₹38 Lakh Home Loan EMI for 5 to 30 Years: Monthly Payments, Interest Rates, and Calculator

Investing in a property is a proud moment for everyone, given the rising property prices nowadays. Getting a home loan of Rs 38 lakh will definitely make things easier. However, before buying a property worth Rs 38 lakh in your name, it is critical to know the basics, such as timely repayments of home loan EMIs. The general rate of interest on home loans starts from 8.35% to 12.60%, with a tenure of 5 to 30 years. EMI is calculated based on the loan amount and tenure. For example, with 8.5% interest and a tenure of 5 years, the cost is around ₹77,963. In this article, we will tell you how you can get a home loan of ₹38 lakh, your eligibility, and how to calculate the EMI of a home loan of Rs 38 lakh.

₹38 Lakh Home Loan EMI Details

A Rs. 38 lakh home loan EMI varies depending primarily on the tenure and the home loan's interest rate. Hence, you can expect a higher monthly EMI if the interest rate increases. In contrast, your EMI also drops significantly if there is a lower interest rate. 

Another aspect that affects the loan and the EMI amount is the duration of the loan. Home loans usually have very long repayment durations ranging from years. A good side of having longer durations is that your EMI calculator for each month is also less.

The table below shows the EMIs for a Rs. 38 lakh home loan at a fixed interest rate of 8.5%, with a repayment period of 5 years to 30 years.

Loan Amount	Tenure	EMI Amount (INR)
₹38 Lakh	5 Years	₹77,963
₹38 Lakh	10  Years	₹47,115
₹38 Lakh	15  Years	₹37,420
₹38 Lakh	20  Years	₹32,977
₹38 Lakh	25  Years	₹30,599
₹38 Lakh	30  Years	₹29,219

How to Calculate ₹38 Lakh Home Loan EMI?

A simple formula is followed to calculate your 38 lakh home loan EMI. Here is the formula as well as the calculation process for a better understanding: 

Equated Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

Where:

• EMI stands for the monthly instalments
• P stands for the Principal Amount
• R represents the Interest Rate for each month, which is found by dividing the Annual Rate of Interest by 12 
• N denotes the Loan Duration in Months, which is found by multiplying the Loan Duration by 12

You can easily calculate the Rs. 38 lakh home loan EMI by putting the right loan values in the formula and computing it. This easy calculation method requires determining the best loan tenure before committing to a home loan. 

₹38 Lakh Home Loan EMI Calculator

A Rs. 38 Lakh Home Loan EMI calculator will help you gain a better understanding of your finances and assess with better accuracy if the loan amount and the repayment period are in alignment with your financial goals or not. However, using the EMI calculator to calculate the Rs 38 lakh home loan EMI is much easier. Follow these steps to calculate your EMI through the EMI calculator:

• Input Loan Amount: Enter Rs. 38 lakh as the loan amount you want to take out. 
• Enter Interest Rate: Input the interest rate that your bank has set for your loan amount. In this case, input 8.5%. 
• Enter Loan Duration: Determine how long you want to borrow the loan amount. This can normally range from 5 to 30 years. 

After that, the EMI calculator will produce the following aspects of the loan to help you better understand your finances. 

• Monthly Instalments (EMI): You must pay your Rs. 38 lakh home loan monthly. 
• Total Interest: This covers the entire interest amount you must pay until the end of your loan tenure. 

Hence, using an EMI calculator ensures that you are aware of all the details of the home loan, what the loan tenure will be like, and the monthly instalments you will have to pay. In addition, it is recommended that you go for a loan duration that best suits your needs. 

Eligibility Criteria for a ₹38 Lakh Home Loan

To get a Rs. 38 lakh home loan, you will need to be eligible for it. Certain eligibility criteria must be fulfilled before getting the loan. Thus, check your eligibility for a 38 lakh home loan.

• Basic Age Requirement: A basic age limit is set for getting A Rs. 38 lakh home loan. Usually, you are at least expected to be between 21 and 60. 
• Credit Score: Financial institutions examine your credit score carefully before granting a loan. An ideal score of 650 is the minimum score needed to get a loan successfully.  
• Employment: A stable employment condition makes for the perfect eligibility for getting a loan. Hence, if you have worked at your current workspace for a long period, it improves your chances. 
• Basic Income Requirement: Your monthly income will be evaluated for granting the loan. Usually, the annual income is expected to exceed the loan’s EMI by 3 or 4 times. 
• Other Liabilities: Other repayments, such as different loans and liabilities to repay that are still ongoing, are important aspects that are judged before granting you the loan. 

