Posted inLOAN

20 lakh home loan emi & Interest Rate 2023

September 26, 2023

20 lakh home loan emi The amount you pay as EMI on a home loan of Rs 20 lakh will depend on two things – what is the interest rate on your home loan and how long you have taken the loan. Now we will know how much you will have to pay as home loan EMI of Rs 20 lakh for different tenures in June 2023 at the current interest rates.

20 lakh home loan emi

20 lakh home loan emi ?

Table of Contents

What is EMI?

EMI is a fixed monthly payment that borrowers make to repay their home loan. It includes both the principal amount and the interest component. Initially, a significant portion of the EMI goes towards interest, while the principal payment gradually increases over time.

EMI of home loan of Rs 20 lakh for different tenures in September 2023

Loan tenure, home loan interest rate in years

* SBI home loan interest rate based on repo rate as on September 16, 2023 is 8.7%, and is calculated below

Monthly EMI, in Rs.

  • 30 8.7% Rs 15,663
  • 25 8.7% Rs 16,375
  • 20 8.7% Rs 17,610
  • 15 8.7% Rs 19,930
  • 10 8.7% Rs 25,012
  • 5 8.7% Rs 41,226

Home loan EMI of Rs 20 lakh: Annual break-up in September 2023

Loan amount Loan tenure Interest EMI

Rs 20 lakh 30 years 8.7% Rs 15,663

EMI of home loan of Rs 20 lakh for 25 years in September 2023

Loan amount Loan tenure Interest EMI

Rs 20 lakh 25 years 8.7% Rs 16,375

HOW TO GET 50000 LOAN ON AADHAR CARD –READ MORE

EMI of home loan of Rs 20 lakh for 20 years in September 2023

Loan amount Loan tenure Interest EMI

Rs 20 lakh 20 years 8.7% Rs 17,610

EMI of home loan of Rs 20 lakh for 15 years in September 2023

Loan amount Loan tenure Interest EMI

Rs 20 lakh 15 years 8.7% Rs 19,930

EMI of home loan of Rs 20 lakh for 10 years in September 2023

Loan amount Loan tenure Interest EMI

Rs 20 lakh 10 years 8.7% Rs 25,012

EMI of home loan of Rs 20 lakh for 5 years in September 2023

Loan amount Loan tenure Interest EMI

Rs 20 lakh 5 years 8.7% Rs 41,226

Always remember that the longer the loan tenure, the lower will be the EMI per month. On the other hand, the shorter the loan tenure, the higher the EMI amount. Apart from this, the home loan EMI amount may also change due to change in interest rates.

Interest rate for home loan of Rs 20 lakh in big banks of the country in September 2023

EMI of home loan of Rs 20 lak For how long do the big banks of the country give loans?

30 years

25 years

20 years

15 years

7 years

5 years

Cheapest Home Loans in September 2023

Citi Bank 6.80%

Kotak Mahindra Bank 8.65%

Union Bank 8.85%

Punjab National Bank 8.55%

Bank of Baroda 8.50%

Axis Bank 8.60%

State Bank of India 8.70%

LIC Housing Finance 8.90%

HDFC 8.60%

ICICI Bank 8.65%

*Updated September 21, 2023

20 lakh home loan emi

Necessary conditions for getting a home loan of Rs 20 lakh

Overall, all banks have set certain conditions for giving home loans to customers. It is important for customers taking home loan to fulfill these conditions. Such terms and conditions generally relate to the home loan borrower’s age, place of residence, income, loan-to-value ratio, credit score and his general financial condition.

Age: Most banks give home loans to customers aged 18 years and above.

  • Residence: Some banks provide home loans only to residents of India, while some banks provide home loans to residents of India as well as NRIs.
  • Income: Generally only people with a fixed income can apply for a home loan. This income can be in the form of salary, or income from business.
  • Loan-to-value ratio: Generally, banks offer home loans in the ratio of 80:20. This means that the bank will directly loan you 80% of the house price, while the remaining 20% cost will have to be borne by you yourself. For example, if the price of a property is Rs 25 lakh then the bank will give you a home loan up to Rs 20 lakh for that property.
  • Credit score: All banks prefer to give loans to people with excellent credit history as compared to those who have a bad credit history.
  • General economic condition: The general economic condition of the customer taking the loan matters a lot, because whether or not he gets a home loan largely depends on it.

Home Loan EMI of Rs 20 lakh: Required Documents

To get a home loan, documents like proof of identity, proof of address and proof of income need to be submitted. Apart from this, to avail a home loan, the title document of the property, i.e. the document of ownership of the property, also has to be provided.

The list of documents to be submitted along with the home loan application is given below:

  • Proof of Identity and Address
  • PAN card
  • driving license
  • Passport or Voter ID
  • Proof of income
  • Salary slip of last 3 months
  • Bank statement of last 6 months, showing details of salary deposited in the account
  • Latest Form-16 and IT Returns
  • Property documents
  • Copy of allotment letter/buyer agreement
  • Title deed (ownership document)
  • other documents
  • Proof of your contribution to the value of the property
  • If the current job is less than one year old, then employment contract/appointment letter.
  • Bank statement of the last 6 months, showing repayment details of any ongoing loans
  • Passport size photo of the applicant/co-applicants on the application form

In a nutshell

Opting for a home loan is a good stepping stone toward your dream of owning a home. It is advisable to consider your repayment capacity and financial situation carefully or consult with a financial advisor before choosing your home loan tenure.

Make your home loan application process efficient and hassle-free with Tata Capital. Visit our official website today!

Tags:
Last updated on September 26, 2023