Are you planning to buy your dream home with a 25 lakh home loan? If yes, then you must be wondering how much EMI you will have to pay every month and how it will affect your budget.
In this blog post, we will help you understand the various aspects of 25 lakh home loan EMI, such as the interest rate, tenure, eligibility, documents. We will also provide you with a handy EMI calculator that you can use to estimate your monthly outgo and plan your finances accordingly.
Comparison of Home Loan Interest Rate and EMIs with different banks
Below is the comparison of top 10 banks EMI on Rs 1 Lakh rupees home loan for 1 year tenure. The interest rates can be changed according to lenders policy and market situation.
| Bank Name | Interest Rate | Monthly EMI on 1 lakh rupees for 1 year |
| Bank of India | 8.30% – 10.75% | Rs. 8,715 – Rs. 8,882 |
| HDFC Bank | 8.35% onwards | Rs. 8,719 onwards |
| Union Bank of India | 8.35% – 10.90% | Rs. 8,719 – Rs. 8,889 |
| State Bank of India | 8.40% – 10.15% | Rs. 8,723 – Rs. 8,849 |
| Bank of Baroda | 8.40% – 10.65% | Rs. 8,723 – Rs. 8,877 |
| Punjab National Bank | 8.40% – 10.15% | Rs. 8,723 – Rs. 8,849 |
| Indian Overseas Bank | 8.40% onwards | Rs. 8,723 onwards |
| UCO Bank | 8.45% – 10.30% | Rs. 8,727 – Rs. 8,861 |
| Punjab & Sind Bank | 8.50% – 10.00% | Rs. 8,731 – Rs. 8,833 |
| Bank of Maharashtra | 8.50% – 11.15% | Rs. 8,731 – Rs. 8,897 |
25 lakh home loan EMI Calculator
You can use an online EMI calculator to find out the EMI for a 25 lakh home loan. Here is a calculator you can use. It will help you choose your loan easily.
25 lakh rupees home loan EMI for different Tenure
EMI for a home loan of 25 lakh rupees at an interest rate of 9.50% per annum for different tenures.
25 lakh home loan EMI for 5 years:
The EMI is 52,420 rupees. The total interest payable is 8,45,204 rupees. The total payment (principal + interest) is 31,45,204 rupees.
25 lakh home loan EMI for 7 years:
The EMI is 40,280 rupees. The total interest payable is 11,87,728 rupees. The total payment (principal + interest) is 36,87,728 rupees.
25 lakh home loan EMI for 10 years:
The EMI is 33,069 rupees. The total interest payable is 14,76,837 rupees. The total payment (principal + interest) is 39,76,837 rupees.
25 lakh home loan EMI for 15 years:
The EMI is 26,608 rupees. The total interest payable is 22,89,511 rupees. The total payment (principal + interest) is 47,89,511 rupees.
25 lakh home loan EMI for 20 years:
The EMI is 23,003 rupees. The total interest payable is 30,20,694 rupees. The total payment (principal + interest) is 55,20,694 rupees.
25 lakh home loan EMI for 25 years:
The EMI is 21,930 rupees. The total interest payable is 40,78,955 rupees. The total payment (principal + interest) is 65,78,955 rupees.
25 lakh home loan EMI for 30 years:
The EMI is 21,216 rupees. The total interest payable is 51,37,760 rupees. The total payment (principal + interest) is 76,37,760 rupees.
Eligibility Criteria for a 25 Lakh Home Loan
The eligibility criteria to get a 25 lakh home loan may vary from lender to lender, but some of the common factors that they consider are:
- Your age: You should be at least 21 years old at the time of applying for the loan and not more than 65 years old at the time of loan maturity.
- Your income: You should have a regular and stable source of income, either from salary or business, that is sufficient to repay the loan. Your income also determines your loan amount and EMI eligibility.
- Your credit score: You should have a good credit score, preferably above 750, that reflects your creditworthiness and repayment history. A higher credit score can help you get a lower interest rate and a higher loan amount.
- Your property value: The property that you want to buy with the loan should have a clear title and a valid valuation. The loan amount is usually a percentage of the property value, ranging from 75% to 90%, depending on the lender and the property type.
