BAJAJ FINSERV DIRECT LIMITED

To meet a variety of big-ticket expenses, you can consider a loan against property. This type of loan allows you to leverage the value of your property as collateral to secure funds for various needs. This may include business expansion, overseas education, a destination wedding or medical emergencies. 

On Bajaj Markets, you can get a loan of up to ₹20 Lakhs or more against your property with ease. Benefit from competitive interest rates, flexible EMIs, extended tenures, and instant approval on your application. 

To calculate the EMI on a ₹20 Lakh loan against property, you can use online loan calculators for free and make a well-informed borrowing decision. 

For example, 

If you take a ₹20 Lakh loan against property for 10 years at an interest rate of 9.50% p.a., your EMI will be approximately ₹25,880. Over the tenure, you will pay around ₹11,05,541 as total interest, making the total repayment amount ₹31,05,541.

₹20 Lakh Loan Against Property EMI for Different Tenures

The duration of repayment plays a crucial role in determining the final amount you will pay. Choosing a longer tenure can lower your monthly instalments, but keep in mind that it could result in paying more interest over time.

Check out the EMI amount for a ₹20 Lakh Loan Against Property (LAP) for varying tenures at an interest rate of 9.50% p.a.

Tenure

Loan Amount

Interest Rate

EMI Amount

5 Years

₹20 Lakhs 

9.50% p.a.

₹42,004

10 Years

₹20 Lakhs

9.50% p.a.

₹25,880

15 Years

₹20 Lakhs 

9.50% p.a.

₹20,884

20 Years

₹20 Lakhs 

9.50% p.a.

₹18,643

25 Years

₹20 Lakhs 

9.50% p.a.

₹17,474

30 Years

₹20 Lakhs 

9.50% p.a.

₹16,817

Disclaimer: The figures mentioned in the above table are indicative. It is imperative to check the actual payable EMIs before applying.

₹20 Lakh Loan Against Property: EMI & Interest Payable for Various Tenures

The EMI and payment amount for various tenures are displayed in the following tables-

₹20 Lakh Loan Against Property EMI for 5 Years

The given table shows the interest rate and total amount for a ₹20 Lakh loan against property for 5 year a tenure: 

Loan Amount

₹20 Lakhs

Interest Rate

9.50% p.a.

Tenure

5 Years

Total EMI Payable

₹42,004

Total Interest Payable

₹5,20,223

Total Amount Payable

₹25,20,223

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

₹20 Lakh Loan Against Property EMI for 10 Years

If you are considering a ₹20 Lakh loan by pledging your property, carefully evaluate your EMI based on the applicable interest rate and chosen tenure. Here is a breakdown of a 10-year loan using a ₹20 Lakh loan against property EMI calculator:

Loan Amount

₹20 Lakhs

Interest Rate

9.50% p.a.

Tenure

10 Years

Total EMI Payable

₹25,880

Total Interest Payable

₹11,05,541

Total Amount Payable

₹31,05,541

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

₹20 Lakh Loan Against Property EMI for 15 Years

Here is a detailed breakdown of the EMI amount, interest, and amount payable for a ₹20 Lakh home loan against property with a 15-year tenure:

Loan Amount

₹20 Lakhs

Interest Rate

9.50% p.a.

Tenure

15 Years

Total EMI Payable

₹20,884

Total Interest Payable

₹17,59,209

Total Amount Payable

₹37,59,209

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

₹20 Lakh Loan Against Property EMI for 20 Years

The following table shows the detailed breakdown of a ₹20 Lakh loan against property for 20 years:

Loan Amount

₹20 Lakhs

Interest Rate

9.50% p.a.

Tenure

20 Years

Total EMI Payable

₹18,643

Total Interest Payable

₹24,74,230

Total Amount Payable

₹44,74,230

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

₹20 Lakh Loan Against Property EMI for 25 Years

Here is a detailed breakdown of a ₹20 Lakh LAP for 25 years:

Loan Amount

₹20 Lakhs

Interest Rate

9.50% p.a.

Tenure

25 Years

Total EMI Payable

₹17,474

Total Interest Payable

₹32,42,180

Total Amount Payable

₹52,42,180

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

₹20 Lakh Loan Against Property EMI for 30 Years

A 30-year loan tenure offers a longer repayment period, making the EMIs more manageable. Here is a detailed cost breakdown for this tenure:

Loan Amount

₹20 Lakhs

Interest Rate

9.50% p.a.

Tenure

30 Years

Total EMI Payable

₹16,817

Total Interest Payable

₹40,54,150

Total Amount Payable

₹60,54,150

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

How to Calculate ₹20 Lakh Loan Against Property EMI

Use the following formula to compute the EMI for your loan against property:

EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]

Where:

  • P = Loan amount

  • R = Monthly interest rate (Annual interest rate ÷ 12 ÷ 100)

  • N = Loan tenure in months

For example, 

If you take a ₹20 Lakh loan for 10 years at 9.50% interest, your EMI will be approximately ₹25,880. The total interest payable would be ₹11,05,541, making the total repayment amount ₹31,05,541.

