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Rs. 60 Lakh Home Loan EMI

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.

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Rs. 60 Lakh Home Loan EMI Details

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 7.90% p.a. interest rate:

EMI for a tenure of 10 yearsRs 72,480
EMI for a tenure of 20 yearsRs 49,814
EMI for a tenure of 30 yearsRs 43,608

Additional Info: Bank Balance Check Number

Rs. 60 Lakh Home Loan Interest Rates - 2022

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.

BanksMinimum Interest RateMaximum Interest Rate
State Bank of India8.05% 8.75%
Bajaj Finserv7.70% 14.00%
PNB Housing Finance Ltd.7.99% 10.95%
Bank of Maharashtra7.80% 9.70%
Kotak Mahindra Bank7.99% 9.15%
HDFC Bank8.10% 8.90%
Axis Bank8.10% 8.55%
ICICI Bank8.10% 9.10%
Tata Capital 8.10% 12.00%
Federal Bank9.05% 9.20%

Additional Info: Best Home Loan Interest Rates @7.90%

Popular Banks Providing Rs. 60 Lakh Home Loan

Some of the best banks that offer home loans of Rs 60 Lakhs are:

  • State Bank of India
  • HDFC Bank
  • ICICI Bank
  • Kotak Mahindra Bank
  • Punjab National Bank
  • Bank of Baroda
  • Bank of Maharashtra
  • Federal Bank
  • Axis Bank

The interest rate for the loan of Rs. 60 Lakhs starts from 7.90% 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.

Rs. 60 Lakh Home Loan EMI with Different Banks

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/NBFCRate of InterestEMI for 10 YearsEMI for 20 YearsEMI for 30 Years
State Bank of India8.05% - 8.75% p.a.Rs 72,955 - Rs 73,592Rs 50,373 - Rs 51,124Rs 42,158 - Rs 45,076 
Bajaj Finserv7.20% - 14.00% p.a.Rs 70,285 - Rs 93,160Rs 47,241 - Rs 74,611Rs 40,727 - Rs 71,092
PNB Housing Finance Ltd.7.99% - 12.95% p.a.Rs 72,765 - Rs 89,410Rs 50,149 - Rs 70,081Rs 43,984 - Rs 66,138
Bank of Maharashtra7.80% to 9.70% p.a.Rs 72,164 - Rs 78,297Rs 49,442 - Rs 56,714Rs 43,192 - Rs 51,329
Kotak Mahindra Bank7.99% to 9.15% p.a.Rs 72,765 - Rs 76,493Rs 50,149 - Rs 54,564Rs 43,984 - Rs 48,926
HDFC Bank8.10% - 8.90% p.a.Rs 73,114 - Rs 75,681Rs 50,560 - Rs 53,598Rs 44,445 - Rs 47,846
ICICI Bank8.10% to 9.10% p.a.Rs 73,114 - Rs 76,331Rs 50,560 - Rs 54,370Rs 44,445 - Rs 48,710

Additional Info: Also check SBI Home Loan EMI Calculator

Rs. 60 Lakh Home Loan EMI for 10 Years

The Rs 60 Lakh home loan EMI for 10 years tenure at a 7.90% p.a. interest rate would be Rs 72,480.

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.)
7.90%72,48086,97,588
8.05%72,95587,54,621
8.10%73,11487,73,678
8.35%73,91188,69,312
8.75%75,19690,23,526

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

EMI for Rs. 60 Lakhs Home Loan for 20 Years

The 60 Lakhs home loan EMI for a period of 20 yrs at an annual interest rate of 7.90% will be Rs. 49,814. 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.)
7.90%49,8141,19,55,273
8.05%50,3731,20,89,585
8.10%50,5601,21,34,510
8.35%51,5011,23,60,283
8.75%53,0231,27,25,434

Rs. 60 Lakhs Home Loan EMI for 30 Years

EMI for a 60 Lakhs home loan for 30 years at an interest rate of 7.90% 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.)
7.90%43,6081,56,98,997
8.05%44,2351,59,24,668
8.10%44,4451,60,00,150
8.35%45,4981,63,79,458
8.75%47,2021,69,92,729

Additional Info: Looking for 80 Lakh Home Loan? Check EMI & Apply

Factors affecting your Rs 60 lakh home loan EMI

The factors that affect Rs. 75 lakh home loan EMI are:

