35 Lakh Home Loan EMI With Calculator and Interest Rates 2024

Understanding the financial aspects of 35 lakh home loan EMI is crucial for acquiring your dream home. This article delves into the intricacies of 35 lakhs housing loan EMI. Calculate your monthly payments for various durations, explore alternative EMI scenarios, and make informed choices about your housing loan.

For those eager to commence their journey towards homeownership with a 30-year loan tenure, the figures are telling: you can initiate it with a budget-friendly initial EMI of ₹26,788, empowering you to confidently embark on the path to your dream home.

35 Lakh Home Loan EMI Details

When dealing with a 35 lakh home loan, your monthly EMI is influenced by factors such as the interest rate, loan tenure, and the concept of compound interest. Compound interest is calculated on both the initial loan amount and the accumulated interest from previous periods, resulting in interest on interest.

The following table illustrates the monthly Equated Monthly Installment (EMI) amounts for a 35 lakh home loan at a fixed interest rate of 8.45% across different loan tenures, ranging from 5 to 30 years.

TENURE	EMI AMOUNT(INR)
5 Years	₹71,724
10 Years	₹43,301
15 Years	₹34,363
20 Years	₹30,263
25 Years	₹28,065
30 Years	₹26,788

How to Calculate 35 Lakh Home Loan EMI?

Calculating the EMI for your 35 lakh home loan is a critical step in managing your finances. You can effortlessly compute it using the 35 Lakh home loan EMI formula:

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

Where:

EMI = Equated Monthly Installment

P = Principal Loan Amount (35,00,000 INR)

R = Monthly Interest Rate (Annual Interest Rate divided by 12 and converted to a decimal)

N = Loan Tenure in Months (Loan Tenure in Years multiplied by 12)

With this formula, you can determine the monthly EMI required for your 35 lakh home loan, enabling you to effectively manage your financial planning.

35 Lakh Home Loan EMI Calculator

To gain insights into your monthly repayments for a 35 lakh home loan, utilize an EMI calculator. Various online platforms, including NoBroker Home Loan Services, provide user-friendly EMI calculators tailored for this purpose.

Using an EMI calculator involves the following steps:

• Loan Amount: Enter ₹35 lakhs, the principal amount you wish to borrow.
• Interest Rate: Specify the relevant interest rate; for instance, consider an 8.45% compound interest rate.
• Loan Tenure: Define the loan duration, ranging from 5 to 30 years based on your preference.

The EMI calculator provides two essential pieces of information:

• Monthly Repayments (EMI): This represents the EMI of 35 lakh home loan, the amount payable monthly to gradually repay the loan.
• Total Interest: The calculator displays the total interest paid over the loan's duration.

The EMI calculator simplifies calculations, enabling you to make informed decisions about your 35 lakh home loan. It allows you to assess affordability across different tenures and interest rates.

Eligibility Criteria for a 35 Lakh Home Loan

Securing a 35 lakh home loan requires meeting specific eligibility criteria. Lenders consider factors like age, income, credit score, and employment stability to ensure responsible repayment.

• Age: Typically, lenders require applicants to be at least 21 years old, with a maximum age of 60 to 65 years at loan maturity. This requirement ensures that borrowers have a substantial window for repayment within their working years, thus promoting a more secure and manageable loan experience.
• Income: Lenders typically advocate for a minimum annual income that ranges between 3 to 4 times the anticipated Equated Monthly Instalment (EMI) for a 35 lakh housing loan. This stipulation not only assures the borrower's capacity to meet repayment obligations but also contributes to fostering a financially sustainable loan arrangement.
• Credit Score: A credit score exceeding 750 is often regarded favourably by lending institutions. A higher credit score reflects sound financial behaviour, responsible credit management, and a heightened likelihood of consistent and timely loan repayments.
• Employment Stability: Lenders prefer borrowers with a stable employment history. A longer tenure at your current job can enhance your chances of approval.

By satisfying these specific eligibility prerequisites, potential borrowers amplify their prospects of securing loan approval. Additionally, meeting these benchmarks not only enhances one's eligibility but also communicates a profound commitment to managing and repaying the loan in a responsible and sustainable manner, fostering a symbiotic relationship between the borrower and the lending institution.

