3 Crore Home Loan EMI With Calculator And Interest Rates 2024

Embarking on the journey of owning your dream home with a 3 crore home loan EMI for 20 years is a significant financial commitment. This endeavour demands meticulous planning and an understanding of the nuances involved. For those eager to commence their journey towards homeownership with a 5-year loan tenure, the initial EMI will be ₹6,14 773 for 5 years with a total interest amount of Rs 68,86 395. Read this blog to know more about 3 Crore home loan EMI =, fee, eligibility, and much more.

Details of 3 crore Home Loan EMI 

The monthly instalment for a home loan of 3 crores will change based on factors like the interest rate, loan duration, and other variables. Nonetheless, you have the option to utilise an EMI calculator to acquire an approximation of your monthly repayment amounts. The subsequent table provides an exemplar EMI computation for a 3 crore home loan, assuming an 8% interest rate and loan tenure of 20 years.

How to Calculate EMI for 3 Crore Home Loan?

To calculate EMI for 3 crore loan, use the following formula:

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EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Loan amount
• R = Interest rate per month
• N = Loan tenure in months

Example:

Suppose you have taken a home loan of  Rs. 3 Crore at an annual interest rate of 8.4% for 20 years.

Calculate the monthly interest rate (R):

Monthly Interest Rate = Annual Interest Rate / 12

R = 8.40% / 12 =0.007

Calculate the loan tenure in months (N):

Loan Tenure in Months = Loan Tenure in Years x 12

N = 20 years x 12 = 240 months

Plug the values into the EMI formula:

EMI = [3,00,00,000 x 0.007 x (1+0.007)^240] / [(1+0.007)^240-1]

Calculate the EMI using a calculator or spreadsheet:

EMI = [3,00,00,000 x 0.007 x 5.33424468143] / 4.33424468143

EMI = 258451.348605 (approx.)

So, the Equated Monthly Installment (EMI) for a home loan of Rs.3 Crore, with an annual interest rate of 8.40% and a tenure of 20 years, would be approximately Rs. 258451.35. This amount is payable monthly for the entire loan tenure until the loan is fully repaid.

3 Crore Loan EMI Calculator

Navigate the journey of quickly securing a 3 Crore home loan by employing the NoBroker Home Loan EMI Calculator. This user-friendly tool lets you ascertain your potential EMI amounts in seconds, streamlining your financial planning and ensuring no surprises. Enter the loan amount, interest rate, and tenure to receive a detailed breakdown of your monthly instalments instantly. Let the NoBroker Home Loan EMI Calculator be your trustworthy companion in making informed and stress-free home loan decisions, empowering your path to the home of your dreams.

Eligibility Criteria for a 3 Crore Home Loan Application

Obtaining a 3 Crore home loan to realize your dream of homeownership is a significant financial decision. Lenders have established specific eligibility criteria and documentation requirements to ensure borrowers can responsibly manage repayments.

• Age: Younger applicants can secure longer tenures, typically up to 30 years.
• Income: A minimum monthly income of ₹4.6-5.7 lakhs is needed for a ₹3 crore loan.
• Employment Stability: A minimum of 2-3 years of stable employment or business is required.
• Credit Score: A credit score of 750+ is ideal for favourable terms.
• Loan Amount and Property Value: The property value must be around ₹3.5-4 crore, and the down payment must be 10-25%.
• Existing Liabilities: FOIR under 40% is necessary to avoid loan reduction or rejection.
• Property Location and Type: Loans are easier for properties in urban, well-developed areas.
• Co-Applicants: Co-applicants can improve loan eligibility and repayment capacity.Documentation: Proof of income, employment, property, and identity documents will be required.

Documents Required for a 3 Crore Home Loan

The documentation process is a critical component of your home loan application. Providing accurate and complete documents is essential for a smooth approval process. Below is a list of common documents required:

• Proof of Identity: Valid government-issued identification documents, such as a passport, Aadhaar card, PAN card, or driver's license.
• Proof of Address: Documents that verify your residential address, such as electricity bills, telephone bills, or rental agreements.
• Proof of Income: Income-related documents are vital for assessing your repayment capacity, including salary slips for the past 3-6 months, income tax returns (ITR) for the last 2-3 years, and Form 16 issued by your employer.
• Employment Verification: Employment-related documents, including an employment letter or offer letter from your current employer, along with salary details.
• Bank Statements: Bank statements for the past 6 months, providing insight into your financial transactions and income inflow.
• Property Documents: If you've selected a property, you'll need property-related documents such as the sale agreement, title deed, and property tax receipts.
• Photographs: Passport-sized photographs for official purposes.
• Loan Application Form: Complete and sign the application form provided by the lender.
• Investment Proof (if applicable): Documents related to investments, such as fixed deposits, stocks, or mutual funds, demonstrating additional financial stability.

