If you are looking to get a home loan of ₹60 Lakhs, checking the payable EMI amount is crucial. It impacts the aggregate cost of the loan as well as the strain the repayment puts on your finances. Two major factors that play a role in determining the instalment amount are the interest rate and tenure.

The former is usually decided by the lender based on your loan eligibility. Meanwhile, you may be able to negotiate for a tenure that suits your needs. But, how does the loan duration affect your monthly instalments?

Let’s understand this with an example. Consider the interest rate for your home loan of ₹60 Lakhs is set at 9% p.a. In this case, the EMI over tenures ranging from 10 to 30 may be as follows:

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

Consider the following table to check the probable cost of your home loan if the tenure is set at 10 years:

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

While the ₹60 Lakh home loan EMI for 20 years may be lower, the interest outgo is far higher. Here are the details:

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

The EMI and repayment costs of a home loan of ₹60 Lakhs with a tenure of 30 years are as follows:

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

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

You should meet the eligibility criteria listed below to qualify for a home loan to qualify for a home loan of ₹60 Lakhs:

• Indian citizenship

• For salaried applicants

  • Age: 23 to 62 years

  • Work experience: At least 3 years

• For self-employed applicants

  • Age: 25 to 70 years 

  • Business vintage: At least 5 years

Also, you will be asked to provide the documents listed below:

• Identity proof: Aadhaar card, PAN card, voter ID, driving licence, etc.

• Address proof: Aadhaar card, passport, utility bills, etc.

• Income proof:

  • For Self-employed: 

    • Certificates proving their qualification for self-employed professionals

    • TDS certificate

    • Business licence details

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

    • Profit and loss statement of the previous 3 years

    • ITR filings of the previous 2 years

  • For Salaried:

    • Form 16

    • ITR filings of the previous 2 years

    • Salary slips of the previous 3 months

You may be required to provide some additional documents depending on the lender’s requirements. Be sure to ask your chosen lender’s complete set of eligibility and documentation requirements before applying for the loan.