Does arranging Rs. 20 lakh for your dream home appear insurmountable? Don’t worry! A Rs. 20 lakh home loan from leading financial companies can help you bridge this gap. What is the EMI for Rs. 20 lakhs home loan? Let’s use a Rs. 20 lakhs home loan EMI calculator to find out the Rs. 20 lakh home loan EMI for different loan tenures.
Banks and non-banking financial companies in India offer Home Loans at a competitive rate of interest. The home loan interest rates are generally linked to MCLR rates fixed by the Reserve Bank of India. Listed below are the top lenders offering the most competitive rate of interest on Rs. 20 lakh home loans.
A home loan allows the borrower to borrow a lump sum amount which will be repaid in a specific loan term. The loan term can vary depending upon the repayment capacity of the borrower. Lending companies typically allow a maximum loan term of up to 30 years. The table below enlists the EMI details for different loan tenures for a Rs. 20 lakh home loan availed at a rate of interest of 8.35% per annum.
Loan Amount | Rate of Interest | Tenure | EMI |
Rs. 20 lakhs | 8.35% | 5 Years | Rs. 40,889 |
Rs. 20 lakhs | 8.35% | 10 Years | Rs. 24,637 |
Rs. 20 lakhs | 8.35% | 15 Years | Rs. 19,519 |
Rs. 20 lakhs | 8.35% | 20 Years | Rs. 17,167 |
Rs. 20 lakhs | 8.35% | 25 Years | Rs. 15,903 |
Rs. 20 lakhs | 8.35% | 30 Years | Rs. 15,166 |
Compare Best Home Loan Interest Rates starting @8.35% from multiple Banks and NBFCs.
Every Home Loan EMI is subject to the loan amount sanctioned, the applicable interest rate and the selected repayment tenure. Home Loan EMI for a Rs 20 lakh home loan can be easily calculated through the Home Loan EMI calculator within a minute. MyMoneyMantra Home Loan EMI calculator can provide you the exact Home Loan EMI for the selected Home Loan amount, tenure and rate of interest.
You’re just required to enter the desired home loan, the tenure in which you wish to repay the Home Loan and the interest rate quoted by the bank or housing financier. With MyMoneyMantra’s Home Loan EMI calculator, you can ascertain your monthly repayments before you take a Home Loan.
What is the EMI for 20 lakhs home loan? Let’s find out the Rs. 20 lakh home loan EMI using the Rs. 20 lakhs home loan EMI calculator.
What is the EMI for 20 lakhs home loan? Let’s find out the Rs. 20 lakh home loan EMI using the Rs. 20 lakhs home loan EMI calculator for a loan term of 25 years are as follows:
What is the EMI for 20 lakhs home loan? Let’s find out the Rs. 20 lakh home loan EMI using the Rs. 20 lakhs home loan EMI calculator for a loan term of 20 years are as follows:
Note: You can also Calculate your loan EMI through SBI Home Loan EMI Calculator
The EMI is calculated for a tenure of 30 years for different interest rates within the slab stipulated for each bank:
Name of Bank | Rate of Interest | EMI |
HDFC Bank | 8.55% - 9.10% | Rs. 15,449 |
HSBC Bank | 8.45% | Rs. 15,307 |
Kotak Mahindra Bank | 8.70% | Rs. 15,663 |
IDFC First Bank | 8.75% | Rs. 15,734 |
PNB Housing Finance | 8.50% | Rs. 15,378 |
Federal Bank | 8.80% | Rs. 15,805 |
ICICI Bank | 9.00% - 10.05% | Rs. 16,092 |
SBI Bank | 8.40% - 10.05% | Rs. 15,237 |
Bajaj Finserv | 8.50% - 15.00% | Rs. 15,307 |
Lending companies have set Home Loan Eligibility Criteria. The borrower must meet the eligibility conditions to get the home loan approved. Though the eligibility conditions vary from lender to lender, the general guidelines are:
Eligibility Head | Eligibility Criteria | |
Age | The home loan borrower must be at least 21 years old. The maximum age of the borrower is 65 years. The number of years for which the home loan is approved cannot be more than the total number of years left until retirement. | |
Job Profile | The home loan applicant can be a salaried individual, self-employed professional or self-employed non-professional. | |
Income | The home loan applicant must have a steady income. Different lending institutions have different minimum income requirements to be eligible for the home loan. | |
Work Experience | The salaried individual must have a work experience of at least 2 years of which at least one year must be with the current employer. | Self-employed individuals (both professional and non-professionals) must be in the same business for at least 3 years. At least last 2 years should be profitable. |
Residential Status | Both Indian citizens and Non-Resident Indians are eligible for a home loan. | |
Credit Score | The home loan borrower must have a good credit score. Lending institutions prefer a credit score of 650 points or above. | |
Debt-Income Ratio | The Debt-Income ratio of the applicant must be less than 50%. The lower the Debt-Income ratio, the better. |
A home loan application is supported by several documents. The home loan is approved only after the attached documents are successfully verified. These Home Loan Documents include:
Most lenders determine the loan amount up to 60 times of the applicant’s monthly salary. So, if you earn your Rs. 25,000 per month, you can get a loan amount of Rs. 15 lakh approximately.
The minimum salary required for SBI home loan of Rs. 20 Lakhs is Rs. 30,000 or above.
No, the minimum tenure for SBI home loan repayment is 3 years and it can go up to 30 years.
The EMI for 20 Lakh home loan for 5 years depends on the interest rate charged by the lender. For example, for 20 Lakh SBI home loan for 5 years at an interest rate of 8.40% - 10.05% will be Rs. 40,937.
The EMI for 40 Lakh home loan for 10 years depends on the interest rate charged by the lender. For example, for 40 Lakh SBI home loan for 10 years at an interest rate of 8.40% - 10.05% will be Rs. 49,381.
Using your Fixed Deposit (FD) to get a Home Loan is a practical option. By pledging your FD as collateral, you show the bank that you have a stable financial position, which can lead to more favorable loan terms, lower interest rates, and potentially a higher loan amount. It's a smart way to leverage your existing savings to fulfill your dream of owning a home.
The interest rate for SBI home loan according to CIBIL score are mentioned below:
CIBIL Score | Interest Rate |
> = 800 | 8.50% |
750 – 799 | 8.50% |
700 -749 | 8.60% |
650 - 699 | 9.35% |
550 – 649 | 9.55% |
NTC/NO CIBIL/-1 | 9.70% |
Rs. 20 lakh home loan EMI for 20 years @ rate of interest 8.35% p.a. is Rs. 17,167.
The maximum tenure for an SBI home loan is up to 30 years.
Kotak Mahindra Bank offers home loans at a rate of interest starting at 8.70% p.a. The Rs. 20 lakh home loan EMI for 30 years from Kotak Mahindra Bank is Rs. 15,663.
The interest rate for SBI 20 lakh housing loan ranges from 8.40% - 10.05% p.a.
IDFC First Bank offers home loans at a rate of interest starting at 8.75% p.a. The Rs. 20 lakh home loan EMI for 30 years from IDFC First Bank is Rs.15,734.
HDFC Bank offers the lowest home loan interest rates starting at 8.35% p.a. Its Rs.20 lakh home loan EMI for 30 years is Rs. 15,166.