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Understanding how your EMIs are calculated for a home loan of ₹20 Lakhs empowers you to manage your finances effectively. While ₹20 Lakhs might seem like a small amount compared to the usual quantum borrowed through home loans, it still represents a substantial financial commitment. Having a good grasp on your EMI structure and repayment plan allows you to budget strategically and make informed decisions about your repayment plan. 

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

When considering a home loan of ₹20 Lakhs, keep in mind that the loan tenure plays a crucial role in determining your EMIs. A longer tenure typically means lower monthly payments, which makes the loan more budget-friendly. However, this convenience comes with higher overall interest payments. Meanwhile, choosing a shorter tenure results in higher EMIs but lowers the total interest paid. To navigate through these choices effortlessly, use an EMI calculator. These online tools provide quick insights, helping you compare and find the best-suited option.

₹20 Lakhs Home Loan EMI Calculator

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Principal Amount
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Year EMI Principal Interest Balance

A Home Loan EMI calculator is an algorithm-based tool that can help you get instant estimates of your house loan EMI amount. All you need to do is enter your loan amount, expected interest rate, and preferred repayment tenure.

 

The online tool will show you your overall EMI outflow within seconds. A housing loan calculator can also help you compare loan options by simply altering the numbers you fed into the tool originally. This way, you will be able to decide which offer suits you the best.

EMI on 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.:

EMI

₹25,335

Total Interest

₹10,40,219

Total Repayment Amount

₹30,40,219

EMI on Home Loan of ₹20 Lakhs for 20 Years

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

EMI

₹17,995

Total Interest

₹23,18,685

Total Repayment Amount

₹43,18,685

EMI on 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:

EMI

₹16,092

Total Interest

₹37,93,283

Total Repayment Amount

₹57,93,283

Lenders Offering Home Loans of ₹20 Lakhs

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Bajaj Housing Finance

8.50% p.a.

₹5 Cr

40 Years

4.4
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Home First Finance Company

9.50% p.a.

₹0.40 Cr

20 Years

4.2
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ICICI Bank

9.00% p.a.

₹5 Cr

30 Years

3.9
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India Shelter

10.50% p.a.

₹0.50 Cr

20 Years

3.9
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Kotak Mahindra Bank

9.00% p.a.

₹0.50 Cr

20 Years

4.1
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L&T Finance

8.60% p.a.

₹7.5 Crores

25 Years

4.1
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LIC Housing Finance

8.65% p.a.

₹15 Cr

30 Years

3.8
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PNB Housing Finance

8.50% p.a.

₹15 Cr

30 Years

3.9
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Shriram Housing Finance

11.50% p.a.

₹1 Cr

25 Years

4.3
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Shubham Housing Finance

10.90% p.a.

₹0.50 Cr

25 Years

3.9
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Union Bank of India

8.50% p.a.

₹15 Cr

30 Years

4.0
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Vridhi Home Finance

12% p.a.

₹25 Lakhs

12 Years

4.0
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*Disclaimer: The aforementioned rates are subject to change at the lender’s discretion.

 

It is important to conduct thorough research and check the eligibility criteria and documents required for a home loan of ₹20 Lakhs, prior to applying. This ensures that you can get the required amount seamlessly.

FAQs about ₹20 Lakh Home Loan EMI FAQ

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

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.

What is the maximum repayment tenure I can go for in the case of a ₹20 Lakh home loan?

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

What is the minimum salary I need to have to get 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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