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.
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.
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
Loan amount Loan tenure Interest EMI
Rs 20 lakh 30 years 8.7% Rs 15,663
Loan amount Loan tenure Interest EMI
Rs 20 lakh 25 years 8.7% Rs 16,375
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Loan amount Loan tenure Interest EMI
Rs 20 lakh 20 years 8.7% Rs 17,610
Loan amount Loan tenure Interest EMI
Rs 20 lakh 15 years 8.7% Rs 19,930
Loan amount Loan tenure Interest EMI
Rs 20 lakh 10 years 8.7% Rs 25,012
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.
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
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
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.
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:
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!
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