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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, renovate a home, or expand it.

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, one of which is that you can afford to buy the house and pay the amount back in easy instalments. 

For instance, the EMI of a ₹60 Lakh home loan is quite affordable, but it does depend on the tenure you choose. To know how the tenure can impact your ₹60 Lakh house loan EMI, read on.

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 across different tenures, then you will need to know your: 

  • Loan amount

  • Interest rate

  • Tenure

Once you have this information, you can use the EMI calculator or perform manual calculations to get your EMI particulars. Here is the chart that displays the EMIs for a ₹60 Lakh loan at varying tenures.

Loan Amount (₹)

Interest Rate (p.a.)



₹60 Lakhs

9% per annum

30 Years


₹60 Lakhs

9% per annum

20 Years


₹60 Lakhs

9% per annum

15 Years


₹60 Lakhs

9% per annum

10 Years


₹60 Lakh 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.

As mentioned, you can use the home loan EMI calculator to compute the ₹60 Lakh home loan EMI. This helps you to plan your loan and go for the suitable amount too. The Home Loan EMI Calculator is an easy tool, and it takes just a few seconds to get your results. 

All you have to do is input the values for certain variables, and view the results displayed. Alternatively, you can compute the EMIs payable using the following formula. 

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

In this formula of EMI on ₹60 Lakh home loan,  

  • P refers to the principal loan amount

  • N refers to the tenure of the loan in months

  • R refers to the interest rate

You also need to know that R will be the Annual Rate of interest. 

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.

₹60 Lakh Home Loan Interest Rate Offered by Banks/NBFCs

Many financial institutions, including Banks and NBFCs, have partnered with Bajaj Markets to offer home loans. As such, you can avail of these loans at desirable interest rates, starting at 8.50% p.a. 

Refer to the following table to know the rates offered by partner lenders on Bajaj Markets.

Home Loan Providers

Interest Rates

Bajaj Housing Finance Limited

8.50% p.a. onwards

Home First Finance Company

9.50% p.a. onwards


9.00% p.a. onwards

India Shelter

10.50% p.a. onwards

Kotak Mahindra Bank

9.00% p.a. onwards 

LIC Housing Finance

8.50% p.a. onwards

PNB Housing Finance Limited

8.50% p.a. onwards

Shriram Housing Finance

11.50% p.a. onwards

Shubham Housing Finance

10.90% p.a. onwards

Union Bank of India

8.50% p.a. onwards

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

Eligibility Criteria for a ₹60 Lakh Home Loan

Knowing the housing loan eligibility for a home loan amount of up to ₹60 Lakhs is important. Here are the key requirements. 

  • You must be minimum of 18 years and a maximum of 70 years of age

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

  • You must meet the income criteria set by the lender

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

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

To apply for Home Loan for an amount of up to ₹60 Lakhs on Bajaj Markets, follow these simple steps:

  • Step 1: Click on “Apply Now” and fill the simple form

  • Step 2: Check if qualify for an offer and pick a preferred lender

  • Step 3: Fill your required home loan amount and property details.

  • Step 4: Submit your loan application and wait to get contact by an authorised representative

Documents Needed for a ₹60 Lakh Home Loan

Here is the list of home loan documents needed to apply for a ₹60 Lakh 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, if self-employed.

₹60 Lakh Home Loan EMI for 10 Years

To find the most suitable loan, you need to accurately calculate the EMIs payable and the interest payable. For instance, if you wish to repay in a decade, knowing the EMI for a ₹60 Lakh home loan for 10 years is vital before applying.

This way, you can compare the EMI on a home loan of ₹60 Lakhs offered by various lenders, and find one that is most suitable. Here, a ₹60 Lakh home loan EMI calculator comes in handy as it is specifically designed to help you compute these results. 

Remember, to compute the ₹60 Lakh home loan EMI for 10 years, you must know the interest rate offered by the lender. To help you understand this, consider the following table.  

Loan Amount


Rate of Interest

8.50% per annum



Total Interest


Total Repayment


₹60 Lakh Home Loan EMI for 20 Years

The EMI for a ₹60 Lakh home loan for 20 years will be lower than one with a tenure of 10 years simply because you are paying over a longer period. With an additional 10 years to repay, the EMIs are split evenly, making it a lot more affordable. 

While the ₹60 Lakh home loan EMI for 20 years may be lower, the interest outgo is far higher. Here’s a table for reference. 

Loan Amount


Rate of Interest

8.50% per annum



Total Interest


Total Repayment


₹60 Lakh Home Loan EMI for 30 Years

For a ₹60 Lakh home loan, the EMI for 30 years is the lowest from the three options, but the costliest. This is simple because you end up paying the EMIs for a ₹60 Lakh home loan for 30 years, and this adds up. 

Here is a table for easy reference. 

Loan Amount


Rate of Interest

8.50% per annum



Total Interest


Total Repayment


How to Minimise Your ₹60 Lakh Home Loan EMI

There are smart and efficient ways to reduce your ₹60 Lakh house loan EMI, and ensure that it is within budget. 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 EMI for a ₹60 Lakh home loan, here is what to do:

  • Increase Down payment: A higher home loan down payment works in your favour, as you need to borrow a smaller sanction. This directly affects your EMIs, and it will get lowered significantly.

  • 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 interest outgo 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 EMIs at the start of the tenure. This EMI amount decreases over time as the principal amount decreases.

  • Loan prepayment: Prepaying your home loan lowers the outstanding principal, and this in turn lowers the EMI amount. So, if you have extra cash, consider using it to prepay the loan. 

FAQs on ₹60 Lakh Home Loan EMI

How much EMI will I have to pay if the home loan amount ranges between ₹30 Lakhs to ₹60 Lakhs?

The EMI for your home loan amount between ₹30 Lakhs to ₹60 Lakhs depends upon the interest rate and the tenure of your housing loan. With a loan amount of ₹30 Lakhs and the tenure of 20 years, the EMI at an interest rate of 8.50% will amount to ₹26,320. With the same interest rate and tenure, the loan for ₹60 Lakhs will amount to ₹52,640.

How much EMI will I have to pay if the home loan amount ranges between ₹61 Lakhs to ₹1 Crore?

With the loan amount of ₹61 Lakhs and the tenure of 20 years, the housing loan EMI at an interest rate of 8.65% will amount to ₹53,518. If the loan amount is ₹1 Cr and the tenure and interest rate remain the same, the EMI will be ₹87,734.

Can I get a ₹60 Lakh home loan without any security?

Getting a ₹60 Lakh home loan without any collateral is not possible as you are required to pledge your home as collateral in order to get funds.

What is the maximum repayment tenure I can go for in the case of a ₹60 Lakh home loan?

Depending on the lender, you can choose a tenure that ranges up to 30 years. Remember, selecting a longer repayment tenure can be advantageous as it can reduce the EMI on ₹60 Lakh home loan.

What is the minimum salary I need to have to get a ₹60 Lakh home loan?

The minimum salary needed to get this loan will depend on the lender and the tenure you choose, as it affects your EMI. For instance, if you decide to opt for a 10-year home loan with an interest rate of 8.65%, your EMIs will be ₹74,874. 


In such a case, you would need to maintain an income of at least ₹1.5 Lakhs, to comfortably qualify for the loan. This is because lenders prefer you to have a debt-to-income ratio of 50% or lower.

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