20 Lakh Home Loan EMI

There are many banks, non-banking financial companies (NBFCs) and other financial institutions that offer Rs. 20 lakh Home Loan at different interest rates. Following are the interest rates of top ten banks and NBFCs for a Home Loan of Rs. 20 lakh Home loan. 

The EMI is Calculated for a Maximum tenure for different interest rates for Respective banks:

The Rs. 20 Lakh Home Loan EMI for 5 years tenure at a 8.50% p.a. interest rate would come to Rs. 40,889 The EMI on an 20 Lakh Home Loan EMI  for a tenure of 5 years varies from lender to lender based on the interest rate offered and the borrower’s eligibility.

You can also use Loan Prepayment Calculator to find out how much you will save on interest and how it affects your Loan EMI.

The Rs. 20 Lakh Home Loan EMI for 10 years tenure at a 8.50% p.a. interest rate would come to Rs. 24,637 The EMI on an 20 Lakh Home Loan EMI  for a tenure of 10 years varies from lender to lender based on the interest rate offered and the borrower’s eligibility.

The Rs. 20 Lakh Home Loan EMI for 20 years tenure at a 8.50% p.a. interest rate would come to Rs. 17,167 The EMI on an 20 Lakh Home Loan EMI  for a tenure of 20 years varies from lender to lender based on the interest rate offered and the borrower’s eligibility.

The Rs. 20 Lakh Home Loan EMI for 30 years tenure at a 8.50% p.a. interest rate would come to Rs. 15,166 The EMI on an 20 Lakh Home Loan EMI  for a tenure of 30 years varies from lender to lender based on the interest rate offered and the borrower’s eligibility.

You must check your preferred bank’s home loan eligibility criteria before you apply for a home loan. The criteria differ from one bank to the other at times. However, there are several common factors that are taken into consideration by all banks and financial institutes in India while they review your loan application.

• Both salaried and self-employed individuals are eligible to apply for a home loan. However, you must be a minimum of 18 years if you want to apply for a 20 lakh home loan in India at the current time. 
• Both Indian and non-Indian residents can apply for home loans in the country.
• The maximum age to apply for home loans remains around 60 to 70 years, depending on different banks’ different policies.
• Although different banks may require different documents as per their terms and policies, there are several common documents that all banks require. These documents include your address proof – utility bills such as your electricity bill and water bills, identity proof – voter card, Aadhaar card, passport, driving licence.
• In order to be eligible to apply for a home loan, you must have a minimum salary of 35,000 per month, according to the policies of most banks and NBCFs in India.
• Home loan documents required include your bank statements for the past 6 months as per the review policies of most banks in India. In addition, many banks demand bank statements for longer periods. 
• Different eligibility criteria are applied to customers based on their profession and income details. For self-employed people, proof of the existence of their business and valid proof of their monthly income is required by banks apart from their identity and address proof.
• For salaried people, proof of their monthly income and payslips are necessary in order to be eligible for applying for a home loan. In addition, they must have work experience of at least three years when they apply for a 20 lakh home loan.
• For self-employed applicants, providing proof of their business stability of at least the last 5 years is required when they apply for a home loan.
• Your credit score must be 750 or above when you apply for a home loan. Make sure you pay your bills, EMIs, and debts timely to maintain a good credit score. If you do not have a decent credit score, it will affect your eligibility as a borrower. First, focus on increasing your credit score before applying for a home loan. You can also apply with a co-applicant who has a comparatively good credit score for a better chance of loan approval.

Check Loan Against Property Interest Rate for lowest LAP Interest Rates.

You will have to submit the following documents to apply for Rs. 20 lakh home loan:

• Duly filled and signed home loan application form.
• Recent passport-sized photographs of the applicant.
• Identity proof like Aadhaar Card, Passport, Driving License, Voter ID, etc.
• Address proof like Aadhaar Card, Passport, Driving License, Voter ID, etc.
• Age proof like Birth Certificate, Class 10th Certificate, etc.
• Bank statements of last 6 months.
• Processing fee cheque.
• Form 16 or Income Tax Return.
• CA certified Balance Sheet and Profit & Loss Statement of last 3 years for self-employed applicants.
• Business profile of self-employed applicants.

If you are buying your home soon, consider applying for a home loan. Home loans are granted by banks and other financial institutes in India to eligible customers who fulfil certain eligibility criteria. Different banks and NBCFs offer different home loan schemes to customers in the country. You can utilise a 20 lakh home loan for extension, renovation, and construction purposes. For example, if you want to build your home or use the money to buy certain furniture or extend your property, a home loan can help you fulfil all your property requirements without any hassle.

Managing your loan can be quite difficult at times without a proper strategy. Make sure you make a financial strategy to manage your expenses in the future before you apply for a home loan. It will make your repayment tenure hassle-free and help you make informed financial decisions in the future.

Irrespective of your age, financial background, and other details, a home loan can help you fulfil all your property requirements by providing to fit the monetary guidance you require. For example, a 20 lakh home loan can be quite versatile in terms of the ways you can utilise it.

You can also check Home First Loan Against Property online to Avail offer.