When you are looking for a Rs 60 lakh home loan then a lot of factors are going to contribute to your 60 lakh home loan EMI. In this post we will see which banks can give home loans of Rs 60 lakhs and their corresponding interest rate which will shape up your overall home loan expenditure of Rs 60 lakhs.
A Rs 60 Lakh Home Loan is a big amount that requires a disciplined approach when fulfilling it. Before taking a loan of such a hefty amount, it’s imperative to understand the specifics that come with it.
Following are the details of Rs 60 Lakh home loan EMI for 10 years, 20 years and 30 years tenure at a 7.20% p.a. interest rate:
| EMI for a tenure of 10 years | Rs 70,285 |
| EMI for a tenure of 20 years | Rs 47,241 |
| EMI for a tenure of 30 years | Rs 40,727 |
Additional Info: Bank Balance Check Number
Below list shows the Home Loan Interest Rates for various banks along with their minimum and maximum interest rate per annum that they offer on a Rs 60 lakh home loan.
| Banks | Minimum Interest Rate | Maximum Interest Rate |
|---|---|---|
| State Bank of India | 7.55% | 8.25% |
| Bajaj Finserv | 7.20% | 14% |
| PNB Housing Finance Ltd. | 7.65% | 9.20% |
| Bank of Maharashtra | 7.30% | 9.20% |
| Kotak Mahindra Bank | 7.50% | 8% |
| HDFC Bank | 7.55% | 8.55% |
| Axis Bank | 7.60% | 12% |
| ICICI Bank | 7.60% | 8.45% |
| Tata Capital | 7.75% | 9.20% |
| Federal Bank | 8.55% | 8.70 |
Additional Info: Best Home Loan Interest Rates @7.20%
Some of the best banks that offer home loans of Rs 60 Lakhs are:
The interest rate for the loan of Rs. 60 Lakhs starts from 7.20% p.a. at present, and it may differ from lender to lender for different borrowers based on their income, Credit Score, gender, and other eligibility factors.
Below is the table for Rs 60 Lakh home loan EMI for different banks for 10, 20 and 30 years using the Rs 60 Lakhs Home Loan EMI Calculator:
| Bank/NBFC | Rate of Interest | EMI for 10 Years | EMI for 20 Years | EMI for 30 Years |
|---|---|---|---|---|
| State Bank of India | 7.55% – 8.25% p.a. | Rs 71,378 – Rs 73,592 | Rs 48,519 – Rs 51,124 | Rs 42,158 – Rs 45,076 |
| Bajaj Finserv | 7.20% – 14% p.a. | Rs 70,285 – Rs 93,160 | Rs 47,241 – Rs 74,611 | Rs 40,727 – Rs 71,092 |
| PNB Housing Finance Ltd. | 7.65% – 9.20% p.a. | Rs 71,692 – Rs 76,656 | Rs 48,887 – Rs 54,758 | Rs 42,571 – Rs 49,143 |
| Bank of Maharashtra | 7.30% to 9.20% p.a. | Rs 70,596 – Rs 76,983 | Rs 47,604 – Rs 55,147 | Rs 41,134 – Rs 49,578 |
| Kotak Mahindra Bank | 7.50% to 8% p.a. | Rs 71,221 – Rs 72,797 | Rs 48,336 – Rs 50,186 | Rs 41,953 – Rs 44,026 |
| HDFC Ltd | 7.55% – 8.55% p.a. | Rs 71,378 – Rs 79,290 | Rs 48,519 – Rs 57,901 | Rs 42,158 – Rs 52,654 |
| ICICI Bank | 7.60% to 8.45% p.a. | Rs 71,535 – Rs 74,231 | Rs 48,703 – Rs 51,880 | Rs 42,364 – Rs 45,992 |
Additional Info: Also check SBI Home Loan EMI Calculator
The Rs 60 Lakh home loan EMI for 10 years tenure at a 7.20% p.a. interest rate would be Rs 70,285.
