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40 Lakh Home Loan

Unlock the Doors to your dream Home with Axis bank

Invest for your future with a Rs.40 lakh Home Loan

Elevate your living standards and invest in a brighter future with a Rs.40 lakh Home Loan from Axis Bank. Unlock possibilities for spacious living, enhanced comfort, and potential property appreciation. Our experienced financial advisors offer tailored solutions and comprehensive support to guide you through the process.

Want to know your EMI outflow for a 40-lakh home loan? Read on.

40 Lakh Home Loan EMI for 10 Years

Let us calculate the monthly EMI for a 40 lakh home loan for 10 years with the following details.

Loan Amount (₹)40,00,000
Tenure (years)10
Interest Rate (p.a.) 8.75% - 9.15%

Note: Considering 8.75% interest on 40 lakh home loan in the below scenarios.

40 Lakh Home Loan EMI for 10 Years

Equated Monthly Instalments (EMI in ₹)50,131
Principal Amount (₹)40,00,000
Interest Amount (₹) 20,15,684
Total Amount Payable (₹) 60,15,684

40 Lakh Home Loan EMI for 15 Years

Equated Monthly Instalments (EMI in ₹)39,978
Principal Amount (₹)40,00,000
Interest Amount (₹) 31,96,030
Total Amount Payable (₹)71,96,030

40 Lakh Home Loan EMI for 20 Years

Equated Monthly Instalments (EMI in ₹)35,348
Principal Amount (₹)40,00,000
Interest Amount (₹) 44,83,623
Total Amount Payable (₹)84,83,623

40 Lakh Home Loan EMI for 25 Years

Equated Monthly Instalments (EMI in ₹)32,886
Principal Amount (₹)40,00,000
Interest Amount (₹) 58,65,724
Total Amount Payable (₹)98,65,724


You can calculate 40 lakh home loan EMI for 5 years using Home Loan EMI Calculator. Similarly you can also calculate 40 lakh home loan EMI for 30 years or any other tenure.



How to apply for Rs.40 lakh Home Loan online at Axis Bank?

Looking to borrow Rs.40 lakh for your dream home? Axis Bank makes the online application process a breeze! Follow these simple steps:

  • Make sure you qualify before you start. The Home Loan Eligibility Calculator can help you determine if you can handle the monthly payments
  • Visit the Axis Bank Home Loan website and click the "Apply Now" button
  • Enter your information and click Submit. Confirm whether you are already a customer or not, and provide your name, contact number, email address, city, and state
  • An Axis Bank representative will reach out to chat about your loan options
  • Get your documents in order
  • After you're approved, submit your property documents for verification
  • With all your documents in hand, you could get approved in just 15 days
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Eligibility criteria for a Rs 40 lakh Home Loan:

  • 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 Home Loan of Rs.40 lakh, 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 Rs.40 lakh remains affordable for you, and the combined EMIs of all loans do not exceed 40% of your take-home pay.

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Rs.40 lakh Home Loan Fees and Charges

  • For Home Loans a non-refundable processing fee of roughly 0.1% of the principal amount is charged. GST as applicable will be charged.


Documents required for ₹40 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 Salaried Individuals for Rs.40 lakh Home Loan
Any one of the following for proof of income

  • 3 months pay slip
  • 6 months pay slip showing all deduction for variable income
  • 6 months bank statement showing salary credits
  • 2 years Form 16 (or employment 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 Self-employed Individuals for Rs.40 lakh Home Loan

  • 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

Factors that affect interest rate applicable on a ₹40 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 Rs.40 lakh at a better rate of interest



Frequently Asked Questions

A credit score exceeding 750 is regarded as favourable and enhances the probability of loan approval.

No, documentation is essential, encompassing KYC, income verification, and property along with stamp duty papers for the house you are purchasing.

Ideally, your income should be 3-4 times the loan amount to ensure the affordability of the Rs 40 lakh Home Loan EMI without causing undue financial strain.



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