60 Lakh Home Loan EMI

Due to the high prices of real estate, it gets difficult for many to buy a home without seeking funding. Getting a home loan is an easy way to get more than 80% of the property's price. A home loan is given to the individual who wants to buy a house, plot, do a home renovation, or home expansion.

To encourage people to buy their homes, the government of India offers tax deductions on the home loan principal and interest amounts. One can get a tax deduction of ₹1.5 Lakhs according to section 80C of IT 1971 Act. You also need to know that a deduction of up to ₹2 Lakhs can also be availed on the interest as per Section 24B of the IT India Act.

A home loan of ₹60 Lakhs offers many benefits. The main benefit of the home loan is that you can afford to buy the house and pay the amount back in easy instalments. There are other benefits as well, such as it does not charge prepayment penalties, you have the facility to transfer your home loan to another person, offers a high repayment tenure, saves you from paying rent, and more.

Here, we will discuss all the home loans of an amount of ₹60 Lakhs, EMI for 60 Lakhs home loan in different tenures, how to apply for the loan, eligibility and the documents needed, interest amount, and much more.

EMI Calculations for a Home Loan of ₹60 Lakhs with Varying Tenures

If you want to know the EMI Calculation for your Home Loan of ₹60 Lakhs in different tenures, then you just need to punch in the information such as loan amount, interest rate, and tenure. Here is the chart that calculates EMI for a 60 Lakh loan for different tenures.

₹60 Lakh Home Loan EMI Calculator

You can also use the home loan EMI calculator to know ₹60 Lakhs home loan EMI. This helps you to plan your loan and go for the suitable amount too.

The home loan calculator will help you calculate your Home Loan EMI too. Calculate the EMI that you will have to pay to the bank against your home loan with an easy-to-use home loan EMI calculator. Home Loan EMI Calculator will calculate the loan instalment or the EMI for your home loan. It includes things like the principal amount, interest, and tenure of your home loan. A longer loan tenure reduces the EMI.

The formula for finding EMI is - P x R x (1+R)^N / [(1+R)^N-1]

In this formula of EMI for 60 Lakhs home loan:  

• P is the principal loan amount

• N is the tenure of the loan in months

• R is the interest rate, and you also need to know that R will be the Annual Rate of interest/12/100. So, if the rate of interest is 7.2% p.a., then the value of r will be 7.2/12/100 or 0.006.

Interest Rate Applicable on ₹60 Lakhs Home Loan

Different banks charge different interest rates on the home loan in the amount of ₹60 Lakhs. On average, the rate of interest remains to be around 7.10%. Here is the list of the interest rates:

Disclaimer: Interest rates mentioned are subject to change as per the policies of the financial institution.

Eligibility Criteria for ₹60 Lakh Home Loan

If you want to know the housing loan eligibility for an home loan amount of up to ₹60 Lakhs, then here are the details for you:

• The age of the applicant for the loan should be minimum of 18 years and a maximum of 70 years.

• Self-employed professionals, and salaried individuals from government or corporate sectors may apply.

• In the case of salaried employees, the minimum income needs to be at least ₹25,000.

• For self-employed individuals, the minimum income needs to be at least ₹40,000.

• You should have a good credit score to get your home loan approved.

Steps to Apply for a Home Loan Up to ₹60 Lakhs

If you want to apply for Home Loan for an amount of up to ₹60 Lakhs, then here are the steps to follow:

• Step 1: You need to fill out the application form.

• Step 2: You will have to mention all the personal details, income details, employment details, property details, etc., in the form.

• Step 3: Now, you need to upload the imperative documents as well, along with the form.

• Step 4: Submit the form and documents.

• Step 5: There will be a verification process conducted to authenticate all the details.

• Step 6: Once done, your loan will be sanctioned and you will be informed accordingly.

Documents Needed for ₹60 Lakhs Home Loan

Here is the list of home loan documents needed to apply for a ₹60 Lakhs home loan.

• Filled application form

• Passport size photographs

• ID Proof: Pan card or Aadhar Card

• Address proof: Aadhaar Card, Valid Indian Passport, Valid Voter ID, Valid Driver’s Licence, or Utility Bills such as Electricity bills, Water bills, Gas bills, etc.

• Income proof: The salaried individuals need to provide the last 3 months’ bank statements, which must exhibit salary credits in their salary account. For self-employed individuals, it is vital to submit the last 3 months’ bank statements.

• Property documents: Registered sales deed or conveyance or lease deed. Builder agreement, payment receipts, and the allotment letter are also needed.

• House tax return

• Business proof: a certificate that the business exists, business profile, etc.

How to Minimise Your ₹60 Lakh Home Loan EMI

Some ways can help you cut your ₹60 Lakhs home loan EMI. From negotiating with the lender to changing the lender, there are many other ways to bring down the cost of your loan. So, if you want to lower your ₹60 Lakhs Home Loan EMI, here is what to do:

• Increase Down payment: If the amount of the home loan down payment is higher, the customer will have to borrow less as a loan. This will bring down the EMI. So, pay a large amount of down payment and reduce the EMI of your loan.

• Increase Tenure: The term of loan repayment also impacts the amount of EMI. If your home loan tenure is long, the EMI will be lower. However, the rate of interest on the outstanding debt will be higher in the case of extended duration.

• Step-Down EMI Plan: Some banks and non-banking financing companies provide the option of a Step-Down EMI Plan. This lets you pay higher EMI at the start of the tenure. This EMI amount decreases over time as the principal amount decreases.

• Loan prepayment: It can also reduce the cost of your monthly due. So, when you have some money, consider prepaying your home loan and finishing or lowering the EMI.

Factors that affect your ₹60 Lakhs Home Loan EMI

There are certain factors that affect your ₹60 Lakhs Home Loan EMI, such as:

• Tenure: Loans with a shorter tenure mean a higher EMI, and a longer tenure will mean a lower EMI

• Principal amount: The higher the loan amount, the more the EMI.

• Rate of Interest: The higher interest rate means heavier EMI.

• Change in Interest Rate: Any kind of change in your housing loan interest also has a positive or negative effect on your EMI. The home loan on floating interest rates can bring change in your EMI as per the prevailing interest rates in the market.

• Change in Loan Tenure: A change in your home loan tenure also affects your monthly equated instalment.

• Pre-Payment of Home Loan: If the borrower makes pre-payments for the home loan, it will bring the EMI down.