Documents Required for a 35 Lakh Home Loan

When applying for a 35 lakh home loan, accurate and comprehensive documentation is essential for a smooth application process. Here's a comprehensive list of common documents required by most lending institutions:

• Identity Proof: Valid government-issued IDs such as a passport, Aadhaar card, PAN card, or driver's license.
• Address Proof: Documents like utility bills, rental agreements, or official documents reflecting your address.
• Income Proof: Recent salary slips, income tax returns, Form 16, and other financial statements.
• Employment Proof: Offer letters, employment letters, or other employment-related documents.
• Bank Statements: Recent bank statements showcasing your financial transactions and income sources.
• Property Documents: If you've identified a property, relevant property documents like sale agreements and title deeds may be required.
• Photographs: Passport-sized photographs for identification.
• Loan Application Form: Lender-specific application form gathering essential loan requests and personal information.
• Investment Proof (if applicable): Documents related to additional investments or assets contributing to your financial stability.

Document requirements may vary based on lender policies and your financial profile. Different lenders might have slight variations in the documents needed.

35 Lakh Home Loan EMI for 5 Years

Are you considering a ₹35 lakh (3.5 million) home loan with a 5-year repayment period at an 8.45% annual interest rate? To calculate your monthly EMI manually, you can use the formula:

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

For a 5-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^60} / {(1 + 0.00704)^60 - 1}

EMI ≈ ₹71,724

With a ₹35 lakh loan amount, your monthly EMI would be approximately ₹71,724 over 5 years, resulting in a total repayment of ₹4,303,413, including ₹803,413 in interest.

Time Period	5
Loan Amount	3500000
Rate of Interest (p.a.)	8.45
EMI	₹71,724
Total Interest	₹803,413
Total Repayment	₹4,303,413

35 Lakh Home Loan EMI for 10 Years

Planning a ₹35 lakh home loan with a 10-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

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

For a 10-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^120} / {(1 + 0.00704)^120 - 1}

EMI ≈ ₹43,301

A ₹35 lakh loan over 10 years translates to a monthly EMI of ₹43,301, resulting in a total repayment of ₹5,196,174, including ₹1,696,174 in interest.

Time Period	10
Loan Amount	3500000
Rate of Interest (p.a.)	8.45
EMI	₹43,301
Total Interest	₹1,696,174
Total Repayment	₹5,196,174

35 Lakh Home Loan EMI for 15 Years

Considering a ₹35 lakh home loan with a 15-year repayment period and an 8.45% annual interest rate? Calculate your EMI manually:

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

For a 15-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^180} / {(1 + 0.00704)^180 - 1}

EMI ≈ ₹34,363

With this loan, your monthly EMI for 15 years would be ₹34,363, resulting in a total repayment of ₹6,185,409, which includes ₹2,685,409 in interest.

Time Period	15
Loan Amount	3500000
Rate of Interest (p.a.)	8.45
EMI	₹34,363
Total Interest	₹2,685,409
Total Repayment	₹6,185,409

35 Lakh Home Loan EMI for 20 Years

Thinking of a ₹35 lakh (3.5 million) home loan with a 20-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

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

For a 20-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^240} / {(1 + 0.00704)^240 - 1}

EMI ≈ ₹30,263

Your monthly EMI for 20 years would amount to ₹30,263, resulting in a total repayment of ₹7,263,155, including ₹3,763,155 in interest.

Time Period	20
Loan Amount	3500000
Rate of Interest (p.a.)	8.45
EMI	₹30,263
Total Interest	₹3,763,155
Total Repayment	₹7,263,155

35 Lakh Home Loan EMI for 25 Years

Planning a ₹35 lakh home loan with a 25-year repayment period at an 8.45% annual interest rate? Calculate your EMI manually:

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

For a 25-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^300} / {(1 + 0.00704)^300 - 1}

EMI ≈ ₹28,065

Your monthly EMI for 25 years would be ₹28,065, resulting in a total repayment of ₹8,419,534, which includes ₹4,919,534 in interest.

