When you are looking for a Rs 60 lakh home loan then a lot of factors are going to contribute to your 60 lakh home loan EMI. In this post we will see which banks can give home loans of Rs 60 lakhs and their corresponding interest rate which will shape up your overall home loan expenditure of Rs 60 lakhs.
A Rs 60 Lakh Home Loan is a big amount that requires a disciplined approach when fulfilling it. Before taking a loan of such a hefty amount, it's imperative to understand the specifics that come with it.
Following are the details of Rs 60 Lakh home loan EMI for 10 years, 20 years and 30 years tenure at a 7.20% p.a. interest rate:
EMI for a tenure of 10 years | Rs 70,285 |
EMI for a tenure of 20 years | Rs 47,241 |
EMI for a tenure of 30 years | Rs 40,727 |
Additional Info: Bank Balance Check Number
Below list shows the Home Loan Interest Rates for various banks along with their minimum and maximum interest rate per annum that they offer on a Rs 60 lakh home loan.
Banks | Minimum Interest Rate | Maximum Interest Rate |
---|---|---|
State Bank of India | 7.55% | 8.25% |
Bajaj Finserv | 7.20% | 14% |
PNB Housing Finance Ltd. | 7.65% | 9.20% |
Bank of Maharashtra | 7.30% | 9.20% |
Kotak Mahindra Bank | 7.50% | 8% |
HDFC Bank | 7.55% | 8.55% |
Axis Bank | 7.60% | 12% |
ICICI Bank | 7.60% | 8.45% |
Tata Capital | 7.75% | 9.20% |
Federal Bank | 8.55% | 8.70 |
Additional Info: Best Home Loan Interest Rates @7.20%
Some of the best banks that offer home loans of Rs 60 Lakhs are:
The interest rate for the loan of Rs. 60 Lakhs starts from 7.20% p.a. at present, and it may differ from lender to lender for different borrowers based on their income, Credit Score, gender, and other eligibility factors.
Below is the table for Rs 60 Lakh home loan EMI for different banks for 10, 20 and 30 years using the Rs 60 Lakhs Home Loan EMI Calculator:
Bank/NBFC | Rate of Interest | EMI for 10 Years | EMI for 20 Years | EMI for 30 Years |
---|---|---|---|---|
State Bank of India | 7.55% - 8.25% p.a. | Rs 71,378 - Rs 73,592 | Rs 48,519 - Rs 51,124 | Rs 42,158 - Rs 45,076 |
Bajaj Finserv | 7.20% - 14% p.a. | Rs 70,285 - Rs 93,160 | Rs 47,241 - Rs 74,611 | Rs 40,727 - Rs 71,092 |
PNB Housing Finance Ltd. | 7.65% - 9.20% p.a. | Rs 71,692 - Rs 76,656 | Rs 48,887 - Rs 54,758 | Rs 42,571 - Rs 49,143 |
Bank of Maharashtra | 7.30% to 9.20% p.a. | Rs 70,596 - Rs 76,983 | Rs 47,604 - Rs 55,147 | Rs 41,134 - Rs 49,578 |
Kotak Mahindra Bank | 7.50% to 8% p.a. | Rs 71,221 - Rs 72,797 | Rs 48,336 - Rs 50,186 | Rs 41,953 - Rs 44,026 |
HDFC Ltd | 7.55% - 8.55% p.a. | Rs 71,378 - Rs 79,290 | Rs 48,519 - Rs 57,901 | Rs 42,158 - Rs 52,654 |
ICICI Bank | 7.60% to 8.45% p.a. | Rs 71,535 - Rs 74,231 | Rs 48,703 - Rs 51,880 | Rs 42,364 - Rs 45,992 |
Additional Info: Also check SBI Home Loan EMI Calculator
The Rs 60 Lakh home loan EMI for 10 years tenure at a 7.20% p.a. interest rate would be Rs 70,285.
Following table depicts different EMIs on Rs. 60 Lakhs loan for different interest rates for a tenure of 10 yrs.
Rate of Interest (p.a.) | EMI for 10 yrs tenure (in Rs.) | Total Outgo (in Rs.) |
---|---|---|
7.20% | 70,285 | 84,34,215 |
7.50% | 71,221 | 85,46,527 |
7.80% | 72,164 | 86,59,683 |
8% | 72,797 | 87,35,587 |
8.55% | 74,552 | 89,46,235 |
You can also note the difference in total payable when you compare the minimum and maximum interest rate on your Rs 60 lakh home loan.
Additional Info: Also check Pan Number for Banks
The 60 Lakhs home loan EMI for a period of 20 yrs at an annual interest rate of 7.20% will be Rs. 47,241. The EMI varies from lender to lender based on the rate of interest offered by the bank and the borrower's credit profile along with certain other aspects of home loan eligibility which we will discuss in the later part of this article.
