₹20 Lakh Home Loan EMI

Understanding how your EMIs are calculated for a home loan of ₹20 Lakhs empowers you to manage your finances effectively. Having a good grasp on your EMI structure enables you to budget strategically. This helps you make informed decisions about your repayment plan. The loan tenure plays a crucial role in determining your EMIs.

To understand how, let’s see the change in EMI over 10, 15, 20, 25, and 30 years. For this, let’s assume that the interest rate is constant at 9% p.a.:

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

Here’s a breakdown of the EMIs of a home loan of ₹20 Lakhs over a tenure of 10 years, considering that the interest rate is 9% p.a.:

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

When you choose a repayment tenure of 20 years, the instalment amount decreases. The details are as follows:

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

Here is a breakdown of the EMI and interest costs payable when you choose to repay the loan over a period of 30 years:

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

*Disclaimer: The rates are subject to change at the lender’s discretion.

Meet the eligibility criteria listed below to qualify for a home loan of ₹20 Lakhs:

• Nationality: Indian and residing in India

• Age: 23 to 62 years if salaried, 25 to 70 years if self-employed

• Work experience: At least 3 years (for salaried applicants)

• Business vintage: At least 5 years (for self-employed applicants)

Along with this, ensure to keep the following documents ready for a smooth application process:

• ID Proof: Any of the following

  • Driving licence

  • Aadhaar card

  • PAN card

  • Voter ID
    

• Residential Proof: Any of the following

  • Aadhaar card

  • Passport

  • Utility bills
    

• Income Proof for Self-employed Applicants:

  • Degree/qualification certificates for self-employed professionals 

  • Profit and loss statement of the last 3 years

  • ITR filings of the last 2 years

  • Business licence details

  • Latest balance sheet of the business, audited by a certified CA

  • TDS certificate
    

• Income Proof for Salaried Applicants: 

  • Form 16

  • ITR filings of the last 2 years

  • Salary slips of the last 3 months