Time Period	25
Loan Amount	3500000
Rate of Interest (p.a.)	8.45
EMI	₹28,065
Total Interest	₹4,919,534
Total Repayment	₹8,419,534

35 Lakh Home Loan EMI for 30 Years

Thinking of a ₹35 lakh (3.5 million) home loan with a 30-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

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

For a 30-year term:

EMI = ₹ {35,00,000 x 0.00704 x (1 + 0.00704)^360} / {(1 + 0.00704)^360 - 1}

EMI ≈ ₹26,788

With this loan, your monthly EMI for 30 years would be ₹26,788, resulting in a total repayment of ₹9,643,697, including ₹6,143,697 in interest.

Time Period	30
Loan Amount	3500000
Rate of Interest (p.a.)	8.45
EMI	₹26,788
Total Interest	₹6,143,697
Total Repayment	₹9,643,697

Comparison of Interest Rate & Processing Fee for ₹35 Lakh Home Loans

Important considerations while applying for a house loan are the interest and processing charge rates. The overall cost of the loan may vary depending on the rates and processing fees offered by different banks. Here are the interest rates and processing costs for a home loan of ₹35 lakh from many major banks.

Bank	Interest Rate	Processing Fee
State Bank of India (SBI)	Starting at 8.50%	The processing fee for an SBI home loan is 0.35% of the loan amount plus applicable GST, with a minimum of ₹2000 and a maximum of ₹10000 both plus applicable GST.
HDFC Bank	Starting from 8.75*%	HDFC Bank charges a processing fee of up to 2% of the loan amount plus applicable taxes
ICICI Bank	Starting from 8.75*%	2% of the loan amount
Axis Bank	Starting from 8.75*%	1% of the loan amount
Canara Bank	Starting at 8.40 %	0.50%, with a minimum of ₹1500 and a maximum of ₹10000
Bank of Baroda	Starting at 8.40 %	0.50% of the loan amount for loans up to ₹50 lakh, with a minimum fee of ₹8,500 and a maximum of ₹15000. For loans above ₹50 lakh, the fee is 0.25% of the loan amount, with a minimum of ₹8,500 and a maximum of ₹25000
Kotak Mahindra Bank	Starting from 8.75*%	0.5% processing fees for salaried individuals and 1% for self-employed applicants
IDFC First Bank	Starting from 8.85 %	The processing fee for an IDFC First Bank home loan is up to 3% of the loan amount

Interest Rates and EMI on ₹35 Lakh Home Loan Across Different Banks 

Knowing how much you would pay each month in EMIs is crucial when applying for a house loan of ₹35 lakh. The interest rate and the length of the loan determine the EMI. The rates that you pay over 5, 10, 15, 20, 25, and 30 years will vary depending on the bank. A comparison of the EMIs provided by some of India's leading banks can be found below.

Important Information:

• Amount of Loan: ₹35 Lakh
• Interest rates: It is determined by the current offers made by different institutions.
• Loan Tenures: The loan terms are 5, 10, 15, 20, 25, and 30 years.

Bank	Rate of interest	EMI for 5 Years	EMI for 10 Years	EMI for 15 Years	EMI for 20 Years	EMI for 25 Years	EMI for 30 Years
State Bank of India (SBI)	Starting at 8.50%	₹ 71,808	₹ 43,395	₹ 34,466	₹ 30,374	₹ 28,183	₹ 26,912
HDFC Bank	Starting from 8.75*%	₹ 72,230	₹ 43,864	₹ 34,981	₹ 30,930	₹ 28,775	₹ 27,535
ICICI Bank	Starting from 8.75%	₹ 72,230	₹ 43,864	₹ 34,981	₹ 30,930	₹ 28,775	₹ 27,535
Axis Bank	Starting from 8.75%	₹ 72,230	₹ 43,864	₹ 34,981	₹ 30,930	₹ 28,775	₹ 27,535
Canara Bank	Starting at 8.40 %	₹ 71,639	₹ 43,208	₹ 34,261	₹ 30,153	₹ 27,947	₹ 26,664
Bank of Baroda	Starting from 8.40%	₹ 71,639	₹ 43,208	₹ 34,261	₹ 30,153	₹ 27,947	₹ 26,664
Kotak Mahindra Bank	Starting from 8.75%	₹ 72,230	₹ 43,864	₹ 34,981	₹ 30,930	₹ 28,775	₹ 27,535
IDFC First Bank	8.85 %	₹ 71,808	₹ 44,053	₹ 35,188	₹ 31,154	₹ 29,013	₹ 27,785

