The money you would pay as EMI on your Rs 20 lakh home loan in 2024 will depend on two factors – the home loan interest rate and loan repayment tenure. Now, let us find out how much money you would have to pay as Rs 20 lakh home loan EMI in June 2024 for various tenures on prevalent home loan interest rates.
20 lakh home loan EMI for various tenures in 2024
| Loan tenure in years | Home loan interest rate
*Calculated based on SBI’s repo rate based home loan interest rate of 8.7% |
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 |
See also: RBI monetary policy repo rate. Also know about CRR or cash reserve ratio
Rs 20 lakh home loan EMI: Year-wise break-up in 2024
| Loan amount | Tenure | Interest | EMI |
| Rs 20 lakh | 30 years | 8.7% | Rs 15,663 |
20 lakh home loan EMI for 25 years in 2024
| Loan amount | Tenure | Interest | EMI |
| Rs 20 lakh | 20 years | 8.7% | Rs 16,375 |
20 lakh home loan EMI for 20 years in 2024
| Loan amount | Tenure | Interest | EMI |
| Rs 20 lakh | 20 years | 8.7% | Rs 17,610 |
20 lakh home loan EMI for 15 years in 2024
| Loan amount | Tenure | Interest | EMI |
| Rs 20 lakh | 15 years | 8.7% | Rs 19,930 |
20 lakh home loan EMI for 10 years in 2024
| Loan amount | Tenure | Interest | EMI |
| Rs 20 lakh | 10 years | 8.7% | Rs 25,012 |
20 lakh home loan EMI for 5 years in 2024
| Loan amount | Tenure | Interest | EMI |
| Rs 20 lakh | 5 years | 8.7% | Rs 41,226 |
Remember, the longer the tenure, the lower the monthly EMI. The shorter the loan tenure, the higher the EMI. The home loan EMI amount might also change with a change in interest rates.
20 lakh home loan interest rate at leading banks in 2024
Cheapest home loans in 2024
| Bank | Home loan interest rate* |
| 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% |
20 lakh home loan EMI: Tenures offered by leading banks
40 years
30 years
25 years
20 years
15 years
7 years
5 years
Rs 20 lakh home loan eligibility
By and large, all banks have eligibility criteria for borrowers to receive home loans. These terms and conditions are about the borrower’s age, residency, income, loan-to-value ratio, credit score, and general financial condition.
- Age: Most banks offer home loans to borrowers who are 18 years and above.
- Residency: While some banks offer home loans to NRIs and Indian residents, certain banks offer home loans only to resident Indians.
- Income: Only an income-generating individual can apply for a home loan. This income could be in the form of salary or business income.
- Loan-to-value ratio: Banks typically offer home loans in an 80:20 ratio. This means while the bank will grant you 80% of the flat value, you have to arrange 20% of its cost on your own. The bank will, for instance, offer up to Rs 20 lakh home loan for a property worth Rs. 25 lakh.
- Credit score: Banks are more willing to give home loans to borrowers with an impressive credit history rather than those who have a weak credit history.
- General financial condition: The general financial condition of the borrower is a key determinant of whether or not one will secure a home loan.
20 lakh home loan EMI : Documents needed
A borrower has to provide identity proof documents, address proof documents and income proof documents to secure a home loan. The title document of the property also has to be provided to get the home loan.
Listed below are the documents to be furnished along with the home loan application:
Identity and residence proof
- PAN card
- Driving licence
- Passport or voter ID
Proof of income
- Last 3 months’ salary slips
- Last 6 months’ bank statements, showing salary credits
- Latest Form-16 and IT returns
Property documents
- Copy of allotment letter/buyer agreement
- Title deeds
Other documents
- Own contribution proof
- Employment contract/appointment letter in case current employment is less than one year old
- Last 6 months’ bank statements, showing repayment of any ongoing loans
- Passport size photograph of all the applicants/co-applicants to be affixed on the application form.
See also: Sanction letter importance and its role in getting a home loan
Tips to apply for Rs 20 lakh home loan
Banks are more comfortable giving home loans to borrowers who will be spending 40% or less of their salary as home loan EMI. Choose a home loan tenure depending on the monthly income.
See also: IFSC code of Bank of Baroda
FAQs
What is the EMI for 20 lakhs home loan for 30 years?
At 8.7% interest, currently being charged by State Bank of India, your home loan EMI for a month will be Rs 15,663 for a tenure of 30 years.
What is the interest rate for Rs 20 lakh?
Banks keep changing home loan interest rates, based on changes in the RBI's repo rate. As of March 2023, leading banks in India are charging interest above 8.7%.
What will be the monthly EMI for Rs 15 lakh home loan?
At 8.7% interest, currently being charged by State Bank of India, your home loan EMI for a month will be Rs 14,956 for a tenure of 15 years.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |