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₹20 Lakh Home Loan EMI

Know more about the impact of tenure on the EMI amount of a home loan of ₹20 Lakhs
Your Monthly Loan EMI
₹ 25,335
Total Interest
₹ 1,040,219
Principal Amount
₹ 20,00,000
Total Payable Amount
₹ 30,40,219
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
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Check Eligibility

You can easily compare Home Loan offers from multiple lenders on Bajaj Markets.

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This platform also provides a clear view of the total interest payable and the overall repayment amount, enabling you to plan your finances and budget more efficiently.

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Understanding how your EMIs are calculated for a home loan of ₹20 Lakhs empowers you to manage your finances effectively. Having a good grasp on your EMI structure enables you to budget strategically. This helps you make informed decisions about your repayment plan. The loan tenure plays a crucial role in determining your EMIs.

EMI for a Home Loan of ₹20 Lakhs for Various Tenures

To understand how, let’s see the change in EMI over 10, 15, 20, 25, and 30 years. For this, let’s assume that the interest rate is constant at 9% p.a.:

Repayment Tenure

EMI Amount

10 Years

₹25,335

15 Years

₹20,285

20 Years

₹17,994

25 Years

₹16,783

30 Years

₹16,092

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

Detailed Breakup of Home Loan of ₹20 Lakhs for 10 Years

Here’s a breakdown of the EMIs of a home loan of ₹20 Lakhs over a tenure of 10 years, considering that the interest rate is 9% p.a.:

Loan Amount

₹20 Lakhs

Interest Rate

9% p.a.

Loan Tenure

10 Years

EMI

₹25,335

Total Interest

₹10,40,219

Total Repayment Amount

₹30,40,219

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

Detailed Breakup of Home Loan of ₹20 Lakhs for 20 Years

When you choose a repayment tenure of 20 years, the instalment amount decreases. The details are as follows:

Loan Amount

₹20 Lakhs

Interest Rate

9% p.a.

Loan Tenure

20 Years

EMI

₹17,995

Total Interest

₹23,18,685

Total Repayment Amount

₹43,18,685

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

Detailed Breakup of Home Loan of ₹20 Lakhs for 30 Years

Here is a breakdown of the EMI and interest costs payable when you choose to repay the loan over a period of 30 years:

Loan Amount

₹20 Lakhs

Interest Rate

9% p.a.

Loan Tenure

30 Years

EMI

₹16,092

Total Interest

₹37,93,283

Total Repayment Amount

₹57,93,283

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

Lenders Offering Home Loans of ₹20 Lakhs

Lenders

Starting Interest Rate

PNB Housing Finance

8.50% p.a.

L&T Finance

8.60% p.a.

LIC Housing Finance

8.65% p.a.

Kotak Mahindra Bank

9.00% p.a.

ICICI Bank

9.00% p.a.

Home First Finance Company

9.00% p.a.

Shubham Housing Finance

9.90% p.a.

Shriram Housing Finance

11.50% p.a.

Vridhi Home Finance

12.00% p.a.

India Shelter

13.00% p.a.

*Disclaimer: The rates are subject to change at the lender’s discretion.

Eligibility Criteria & Documents Required for a ₹20 Lakh Home Loan

Meet the eligibility criteria listed below to qualify for a home loan of ₹20 Lakhs:

  • Nationality: Indian and residing in India

  • Age: 23 to 62 years if salaried, 25 to 70 years if self-employed

  • Work experience: At least 3 years (for salaried applicants)

  • Business vintage: At least 5 years (for self-employed applicants)

Along with this, ensure to keep the following documents ready for a smooth application process:

  • ID Proof: Any of the following

    • Driving licence

    • Aadhaar card

    • PAN card

    • Voter ID

  • Residential Proof: Any of the following

    • Aadhaar card

    • Passport

    • Utility bills

  • Income Proof for Self-employed Applicants:

    • Degree/qualification certificates for self-employed professionals 

    • Profit and loss statement of the last 3 years

    • ITR filings of the last 2 years

    • Business licence details

    • Latest balance sheet of the business, audited by a certified CA

    • TDS certificate

  • Income Proof for Salaried Applicants: 

    • Form 16

    • ITR filings of the last 2 years

    • Salary slips of the last 3 months 

Other Home Loan EMI Options

FAQs on ₹20 Lakh Home Loan EMI

What is the EMI for ₹20 Lakh Home Loan for 25 years?

If you take a home loan of ₹20 Lakhs, with an interest rate of 8.75% p.a., with a tenure of 25 years, the EMI will be ₹15,423.

Most home loan lenders allow you a maximum repayment tenure of 30 years on a ₹20 Lakh home loan.

There are no fixed salary criteria that you need to get a ₹20 Lakh home loan. The home loan lender approves your home loan based on various factors, including age, income, employment, credit scores, etc. 

The key is to show your EMI payment ability to the lender to increase the chances of your home loan approval. To get an idea of the EMIs, use a ₹20 Lakh home loan EMI calculator.

Yes. Most lenders provide prepayment and foreclosure facilities that enable you to close the loan faster and manage your finances better. However, before you opt for this facility, check the charges associated with it. This will help you make an informed decision and time your prepayments well.

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