What is the EMI of 20 lakh home loan?

What will be the EMI on 20 lakh home loan in 2022?

If you want to get the home of your dreams and need Rs 20 lakhs, then you will need to take a home loan. 20 lakhs is a huge amount but many banks and financial companies offer home loans up to Rs 20 lakhs. The question will come in your mind that how much EMI will I have to pay on a home loan of Rs 20 lakh? In this article, we will examine the different loan tenures to find out the EMI to be charged on a 20 lakh home.

Details of EMI applicable on home loan of Rs 20 lakh

The home loan allows the borrower to take a loan of up to 90% of the property amount which will be repaid over a specific repayment period. The tenure of the loan may vary depending on the repayment capacity of the borrower. Lending companies usually allow a maximum loan tenure of up to 30 years. The table below lists the EMI details for various repayment tenures for a home loan of Rs 20 lakh at an interest rate of 6.80% p.a.

loan amount Rate of interest repayment period EMI per month
20 lakh rupees 6.80% p.a. 5 year Rs 39,414
20 lakh rupees 6.80% p.a. 10 years Rs 23,016
20 lakh rupees 6.80% p.a. 15 years Rs 17,754
20 lakh rupees 6.80% p.a. 20 years Rs 15,267
20 lakh rupees 6.80% p.a. 25 years Rs 13,881
20 lakh rupees 6.80% p.a. 30 years Rs 13,038

20 lakh home loan interest rate

Banks and non-banking financial companies in India offer home loans at competitive interest rates. Home loan interest rates are generally linked to the MCLR rates set by the Reserve Bank of India.

The table below shows the competitive interest rates of top bank on 20 lakh home loan in a listed manner.

Name of bank Rate of interest
City Bank Starting from 6.50% p.a.
Kotak Mahindra Bank 6.65% – 7.20% p.a.
ICICI Bank 6.75% – 7.55% p.a.
HDFC bank 6.75% – 7.65% p.a.
state Bank of India 6.80% – 7.5% p.a
IDFC First Bank 6.90% – 10.5% p.a.
Yes Bank 9.60% – 12% p.a.

Most Popular Banks Offering 20 Lakh Home Loans

Listed in the table are the banks that offer 20 lakh home loans with the lowest interest rates and minimum eligibility conditions:-

City Bank
state Bank of India
ICICI Bank
IDBI Bank
HDFC bank
IDFC First Bank
Kotak Mahindra Bank
axis Bank
Yes Bank
Bank Of Baroda
PNB Bank

EMI for 20 lakh home loan for 30 years

What is the EMI of 20 lakh home loan? To know this, let’s see what will be the EMI of Rs 20 lakh home loan. EMI calculator of 20 lakh home loan.

  • Loan Amount – Rs 20,00,000
  • Interest Rate – 6.80% p.a.
  • EMI – Rs 13,038
  • Total interest – Rs 26,93,860
  • Total Repayment Amount – Rs 46,93,860
The year principal amount interest amount remaining principal
1 Rs 21,119 Rs 135,349 Rs 1,978,881
2 Rs 22,600 Rs 133,868 Rs 1,956,281
3 Rs 24,185 Rs 132,283 Rs 1,932,096
4 Rs 25,882 Rs 130,586 Rs 1,906,214
5 Rs 27,698 128,770 rupees Rs 1,878,516
6 Rs 29,643 Rs 126,825 Rs 1,848,873
7 Rs 31,721 Rs 124,747 Rs 1,817,152
8 Rs 33,946 Rs 122,522 Rs 1,783,206
9 Rs 36,328 Rs 120,140 Rs 1,746,878
10 Rs 38,878 Rs 117,590 Rs 1,708,000
1 1 Rs 41,606 Rs 114,862 Rs 1,666,394
12 Rs 44,523 Rs 111,945 Rs 1,621,871
13 Rs 47,646 Rs 108,822 Rs 1,574,225
14 Rs 50,991 Rs 105,477 Rs 1,523,234
15 Rs 54,567 Rs 101,901 Rs 1,468,667
16 Rs 58,397 Rs 98,071 Rs 1,410,270
17 Rs 62,494 Rs 93,974 Rs 1,347,776
18 Rs 66,878 Rs 89,590 Rs 1,280,898
19 Rs 71,570 Rs 84,898 Rs 1,209,328
20 Rs 76,591 Rs 79,877 Rs 1,132,737
21 Rs 81,964 Rs 74,504 Rs.1,050,773
22 Rs 87,716 Rs 68,752 Rs 963,057
23 Rs 93,870 Rs 62,598 Rs 869,187
24 Rs 100,456 Rs 56,012 Rs 768,731
25 Rs 107,504 Rs 48,964 Rs 661,227
26 Rs 115,046 Rs 41,422 Rs 546,181
27 Rs 123,118 Rs 33,350 Rs 423,063
28 Rs 131,758 Rs 24,710 Rs 291,305
29 Rs 141,01 Rs 15,467 Rs 150,304
30 Rs 150,374 Rs 5,574 Zero

EMI for 20 lakh home loan for 25 years

What is the EMI of 20 lakh home loan for 25 years? To know this, let us see what will be the EMI of Rs 20 lakh home loan. EMI calculator of 20 lakh home loan.

