20 lakh home loan EMI can be quite affordable due to longer repayment tenures offered by the bank, housing financiers and NBFCs. The EMI of a Rs 20 lakh home loan could vary depending on the applicable home loan interest rate and the selected repayment tenure. Home loan borrowers with a credit score of 750 and above are in a better position to negotiate a lower home loan interest rate.
The interest rate for a Rs 20 lakh home loan can swing in the range of 8.50% for customers who have an excellent credit score, preferably above 750. Home loan interest rates are principally decided on the basis of the repo rate structure set by the Reserve Bank of India.
Home loan interest rates are either gauged through Marginal Cost of Funds based Lending Rates (MCLR) or through Repo Linked Lending Rates (RLLR). Here’s the list of top lenders offering Rs 20 lakh home loans at the most competitive home loan interest rates.
A Rs 20 lakh home loan EMI will be subject to the home loan interest rate and the home loan repayment tenure. Banks and housing financiers offer a home loan for a maximum of 30 years. A Rs 20 lakh home loan for 20 years can stretch up to 30 years if the borrower wishes to keep the Rs 20 lakh home loan EMI same in case of repo rate hikes.
Home loan borrowers can refer to the table to understand the EMI structure for Rs 20 lakh home loan for various repayment tenures at an interest rate of 8.50% p.a.
Loan Amount | Rate of Interest | Tenure | EMI |
Rs. 20 lakhs | 8.50% | 5 Years | Rs. 41,033 |
Rs. 20 lakhs | 8.50% | 10 Years | Rs. 24,797 |
Rs. 20 lakhs | 8.50% | 15 Years | Rs. 19,695 |
Rs. 20 lakhs | 8.50% | 20 Years | Rs. 17,356 |
Rs. 20 lakhs | 8.50% | 25 Years | Rs. 16,105 |
Rs. 20 lakhs | 8.50% | 30 Years | Rs. 15,378 |
Compare Best Home Loan Interest Rates starting @8.50% from multiple Banks and NBFCs.
Home loan EMI calculator is a very handy tool to determine the monthly repayments. A Rs 20 lakh home loan EMI calculator can provide the right estimate of EMIs for repayment tenures of your choosing. With the help of MyMoneyMantra’s Home Loan EMI Calculator you can check the 20 lakh home loan EMI for different home loan interest rates and repayment tenure offered by various lenders.
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.
What is the EMI for 20 lakhs home loan? Let’s find out the Rs. 20 lakh home loan EMI using the Rs. 20 lakhs home loan EMI calculator.
What is the EMI for 20 lakhs home loan? Let’s find out the Rs. 20 lakh home loan EMI using the Rs. 20 lakhs home loan EMI calculator for a loan term of 25 years are as follows:
What is the EMI for 20 lakhs home loan? Let’s find out the Rs. 20 lakh home loan EMI using the Rs. 20 lakhs home loan EMI calculator for a loan term of 20 years are as follows:
Note: You can also Calculate your loan EMI through SBI Home Loan EMI Calculator
The EMI is calculated for a tenure of 30 years for different interest rates within the slab stipulated for each bank:
Name of Bank | Rate of Interest | EMI |
HDFC Bank Home Loan | 9.40% - 9.95% | Rs. 16,671 |
HSBC Bank Home Loan | 8.45% | Rs. 15,307 |
Kotak Mahindra Bank Home Loan | 8.70% | Rs. 15,663 |
IDFC First Bank Home Loan | 8.75% | Rs. 15,734 |
PNB Housing Finance Home Loan | 8.50% | Rs. 15,378 |
Federal Bank Home Loan | 8.80% | Rs. 15,805 |
ICICI Bank home Loan | 8.75% | Rs. 16,092 |
SBI Bank Home Loan | 8.50% - 10.05% | Rs. 15,378 |
Bajaj Finserv Home Loan | 8.50% - 15.00% | Rs. 15,307 |
Lending companies have set Home Loan Eligibility Criteria. The borrower must meet the eligibility conditions to get the home loan approved. Though the eligibility conditions vary from lender to lender, the general guidelines are:
Eligibility Head | Eligibility Criteria | |
Age | The home loan borrower must be at least 21 years old. The maximum age of the borrower is 65 years. The number of years for which the home loan is approved cannot be more than the total number of years left until retirement. | |
Job Profile | The home loan applicant can be a salaried individual, self-employed professional or self-employed non-professional. | |
Income | The home loan applicant must have a steady income. Different lending institutions have different minimum income requirements to be eligible for the home loan. | |
Work Experience | The salaried individual must have a work experience of at least 2 years of which at least one year must be with the current employer. | Self-employed individuals (both professional and non-professionals) must be in the same business for at least 3 years. At least last 2 years should be profitable. |
Residential Status | Both Indian citizens and Non-Resident Indians are eligible for a home loan. | |
Credit Score | The home loan borrower must have a good credit score. Lending institutions prefer a credit score of 650 points or above. | |
Debt-Income Ratio | The Debt-Income ratio of the applicant must be less than 50%. The lower the Debt-Income ratio, the better. |
A home loan application is supported by several documents. The home loan is approved only after the attached documents are successfully verified. These Home Loan Documents include:
Most lenders determine the loan amount up to 60 times of the applicant’s monthly salary. So, if you earn your Rs. 25,000 per month, you can get a loan amount of Rs. 15 lakh approximately.
The minimum salary required for SBI home loan of Rs. 20 Lakhs is Rs. 30,000 or above.
No, the minimum tenure for SBI home loan repayment is 3 years and it can go up to 30 years.
The EMI for 20 Lakh home loan for 5 years depends on the interest rate charged by the lender. For example, for 20 Lakh SBI home loan for 5 years at an interest rate of 8.50% - 10.05% will be Rs. 41,033.
Using your Fixed Deposit (FD) to get a Home Loan is a practical option. By pledging your FD as collateral, you show the bank that you have a stable financial position, which can lead to more favorable loan terms, lower interest rates, and potentially a higher loan amount. It's a smart way to leverage your existing savings to fulfill your dream of owning a home.
The maximum tenure for an SBI home loan is up to 30 years.
Kotak Mahindra Bank offers home loans at a rate of interest starting at 8.70% p.a. The Rs. 20 lakh home loan EMI for 30 years from Kotak Mahindra Bank is Rs. 15,663.
IDFC First Bank offers home loans at a rate of interest starting at 8.75% p.a. The Rs. 20 lakh home loan EMI for 30 years from IDFC First Bank is Rs.15,734.
HDFC Bank offers the lowest home loan interest rates starting at 8.50% p.a. Its Rs.20 lakh home loan EMI for 30 years is Rs. 15,378.