35 Lakhs Home Loan Amortisation

Loan amortization is the process of reducing a loan through consistent payments over the loan term. The amortization schedule shows the interest and repayment amount for each year and how your loan is paid off over time. Here is a table of home loan amortization of Rs 35 lakh at 8.45% interest:

Year	Opening Balance	EMI	Interest paid yearly	Principal paid yearly	Closing Balance
1	35,00,000	3,21,457	2,94,731	26,726	34,73,274
2	34,73,274	3,21,457	2,92,383	29,074	34,44,200
3	34,44,200	3,21,457	2,89,829	31,628	34,12,572
4	34,12,572	3,21,457	2,87,050	34,406	33,78,166
5	33,78,166	3,21,457	2,84,027	37,429	33,40,737
6	33,40,737	3,21,457	2,80,739	40,717	33,00,020
7	33,00,020	3,21,457	2,77,162	44,294	32,55,725
8	32,55,725	3,21,457	2,73,271	48,186	32,07,540
9	32,07,540	3,21,457	2,69,038	52,419	31,55,121
10	31,55,121	3,21,457	2,64,433	57,024	30,98,097
11	30,98,097	3,21,457	2,59,423	62,033	30,36,064
12	30,36,064	3,21,457	2,53,974	67,483	29,68,581
13	29,68,581	3,21,457	2,48,045	73,411	28,95,169
14	28,95,169	3,21,457	2,41,596	79,861	28,15,309
15	28,15,309	3,21,457	2,34,580	86,876	27,28,432
16	27,28,432	3,21,457	2,26,948	94,509	26,33,924
17	26,33,924	3,21,457	2,18,645	1,02,811	25,31,112
18	25,31,112	3,21,457	2,09,613	1,11,843	24,19,269
19	24,19,269	3,21,457	1,99,788	1,21,669	22,97,600
20	22,97,600	3,21,457	1,89,099	1,32,357	21,65,243
21	21,65,243	3,21,457	1,77,471	1,43,985	20,21,258
22	20,21,258	3,21,457	1,64,822	1,56,634	18,64,623
23	18,64,623	3,21,457	1,51,062	1,70,395	16,94,229
24	16,94,229	3,21,457	1,36,092	1,85,364	15,08,864
25	15,08,864	3,21,457	1,19,808	2,01,648	13,07,216
26	13,07,216	3,21,457	1,02,093	2,19,363	10,87,853
27	10,87,853	3,21,457	82,822	2,38,635	8,49,218
28	8,49,218	3,21,457	61,858	2,59,599	5,89,619
29	5,89,619	3,21,457	39,052	2,82,405	3,07,214
30	3,07,214	3,21,457	14,242	3,07,214	0

Things to Keep in Mind When Applying for a 35 Lakh Home Loan

When considering a 35 Lakh home loan, it's crucial to take into account several key factors that can influence your borrowing experience. Here's a concise overview to aid you:

Credit Score: Maintaining a robust credit score, typically above 750, is vital as it holds significant sway over your loan approval and interest rates.

Eligibility: Make sure you satisfy the lender's eligibility requirements, which may encompass age, nationality, and income criteria.

Repayment Capacity: Evaluate your capacity to repay the loan by assessing your existing financial situation and job stability.

EMI Assessment: Compute the EMIs for various loan durations to determine the one that best fits your monthly budget.

Comprehensive Cost Analysis: Acquire an understanding of the total interest payable throughout the loan's tenure, enabling you to make well-informed borrowing choices.

Do’s and Don'ts for a Successful 35 Lakh Home Loan Application

Do’s	Don'ts
Review Your Credit Report	Apply with Multiple Lenders
Research Interest Rates	Borrow Beyond Your Means
Consider Additional Costs	Neglect Your Credit History
Maintain Financial Stability	Underestimate Hidden Costs
Factor in Future Contingencies	Forget to Read the Fine Print

Following these guidelines will help you navigate the 35 Lakh home loan application process effectively and make informed decisions.

How Can NoBroker Help?

NoBroker simplifies the 35 lakh home loan EMI process. Through online applications, lender access, and expert guidance, NoBroker streamlines your journey. Their solutions, transparent terms, and efficient processing support you from application to post-approval. Experience a seamless loan application process with NoBroker Home Loan Services and achieve your homeownership goals effortlessly.

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.