To simplify the process, you can use a Loan Against Property EMI Calculator to get instant and accurate EMI estimates based on your inputs.

Interest Rates Offered by Different Lenders

On Bajaj Markets, you can quickly compare interest rates and loan terms from leading lenders. The table below shows the estimated EMI for a ₹20 Lakh loan against property with a 15-year tenure, along with the total interest payable. The figures are based on each lender’s minimum offered rate.

Lender

Interest Rate

Tenure

EMI Payable

Total Interest Payable

Bajaj Housing Finance Limited

8.99% p.a.

15 years

₹20,273

₹16,49,218

JIO FS

9.00% p.a.

15 years

₹20,285

₹16,51,359

PNB Housing Finance

9.25% p.a.

15 years

₹20,583

₹17,05,092

LIC Housing Finance

9.45% p.a.

15 years

₹20,824

₹17,48,354

L&T Finance

9.60% p.a.

15 years

₹21,005

₹17,80,962

Easy Home Finance

9.60% p.a.

15 years

₹21,005

₹17,80,962

Aditya Birla Capital Limited

10.50% p.a.

15 years

₹22,107

₹19,79,436

ICICI Bank

10.60% p.a.

15 years

₹22,232

₹20,01,783

Shubham Housing Finance

13.90% p.a.

15 years

₹26,500

₹27,70,106

HOME FIRST

14.00% p.a.

15 years

₹26,634

₹27,94,268

Truhome Finance

14.75% p.a.

15 years

₹27,650

₹29,77,013

India Shelter

15.00% p.a.

15 years

₹27,991

₹30,38,513

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

Other Loan Against Property EMI Options

FAQ

What will be the EMI for a ₹20 Lakh loan against property?

The EMI for a ₹20 Lakh loan against property depends on the interest rate and tenure.

For example, if you opt for a 15-year tenure at an interest rate of 9.00% p.a., your EMI will be approximately ₹20,285.

What is the eligibility for a ₹20 Lakh loan against property?

The eligibility criteria for a ₹20 Lakh loan against property include:

  • Age between 21 and 70 years

  • Minimum monthly income of ₹30,000

  • At least 1 year of work experience (salaried)

  • Minimum 2 years of business continuity (self-employed)

What documents are required for a ₹20 Lakh loan against property?

You have to submit some important documents while applying for the loan on Bajaj Markets. These documents include:

For Salaried:

  • Identity Proof: PAN card, Aadhaar card, voter ID, passport, or any other government-issued credential

  • Address Proof: Voter ID, Aadhaar card, passport, utility bill, ration card, or any other government-issued proof

  • Income Proof: Salary slips of the last 3 months, latest ITR, and Form 16

  • Property papers

For Self-Employed:

  • Identity Proof: Aadhaar card, voter ID, passport, or any other government-issued credential

  • Address Proof: Voter ID, Aadhaar card, passport, utility bill, or any other government-issued proof

  • Income Proof: Bank statements of the last 6 months, audited financials of the company, and ITR filed by the business

  • Property Documents

What is the interest rate range for a ₹20 Lakh loan against property?

Lenders on Bajaj Markets offer ₹20 Lakh loan against property with affordable interest rates starting from 8.99% p.a. 

What is the tenure range available for a ₹20 Lakh loan against property?

You can enjoy a tenure of up to 20 years for a loan against property on Bajaj Markets.

Can I get a ₹20 Lakh loan against property with a low credit score?

Yes, you can apply for a ₹20 Lakh loan against property even with a low credit score. However, lenders may offer lower loan amounts, higher interest rates, or stricter terms to reduce risk, depending on their internal policies.

What happens if I miss an EMI payment on my ₹20 Lakh loan against property?

Missing EMIs can lead to penalties, a drop in your credit score, and your account being marked as a Non-Performing Asset (NPA) after 90 days of default. In serious cases, the lender can take legal action and may even initiate property recovery under the SARFAESI Act.

How much salary is required for a ₹20 Lakh loan against property?

You should have a minimum monthly income of ₹30,000 to be eligible for a ₹20 Lakh loan against property. Actual requirements may vary by lender.

How to apply for a ₹20 Lakh loan against property?

You can apply for a loan against property through Bajaj Markets by following these simple steps:

  1. Go to the Bajaj Markets Loan Against Property page and tap on ‘Check Offer’

  2. Provide your personal and work-related details

  3. Pick your desired loan amount and repayment tenure

  4. Submit your application online to proceed
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