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Rs. 60 Lakh Home Loan EMI

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.

Rs. 60 Lakh Home Loan EMI Details

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 yearsRs 70,285
EMI for a tenure of 20 yearsRs 47,241
EMI for a tenure of 30 yearsRs 40,727

Additional Info: Bank Balance Check Number

Table of Contents: 60 Lakh Home Loan EMI
Rs. 60 Lakh Home Loan Interest Rates - 2022

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.

BanksMinimum Interest RateMaximum Interest Rate
State Bank of India7.55% 8.25%
Bajaj Finserv7.20% 14%
PNB Housing Finance Ltd.7.65% 9.20%
Bank of Maharashtra7.30% 9.20%
Kotak Mahindra Bank7.50% 8%
HDFC Bank7.55% 8.55%
Axis Bank7.60% 12%
ICICI Bank7.60% 8.45%
Tata Capital 7.75% 9.20%
Federal Bank8.55% 8.70

Additional Info: Best Home Loan Interest Rates @7.20%

Popular Banks Providing Rs. 60 Lakh Home Loan

Some of the best banks that offer home loans of Rs 60 Lakhs are:

  • State Bank of India
  • HDFC Bank
  • ICICI Bank
  • Kotak Mahindra Bank
  • Punjab National Bank
  • Bank of Baroda
  • Bank of Maharashtra
  • Federal Bank
  • Axis Bank

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.

Rs. 60 Lakh Home Loan EMI with Different Banks

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/NBFCRate of InterestEMI for 10 YearsEMI for 20 YearsEMI for 30 Years
State Bank of India7.55% – 8.25% p.a.Rs 71,378 – Rs 73,592Rs 48,519 – Rs 51,124Rs 42,158 – Rs 45,076 
Bajaj Finserv7.20% – 14% p.a.Rs 70,285 – Rs 93,160Rs 47,241 – Rs 74,611Rs 40,727 – Rs 71,092
PNB Housing Finance Ltd.7.65% – 9.20% p.a.Rs 71,692 – Rs 76,656Rs 48,887 – Rs 54,758Rs 42,571 – Rs 49,143
Bank of Maharashtra7.30% to 9.20% p.a.Rs 70,596 – Rs 76,983Rs 47,604 – Rs 55,147Rs 41,134 – Rs 49,578
Kotak Mahindra Bank7.50% to 8% p.a.Rs 71,221 – Rs 72,797Rs 48,336 – Rs 50,186Rs 41,953 – Rs 44,026
HDFC Ltd7.55% – 8.55% p.a.Rs 71,378 – Rs 79,290Rs 48,519 – Rs 57,901Rs 42,158 – Rs 52,654
ICICI Bank7.60% to 8.45% p.a.Rs 71,535 – Rs 74,231Rs 48,703 – Rs 51,880Rs 42,364 – Rs 45,992

Additional Info: Also check SBI Home Loan EMI Calculator

Rs. 60 Lakh Home Loan EMI for 10 Years

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.)

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

EMI for Rs. 60 Lakhs Home Loan for 20 Years

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.)
Rs. 60 Lakhs Home Loan EMI for 30 Years

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.)

Additional Info: Looking for 80 Lakh Home Loan? Check EMI & Apply

Factors affecting your Rs 60 lakh home loan EMI

The factors that affect Rs. 75 lakh home loan EMI are:

  • Income: Individuals employed in Central/State Government organisations and Public Sector Organisations have guaranteed income. The interest rates for loans to these individuals will be comparatively lower, and the cost of the loan will also be lower.
  • Interest type: If you have chosen a fixed interest rate, then the rate of interest will be 1 to 2% higher than the floating interest rate. As per current trend it is advisable to go for a fixed interest rate initially for 3 yrs and then switch to floating rate of interest.
  • LTV Ratio: The rate of interest charged depends on the LTV Ratio. Banks normally provide 80% of the market value of the property as a home loan. The higher the margin, the lower will be the interest rate as the risk associated will be lower for the lender. With a better interest rate, the EMI will also be lower.
  • Tenure: A longer tenure will lead to a higher EMI and vice versa

Additional Info: Also check Documents Required For Home Loan

Eligibility for Rs. 60 Lakh 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.

  • The applicant should be in the age bracket of 21 years to 60 years if salaried and 21 years to 65 years if self-employed.
  • The minimum income required will be between Rs. 60000/- to Rs. 70000/-
  • Salaried individuals should have a minimum work experience of 2 years, and the self-employed should show a minimum business existence of 3 years.
  • The debt to income ratio should be between 40% to 50%.
  • The minimum credit score required will be 650 to 750
General eligibility criteria for 60 lakh home loan is as follows:

Listed below are certain parameters and the common eligibility criteria for your Rs 60 lakh home loan:

Age18-65 yrs21-65 yrs
Work experienceMinimum 3 yrsAt least 3 yrs of business continuity
Monthly/ Yearly incomeMinimum Rs 50,000At least Rs 7,20,000 annually

Additional Info: Also Check How to Apply for PMAY

Documents Required for Rs. 60 Lakh Home Loan

You need the following documents to apply for an Rs 60 Lakhs home loan:

  • Home loan application form – duly filled in & signed.
  • Recent photographs in passport size.
  • Identity proof: Aadhaar Card/ Driving License/ Passport/ Voter ID, etc.
  • Address proof: Aadhaar Card/ Driving License/ Passport/ Voter ID, etc.
  • Age proof: Birth Certificate/ Class 10th Certificate, etc.
  • Bank statements of the last 6 months.
  • Latest Form 16/ Income Tax Return.
  • Balance Sheet and P&L Statement of the previous 3 years certified by a CA certified for self-employed applicants.
  • Business profile of self-employed applicants.
  • Processing fee cheque.
How to Apply Up to Rs. 60 Lakh Home Loan?

The step-by-step process to apply for a home loan of Rs 60 Lakhs is given below:

  • Visit our website and click on the ‘Home Loan’ that is mentioned under the ‘Loans’ section.
  • Fill out the online application accurately by entering all the details as required.
  • Enter the ‘OTP’ received on your registered mobile number.
  • Then click on the ‘Submit’ button to view the best home loan offer quotes.
  • Home loan offers from our partner lenders will be displayed on your screen according to the information entered by you.
  • Choose the lender preferred by you and apply online.
  • Our home loan experts will connect with you soon regarding the completion of your home loan process.

Lowest Interest Rate

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.

Affordable EMI plans

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.

No Foreclosure Charge

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.

Home Loan Popular Offers


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