Check: 20 lakh home loan emi
Documents Required for 25 Lakh Home Loan
The documents required for 25 lakh home loan may vary from lender to lender, but some of the common documents that they ask for are:
- Identity proof: Aadhaar card, PAN card, passport, voter ID card, driving license, etc.
- Address proof: Aadhaar card, passport, voter ID card, driving license, utility bills, rent agreement, etc.
- Income proof: Salary slips, bank statements, income tax returns, Form 16, etc. for salaried applicants; business registration certificate, profit and loss statement, balance sheet, income tax returns, bank statements, etc. for self-employed applicants.
- Property documents: Sale deed, agreement to sell, builder-buyer agreement, allotment letter, possession letter, NOC from builder/society, property tax receipt, etc.
Steps to Apply for a Home Loan Up to ₹25 Lakhs
The apply process of home loan can be done through multiple methods, such as online, offline, or through an intermediary. The common steps involved in the process are:
- Compare and choose: You should compare the interest rates, fees, features, and benefits of various lenders and choose the one that suits your needs and preferences.
- Fill and submit the application form: You should fill the online or offline application form with your personal, professional, and property details and submit it along with the required documents and fees.
- Verification and approval: The lender will verify your documents, credit score, income, and property value and approve or reject your loan application accordingly.
- Sanction and disbursement: If your loan application is approved, the lender will issue a sanction letter that specifies the loan amount, interest rate, tenure, and terms and conditions of the loan. You should accept the sanction letter and submit the remaining documents and fees. The lender will then disburse the loan amount to your bank account or directly to the seller/builder.
Features and Benefits of 25 Lakh Home Loan
A 25 lakh home loan can help you fulfil your aspiration of owning a house without putting too much strain on your savings. Some of the features and benefits of 25 lakh home loan are:
- You can avail a 25 lakh home loan from various lenders, such as banks, NBFCs, and housing finance companies, at competitive interest rates and flexible repayment options.
- You can choose a loan tenure ranging from 5 to 30 years, depending on your income, age, and repayment capacity.
- You can opt for a fixed or a floating interest rate, depending on your preference and market conditions. A fixed rate remains constant throughout the loan tenure, while a floating rate changes according to the benchmark rate of the lender.
- You can enjoy tax benefits on the interest and principal components of your 25 lakh home loan EMI under Section 24 and Section 80C of the Income Tax Act, respectively.
- You can also avail of additional features, such as top-up loan, balance transfers, prepayment, and foreclosure, subject to the terms and conditions of the lender.
Check- 15 lakh home loan emi
Conclusion
A 25 lakh home loan can help you buy your dream home without exhausting your savings. However, you need to plan your EMI carefully and choose the right loan scheme that matches your income, age, credit score, and property value.
You also need to compare the interest rates, fees, features, and benefits of various lenders and choose the one that offers you the best deal. You can use an online EMI calculator to estimate your EMI and interest cost for different loan scenarios and make an informed decision.
FAQs
Q.1 What is the EMI for a 25 lakh home loan at 8.4% interest rate for 20 years?
The EMI for a 25 lakh home loan at 8.4% interest rate for 20 years is Rs. 21,538. You can use an online EMI calculator to find out the EMI for different loan amounts, interest rates, and tenures.
Q.2 What are the factors that affect the EMI of a 25 lakh home loan?
The EMI of a 25 lakh home loan depends on three main factors: the loan amount, the interest rate, and the loan tenure. The higher the loan amount or the interest rate, the higher the EMI. The longer the loan tenure, the lower the EMI.
Q.3 How can I reduce the EMI of a 25 lakh home loan?
You can reduce the EMI of a 25 lakh home loan by choosing a lower loan amount, a lower interest rate, or a longer loan tenure. You can also make prepayments or part payments to reduce the outstanding loan amount and the interest cost.
Q.4 What are the eligibility criteria for a 25 lakh home loan?
The eligibility criteria for a 25 lakh home loan vary from lender to lender, but generally include factors such as your age, income, credit score, employment status, existing liabilities, and property value. You can check your eligibility online or contact your preferred lender for more details.