Following table depicts different EMIs on Rs. 60 Lakhs loan for different interest rates for a tenure of 10 yrs.
| Rate of Interest (p.a.) | EMI for 10 yrs tenure (in Rs.) | Total Outgo (in Rs.) |
|---|---|---|
| 7.20% | 70,285 | 84,34,215 |
| 7.50% | 71,221 | 85,46,527 |
| 7.80% | 72,164 | 86,59,683 |
| 8% | 72,797 | 87,35,587 |
| 8.55% | 74,552 | 89,46,235 |
You can also note the difference in total payable when you compare the minimum and maximum interest rate on your Rs 60 lakh home loan.
Additional Info: Also check Pan Number for Banks
The 60 Lakhs home loan EMI for a period of 20 yrs at an annual interest rate of 7.20% will be Rs. 47,241. The EMI varies from lender to lender based on the rate of interest offered by the bank and the borrower’s credit profile along with certain other aspects of home loan eligibility which we will discuss in the later part of this article.
Below is the table depicting different EMIs on Rs. 60 Lakhs loan at the different interest rates for 20 years tenure:
| Rate of Interest (p.a.) | EMI for 20 yrs tenure (in Rs.) | Total Outgo (in Rs.) |
|---|---|---|
| 7.20% | 47,241 | 1,13,37,830 |
| 7.50% | 48,336 | 1,16,00,542 |
| 7.80 | 49,442 | 1,18,66,119 |
| 8% | 50,186 | 1,20,44,737 |
| 8.55% | 52,259 | 1,25,42,262 |
EMI for a 60 Lakhs home loan for 30 years at an interest rate of 7.20% p.a. will be Rs 40,727. It is important to note that as you increase the tenure the total payable amount will increase. So always go for that tenure for which your Rs 60 lakh home loan EMI fits within your budget. You can also use our Home Loan EMI Calculator to assess and see how much monthly EMI you will have to pay on your loan.
Below is the table of different EMIs on Rs 60 Lakhs loan at the different interest rates for 30 years tenure:
| Rate of Interest (p.a.) | EMI for 30 yrs tenure (in Rs.) | Total Outgo (in Rs.) |
|---|---|---|
| 7.20% | 40,727 | 1,46,61,825 |
| 7.50% | 41,953 | 1,51,03,033 |
| 7.80 | 43,192 | 1,55,49,203 |
| 8% | 44,026 | 1,58,49,315 |
| 8.55% | 46,348 | 1,66,85,132 |
Additional Info: Looking for 80 Lakh Home Loan? Check EMI & Apply
The factors that affect Rs. 75 lakh home loan EMI are:
Additional Info: Also check Documents Required For Home Loan
Home loan eligibility differs from one bank to the other based on several factors. However, there are several common points that are taken into consideration by all banks and financial institutes in India while reviewing your loan application.
The following are the general Home Eligibility Criteria to qualify for an Rs 60 lakh Home Loan.
Listed below are certain parameters and the common eligibility criteria for your Rs 60 lakh home loan:
| Parameters | Salaried | Self-employed |
|---|---|---|
| Age | 18-65 yrs | 21-65 yrs |
| Work experience | Minimum 3 yrs | At least 3 yrs of business continuity |
| Monthly/ Yearly income | Minimum Rs 50,000 | At least Rs 7,20,000 annually |
Additional Info: Also Check How to Apply for PMAY
You need the following documents to apply for an Rs 60 Lakhs home loan:
The step-by-step process to apply for a home loan of Rs 60 Lakhs is given below:
Home loan interest rates are the lowest ever in the past 15 years. With raining festival offers on home loan, currently you can avail of the best interest rate on Bajaj Finserv home loan @7.70% p.a for all loan amounts.
You can avail the lowest Home Loan EMI at Rs. 727/- per lakh with maximum repayment flexibility. Some options are Step-Up EMIs, Step Down EMIs, Moratorium, OD facility, balance transfer, top up and more.
Home Loans at floating interest rate (linked to repo rate) offer you ultimate prepayment flexibility. There is no part or full prepayment charge. You can prepay early & reduce interest cost as per your cash flows.
