
| ₹ 5 Lakh - ₹ 50 Lakh | ₹ 1000 |
| > ₹ 50 Lakh – ₹ 2 Crore | ₹ 1500 |
| > ₹ 2 Crore | ₹ 2000 |
| Penal Charge/Late Payment Charges (LPC): | 2% per month on overdue EMI + applicable taxes |
| *LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023 | |
| *Taxes applicable on LPC w.e.f. 1st Apr 2024 | |
| Annual Maintenance Charges: | NA |
| Duplicate NOC Charges: | First 3 paper copies - free of cost |
| ₹ 250/- + applicable taxes | |
| Charges for documents: | Nil for Statement of Account/Repayment Schedule /Foreclosure Letter & Welcome Kit |
| Valuation Charges: | As per actuals |
| Documentation Charges: | As per actuals |
| Cash Pickup Charges: | NIL |
| Interest Rate Conversion Charges: | Up to 0.5% on Balance Loan Amt + applicable taxes (or) Minimum ₹ 10,000/– whichever is higher |
| List of documents: | ₹ 300/ – +applicable taxes |
| Providing Photo copies: | ₹ 500/ – +applicable taxes of the documents (property & others) |
| Charges incurred by LTF for initiating action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002: | Issue of Loan Recall Notice = ₹ 500/ – |
| Issue of Demand Notice = ₹ 1,000/ – | |
| Issue of Possession Notice = ₹ 2,000/ – | |
| Applying District Magistrate Order = ₹ 8,000/ – | |
| Taking Physical possession = ₹ 20,000/ – | |
| Actual cost incurred will be debited for expenses pertaining to Publication of Possession Notice/ Publication Demand Notice/Publication of Sale cum Auction Notice | |
| Legal / Recovery Charges (Other than pertaining to SARFAESI): | As per actuals |
| Loan Cancellation Charges: | ₹ 5000/ – + applicable taxes |
| Foreclosure / Full Prepayment Charges: | For Individual / Non-Individual Borrowers – |
| Floating Rate – Nil Charge | |
| Fixed Interest Rate – | |
| i. Less than 1 year from disbursement – up to 3% on principal outstanding + applicable taxes | |
| ii.Post 1 year of disbursement – up to 2% on principal outstanding + applicable taxes | |
| Foreclosure / Full Prepayment Charges – Home Loan: | Fixed Interest Rate – |
| i. Less than 1 year from disbursement – up to 3% on principal outstanding + applicable taxes | |
| ii. Post 1 year of disbursement – up to 2% on principal | |
| outstanding + applicable taxes | |
| Pre-payment Charges – Home Loan: | For Individual / Non-Individual Borrowers – |
| Floating Rate – Nil Charge | |
| Fixed Interest Rate – | |
| i. Less than 1 year from disbursement – up to 3% on Partial Prepayment amount + applicable taxes | |
| ii. Post 1 year of disbursement – up to 2% on Partial / Prepayment amount + applicable taxes | |
| Switch Charges: | Up to 1% on principal outstanding loan amount + applicable taxes (or) minimum Rs.10,000/– whichever is higher |
| Non-Compliance Charges: | Up to 1% p.a. of principal outstanding loan amount + applicable taxes |
*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.
Apply for Home Loan with these steps
1. Submit Personal and Income Details
Get your eligibility assessed in just 5 minutes* with your personal and income details
2. Provide Property details
Submit your property details in order to get the digitised sanction on your Home Loan without any delay
3. Get your final offer
Receive your sanction letter which includes the interest rate, tenure and your loan amount details
4. Finish Your eKYC Process
SComplete your electronic Know Your Customer (eKYC) verification by providing necessary documents
5. Authorise Your Mandate and Get Your Loan Approved:
Complete the eMandate process to secure official approval for your loan and proceed with disbursement
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