Are you planning to buy a home and looking for a loan of 20 lakh? If yes, then you may be thinking how much EMI you will have to pay every month and how much interest you will end up paying over the loan tenure. In this article, we will answer these questions and help you find the best home loan deal for your budget and needs.
20 Lakh Home Loan Emi & Interest Rate (8.50%p.a)
EMI is the money you give every month to pay back the money you borrowed to buy a house. It has two parts: the money you borrowed and the extra money you pay for borrowing. EMI changes based on three things like principal amount, downpayment and tenure of repayment. The table below shows detail about EMI structure.
| Loan Tenure | EMI | Interest Rate | Total Interest |
| 5 years | Rs. 41,033 | 8.50% | Rs. 4,61,984 |
| 10 years | Rs. 24,797 | 8.50% | Rs. 9,75,657 |
| 15 years | Rs. 19,695 | 8.50% | Rs. 15,45,062 |
| 20 years | Rs. 17,356 | 8.50% | Rs. 21,65,552 |
| 25 years | Rs. 16,105 | 8.50% | Rs. 28,31,363 |
| 30 years | Rs. 15,378 | 8.50% | Rs. 35,36,177 |
20 Lakh Home Loan EMI Calculator
You can use the 20 lakh home loan EMI calculator to find out your EMI and interest rate for different loan tenures and interest rates. The calculator is easy to use and gives you instant results. You Can Check Home Loan Emi Here Also.
All you need to do is enter the loan amount, interest rate, and loan tenure, and the calculator will show you the EMI, total interest, and total amount payable. You can also change the values and see how the EMI and interest change accordingly. The calculator can help you plan your budget and choose the best loan tenure and interest rate for your needs.
Rs. 20 Lakh Home Loan Interest Rates from Top Banks
| Name of Banks | Interest Rate (p.a.) | EMI |
| Central Bank of India | 8.50% – 9.50% | 41,044 – 42,611 |
| Bank of India | 8.30% – 10.65% | 40,875 – 43,801 |
| HDFC Bank | 8.50% – 9.40% | 41,044 – 42,547 |
| LIC Housing Finance | 8.40% – 11.55% | 41,057 – 44,988 |
| State Bank of India | 8.60% – 11.30% | 41,378 – 44,720 |
| Bank of Baroda | 8.40% – 11.50% | 41,057 – 44,879 |
| Bank of Maharashtra | 8.50% – 10.90% | 41,044 – 43,690 |
| Union Bank of India | 9.30% – 11.65% | 42,692 – 45,154 |
| Kotak Mahindra Bank | 8.70% – 12.00% | 41,563 – 45,429 |
| HSBC Bank | 8.45% – 10.10% | 41,044 – 43,254 |
| Karur Vysya Bank | 9.23% – 10.50% | 42,547 – 43,801 |
| Axis Bank | 8.70% – 11.45% | 41,563 – 44,879 |
| ICICI Bank | 8.95% – 11.45% | 42,092 – 44,879 |
| IDFC First Bank | 8.75% – 10.00% | 41,652 – 43,254 |
| IDBI Bank | 9.65% – 14.15% | 43,254 – 48,213 |
How to Apply for Rs.20 Lakh Home Loan
To apply for a 20 lakh home loan, you need to follow these steps:
Check your eligibility and credit score. You can use online tools like EMI Calculator and Credit Score Checker to get an estimate of your EMI and credit score. Generally, you need a minimum income of Rs. 25,000 and a credit score of 750 or above to qualify for a 20 lakh home loan.
Compare home loan offers from different lenders. You can use online to compare home loan interest rates, fees, features and benefits from various banks and NBFCs. You can also check the customer reviews and ratings of the lenders to get an idea of their service quality and reputation.
Check 15 Lakh Home loan EMI
Choose the best home loan deal for your needs. After comparing the home loan offers, you can select the one that offers you the lowest interest rate, the most flexible repayment options and the best customer service. You can also negotiate with the lender to get a lower interest rate or a waiver of processing fees or prepayment charges.
Fill the home loan application form and submit the required documents. You can either apply online or visit the nearest branch of the lender to fill the home loan application form. You will also need to submit some documents to verify your identity, income, property, and repayment capacity.
Documents Required for Rs.20 Lakh Home Loan
- Identity proof: Aadhaar Card (UIDAI), PAN, Passport, latest voter ID, DL etc.
- Address proof: Aadhaar Card (UIDAI), Passport, latest voter ID, DL, utility bills, rent agreement, etc.
- Income proof: Salary Credit slips, bank A/c statements, ITR Details, Form 16 etc.
- Property proof: possession letter, Sale deed, agreement to sell, allotment letter, NOC from builder/society, etc.
- Other documents: Passport size photographs, loan application form, processing fee cheque, etc.
Eligibility Criteria for Rs.20 Lakh Home Loan
The eligibility criteria for a 20 lakh home loan may vary from lender to lender, but some of the common factors that affect your eligibility are:
- Age 21 years – 65 years.
- Income: stable and regular source of income.
- Credit score above 750.
- Loan-to-value ratio: The loan-to-value ratio (LTV) is the percentage of the property value that the lender is willing to finance. The LTV for a 20 lakh home loan can range from 75% to 90%, depending on the lender and the property type. The higher the LTV, the lower the down payment you need to make.
Conclusion
A 20 lakh home loan can help you buy your dream home without putting a strain on your finances. However, you need to be careful and smart while applying for a home loan and compare the offers from different lenders.
You should also try to reduce your home loan EMI and interest rate by choosing a shorter loan tenure, making a higher down payment, maintaining a good credit score, and availing of the benefits of schemes like PMAY. By following these tips, you can save money on your home loan and repay it faster.
FAQs Related 20 lakh home loan EMI
Q: What is 20 lakh home loan emi for 20 years?
The EMI of a home loan usually starts from 8.50%. If we assume an average annual rate of 10%, then for a home loan of 20 lakh rupees for a period of 5 years, the monthly EMI will be 19,300 rupees.
Q: What is the lowest interest rate for a 20 lakh home loan in 2023?
The lowest interest rate for a 20 lakh home loan in 2023 is 6.80% p.a. offered by Citi Bank
Q: How can I reduce my home loan EMI and interest rate?
You can reduce your home loan EMI and interest rate by choosing a shorter loan tenure, making a higher down payment, maintaining a good credit score, and availing of the benefits of schemes like PMAY.
Q: What is the 20 lakh home loan emi for 5 years?
The EMI of a home loan usually starts from 8.50%. If we assume an average annual rate of 10%, then for a home loan of 20 lakh rupees for a period of 5 years, the monthly EMI will be 42,492 rupees.
Q: What is 20 lakh home loan emi for 15 years?
The EMI of a home loan usually starts from 8.50%. If we assume an average annual rate of 10%, then for a home loan of 20 lakh rupees for a period of 5 years, the monthly EMI will be 21,492 rupees.
Q: What is 20 lakh home loan emi for 25 years?
The EMI of a home loan usually starts from 8.50%. If we assume an average annual rate of 10%, then for a home loan of 20 lakh rupees for a period of 5 years, the monthly EMI will be 18,174 rupees.