Documents Required for a ₹38 Lakh Home Loan

Even when you are eligible for a loan, it is important to take note of all the documents you will be required to produce to get a smooth loan process. Hence, here are the documents needed for the 38 lakh home loan  you will need to produce:

1. Identification: For identity verification, you will need government-approved identification, such as a PAN card, Aadhaar Card, Passport, or driver’s licence.
2. Address Proof: You would also need to submit similar documents to verify your residential documents. This could include any type of bill, such as electricity bills. 
3. Proof of Income: To verify your income and eligibility through it, documents like income tax returns or salary slips are required to be produced before the granting of the loan. 
4. Proof of Employment: Documents like offer letters might be needed to prove employment status and maintain a stable employment record. 
5. Photos: Passport-size photographs will be required for various documents. So, it is a good idea to bring a set of your recent pictures with you. 
6. Loan Application Form: You must complete and sign the loan application. Make sure to recheck whether all the information is correct. 
7. Bank Statements: Bank statements that showcase your transactions and, thus, income are also required before the loan is granted. This will help in showcasing your repayment ability. 
8. Property Documents: If a specific property is mentioned, you must produce suitable documents to verify the property and its ownership. This could include the sale agreements.
9. Investment Proof (Optional): If there has been any mention of investments that you have made, you will have to produce documents regarding the same as well. Besides, having investments adds to financial stability, too.

₹38 Lakh Home Loan EMI for 5 Years

For an Rs. 38 lakh home loan with a repayment tenure of 5 years at an annual interest rate of 8.5%, you can very easily calculate the monthly instalment or the EMI with the following formula: 

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 5-year repayment period: 

EMI =  [38,00,000 x 0.00704  x (1 + 0.00704)^60] / [(1 + 0.00704)^60 - 1]

EMI = Rs. 77,963

Hence, with a home loan of Rs. 38 lakh, your EMI would be around Rs. 77,963, with a total repayment amount of Rs. 46,77,769 and a total interest amount of Rs.8,77,769. 

Tenure	5 Years
Loan Amount	₹38 lakhs
Annual Interest Rate	8.5 %
EMI	₹77,963
Total Interest Amount	₹8,77,769
Total Repayment Amount	₹46,77,769

₹38 Lakh Home Loan EMI for 10 Years

Do you want a Rs. 38 lakh home loan for 10 years with an interest rate of 8.5% annually? Here is how you can calculate your Rs. 38 lakh home loan EMI for 10 years without any hassle: 

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 10-year repayment period: 

EMI =  [38,00,000 x 0.0.00704 x (1 + 0.0.00704)^120] / [(1 + 0.0.00704)^120 - 1]

EMI = Rs.  47,115 

Thus, if you plan on taking a home loan of Rs. 38 lakh with an interest rate of 8.5% annually for 10 years, you will have to pay Rs. 47,115 in monthly instalments. Meanwhile, the total interest amount will be around Rs. 18,53,747, and the total amount payable will be around Rs. 56,53,747. 

Tenure	10 Years
Loan Amount	₹38 Lakh
Annual Interest Rate	8.5%
EMI	₹47,115
Total Interest Amount	₹18,53,747
Total Repayment Amount	₹56,53,747

₹38 Lakh Home Loan EMI for 15 Years

If you plan on having a Rs. 38 lakh home loan for 15 years at an annual interest rate of 8.5%, you should be aware of your monthly instalments of the EMIs. Hence, here is how you can calculate the same without much inconvenience. 

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 15-year repayment period: 

EMI =  [38,00,000 x 0.0.00704 x (1 + 0.0.00704)^180] / [(1 + 0.0.00704)^180 - 1]

EMI = Rs. 37,420

So, if you take up a Rs. 38 lakh home loan for 15 years at an interest rate of 8.5% per annum, you must pay a monthly instalment of Rs.37,420. In addition, the total amount you will repay will be Rs. 67,35,619, and the total interest to be paid back will be Rs. 29,35,619.  

Tenure	15 Years
Loan Amount	₹38 lakh
Annual Interest Rate	8.5%
EMI	₹37,420
Total Interest Amount	₹29,35,619
Total Repayment Amount	₹67,35,619

₹38 Lakh Home Loan EMI for 20 Years

Ever thought of having a Rs. 38 lakh home loan for 20 years at an interest rate of 8.5% per annum but were unsure how to calculate the EMIs for it? Worry not; here is how you can put the values in the formula and easily retrieve the monthly instalments.  

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 20-year repayment period: 

EMI =  [38,00,000 x 0.0.00704 x (1 + 0.0.00704)^240] / [(1 + 0.0.00704)^240 - 1]

EMI = Rs. 32,977

Hence, if you decide to have a 20-year repayment tenure for a loan of Rs. 38 lakhs at an annual interest rate of 8.5%, you will have to pay Rs. 32,977 as your EMI each month. Moreover, in entirety, you will pay around Rs. 79,14,548, and the total interest you will pay will be Rs. 41,14,548. 

Tenure	20 Years
Loan Amount	₹38 lakh
Annual Interest Rate	8.5%
EMI	₹32,977
Total Interest Amount	₹41,14,548
Total Repayment Amount	₹79,14,548

₹38 Lakh Home Loan EMI for 25 Years

If you wish to have a Rs. 38 lakh home loan for 25 years at the rate of interest of 8.5% per annum, you should know how to calculate your EMI to get an idea about your monthly liabilities. Hence, here is how to use the formula to get Rs. 38 lakh home loan EMI for 25 years.

