✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.45% Apply Now

Today, getting home loans are very common, you can easily get your dream house financed by banks, NBFCs and other private lenders. However, it is important to understand that a loan should go beyond fulfilling your monetary requirement. It should also be within your repaying capacity.


For all the individuals looking for a property loan of ₹20 Lakhs, there are various points to keep in mind like the rate of interest, flexibility in repayment tenure, EMIs, etc.Read on to find out more about ₹20 Lakh home loan EMI and other factors related to it.

EMI Calculations for a Home Loan of ₹20 Lakhs with Varying Tenures

The interest rate and home loan tenure play a crucial role in the calculation of ₹20 Lakh home loan EMI amounts. The shorter the repayment tenure is, the higher the total EMI amount will be. 


It is generally advisable for the applicant to take long-tenure home loans to save money. Check out the table below to find EMI of varying venues for comparisons. 


Here, the interest rate is assumed to be 9% per annum.

Loan Amount (₹)

Interest Rate (p.a.)



₹20 Lakhs

9% per annum

10 Years


₹20 Lakhs

9% per annum

15 Years


₹20 Lakhs

9% per annum

20 Years


₹20 Lakhs

9% per annum

30 Years


₹20 Lakhs Home Loan EMI Calculator

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

Using an EMI calculator helps you compute EMIs instantly. All you need to do is input the loan amount, tenure and applicable  interest rate to assess your monthly instalments.


While this calculator provides error-free results, you can calculate the EMI manually as well. Here is the formula for calculating your home loan EMIs manually:


EMI = P x R x (1+R)^N / [(1+R)^N-1]



  • P is the principal loan amount

  • N is the tenure of the loan in months

  • R is the interest rate

₹20 Lakh Home Loan Interest Rate Offered by Banks/NBFCs

The table below has information about different partner lenders on $$BrandName$$% providing ₹20 Lakh home loans. You can refer the table to compare the rates provided by different lenders to make a wise financial decision:

Name of the Partner

Interest Rates

Maximum Loan Amount

Maximum Tenure

Bajaj Housing Finance Limited

8.45% p.a. onwards

₹ 2.5 Cr 

Up to 30 Years

Home First Finance Company

9.50% p.a. onwards

₹ 40 Lakhs 

Up to 20 Years


9.00% p.a. onwards

₹ 5 Cr 

Up to 30 Years

LIC Housing Finance

8.65% p.a. onwards

₹ 15 Cr 

Up to 30 Years

PNB Housing Finance Limited

8.50% p.a. onwards

₹ 15 Cr 

Up to 30 Years

Shriram Housing Finance

11.50% p.a. onwards

₹ 1 Cr 

Up to 25 years

Shubham Housing Finance

10.90% p.a. onwards

₹ 50 Lakhs 

Up to 25 Years

Union Bank of India

8.50% p.a. onwards

₹ 15 Cr

Up to 30 Years

*Disclaimer: The interest rates and associated charges can vary from one lending partner to the other and are subject to policy changes of the partner.


The home loan interest rate starts from 8.65% at Bajaj Markets.

Eligibility Criteria for a ₹20 Lakh Home Loan

There are various factors like income, credit score, etc., that highly influence the home loan eligibility criteria for an ₹20 Lakh house loan. Apart from these factors, your employment, work experience, and the nature of income also play a crucial role in determining your eligibility.

The applicant must be a resident of the country, this point is based on the minimum monthly income of the individual and the current city location. 


The borrower has to check and make sure that the property value matches the minimum money amount fixed by the lender. These values are generally mentioned on the application form and if not, the applicant must get in contact with the concerned executive.


Some other important points of the eligibility criteria are: 

  • The minimum and maximum age of the applicant must be 23 years and 70 years respectively.

  • The applicant must have at least 3 years of work experience.

Read More

Steps to Apply for a Home Loan Up to ₹20 Lakh

The step-by-step procedure for getting a home loan up to ₹20 Lakh are as follows: 

  • Step 1: Online Form: Click on “APPLY NOW” and fill the application form will be displayed on the screen, enter all the required details and check for a loan offer.

  • Step 2: Choose the Lender: Various lenders have listed their home loan quotations on Bajaj Markets for customers’ ease. Select the lender as per your financial goals.

  • Step 3: Loan Requirements: Mention all the information regarding the various alternates like EMI amounts, interest rates, tenure, etc. and submit the form with mandated documents.

  • Step 4: Approval and Disbursal: The application will be then analysed and verified by the lending organisation. If the application is authentic and duly filled, your home loan application will be approved. The company executive will contact you to sign the loan agreement.


