Understanding Rs. 60 lakh home loan EMI
The exclusive housing loan offers extended by reputed financiers like Bajaj Finserv are curated to meet a wide range of financial requirements. Whether an individual is planning to construct a house or transfer their existing housing credit, this effective financing option will allow borrowers to fulfill their requirements. Eligible borrowers can avail of a 60 lakh home loan or more at a competitive interest rate.
Besides, borrowers can access additional benefits on this housing loan such as PMAY subsidy, flexible tenor, property dossier, top-up loan facility, etc.
Read on to understand the eligibility criteria attached to a home loan up to 60 lakh.
Eligibility criteria for the 60 lakh home loan amount
To qualify for a 60 lakh home loan, you need to meet the following eligibility requisites:
For salaried individuals:
- Age: 23 years to 65 years** salaried individuals
- Must be an Indian resident
- Work experience: Minimum 3 years
For self-employed individuals:
- Age: 23 years to 70 years** self-employed individuals
- One must be an Indian resident
- Business vintage should be at least 5 years
**Maximum age considered at the time of loan maturity.
Besides meeting home loan eligibility criteria, individuals need to submit certain documents. Some of the documents are:
- KYC documents
- Latest salary slips/ Form 16
- Profit and Loss statement, TR documents of previous 2 years
- Bank account statement of last 6 months
- Business existence proof showing 5 years of continuity
Interest rate applicable on Rs. 60 lakh home loan
To avail a 60 lakh loan, the applicable home loan interest rate for salaried individuals and professional applicants start at 8.50%* p.a., they meet the required eligibility asks.
Since interest rates are crucial in determining the overall borrowing cost, individuals need to keep a tab on housing loan rates to ensure a hassle-free repayment. Additionally, individuals can take the help of an online EMI calculator to avail suitable results.
EMI calculation for a 60 lakh home loan with varying tenors
To determine EMI for a 60 lakh home loan amount, refer to the following classification below with an interest rate fixed at 8.50%* p.a..
Loan Tenure (Years) |
Loan Amount (Rs.) |
Rate of Interest |
EMI (Rs.) |
Total Interest (Rs.) |
Total Amount Payable (Rs.) |
30 |
60,00,000 |
8.50%* p.a |
46,135 |
1,06,08,531 |
1,66,08,531 |
| 25 | 60,00,000 | 8.50%* p.a | 48,314 | 84,94,088 | 1,44,94,088 |
20 |
60,00,000 |
8.50%* p.a |
52,069 |
64,96,655 |
1,24,96,655 |
15 |
60,00,000 |
8.50%* p.a |
59,084 |
46,35,187 |
1,06,35,187 |
10 |
60,00,000 |
8.50%* p.a |
74,391 |
29,26,970 |
89,26,970 |
5 |
60,00,000 |
8.50%* p.a |
1,23,099d |
13,85,951 |
73,85,951 |
From the above classification, borrowers can see EMIs for a 60 lakh home loan and how it varies depending on the repayment tenor. Thus, individuals need to choose a loan tenor carefully after assessing their repayment affordability.
EMI calculations for a home loan amount lower than Rs. 60 lakh
On the contrary, if you find EMIs of a 60 lakh home loan unmanageable, you can always apply for lower housing credit. Moreover, an EMI calculator will enable borrowers to make informed decisions.
Here is the detailed classification of choosing lower housing loan amount by keeping the interest rate and tenor constant:
Knowing about the different EMIs for opting for a lower principal amount will allow borrowers to plan their finances efficiently.
Home Loan Amount (Rs.) |
Loan Principal (Rs.) |
Interest Rate (p.a) |
Tenure (years) |
EMIs (Rs.) |
59,00,000 |
59,00,000 |
8.50%* |
20 |
51,202 |
58,00,000 |
58,00,000 |
8.50%* |
20 |
50,334 |
57,00,000 |
57,00,000 |
8.50%* |
20 |
49,466 |
56,00,000 |
56,00,000 |
8.50%* |
20 |
48,598 |
Home loan EMI based on amount |
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So, if you plan to avail of a 60 lakh home loan and want to know the detailed EMI breakups, use the EMI calculator available at the Bajaj Finserv official website and apply for a home loan accordingly to meet your varied requirements.
*The Interest rates mentioned are subject to change, To know the latest rates visit here.
Frequently asked questions
For a Rs. 60 lakh loan with a tenure of 15 years at an interest rate of 8.50%, the monthly Equated Monthly Instalment (EMI) would be approximately Rs. 59,703. This EMI covers both the principal repayment and the interest charged over the loan tenure.
The EMI for a Rs. 65 lakh home loan at an interest rate of 8.5% for a tenure of 20 years is approximately Rs. 57,368. This calculation includes principal and interest components, making homeownership more accessible for individuals looking to invest in their dream home.
The maximum salary for a Rs. 50 lakh home loan depends on factors like interest rate, tenure, and lender criteria. Generally, a salary of Rs. 75,000 to Rs. 1 lakh per month may be required for eligibility, assuming a standard interest rate and EMI affordability.
To plan for Rs. 50 lakh home loan EMI prepayment, assess your monthly cash flow, ensure sufficient savings, and consider making part-prepayments. Increasing your EMI or making lump-sum payments can significantly reduce the loan tenure and interest, helping you pay off the loan faster and save costs.
The home loan EMI for Rs. 50 lakh is calculated using the loan amount, interest rate, and tenure. The formula involves principal and interest components. Tools like EMI calculators can help estimate the EMI amount, which typically includes both principal repayment and interest charges based on loan terms.
The repo rate directly affects the interest rate on floating-rate home loans. When the repo rate increases, the interest rate on your home loan may rise, leading to higher EMIs. Conversely, a decrease in the repo rate can lower your EMI, reducing monthly repayment burdens.
