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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 8.50% p.a. interest rate:
EMI for a tenure of 10 years | Rs. 74,391 |
EMI for a tenure of 20 years | Rs. 52,069 |
EMI for a tenure of 30 years | Rs. 46,135 |
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.
Bank Name | Interest rate (%) | Processing fee |
---|---|---|
HDFC Ltd | 8.50% - 9.00% | Up to 0.50% of the loan amount + applicable taxes |
HSBC Bank | 8.60% - 8.85% | Up to 1.00% of the loan amount + applicable taxes |
Kotak Mahindra Bank | 8.85% - 9.40% | Up to 0.50% of the loan amount + GST |
IDFC Bank | 8.85% - 9.25% | Upto Rs.3,000 |
PNB Housing Finance | 8.75% - 11.15% | Up to 1% of loan amount + GST |
Federal Bank | 10.15% - 10.30% | 0.50% of loan amount |
Bajaj Finserv | 8.50% - 14.00% | Up to 7% of loan amount + GST |
L&T Housing Finance | 8.60% - 8.75% | Up to 0.25% of loan amount + GST |
Axis Bank | 8.75% - 9.15% | Upto 0.50% of the loan amount |
ICICI Bank | 9.00% - 10.05% | 0.50% - 2.00% of the loan + applicable taxes |
Check Best Home Loan Interest Rates starting @8.50% from different banks and NBFCs
The Rs. 60 Lakh home loan EMI for 10 years tenure at a 8.50% p.a. interest rate would come to Rs. 37,196. The EMI on an Rs. 60 Lakhs Home Loan for a tenure of 10 years varies from lender to lender based on the interest rate offered and the borrower’s eligibility.
Below is the table for Rs. 60 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 10 years tenure:
Rs. 30 Lakh Home Loan EMI for 10 Years | |
---|---|
Loan Amount | Rs. 60,00,000.00 |
Rate of Interest | 8.50% p.a. |
Loan Tenure | 10 years |
Loan EMI | Rs. 74,391 |
Total Interest | Rs. 29,26,970 |
Total Repayment | Rs. 89,26,970 |
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.
You can also check Home Loan EMI through SBI Home Loan EMI Calculator
The EMI for 60 Lakhs home loan for 20 years tenure at an 8.50% p.a. rate of interest will be Rs. 52,069. The EMI varies from lender to lender based on the rate of interest offered and the borrower’s profile.
Below is the table for Rs. 60 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 20 years tenure:
Rs. 30 Lakh Home Loan EMI for 20 Years | |
---|---|
Loan Amount | Rs. 60,00,000.00 |
Rate of Interest | 8.50% p.a. |
Loan Tenure | 20 years |
Loan EMI | Rs. 52,069 |
Total Interest Payable | Rs. 64,96,655 |
Total Repayment (Principal + Interest) | Rs. 1,24,96,655 |
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EMI for 60 Lakhs home loan for 30 years tenure will be Rs. 46,135 at an interest rate of 8.50% p.a. The EMI can vary depending on the lender’s policy, the interest rate offered by the lender and the borrower’s eligibility. You can use the EMI Calculator available on our website for calculating the EMI for Rs. 30 Lakhs home loan for various tenures and interest rates.
Below is the table for Rs. 60 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 30 years tenure:
Rs. 60 Lakh Home Loan EMI for 30 Years | |
---|---|
Loan Amount | Rs. 60,00,000 |
Rate of Interest | 8.50% p.a. |
Loan Tenure | 30 years |
Loan EMI | Rs. 46,135 |
Total Interest Payable | Rs. 1,06,08,531 |
Total Repayment (Principal + Interest) | Rs. 1,66,08,531 |
The factors that affect Rs. 60 lakh home loan EMI are:
Check out the eligibility and benefits of LRD 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 |
You can also check SBI Home Loan Eligibility Online through MyMoneyMantra
You need the following documents to apply for an Rs 60 Lakhs home loan:
You can also Check Pan Numbers for Home Loan of All Banks Online
The step-by-step process to apply for a home loan of Rs 60 Lakhs is given below:
Check out the procedure of How to Apply for Pradhan Mantri Awas Yojana Online
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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 30 years tenure (in Rs.) |
8.50% | 46,135 |
8.75% | 47,202 |
9.15% | 48,926 |
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 90,000 to Rs 95,000 per month so that you can pay the EMI on your home loan comfortably.
Bajaj Finserv offers home loan at an annual interest of 8.50% - 14.00%.
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 Rs.) | EMI for 20 yrs (in Rs.) | EMI for 30 yrs (in Rs.) |
8.70% | 75,035 | 52,831 | 46,988 |
15% | 96,801 | 79,007 | 75,867 |
Kotak bank offers home loans at an annual interest rate ranging from 8.85% - 9.40%
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.) |
8.85% | 75,519 | 53,406 | 47,631 |
9.40% | 77,310 | 55,537 | 50,014 |
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 46,135 (at 8.50% p.a. for 30 yrs). So, naturally you need to earn somewhere between Rs 90,000 to Rs 95,000 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.