After the agreement is duly signed by both parties, the company will transfer the loan amount into the applicant’s account.

Documents Needed for ₹20 Lakh Home Loan

In the process of a ₹20 Lakh home loan application, there are certain documents that you need to submit along with the form. Here is a list of the required documents for house loan

  • Identification Proof: PAN card/ Driving License/ Passport/ Voter ID. Anyone of the above mentioned can be used.

  • Income Proof:  Salary Slips of last 3 months, Bank statements of last 6 months and recent IT returns, and Form 16.

  • Property Proof: Title deed agreement, Copy of buyer agreement.

  • Contribution Proof

  • Contract of employment (less than one-year-old)

  • Bank statements (showing repayment transactions of the existing loans)

  • Passport size photographs.

₹20 Lakh Home Loan EMI for 10 Years

Getting a home loan is a significant decision, demanding careful consideration. It is crucial to calculate the monthly instalments that you have to pay with the home loan.


To swiftly and accurately determine your ₹20 Lakh home loan EMI for 10 years, you can take the help of a ₹20 Lakh home loan EMI calculator.


Simply put the loan amount, tenure and interest rate in an EMI calculator for the calculation of your ₹20 Lakh loan EMI for 10 years.

Loan Amount


Rate of Interest

8.50% per annum



Total Interest


Total Repayment


₹20 Lakh Home Loan EMI for 15 Years

Understanding the EMI calculations involved in your ₹20 Lakh home loan EMI for 15 years is crucial to compare and evaluate different home loan options available for you.  


As mentioned earlier, enter your desired loan amount, loan tenure and the rate of interest to get the monthly EMI calculations along with the total interest and total repayment on your home loan.

Loan Amount


Rate of Interest

8.50% per annum



Total Interest


Total Repayment


₹20 Lakh Home Loan EMI for 20 Years

Here, find the monthly EMI, total EMI and total interest you pay on your ₹20 Lakhs home loan for the tenure of 20 years.


Calculating the ₹20 Lakh home loan EMI for 20 years can take time and effort. To get the job done quickly, use the ₹20 Lakh home loan EMI calculator.

Loan Amount


Rate of Interest

8.50% per annum



Total Interest


Total Repayment


₹20 Lakh Home Loan EMI for 30 Years

Have a look at this table to get an idea about the EMI and interest payments you will have to make on a ₹20 Lakh home loan for 30 years.


Using a ₹20 Lakh loan EMI calculator, you can calculate your home loan EMI quickly and easily. 

Loan Amount


Rate of Interest

8.50% per annum



Total Interest


Total Repayment


How to Minimise Your ₹20 Lakh Home Loan EMI?

A ₹20 Lakh home loan EMI is highly dependent on the rate of interest fixed by the lender. However, there are a few points that might help you to minimise the EMIs

  • Long Term Loans: The repayment tenure for any loan plays a crucial role in deciding the ₹20 Lakh home loan EMI amounts. The maximum tenure for a home loan is 30 years. The ₹20 Lakh home loan EMI for 20 years might have a lower EMI than that of a 10-year loan. As such, it may be a better choice, for your budget. However, you end up paying a lot as interest, as you are repaying for a longer period. Note that you can claim home loan tax benefits on the interest paid.

  • Type of EMI Plan: There are various schemes and types of EMIs offered by lenders based on your requirements. Systems like Step-Up EMI schemes allow you to has to pay a larger amount for your ₹20 Lakh home loan EMI in the initial months and a lower amount in the later months. This decreases the interest burden in the later tenure part and helps keep costs in check.

  • Existing Bank: In case, you are an existing customer of some bank, it is a good option to apply for a home loan in the same bank again. If you have a good history with the bank, there is a possibility they will offer you a loan at a comparatively lower rate which will eventually help you in minimising ₹20 Lakh home loan EMI amount. 

  • Negotiate for Lower Rate: Your credit score and debt history can help you in negotiating with the bank for lower interest rates. Lenders always take into consideration the debt history and credit score while reviewing any application.
FAQs about ₹20 Lakh Home Loan EMI FAQ

If you take a home loan from PNB Housing Finance, with an interest rate of 8.75% per annum, your EMI for repaying your ₹20 Lakh home loan with a tenure of 25 years will be ₹15,423. 

Your home loan EMIs depend on factors such as your principal amount, interest rate and repayment tenure length. To calculate your EMIs, take the assistance of a ₹20 Lakh home loan EMI calculator.

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.

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