Buying a home will be the most expensive thing you will ever buy in your life. Hence it is extremely important to do your homework in-depth. A INR 10 lakh home loan can help you plan your finances and achieve your goals better. This gives you a wonderful opportunity to easily buy your dream home well within reach. You could use the benefits of a home loan even if you have sufficient funds to meet the requirements of funds. Benefits could be tax saving or increased investment opportunities. Sometimes there could be a small gap in the funds’ availability while purchasing a home. This gap can be met by an INR 10 lakh home loan.

What is an INR 10 Lakh Home Loan?

SMFG Grihashakti INR 10 lakh home loan presents an easy way to meet your shortfall on funds while buying a house. Assuming you are funding most of your property from your savings and investments but there is still a shortfall for the home, Grihashakti’s INR 10 lakh home loan can be taken easily to meet any requirement related to the purchase of a house. Grihashakti’s repayment tenure is flexible and can range between 5 years to 30 years. The interest rates are affordable and will depend on various factors including your credit score, repayment history, income, existing debts, etc. as well as our policy at the time of loan application. Grihashakti’s INR 10 Lakh EMI interest rate is competitive and this lets you buy the house you want. SMFG Grihashakti loans are processed in duration as less as 72 working hours, subject to proper provision of documentation, property evaluation, verification checks and internal approvals.

INR 10 lakh loan EMI Details

Your EMI amount depends primarily on the annual interest rate agreed upon, as well as the total loan amount you have borrowed. Based on your agreement with Grihashakti, the EMI amount could consist of other components like insurance costs.

The below table shows an illustrative understanding of INR 10 lakh home loan at an interest rate of 7.99% and 8.99% p.a. The EMIs change as per the interest rate and tenures. EMI amounts stated below are estimated amounts only. They may not include additional charges, which may be applicable as per the terms agreed upon.

What will be the EMI for a 10 lakh home loan?

EMI Calculator for INR 10 Lakh home loan EMI

The SMFG Grihashakti home loan calculator calculates your EMI in a few seconds. It is an easy-to-use and free-of-cost online tool. The online home loan EMI calculator lets you have clarity on your future monthly expenses in detail. All you need to do is to enter the required details like rate of interest, loan amount, and preferred repayment tenure. The calculator will give you the desired result immediately. This calculator is free of cost and you could re-enter fresh details as many times as you like to get results as per your suitability.

The total interest payout on INR 10 lakh EMI with a tenure of 30 years would be INR 16,39,043 at an interest rate of 7.99% p.a. and INR 18,94,051 at 8.99% p.a. This is subject to applicants not making any part-payment, or subscribing to any schemes / facilities that may alter the terms of their loan in the entire loan tenure.

Eligibility and documents required for INR 10 lakh home loan

SMFG Grihashakti’s INR 10 lakh home loan can be availed by you as a salaried or as a self-employed individual. SMFG Grihashakti’s basic home loan eligibility criteria are as follows:

• Resident Indians only, at least 21 years at the time of loan application and not older than 65 years of age by the time of maturity of the loan.
• Salaried individuals working in MNC, listed public company, government company, private company, MSME, unlisted company, partnership firm, etc. They must have an overall work experience of at least 1 year, with at least 6 months in the current organization. Minimum salary of INR 1,20,000 per annum
• Self-employed individual, sole proprietor, CA, doctor, architect, partner in a partnership firm or a company can apply too.
• CIBIL score needs to be at least 700 with a good repayment history.

SMFG Grihashakti requests a simple list of documents like PAN and ID Proof, Address Proof, Bank statements of the past 6 months, Proof of Income,

Salaried: Salary slips of past 2 months, past 2 years ITR and Form 16,

Self Employed: Last 2 years ITR, audited financials, etc., and Property related documents.

Further to internal assessment, it is possible that we may request additional documents.

*Terms and conditions applicable. Loans are sanctioned at the discretion of Grihashakti. Please note that Aadhaar numbers should be masked before submission as per regulatory guidelines.

How to apply for an INR 10 lakh home loan?

You can apply for Grihashakti’s INR 10 lakh home loan online or offline. While both ways are easy, online application is time efficient and convenient. It can be completed from the comfort of your home. Just click on the ‘ Apply Now ’ button, enter your basic details, upload your documents, and submit. If you decide to apply offline, you could approach the nearest SMFG Grihashakti branch to take the process forward.