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₹30 Lakh Home Loan

Empower your Future with a Home loan from Axis Bank

Buy your dream abode with a ₹30 lakh Home Loan

Axis Bank’s dynamic ₹30 Lakh Home Loan is designed to streamline the homeownership journey for discerning individuals. Leverage our intuitive online platform for pre-qualification, application submission, and personalised loan quote generation. Our unwavering commitment to efficiency and transparency ensures a stress-free experience.

Read on to know more about EMI calculation for a ₹30 lakh Axis Bank home loan.

₹30 Lakh Home Loan EMI for 10 Years

Monthly EMI for a ₹30 lakh home loan for 10 years is calculated below with the following details.

Loan Amount (₹)30,00,000
Tenure (years)10
Interest Rate (p.a.)8.75% - 9.15%

Note: Considering 8.75% interest in the below scenarios.

₹30 Lakh Home Loan EMI

EMI for 10 YearsEMI for 15 YearsEMI for 20 YearsEMI for 25 Years
Equated Monthly Instalments (EMI in ₹)37,59829,98326,51124,664
Principal Amount (₹)30,00,00030,00,00030,00,00030,00,000
Interest Amount (₹)15,11,76323,97,02333,62,71743,99,293
Total Amount Payable (₹)45,11,76353,97,02363,62,71773,99,293

Likewise, if you wish to calculate ₹30 lakh home loan EMI for 30 years, you can use Home Loan EMI Calculator

How to apply for ₹30 lakh Home Loan online at Axis Bank?

To apply for Axis Bank Online Home Loan

  • Check your eligibility before diving in. Use the Home Loan Eligibility Calculator to see if you can comfortably manage the monthly payments
  • Head to the Axis Bank Home Loan website and click "Apply Now"
  • Fill in your details and hit Submit. Specify if you're an existing customer or new one, and provide your name, phone number, email, city, and state
  • An Axis Bank rep will contact you to discuss the loan options
  • Gather all the required documents
  • Once approved, submit your property documents for verification
  • Get approved in as little as 15 days, as long as you have all the documents needed

Eligibility to get Home Loan of ₹30 lakh

  • Applicants in permanent government positions or employed by reputable private companies must be at least 21 years old when applying, with a maturity age of 65 years or at the time of superannuation.
  • Professionals and self-employed individuals falling within the income-tax bracket can apply for a ₹30 lakh Home Loan, with an age limit of 21 years at the time of application and 65 years at loan maturity.
  • The bank also take into account factors such as annual income, number of dependents, employment status, existing assets, ongoing loan repayments, and credit score. These factors will help the bank ascertain that the EMI for the Home Loan of ₹30 lakh remains affordable for you, and the combined EMIs of all loans do not exceed 40% of your take-home pay.

₹30 lakh Home Loan Fees and Charges

  • Up to 1% of the loan amount or ₹10,000 (whichever is higher) + GST (as applicable).
  • An upfront processing fee of ₹5,000 plus GST shall be collected at the time of application submission. The balance processing fee, as applicable, shall be collected at the time of loan disbursement.
  • The processing fee is a non-refundable fee collected by the Bank for the purpose of reviewing the loan application and same is independent of the outcome of such assessment.

Factors that affect interest rate applicable on a ₹30 lakh Home Loan

  • RBI’s repo rates –Since Home Loan rates are linked to the RBI’s repo rates, any change in the RBI’s rates will impact the Home Loan interest rate
  • Type of loan chosen – Whether it is a Floating Rate Home Loan or a Fixed Rate Home Loan will impact the interest rate. The interest rate on a Fixed Rate Home Loan is higher than a Floating Rate Home Loan
  • Your job profile and credit score also impact the interest rate. A borrower with a stable job and high credit score may get a Home Loan of ₹30 lakh at a better rate of interest

Documents required for ₹30 Lakh Home Loan

  • Mandatory Documents- Application Form and PAN Card
  • Any one of the following for Identity Proof - Passport, Aadhaar Card, Driving License, Voter ID
  • Any one of the following for Proof of Address- Aadhdaar Card, Gas Bill, Driving License, Voter Id, Electricity Bill, Telephone Bill (Landline) Property Tax Receipt, Job Card by NREGA duly signed by an officer of the State Government, Letter issued by National Population Register confirming details of Name, Address, Photograph
  • Any one of the following for Date of Birth proof - Passport, PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, SSC Marksheet
  • Any one of the following for Signature Proof - Passport, PAN Card, Banker’s verification, Notarized affidavit with ID and Address proof (not applicable for financial applicant)

Additional Documents for Self-employed

  • 2 years ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
  • For Asha Home Loan - 1 year ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
  • Tax Audit Report (required for individuals whose sales turnover exceed the norms stipulated by the Income Tax Act)
  • 6 months bank statements of personal and business accounts
  • If ITR is filed without digital sign - CPC and tax paid challan
  • Three years business continuity proof

For NRI salaried

  • 3 months pay slip
  • Appointment letter/contract letter
  • Continuous Discharge Certificate for Shipping cases
  • 6 month Domestic NRE/NRO A/C statement
  • 6 months international Salary A/C statement
  • Overseas credit report
  • Valid visa copy/OCI card
  • Passport copy
  • POA details

Additional Documents for Salaried

  • 3 months pay slip
  • 6 months pay slip showing all deduction for variable income
  • 6 months bank statement showing salary credits
  • years Form 16 (or employment continuity proof)

Frequently Asked Questions

A credit score surpassing 750 is deemed advantageous and enhances the likelihood of loan approval.

No, documentation is imperative, encompassing KYC, income verification, and property along with stamp duty documents for the house you intend to acquire.

Ideally, your income should be 3-4 times the loan amount to ensure the manageability of the ₹30 lakh Home Loan EMI without imposing undue financial stress.