60 Lakh Home Loan EMI

A Rs 60 Lakh Home Loan is a big amount that requires a disciplined approach when fulfilling it. Before taking a loan of such a hefty amount, it's imperative to understand the specifics that come with it. 

Following are the details of Rs 60 Lakh home loan EMI for 5 years, 10 years, 15years, 20 years and 30 years tenure at a 8.50% p.a. interest rate:

Below list shows the Home Loan Interest Rates for various banks along with their minimum and maximum interest rate per annum that they offer on a Rs 60 lakh home loan.

Check Best Home Loan Interest Rates starting @8.50% from different banks and NBFCs

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 60 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.

The Rs. 60 Lakh home loan EMI for 10 years tenure at a 8.50% p.a. interest rate would come to Rs. 74,391. The EMI on an Rs. 60 Lakhs Home Loan for a tenure of 10 years varies from lender to lender based on the interest rate offered and the borrower’s eligibility.

Below is the table for Rs. 60 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 10 years tenure:

You can also check Home Loan EMI through SBI Home Loan EMI Calculator

The EMI for 60 Lakhs home loan for 20 years tenure at an 8.50% p.a. rate of interest will be Rs. 52,069. The EMI varies from lender to lender based on the rate of interest offered and the borrower’s profile. 

Below is the table for Rs. 60 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 20 years tenure:

The EMI for 60 Lakhs home loan for 30 years tenure at an 8.50% p.a. rate of interest will be Rs. 46,135. The EMI varies from lender to lender based on the rate of interest offered and the borrower’s profile. 

Below is the table for Rs. 60 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 30 years tenure:

The factors that affect Rs. 60 lakh home loan EMI are:

• Income: Individuals employed in Central/State Government organisations and Public Sector Organisations have guaranteed income. The interest rates for loans to these individuals will be comparatively lower, and the cost of the loan will also be lower.
• Interest type: If you have chosen a fixed interest rate, then the rate of interest will be 1 to 2% higher than the floating interest rate. As per current trend it is advisable to go for a fixed interest rate initially for 3 yrs and then switch to floating rate of interest.
• LTV Ratio: The rate of interest charged depends on the LTV Ratio Banks normally provide 80% of the market value of the property as a home loan. The higher the margin, the lower will be the interest rate as the risk associated will be lower for the lender. With a better interest rate, the EMI will also be lower.
• Tenure: A longer tenure will lead to a higher EMI and vice versa.

Check out the eligibility and benefits of LRD Loan.

Home loan eligibility differs from one bank to the other based on several factors. However, there are several common points that are taken into consideration by all banks and financial institutes in India while reviewing your loan application.

The following are the general Home Loan Eligibility Criteria to qualify for an Rs 60 lakh Home Loan.

• The applicant should be in the age bracket of 21 years to 60 years if salaried and 21 years to 65 years if self-employed.
• The minimum income required will be between Rs. 60000/- to Rs. 70000/-
• Salaried individuals should have a minimum work experience of 2 years, and the self-employed should show a minimum business existence of 3 years.
• The debt to income ratio should be between 40% to 50%.
• The minimum credit score required will be 650 to 750

General eligibility criteria for 60 lakh home loan is as follows:

Listed below are certain parameters and the common eligibility criteria for your Rs 60 lakh home loan:

You can also check SBI Home Loan Eligibility Online through MyMoneyMantra

You need the following documents to apply for an Rs 60 Lakhs home loan:

• Home loan application form - duly filled in & signed.
• Recent photographs in passport size.
• Identity proof: Aadhaar Card/ Driving License/ Passport/ Voter ID, etc.
• Address proof: Aadhaar Card/ Driving License/ Passport/ Voter ID, etc.
• Age proof: Birth Certificate/ Class 10th Certificate, etc.
• Bank statements of the last 6 months.
• Latest Form 16/ Income Tax Return.
• Balance Sheet and P&L Statement of the previous 3 years certified by a CA certified for self-employed applicants.
• Business profile of self-employed applicants.
• Processing fee cheque.

The step-by-step process to apply for a home loan of Rs 60 Lakhs is given below:

• Visit our website and click on the Home Loan that is mentioned under the ‘Loans’ section.
• Fill out the online application accurately by entering all the details as required.
• Enter the ‘OTP’ received on your registered mobile number.
• Then click on the ‘Submit’ button to view the best home loan offer quotes.
• Home loan offers from our partner lenders will be displayed on your screen according to the information entered by you.
• Choose the lender preferred by you and apply online.
• Our home loan experts will connect with you soon regarding the completion of your home loan process.

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