Rs. 60 Lakh Home Loan EMI

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:

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.

Additional Info: Best Home Loan Interest Rates @7.20%

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 7.20% 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:

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.

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: 

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: 

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

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:

Additional Info: Also Check How to Apply for PMAY

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.

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.