Below is the table depicting different EMIs on Rs. 60 Lakhs loan at the different interest rates for 20 years tenure:
Rate of Interest (p.a.) | EMI for 20 yrs tenure (in Rs.) | Total Outgo (in Rs.) |
---|---|---|
7.20% | 47,241 | 1,13,37,830 |
7.50% | 48,336 | 1,16,00,542 |
7.80 | 49,442 | 1,18,66,119 |
8% | 50,186 | 1,20,44,737 |
8.55% | 52,259 | 1,25,42,262 |
EMI for a 60 Lakhs home loan for 30 years at an interest rate of 7.20% p.a. will be Rs 40,727. It is important to note that as you increase the tenure the total payable amount will increase. So always go for that tenure for which your Rs 60 lakh home loan EMI fits within your budget. You can also use our Home Loan EMI Calculator to assess and see how much monthly EMI you will have to pay on your loan.
Below is the table of different EMIs on Rs 60 Lakhs loan at the different interest rates for 30 years tenure:
Rate of Interest (p.a.) | EMI for 30 yrs tenure (in Rs.) | Total Outgo (in Rs.) |
---|---|---|
7.20% | 40,727 | 1,46,61,825 |
7.50% | 41,953 | 1,51,03,033 |
7.80 | 43,192 | 1,55,49,203 |
8% | 44,026 | 1,58,49,315 |
8.55% | 46,348 | 1,66,85,132 |
Additional Info: Looking for 80 Lakh Home Loan? Check EMI & Apply
The factors that affect Rs. 75 lakh home loan EMI are:
Additional Info: Also check Documents Required For Home Loan
Home loan eligibility differs from one bank to the other based on several factors. However, there are several common points that are taken into consideration by all banks and financial institutes in India while reviewing your loan application.
The following are the general Home Eligibility Criteria to qualify for an Rs 60 lakh Home Loan.
Listed below are certain parameters and the common eligibility criteria for your Rs 60 lakh home loan:
Parameters | Salaried | Self-employed |
---|---|---|
Age | 18-65 yrs | 21-65 yrs |
Work experience | Minimum 3 yrs | At least 3 yrs of business continuity |
Monthly/ Yearly income | Minimum Rs 50,000 | At least Rs 7,20,000 annually |
Additional Info: Also Check How to Apply for PMAY
You need the following documents to apply for an Rs 60 Lakhs home loan:
The step-by-step process to apply for a home loan of Rs 60 Lakhs is given below:
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Your Rs 60 lakh home loan EMI will vary depending on the tenure that you take the loan for. A shorter tenure will have more EMI than a long tenure.
Let’s have a look at the different EMIs for different tenures along with different interest rates
Interest Rate p.a. | EMI for 20 yrs tenure (in Rs.) | EMI for 30 years tenure (in Rs.) |
7.20% | 47,241 | 40,727 |
7.50% | 48,336 | 41,953 |
7.80% | 49,442 | 43,192 |
You will get a home loan of around 60 times your salary. For example if your salary is Rs 1 lakh and you pay EMIs of Rs 25000 then the workable amount will be Rs 75000 for which you will be granted a loan. Similarly in order to avail a home loan of Rs 60 lakhs your salary must be between Rs 80,000 to Rs 90,000 per month so that you can pay the EMI on your home loan comfortably.
Bajaj Finserv offers home loan at an annual interest of 7.20% upto 14%.
Below table depicts the EMIs for both the minimum and maximum interest rates for home loan offered by Bajaj Finserv
Interest Rate p.a. | EMI for 10 yrs (in ₹) | EMI for 20 yrs (in ₹) | EMI for 30 yrs (in ₹) |
7.20% | 70,285 | 47,241 | 40,727 |
14% | 93,160 | 74,611 | 71,092 |
Kotak bank offers home loans at an annual interest rate ranging from 7.50% to 8%
Below table depicts the EMIs for both the minimum and maximum interest rates for home loan offered by Kotak bank
Interest Rate p.a. | EMI for 10 yrs (in Rs.) | EMI for 20 yrs (in Rs.) | EMI for 30 yrs (in Rs.) |
7.50% | 71,221 | 48,336 | 41,953 |
8% | 72,797 | 50,186 | 44,026 |
In order to get a home loan of Rs 60 lakhs your salary should be such that you are able to pay the EMI easily. The lowest EMI for Rs 60 lakhs home loan comes out to be Rs 40,727 (at 7.20% p.a. for 30 yrs). So, naturally you need to earn somewhere between Rs 80,000 to Rs 90,000 per month.
Experts reveal that you can get upto 60 times your salary as home loan provided you do not have any mandatory liabilities to pay every month. Going by that logic you can be eligible for an amount Rs 25 lakhs to Rs 30 lakhs based on your salary.