Rs.2 Crore Home Loan: Details
For aspiring home buyers in India, who want to close on the purchase of a new home before the end of the year, there’s a good chance that you might land a great deal, both on the property and the loan. As the year is coming to a close, most lenders and their representatives will be more eager to tie-up loose ends and gear for a fresh start in 2023. So those who are likely to be involved in a real estate transaction will be highly motivated to get the deal closing done faster without much negotiation. So, if you are eyeing that premium property, now could be a good time to get a home loan.
Rs.2 Crore Home Loan: Eligibility Criteria
When considering vendors, it is important to check the Home Loan eligibility criteria so you can maximize your chances of approval. Lending criteria vary with the type of employment and the sub-factors related to the employment type.
| parameter | Salaried Home Loan Borrowers | Self-Employed Home Loan Borrowers |
|---|---|---|
| Nationality | Indians (Non-NRIs) | Indians (Non-NRIs) |
| Employment | Minimum 3 years of work experience. Best, if it is with a reputed employer | Minimum 5 years of business continuity in the current enterprise |
| Age of borrower | 23 to 62 years | 25 to 70 years |
| Place of Residence | Must reside in one of the cities the lender operates in | Must reside in one of the cities the lender operates in |
Upper age limit is considered as age at the time of loan maturity
Besides, you should preferably have a credit score of 750 and above.
Documents Needed for a Home Loan Worth Rs.2 Crore
Before you apply, it’s best to check the list of documents required for a Home Loan.
| Verification Type | Document |
|---|---|
| Identification and Address | PAN and Aadhar card Utility bills, etc. |
| Financial | Latest salary slips (of three months) Bank statement (of six months) ITR (of two years) |
| Property | Sale Deed with the Registration Receipt Agreement Copy TAX receipt Approved project plan/MAP |
| Existing Loan | Sanction and foreclosure letter Statement of Account (SOA) |
Applicable only in case of a Home Loan Balance Transfer
Note: Apart from the documents mentioned here as those required for a Home Loan, other documents may be requested at the time of processing. These will be communicated to you by our representative.
Rs.2 Crore Home Loan EMIs for Different Tenors
Before you proceed to apply for a housing loan, it is advised that you use the housing loan EMI calculator to project a rough EMI plan based on your preferred Home Loan terms.
Here are the details of the EMIs for a Home Loan of Rs.2 Crore for different tenors, taking into account the applicable interest rate of 8.60%**.
| Loan Amount (In Rs) | Tenor | EMIs (In Rs.) |
|---|---|---|
| 2 Crore | 30 years | 155,202 |
| 2 Crore | 25 years | 162,395 |
| 2 Crore | 20 years | 174,833 |
| 2 Crore | 15 years | 198,122 |
| 2 Crore | 10 years | 249,042 |
Disclaimer:- The interest rate considered here, and its subsequent calculations are for illustrative purposes only. The calculations and actuals will differ basis the individual’s profile and loan requirements.
