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BAJAJ FINSERV DIRECT LIMITED

₹60 Lakh Home Loan EMI

Check the EMI for a home loan of ₹60 Lakhs over various tenures

Your Monthly Loan EMI

₹ 76,005

Total Interest

₹ 3,120,656

Principal Amount

₹ 60,00,000

Total Payable Amount

₹ 91,20,656

Loan Amount

Interest Rate

- +

Tenure

- +

Check Eligibility

You can easily compare Home Loan offers from multiple lenders on Bajaj Markets.

If you are looking to get a home loan of ₹60 Lakhs, checking the payable EMI amount is crucial. It impacts the aggregate cost of the loan as well as the strain the repayment puts on your finances. Two major factors that play a role in determining the instalment amount are the interest rate and tenure.

The former is usually decided by the lender based on your loan eligibility. Meanwhile, you may be able to negotiate for a tenure that suits your needs. But, how does the loan duration affect your monthly instalments?

EMI for a Home Loan of ₹60 Lakhs for Various Tenures

Let’s understand this with an example. Consider the interest rate for your home loan of ₹60 Lakhs is set at 9% p.a. In this case, the EMI over tenures ranging from 10 to 30 may be as follows:

Tenure	EMI
30 Years	₹48,277
25 Years	₹50,351
20 Years	₹53,984
15 Years	₹60,856
10 Years	₹76,005

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

Detailed Breakup of Home Loan of ₹60 Lakhs for 10 Years

Consider the following table to check the probable cost of your home loan if the tenure is set at 10 years:

Loan Amount	₹60 Lakhs
Interest Rate	9% p.a.
Loan Tenure	10 Years
EMI	₹76,005
Total Interest	₹29,84,836
Total Repayment	₹89,84,836

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

Detailed Breakup of Home Loan of ₹60 Lakhs for 20 Years

While the ₹60 Lakh home loan EMI for 20 years may be lower, the interest outgo is far higher. Here are the details:

Loan Amount	₹60 Lakhs
Interest Rate	9% p.a.
Loan Tenure	20 Years
EMI	₹53,984
Total Interest	₹66,33,708
Total Repayment	₹1,26,33,708

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

Detailed Breakup of Home Loan of ₹60 Lakhs for 30 Years

The EMI and repayment costs of a home loan of ₹60 Lakhs with a tenure of 30 years are as follows:

Loan Amount	₹60 Lakhs
Interest Rate	9% p.a.
Loan Tenure	30 Years
EMI	₹48,277
Total Interest	₹1,13,79,848
Total Repayment	₹1,73,79,848

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

Lenders Offering Home Loans of ₹60 Lakhs

Lenders	Starting Interest Rate
PNB Housing Finance	8.50% p.a.
Bajaj Housing Finance Limited	8.55% p.a.
LIC Housing Finance	8.65% p.a.
ICICI Bank	9.00% p.a.
Shriram Housing Finance	11.50% p.a.

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

Eligibility Criteria & Documents Required for a ₹60 Lakh Home Loan

You should meet the eligibility criteria listed below to qualify for a home loan to qualify for a home loan of ₹60 Lakhs:

Indian citizenship

For salaried applicants
- Age: 23 to 62 years
- Work experience: At least 3 years

For self-employed applicants
- Age: 25 to 70 years
- Business vintage: At least 5 years

Also, you will be asked to provide the documents listed below:

Identity proof: Aadhaar card, PAN card, voter ID, driving licence, etc.
Address proof: Aadhaar card, passport, utility bills, etc.
Income proof:
- For Self-employed:
  - Certificates proving their qualification for self-employed professionals
  - TDS certificate
  - Business licence details
  - Latest balance sheet of the business, audited by a certified CA
  - Profit and loss statement of the previous 3 years
  - ITR filings of the previous 2 years
- For Salaried:
  - Form 16
  - ITR filings of the previous 2 years
  - Salary slips of the previous 3 months

You may be required to provide some additional documents depending on the lender’s requirements. Be sure to ask your chosen lender’s complete set of eligibility and documentation requirements before applying for the loan.

Other Home Loan EMI Options
10 Lakh Home Loan EMI	15 Lakh Home Loan EMI
20 Lakh Home Loan EMI	25 Lakh Home Loan EMI
30 Lakh Home Loan EMI	40 Lakh Home Loan EMI
50 Lakh Home Loan EMI	1 Crore Home Loan EMI

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 of your home loan amount between ₹30 Lakhs to ₹60 Lakhs depends on the interest rate and the tenure of your housing loan. With a loan amount of ₹30 Lakhs and a 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 period I can get for 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.

Can I get a home loan of ₹60 Lakhs even if I have a low credit score?

Yes, it is possible to get a home loan of ₹60 Lakhs even if you have a low credit score. However, in such cases, most lenders offer high interest rates or limited repayment options. Thus, having a good score is essential to boost your loan eligibility and get a loan offer that suits your needs and preferences.

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₹60 Lakh Home Loan EMI

EMI for a Home Loan of ₹60 Lakhs for Various Tenures

Detailed Breakup of Home Loan of ₹60 Lakhs for 10 Years

Detailed Breakup of Home Loan of ₹60 Lakhs for 20 Years

Detailed Breakup of Home Loan of ₹60 Lakhs for 30 Years

Lenders Offering Home Loans of ₹60 Lakhs

Eligibility Criteria & Documents Required for a ₹60 Lakh Home Loan

FAQs on ₹60 Lakh Home Loan EMI

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