20 Lakh Home Loan EMI & Interest Rate 2024

Calculate 20 Lakh Home Loan EMI and Interest Rate 2024

A Rs. 20 Lakh home loan can be helpful in financing the purchase/ construction of a new house or even in the renovation/ extension of an existing house. Being a small quantum, you can apply for a home loan of Rs. 20 Lakhs easily. Also, the Rs. 20 Lakh Home Loan EMI to be paid will be smaller because the loan amount is small.

Rs. 20 Lakh Home Loan Interest Rates

A home loan amount of Rs. 20 Lakh is a considerable commitment. You have to be prepared and plan your budget in advance to make timely and regular repayments. The Rs. 20 Lakh Home Loan EMI may vary from lender to lender depending on the home loan interest rate and the repayment tenure. 

Following are the details of an Rs. 20 Lakh loan EMI for 10 years, 20 years and 30 years tenure at an interest rate of 8.50% p.a.:

Following is the table for Rs. 20 Lakh home loan EMI for different banks and NBFCs for tenures of 10, 20 and 30 years using the Home loan EMI calculator:

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

20 Lakh Home Loan EMI Calculator

You can calculate your Rs. 20 Lakh Home Loan EMI online with the Rs. 20 Lakh loan EMI calculator. Here’s how to use it: 

Step 1: Open the home loan EMI calculation tool online. 

Step 2: Enter Rs. 20 Lakhs in the required loan amount field.

Step 3: Mention the rate of interest as applicable.

Step 4: Enter the required tenure of loan repayment.

20 Lakh Home Loan EMI for 30 Years

EMI for a Rs. 20 Lakhs home loan will be Rs. 15,378 for 30 years tenure at an interest rate of 8.50% p.a. The EMI may change based on the lender’s policy, interest rate and the borrower’s eligibility. You can use the online Home Loan EMI Calculator available on our web portal to calculate the home loan EMI quickly. 

Below is the table of different 20 Lakh Home Loan EMIs at different interest rates for 30 years tenure:

20 Lakh Home Loan EMI for 20 Years

The Rs. 20 Lakh home loan EMI for a repayment tenure of 20 years at an interest rate of 8.50% p.a. will be Rs. 17,356. The EMI amount for 20 years may be different for different lenders based on the interest rate and the borrower’s eligibility. 

Below is the table for different EMIs for a Rs. 20 Lakhs housing loan at different interest rates for a tenure of 20 years:

20 Lakh Home Loan EMI for 10 Years

The Rs. 20 Lakh home loan EMI for 10 years at an interest rate of 8.50% p.a. would be Rs. 24,797. The EMI of Rs. 20 Lakhs loan for 10 years varies from one lender to another based on the applicable interest rate and the borrower’s profile.

Following is the table of Rs. 20 Lakh Home Loan EMI for various interest rates for 10 years tenure:

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

Eligibility Criteria for 20 Lakh Home Loan

The following eligibility factors must be fulfilled to be eligible for a home loan of Rs. 20 Lakhs:

Eligibility for Salaried Individuals

• The applicant must be a resident of India.
• The applicant must be 18 to 65 years old.
• The applicant must have a work experience of at least 3 years.
• The applicant should be earning a monthly income of at least Rs. 25,000.

Eligibility for Self-employed Individuals

• The applicant must be a resident of India.
• The applicant must be 18 to 70 years old.
• The applicant must have a minimum business continuity of 3 years.
• The applicant should be earning at least Rs. 2,60,000 annually. 

You must have the following documents ready to apply for a Rs. 20 Lakhs home loan:

• Home loan application (filled in & signed) 
• Recent passport-size photographs (coloured)
• Identity proof: Aadhaar Card/ Passport/ Voter ID/ Driving License, etc.
• Address proof: Aadhaar Card/ Passport/ Voter ID/ Driving License, etc.
• Age proof: Birth Certificate/ Class 10th Certificate, etc.
• Bank statements for the last 6 months
• Recent Form 16/ Income Tax Return (ITR)
• Balance Sheet and Profit & Loss Statement for the last 3 years (CA certified) for self-employed applicants
• Business profile of self-employed applicants
• A processing fee cheque

How to Apply for a 20 Lakh Home Loan?

Once you get the best Rs. 20 Lakhs home loan offer, follow the steps given below to apply for the loan:

• Visit our official website and click the ‘Home Loan’ tab.
• Fill out the online application with all the required details.
• Enter the ‘OTP’ sent to your registered mobile number.
• Click on the ‘Submit’ button to check the best home loan offers and finalise the most suitable one.
• Select the preferred lender and apply online instantly.
• Our home loan experts will contact you regarding the completion of your home loan process.

Home Loan EMI Options for Different Amount

Following are the Rs. 15 Lakh home loan EMI options for different loan amounts at an interest rate of 8.50% p.a. and 10 years tenure.

FAQs

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

The loan amount may vary according to the monthly salary you earn. For instance, if you are earning a monthly income of Rs. 25,000, you may get a home loan amount of Rs. 18 Lakhs to Rs. 20 Lakhs.

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

The salaried applicant should be earning a monthly income of at least Rs. 25,000 and the self-employed applicant should be earning at least Rs. 2,60,000 annually to avail of a home loan of Rs. 20 Lakhs.

✅What is the monthly EMI for a 20 lakh home loan?

The monthly EMI for Rs. 20 Lakhs home loan varies from lender to lender depending on factors like interest rate and tenure. You can use our home loan EMI calculator to calculate Rs. 20 Lakh home loan EMI for different interest rates and tenures.

✅What is the EMI for 20 lakh home loan for 10 years SBI?

The interest rate for SBI home loans varies between 9.15% to 9.85% p.a. Hence, the EMI for 20 Lakh home loans for 10 years in SBI will vary between Rs. 25,498 to Rs. 26,264.