40 Lakh Home Loan

If you want to take a home loan, it’s essential to acquire the necessary information about the type of home loan you wish to apply for. The 40 lakh home loan has certain features, benefits, interest rates, and eligibility criteria that you need to understand before applying.

The 40 lakh home loan is a secured high-end loan that an individual can access. There are several features and benefits for a home loan of 40 lakhs, some of which include:

• Minimal documentation
• Long repayment tenor
• Affordable EMIs

Bajaj Housing Finance offers a loan tenor of up to 30 years as compared to other home loan financers who offer a tenor of 10 years on a 40 lakh home loan. Some other key features of our 40 lakh home loan are explained in the subsequent sections below.

To be eligible for a 40 lakh home loan, an individual has to belong to either of the two categories below:

1.Salaried employees

Here, the individual must be:

• Employed with at least 3 years of working experience.
• Must be a citizen of India.
• The individual must be aged between 23 - 62 years of age.

2.Self-employed individuals

Here, the individual must:

• Own and operate a business for a minimum of 5 years.
• Be an Indian citizen residing in India.
• Be aged between 23 to 70 years.

For both categories, the individual must have a reasonable monthly income, while the intended property to be bought, renovated or built must meet the lending criteria for a 40 lakh home loan. For additional information about the criteria for eligibility.

Another important feature of the 40 lakh home loan is the interest rate, which varies from one financial institution to another. However, at Bajaj Housing Finance, we are offering a promotional fixed rate of 6.70%* for both salaried and self-employed individuals with loan amounts starting from 30 lakhs above.

Individuals have the option of fixing the loan tenor that sits well within their capacity. This way, repayment won't be a tall order. To set this, you need to first understand your equated monthly instalment (EMI).

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40 Lakh Home Loan EMI

The equated monthly instalment (EMI) is dependent on the fixed tenor chosen by an individual, coupled with the interest rate set by the lender. These two are combined to provide you with a visible EMI. However, for better clarity, you should use a Home Loan EMI Calculator.

It’s important to consult the EMI calculator before applying to have an idea of the 40 lakh home loan EMI you will be paying based on your monthly income.

How to Apply for a 40 Lakh Home

Having met the aforementioned stages, you are now fit to apply for a 40 lakh home loan. The process of applying for this loan requires less documentation. According to your category (salaried employee or self-employed), you will be needing only the following:

1. For salaried employees

• A means of identification
• Statement of account (up to 6 months)
• Proof of employment

2. For self-employed individuals

• Means of identification
• Statement of account
• Proof of business

Note, however, that these documents are only for verification purposes.