It's important to note that specific document requirements may vary slightly depending on the lender and your employment circumstances. Some lenders may have additional conditions, especially for self-employed individuals or those with diverse income sources.

₹3 Crore Home Loan EMI for 5 Years

Are you curious about your monthly EMI for a home loan of 3 crore  with a 5-year repayment period at an 8.45% annual interest rate? Let's calculate it manually. The formula for manual calculation for EMI for 3 cr home loan is:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

Here, P represents the principal amount (₹30,00,000), R is the monthly interest rate (8.45% divided by 12 months, or 0.00704 when converted to a decimal), and N is the total number of monthly instalments (5 years, or 60 months).

EMI = ₹ {30,00,000 x 0.00704 x (1 + 0.00704)^60} / {(1 + 0.00704)^60 - 1} ≈ ₹614,773

Your EMI for a ₹30 lakh home loan with a 5-year tenure at an 8.45% annual interest rate would be approximately ₹614,773. 

Below, we will discuss the 3cr loan EMI for different loan tenures. 

₹3 Crore Home Loan EMI for 10 Years 

Wondering about your monthly EMI for a ₹30 lakh home loan with a 10-year repayment period at an 8.45% annual interest rate? Let's calculate it manually. The formula for manual EMI calculation is the same:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

Here, P is still the principal amount (₹30,00,000), R is the monthly interest rate (0.00704), and N is the total number of monthly instalments (10 years or 120 months).

EMI = ₹ {30,00,000 x 0.00704 x (1 + 0.00704)^120} / {(1 + 0.00704)^120 - 1} ≈ ₹371,155

Your EMI for a ₹30 lakh home loan with a 10-year tenure at an 8.45% annual interest rate would be approximately ₹371,155. 

₹3 Crore Home Loan EMI for 15 Years 

Interested in your monthly EMI for a ₹30 lakh home loan with a 15-year repayment period at an 8.45% annual interest rate? The manual calculation process can provide insight. The formula for manual EMI calculation remains the same:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

In this scenario, P represents the principal amount (₹30,00,000), R is the monthly interest rate (0.00704), and N is the total number of monthly installments (15 years or 180 months).

EMI = ₹ {30,00,000 x 0.00704 x (1 + 0.00704)^180} / {(1 + 0.00704)^180 - 1} ≈ ₹294,543

Your EMI for a ₹30 lakh home loan with a 15-year tenure at an 8.45% annual interest rate would be approximately ₹294,543. 

₹3 Crore Home Loan EMI for 20 Years 

Curious about your monthly EMI for a ₹30 lakh home loan with a 20-year repayment period at an 8.45% annual interest rate? Manual calculation using the formula is as follows:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

In this case, P represents the principal amount (₹30,00,000), R is the monthly interest rate (0.00704), and N is the total number of monthly installments (20 years or 240 months).

EMI = ₹ {30,00,000 x 0.00704 x (1 + 0.00704)^240} / {(1 + 0.00704)^240 - 1} ≈ ₹259,398

Your EMI for a ₹30 lakh home loan with a 20-year tenure at an 8.45% annual interest rate would be approximately ₹259,398.

3 Crore Home Loan Amortization for 30 Years

A mortgage amortisation schedule is a table detailing every monthly payment from the time you begin loan repayment until the loan matures or is paid off. The principal, or the amount you borrowed, and the interest you pay for borrowing the money make up the payment for an amortized loan.

Things to Keep in Mind While Applying for 8 Lakh Home Loan

Certain factors are crucial when considering an 8 lakh home loan to ensure a smooth application and approval process. The following aspects can significantly aid in this endeavour.

1. Credit Score

Your credit score plays a fundamental role in approving your home loan. A high score can facilitate smoother approval and possibly lower interest rates. Regularly check your credit score and work on improving it by paying bills on time and reducing outstanding debts.

2. Eligibility

Each bank has different eligibility criteria, including age, income, employment type, and more. Ensure you meet the lender's criteria to increase your chances of loan approval. Conduct thorough research and gather all necessary documents beforehand.

3. Ability to Repay

Evaluate your financial stability and ensure your income is consistent and sufficient to cover the EMI without straining your budget. Lenders assess your ability to repay the loan based on your debt-to-income ratio, so keep debts low and showcase stable income.

4. EMI

Understanding your EMI is essential. Use an EMI calculator to estimate your monthly outgo and plan your finances accordingly. Choose a loan tenure and EMI amount that does not overburden your monthly expenses.

