Home Loan EMI Calculator
₹
5L2.5Cr5Cr7.5Cr10Cr
%
6.5%8.5%10.5%12.5%15%
Tenure auto-adjusted to valid limits (Min: 6 Months, Max: 35 Years / 420 Months).
Monthly EMI
₹0
Total Interest₹0
Total Payable₹0
EMI Start Date—
EMI End Date—
Includes full month-by-month repayment schedule
Smart Lending · Home Loan Calculator
Home Loan EMI Calculator
₹
5L2.5Cr5Cr7.5Cr10Cr
%
6.5%8.5%10.5%12.5%15%
Tenure auto-adjusted to valid limits (Min: 6 Months, Max: 35 Years / 420 Months).
Monthly EMI
₹0
Total Interest₹0
Total Payable₹0
EMI Start Date—
EMI End Date—
Includes full month-by-month repayment schedule
Smart Lending · Home Loan Calculator
About Home Loan
A Home Loan helps you purchase, construct, or renovate your property. Funds are provided based on property valuation and applicant eligibility, then repaid in Equated Monthly Instalments (EMIs) over a long tenure.
Advantages of Home Loan
Home Loans offer significant advantages, such as attractive interest rates, the home loan tax benefit under Section 80C (old tax regime) and the ability to own a property without full upfront payment. Home Loans provide flexible repayment options, making it easier to manage finances. With a Home Loan, buying a home becomes more affordable and feasible.
Are Home Loans a good option to buy property?
Home Loans make it easier to invest in real estate, allowing individuals to purchase their dream home without having to save for and pay the entire price upfront. With attractive home loan interest rates and long repayment periods, Home Loans ensure that buying a home is more accessible, affordable and financially manageable.
Home Loan feature and benefits
- Digital sanction Option through leading Banks and NBFC
- Apply for a Home Loan digitally and get quick sanction with minimal documentation.
- Nil prepayment charges
- Enjoy zero pre-payment charges on Home Loans with floating rate of interest and repay your loan early, without any extra cost.
- Vast database of Builder projects
- Choose from a vast database of projects approved for Leading Banks and Financial Institutions and proceed with more convenience and fast processing.
- Online post-disbursement services
- Manage your Home Loan online after disbursement – anywhere, anytime.
Home Loan eligibility Criteria
When you apply for a Home Loan, there are a few important eligibility conditions that you have to meet. These are as follows:
Employment Type: Salaried or self-employed individuals
Age:
Salaried Individuals: 20 to 65 years
Self-employed Individuals: 21 to 70 years
Credit Score: 700 and above
Citizenship: Indian residents & NRIs
Income Proof: Must have stable and regular income.
Types of Home Loans
When considering a Home Loan, it is essential to understand the various options available, as listed below:
Home Loan Top-Ups
These are available to the customers who need additional funds for home renovation or extension
Step-Up Home Loans
Tailored for young salaried individuals, this option allows you to get a higher loan amount with moderate initial EMIs, which reduces financial strain in the initial years. The EMIs increase with time, to reflect the increase in salary.
Land Loans
For purchasing land as a future investment, We assist to offers Land Loans at attractive interest rates with minimal documentation.
Home Loan required documents
Below is the list of documents required for a Home Loan
- PAN
- proof of identity (Adhaar, Passsport, Voter ID, Driving Licence)
- Proof of address (Adhaar, Passsport, Voter ID, Driving Licence)
- Income proof (Salary Slips, ITR)
Disclaimer* This is an indicative list only. Additional Home Loan documents may be required on a case-to-case basis.
Home Loan FAQs
In this section, you can address common questions efficiently.
What is a Home Loan?
A Home Loan provides funds for purchasing, constructing or renovating a property. It is repaid in monthly installments (known as EMIs) over a long period.
What factors affect home loan eligibility?
Home loan eligibility is based on the age (20–65 years for salaried individuals, 21–70 years for self-employed individuals), income, employment stability and credit score (ideally 750+) of the applicant.
What is a floating rate of interest of a Home Loan?
Floating rate of interest of a Home Loan means that the interest rate is not fixed and can change over time. The change takes place as per changes in a benchmark rate (the repo rate set by RBI (Reserve Bank of India).
What is the meaning of a fixed rate of interest on a home loan?
A fixed rate of interest of a Home Loan means that the rate of interest does not change throughout the tenure of the loan. Regardless of market fluctuations, the borrower pays interest at the same interest rate through the same Equated Monthly Instalments (EMIs), from the loan's inception to its conclusion. This stability provides predictability in monthly payments, allowing homeowners to plan their finances without being affected by interest rate variations in the market.
Is there any tax benefit available on Home Loans?
Yes, Home Loans offer tax benefits. You can claim the amount paid towards the repayment of the principal and the interest components as deductions in your income if you opt for the old tax regime. The limits on the deductible amount are governed by the applicable Income Tax laws.
What is the maximum home loan I can get?
Your eligibility for a Home Loan is determined by factors such as your income, credit score and the value of the property. Generally, lenders offer around 80-90% of the property's value as the loan amount. Your ability to repay and financial stability are crucial in deciding the loan amount you can receive.
Who is the co-applicant in a home loan?
A co-applicant is someone who applies for the loan alongside the borrower. A co-applicant for a Home Loan can be a spouse, parent or sibling. The co-applicant’s income and credit history are taken into account, potentially leading to a more favourable loan amount and terms.
Can I repay my outstanding Home Loan amount?
You have the option to repay your Home Loan at any time. You can make full or partial pre-payments to lower your interest expenses and shorten the repayment period. It is advisable to confirm with your lender regarding any pre-payment penalties or terms.
What is the Home Loan processing fee?
A processing fee is a small charge levied by the Bank to review and process your Home Loan application before approval.
What are the different types of Home Loans?
Common Home Loans includes:
Home Loan
Home Improvement Loan
Land Loan
Home Loan Balance Transfer
Step Up Home Loan.
Do's and Don'ts
Do's
- Check EMI affordability using a Personal Loan EMI Calculator
- Maintain a healthy credit score for better eligibility
- Read the applicable fees, charges and repayment terms carefully
- Submit accurate income and employment details during application
- Pay EMIs on time to maintain a strong repayment history
Don'ts
- Avoid borrowing more than your repayment capacity
- Do not apply for multiple loans simultaneously without requirement
- Avoid delaying EMI payments or missing due dates
- Do not ignore the total borrowing cost including charges and interest
- Avoid sharing sensitive banking or OTP details with unknown sources
Documents required to apply online
Salaried individuals
- Proof of identity and residence
- Latest 3 months' bank statement (where salary is credited)
- Salary slips for the last 3 months
- PAN Card and Aadhaar Card
Self-employed individuals
- Proof of identity and residence
- Income proof (audited financials for the last 2 years)
- Latest 6 months' bank statement
- Office address proof
- Proof of residence or office ownership
- Proof of continuity of business