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20 Lakh Home Loan EMI & Interest Rate 2024

Updated on: 28 Dec 2023 // 7 min read // Home Loans
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Calculate 20 Lakh Home Loan EMI and Interest Rate 2024

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.

Rs. 20 Lakh Home Loan Interest Rates

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.

HDFC Home Loan Offer

Rs. 20 Lakh Home Loan EMI Details

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 8.50% per annum.

Loan AmountRate of InterestTenureEMI
Rs. 20 lakhs8.50%5 YearsRs. 41,033
Rs. 20 lakhs8.50%10 YearsRs. 24,797
Rs. 20 lakhs8.50%15 YearsRs. 19,695
Rs. 20 lakhs8.50%20 YearsRs. 17,356
Rs. 20 lakhs8.50%25 YearsRs. 16,105
Rs. 20 lakhs8.50%30 YearsRs. 15,378

Compare Best Home Loan Interest Rates starting @8.50% from multiple Banks and NBFCs.

20 Lakh Home Loan EMI Calculator

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.

Home Loan EMI

20 Lakh Home Loan EMI for 30 Years

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.

  • Loan Amount – Rs. 20,00,000
  • Rate of Interest – 8.50% p.a.
  • EMI value – Rs. 15,378
  • Total Interest – Rs. 35,36,177
  • Total Repayment – Rs. 55,36,177

20 Lakh Home Loan EMI for 25 Years

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:

  • Loan Amount – Rs. 20,00,000
  • Rate of Interest – 8.50% p.a.
  • EMI value – Rs. 16,105
  • Total Interest – Rs. 28,31,363
  • Total Repayment – Rs. 48,31,363

20 Lakh Home Loan EMI for 20 Years

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:

  • Loan Amount – Rs. 20,00,000
  • Rate of Interest – 8.50% p.a.
  • EMI value – Rs. 17,356
  • Total Interest – Rs. 21,65,552
  • Total Repayment – Rs. 41,65,552

Note: You can also Calculate your loan EMI through SBI Home Loan EMI Calculator

Rs. 20 Lakh Home Loan Interest Rates from Top Lenders

The EMI is calculated for a tenure of 30 years for different interest rates within the slab stipulated for each bank:

Name of BankRate of InterestEMI 
HDFC Bank8.50% - 9.15%Rs. 15,378
HSBC Bank8.45%Rs. 15,307
Kotak Mahindra Bank8.70%Rs. 15,663
IDFC First Bank8.75%Rs. 15,734
PNB Housing Finance8.50% - 11.25%Rs. 15,378
Federal Bank8.80%Rs. 15,805
ICICI Bank9.00% - 10.05%Rs. 16,092
SBI Bank8.40% - 10.05%Rs. 15,237
Bajaj Finserv8.50% - 15.00%Rs. 15,307

PNB Housing Finance Offers

Eligibility Criteria for 20 Lakh Home Loan

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 HeadEligibility 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 ProfileThe home loan applicant can be a salaried individual, self-employed professional or self-employed non-professional.
IncomeThe home loan applicant must have a steady income. Different lending institutions have different minimum income requirements to be eligible for the home loan.
Work ExperienceThe 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 StatusBoth Indian citizens and Non-Resident Indians are eligible for a home loan.
Credit ScoreThe home loan borrower must have a good credit score. Lending institutions prefer a credit score of 650 points or above.
Debt-Income RatioThe Debt-Income ratio of the applicant must be less than 50%. The lower the Debt-Income ratio, the better.

Documents Required

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:

Age Proof (Any One): Passport, Driving License, Life Insurance Policy, School Leaving Certificate, PAN Card and Birth Certificate.

Identity Proof (Any One): Passport, Driving License, PAN Card, Voter ID

Address Proof (Any One): Utility Bill, Bank Account Statements, Property Tax Receipt, Voter ID and Property Registration Documents.

Income Proof (All):

  1. Salaried: 3 months Salary Slips, Appointment letter, Increment letter, Last Form No. 16, Bank Account Statement of the Salary Account, Processing Fee Cheque issued from the Salary Account.
  2. Self-Employed: 2 years IT Returns, Business profile on Letterhead,                                
    Business registration certificate, Last 6 month operative Current Account Bank Account Statement Processing Fee Cheque issued from the Business Account.

Home Loan EMI Options for Different Amount

Rs. 1 Cr. Home Loan EMIRs. 2 Cr. Home Loan EMIRs. 5 Cr. Home Loan EMI
Rs. 80 Lakh Home Loan EMIRs. 75 Lakh Home Loan EMIRs. 60 Lakh Home Loan EMI
Rs. 45 Lakh Home Loan EMIRs. 40 Lakh Home Loan EMIRs. 35 Lakh Home Loan EMI

Home Loan in Top Cities

Home Loan in Delhi NCRHome Loan in MumbaiHome Loans in Bangalore
Home Loan in ChennaiHome Loan in HyderabadHome Loan in Pune
Home Loan in AhmedabadHome Loan in KolkataHome Loan in Jaipur

FAQs

✅ How much Home Loan I can get on my Salary?

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.

✅ What is the minimum salary for a 20 lakh home loan?

The minimum salary required for SBI home loan of Rs. 20 Lakhs is Rs. 30,000 or above.

✅ Can we pay EMI in 6 months?

No, the minimum tenure for SBI home loan repayment is 3 years and it can go up to 30 years.

✅ What is the EMI for 20 Lakh Home Loan for 5 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.

✅ What is the EMI for 40 Lakh home loan for 10 years?

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.

✅ Can I get a home loan against fixed deposit?

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.

✅ What is the Interest Rate for SBI Home Loan according to CIBIL score?

The interest rate for SBI home loan according to CIBIL score are mentioned below:

CIBIL ScoreInterest Rate
> = 8008.50%
750 – 7998.50%
700 -7498.60%
650 - 6999.35%
550 – 6499.55%
NTC/NO CIBIL/-19.70%

✅ What will be the 20 lakhs Home Loan EMI for 20 years?

Rs. 20 lakh home loan EMI for 20 years @ rate of interest 8.50% p.a. is Rs. 17,356.

✅ What is the Maximum Tenure of a Home Loan?

The maximum tenure for an SBI home loan is up to 30 years.

What is Rs. 20 Lakh Home Loan EMI for 30 years from Kotak Mahindra Bank?

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.

What is the interest rate for SBI 20 Lakh Loan?

The interest rate for SBI 20 lakh housing loan ranges from 8.40% - 10.05% p.a.

✅ What is the EMI for Rs. 20 Lakhs Home Loan for 30 years from IDFC First Bank?

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.

✅Which Bank has the lowest Rs. 20 Lakh Home Loan EMI for 30 years?

HDFC Bank offers the lowest home loan interest rates starting at 8.50% p.a. Its Rs.20 lakh home loan EMI for 30 years is Rs. 15,378.