5. Overall Cost Calculations

Assess the total cost of the loan, including the interest, processing fees, and other charges. A lower EMI might seem attractive but may lead to a higher total repayment amount. Be clear about all the costs involved.

Do’s and Don’ts 

Embarking on the path to secure a 3 crore home loan EMI doesn’t have to be daunting. With detailed insights and careful planning, ensure your journey is seamless and straightforward. Utilise the NoBroker Home Loan Services to guide you at every step, making the process transparent and understandable. Trust NoBroker to help you make well-informed, confident decisions about your 3 crore home loan EMI, steering you smoothly to the doorstep of your dream home. Ready to begin the journey? Contact NoBroker Home Loan Services today!

Disclaimer: The interest rates and calculations mentioned in this guide are for illustrative purposes only. Actual rates and terms may vary depending on the lender and prevailing market conditions.

Check Out Other Home Loan EMI Blogs

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18 Lakh Home Loan Emi	50 Lakh Home Loan Emi	2 Crore Home Loan Emi
20 Lakh Home Loan Emi	60 Lakh Home Loan Emi	3 Crore Home Loan Emi

Frequently Asked Questions

Q1. What is the minimum amount of loan that I can get?

Ans: The minimum loan amount you can obtain varies according to the lender. Generally, many lenders provide home loan options commencing at ₹5 lakh, though this can differ. It's essential to research and compare lenders to find the best fit for your borrowing needs and financial situation.

Q2. What is the maximum amount of loan that I can get?

Ans: The loan amount you qualify for hinges on factors like income, assets, and credit score. Typically, lenders provide home loans up to ₹50 lakh, though this can vary. It's crucial to evaluate your financial standing and research lender options to secure the most suitable loan for your needs.

Q3. What are the charges associated with a home loan?

Ans: A home loan encompasses various charges such as processing fees, documentation fees, and stamp duty, which differ across lenders. These expenses contribute to the overall cost of obtaining a mortgage and should be considered when evaluating loan options from different financial institutions.

Q4. Is it possible to prepay a 3 crore home loan?

Ans: Certainly, the majority of lenders typically permit prepayment of loans; however, it's important to carefully review the terms for any potential prepayment penalties that might be applicable before proceeding with such an action. This precautionary step ensures you are well-informed about any potential financial implications of early repayment.

Q5. How much Home Loan can I get on my salary?

Ans: The extent of your Home Loan eligibility hinges on factors like income, credit score, and repayment capability. Lenders often use a portion of your salary as a benchmark for determining loan approval limits.

Q6. What is the minimum salary for a 3 crore home loan?

Ans: The minimum salary prerequisite for a 3 crore home loan may differ among various lenders. It is crucial to verify with individual lenders regarding their specific eligibility prerequisites and criteria.

Q7. What is the Interest Rate for SBI Home Loan according to CIBIL score?

Ans: The home loan interest rates provided by the State Bank of India (SBI) are determined by several factors, among which your CIBIL score holds significance. Generally, a higher credit score tends to result in lower interest rates, granting you more favorable terms on your loan. This emphasizes the pivotal role that maintaining a good credit score plays in securing reduced interest rates for your home loan from SBI.

Q8. What will be the 3 crores Home Loan EMI for 20 years?

Ans: The Equated Monthly Installment (EMI) for a home loan of 3 crores, spanning 20 years, is contingent on the prevailing interest rate. To obtain the precise EMI figure, it is recommended to employ an EMI calculator, which factors in the loan amount, tenure, and interest rate to provide an accurate result.

Q9. What is the Maximum Tenure of a Home Loan?

Ans: The maximum tenure of a home loan can significantly vary among different lenders in the financial market. Generally falling within a span of 20 to 30 years, the final duration is determined based on the specific terms, conditions, and policies set forth by each lending institution.

Q10. Which Bank has the lowest Rs. 3 crore Home Loan EMI for 30 years?

Ans: Multiple financial institutions provide competitive home loan EMI rates. To make an informed decision, it is advisable to thoroughly research and compare offerings from different lenders. This way, you can identify the option that provides the most affordable EMI for the specific tenure you have in mind.

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priyanka.saha,Author

Hailing from Kolkata, Priyanka, a lover of literary classics, finds immense joy in exploring the nuances of language. With an unwavering love for reading stories and a profound passion for storytelling and wordplay, she effectively communicates relevant and practical information about the Indian realty market in a distinctive manner. Through her blogs, she skillfully immerses readers into the world of real estate, guiding them through every nook and cranny of the industry.