  • Income: Individuals employed in Central/State Government organisations and Public Sector Organisations have guaranteed income. The interest rates for loans to these individuals will be comparatively lower, and the cost of the loan will also be lower.
  • Interest type: If you have chosen a fixed interest rate, then the rate of interest will be 1 to 2% higher than the floating interest rate. As per current trend it is advisable to go for a fixed interest rate initially for 3 yrs and then switch to floating rate of interest.
  • LTV Ratio: The rate of interest charged depends on the LTV Ratio. Banks normally provide 80% of the market value of the property as a home loan. The higher the margin, the lower will be the interest rate as the risk associated will be lower for the lender. With a better interest rate, the EMI will also be lower.
  • Tenure: A longer tenure will lead to a higher EMI and vice versa

Additional Info: Also check Documents Required For Home Loan

Eligibility for Rs. 60 Lakh 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.

  • The applicant should be in the age bracket of 21 years to 60 years if salaried and 21 years to 65 years if self-employed.
  • The minimum income required will be between Rs. 60000/- to Rs. 70000/-
  • Salaried individuals should have a minimum work experience of 2 years, and the self-employed should show a minimum business existence of 3 years.
  • The debt to income ratio should be between 40% to 50%.
  • The minimum credit score required will be 650 to 750

General eligibility criteria for 60 lakh home loan is as follows:

Listed below are certain parameters and the common eligibility criteria for your Rs 60 lakh home loan:

ParametersSalariedSelf-employed
Age18-65 yrs21-65 yrs
Work experienceMinimum 3 yrsAt least 3 yrs of business continuity
Monthly/ Yearly incomeMinimum Rs 50,000At least Rs 7,20,000 annually

Additional Info: Also Check How to Apply for PMAY

Documents Required for Rs. 60 Lakh Home Loan

You need the following documents to apply for an Rs 60 Lakhs home loan:

  • Home loan application form - duly filled in & signed.
  • Recent photographs in passport size.
  • Identity proof: Aadhaar Card/ Driving License/ Passport/ Voter ID, etc.
  • Address proof: Aadhaar Card/ Driving License/ Passport/ Voter ID, etc.
  • Age proof: Birth Certificate/ Class 10th Certificate, etc.
  • Bank statements of the last 6 months.
  • Latest Form 16/ Income Tax Return.
  • Balance Sheet and P&L Statement of the previous 3 years certified by a CA certified for self-employed applicants.
  • Business profile of self-employed applicants.
  • Processing fee cheque.

How to Apply Up to Rs. 60 Lakh Home Loan?

The step-by-step process to apply for a home loan of Rs 60 Lakhs is given below:

  • Visit our website and click on the ‘Home Loan’ that is mentioned under the ‘Loans’ section.
  • Fill out the online application accurately by entering all the details as required.
  • Enter the ‘OTP’ received on your registered mobile number.
  • Then click on the ‘Submit’ button to view the best home loan offer quotes.
  • Home loan offers from our partner lenders will be displayed on your screen according to the information entered by you.
  • Choose the lender preferred by you and apply online.
  • Our home loan experts will connect with you soon regarding the completion of your home loan process.

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60 Lakh Home Loan EMI FAQs

✅ What is the EMI for a Rs. 60 lakhs home loan?

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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.)
7.90%49,81443,608
8.05%50,37344,235
8.10%50,56044,445

✅ What is the minimum salary required for a Rs. 60 Lakh home loan?

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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.

✅ What is 60 lakh home loan EMI for 30 years from Bajaj Finserv Bank?

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Bajaj Finserv offers home loan at an annual interest of 7.70% 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 Rs.)EMI for 20 yrs (in Rs.)EMI for 30 yrs (in Rs.)
7.70%71,84949,07242,778
14%93,16074,61171,092

✅ What is 60 lakh home loan EMI for 30 years from Kotak Bank?

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Kotak bank offers home loans at an annual interest rate ranging from 7.99% to 9.15%

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.)
7.99%72,76550,14943,984
9.15%76,49354,56448,926

✅ What salary is required for a Rs. 60 lakhs home loan?

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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 43,608 (at 7.90% p.a. for 30 yrs). So, naturally you need to earn somewhere between Rs 80,000 to Rs 90,000 per month.

✅ How much home loan can I get on a 50000 salary?

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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.