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 25-year repayment period: 

EMI =  [38,00,000 x 0.0.00704 x (1 + 0.0.00704)^300] / [(1 + 0.0.00704)^300 - 1]

EMI = Rs. 30,599

Therefore, if you take up a loan of Rs. 38 lakhs for 25 years at an interest rate of 8.5% per annum, you must pay Rs—30,599 monthly instalments. In addition to that, your total amount payable will be Rs. 91,79,589, while the total interest amount will be Rs. 53,79,589.  

Tenure	25 Years
Loan Amount	₹38 lakh
Annual Interest Rate	8.5%
EMI	₹30,599
Total Interest Amount	₹53,79,589
Total Repayment Amount	₹91,79,589

₹38 Lakh Home Loan EMI for 30 Years

For a Rs. 38 lakh home loan for 30 years at an interest rate of 8.5%, you will need to calculate the monthly instalments for a better financial understanding. Hence, to become aware of the EMIs you will be paying over 30 years for this loan, you must use the following calculation procedure.  

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 30-year repayment period: 

EMI =  [38,00,000 x 0.0.00704 x (1 + 0.0.00704)^360] / [(1 + 0.0.00704)^360 - 1]

EMI = Rs. 29,219 

Hence, if you want to take a Rs. 38 lakh home loan, the EMI will be around Rs. 29,219. Also, throughout the loan tenure, you will repay Rs. 1,05,18,736, and the total interest amount will be Rs. 67,18,736. 

Tenure	30 Years
Loan Amount	₹38 lakh
Annual Interest Rate	8.5%
EMI	₹29,219
Total Interest Amount	₹67,18,736
Total Repayment Amount	₹1,05,18,736

Things to Keep in Mind While Applying for a ₹38 Lakh Home Loan

Before applying for a Rs. 38 lakh home loan, there are certain aspects that you should be aware of that can affect your loan. Hence, here are the important things to keep in mind while applying for a Rs 38 lakh home loan:

1. Documentation: Various documents will be required before the loan amount can be granted. These could include KYC documents, property documents, and income proofs. 
2. EMI or Pre-EMI: Calculate your instalments or EMIs depending on the tenure and interest rate of the loan. Pre-EMI is also applied to any property that is under construction. 
3. Home or Home Loan: Choose whether you want to go for the loan or the property first. It is, however, suggested that you get the home loan pre-approved and then pick your property for a more economical selection. 
4. Type of Loans: You can choose from various types of loans, including fixed-rate loans, floating-rate loans, and combination loans. 
5. Eligibility Criteria: Checking your eligibility criteria is an important factor to consider. Your age, income, and financial stability are important before granting you a loan. 

Do’s and Don’ts for a Successful ₹38 Lakh Home Loan Application

Do’s	Don’ts
Going for a longer tenure, thinking it will provide lower EMIs when the repayment is higher.	Forget to read the terms and conditions before committing to the loan.
Make sure that you have a good credit score. You need a minimum score of 650 or above to get a home loan.	Do not borrow an amount that will be too much of a burden to repay.
Research properly and compare different lenders before picking one	Do not borrow an amount that will be too much of a burden to repay for you.
Also, consider taking mortgage insurance.	Do not ignore the current home loan interest rates.
Consult a financial advisor before committing fully to the loan.	Do not avoid taking insurance for your property.

Get Hassle-Free Home Loans with NoBroker!

Home loans are essential these days to get the property of your dreams. However, getting the right home loan at the best interest rates and with perfect tenure is challenging. You will have to take care of documentation, read the fine print, and ensure it aligns with your financial goals. 

Thus, to have a seamless experience from the form filing to getting the loan amount approved, choose NoBroker. Our services ensure transparency and clarity from the beginning, all while making the entire loan processing a hassle-free experience for you. Hence, if you want to take a Rs. 38 lakh home loan EMI, NoBroker is the right pick to consult and continue. 

Disclaimer: This guide's interest rates and calculations are for illustrative purposes only. Actual rates and terms may differ based on the lender's policies and current market conditions. It is advisable to consult with a financial advisor or lender to obtain accurate and personalised information regarding your specific home loan requirements.

Frequently Asked Questions 

Q1. What is the ideal EMI for a home loan?

Ans: Ideally, your loan's EMI should be at most 30-40 % of your total monthly income. Anything beyond that would become a financial burden. 

Q2. Which loan type is better?

Ans: For stable EMIs over a longer loan repayment duration, fixed-rate loans are generally preferred. With this type of loan, your interest rate remains the same for every month.

Q3. Which loan period is the best?

Ans: It generally depends on the borrower, but long-term loans have lower interest rates and longer repayment tenures. Meanwhile, short-term home loans usually come with higher interest rates. However, the total repayment amount is generally higher in long-term loans. 

Q4. What is the maximum age for a home loan?

Ans: The maximum age for salaried and self-employed individuals to purchase a home is 65. In addition, the eligible age for applying for a home loan usually starts at 21 and is closed at 60-65. 

Q5. What is a CIBIL score?

Ans: A CIBIL score called a credit score, is a 3-digit score showing your credit history and rating. This score normally ranges from 300 to 900; a good CIBIL score also improves your chances of getting loans.