  • Loan Amount – Rs 20,00,000
  • Interest Rate – 6.80% p.a.
  • EMI per month – Rs 13,881
  • Total interest – Rs 21,64,432
  • Total Repayment – ​​Rs 41,64,432
The year principal amount interest amount remaining principal
1 Rs 31,544 Rs 135,028 Rs 1,968,456
2 Rs 33,755 Rs 132,817 Rs 1,934,701
3 Rs 36,124 Rs 130,448 Rs 1,898,577
4 Rs 38,659 Rs 127,913 Rs 1,859,918
5 Rs 41,371 Rs 125,201 Rs 1,818,547
6 Rs 44,273 Rs 122,299 Rs 1,774,274
7 Rs 47,378 Rs 119,194 Rs 1,726,896
8 Rs 50,703 Rs 115,869 Rs 1,676,193
9 Rs 54,260 Rs 112,312 Rs 1,621,933
10 Rs 58,068 Rs 108,504 Rs 1,563,865
1 1 Rs 62,143 Rs 104,429 Rs 1,501,722
12 Rs 66,501 Rs 100,071 Rs 1,435,221
13 Rs 71,167 Rs 95,405 Rs 1,364,054
14 Rs 76,161 Rs 90,411 Rs 1,287,893
15 Rs 81,504 Rs 85,068 Rs 1,206,389
16 Rs 87,224 Rs 79,348 Rs 1,119,165
17 Rs 93,342 Rs 73,230 Rs 1,025,823
18 Rs 99,891 Rs 66,681 Rs 925,932
19 Rs 106,898 Rs 59,674 Rs 819,034
20 Rs 114,400 Rs 52,172 Rs 704,634
21 Rs 122,424 Rs 44,148 Rs 582,210
22 Rs 131,016 Rs 35,556 Rs 451,194
23 Rs 140,207 Rs 26,365 Rs 310,987
24 Rs 150,044 Rs 16,528 Rs 160,943
25 Rs 161,023 Rs 6,001 Zero

EMI for 20 lakh home loan for 20 years

What is the EMI of 20 lakh home loan for 20 years? To know this, let us see what will be the EMI of Rs 20 lakh home loan. EMI calculator of 20 lakh home loan.

  • Loan Amount – Rs 20,00,000
  • Interest Rate – 6.80% p.a.
  • EMI per month – Rs 15,267
  • Total interest – Rs 16,64,030
  • Total Repayment – ​​Rs 36,64,030
The year principal interest principal balance
1 Rs 48,703 Rs 134,501 Rs 1,951,297
2 Rs 52,121 Rs 131,083 Rs 1,899,176
3 Rs 55,777 Rs 127,427 Rs 1,843,399
4 Rs 59,689 Rs 123,515 Rs 1,783,710
5 Rs 63,877 Rs 119,327 Rs 1,719,833
6 Rs 68,359 Rs 114,845 Rs 1,651,474
7 Rs 73,157 Rs 110,047 Rs 1,578,317
8 Rs 78,288 Rs 104,916 Rs 1,500,029
9 Rs 83,783 Rs 99,421 Rs 1,416,246
10 Rs 89,659 Rs 93,545 Rs 1,326,587
1 1 Rs 95,951 Rs 87,253 Rs 1,230,636
12 Rs 102,681 Rs 80,523 Rs 1,127,955
13 Rs 109,885 Rs 73,319 Rs.1,018,070
14 Rs 117,594 Rs 65,610 Rs 900,476
15 Rs 125,846 Rs 57,358 Rs 774,630
16 Rs 134,674 Rs 48,530 Rs 639,956
17 Rs 144,125 Rs 39,079 Rs 495,831
18 Rs 154,234 Rs 28,970 Rs 341,597
19 Rs 165,056 Rs 18,148 Rs 176,541
20 Rs 176,626 Rs 6,566 Zero

Eligibility Criteria for 20 Lakh Home Loan

The lending companies or banks have prescribed eligibility criteria. You have to fulfill the eligibility conditions to get the home loan approved. Although the eligibility conditions vary from bank to bank, the general instructions are being communicated.

essential aspect eligibility criteria
Age The age of the home loan borrower should be at least 21 years.

The maximum age of the home loan borrower should be 65 years.

The number of years for which the home loan is sanctioned cannot exceed the total number of years remaining till retirement.

job profile The home loan applicant can be a salaried individual, a self-employed professional or a self-employed non-professional.
revenue The home loan applicant should have a stable income. Different lending institutions have different minimum income requirements to be eligible for a home loan.
Work experience The salaried person should have at least 2 years of work experience out of which at least one year should be with the current employer. Self-employed persons (both professional and non-professional) must be in the same occupation for at least 3 years.

At least the last 2 years should be profitable.

residential status Both Indian citizens and NRIs are eligible for home loans.
credit score The home loan borrower should have a good credit score. Lending institutions prefer a credit score of 650 points or more.
loan-income ratio The loan-income ratio of the applicant should be less than 50%. The lower the loan-income ratio, the better.

Documents Required for 20 Lakh Home Loan

There are many documents to be submitted while applying for a home loan. Home loan is approved only after all the documents are successfully verified. These documents include:-

Age proof (any one) Identity proof (any one) Address Proof (Any one) Income Proof (All)
Passport

driving license

life insurance policy

school leaving certificate

pan card

birth certificate

Passport

driving license

pan card

voter id card

utility bill

Bank account statement

voter id card

property registration document

salaried

3 months salary slip

appointment letter

increment letter

Final Form No. 16

Salary Account Bank Account Details

Processing fee check issued from salary account

for self employed

2 year IT return

business profile on letterhead

business registration certificate

Last 6 Months Current Account Bank Account Statement Processing Fee Check Issued From Business Account

20 Lakh Home Loan Frequently Asked Questions (FAQs)

Question: What is the EMI of 20 lakh home loan for 20 years?

Answer: The EMI will be Rs 15,267 at 6.80% p.a. home loan interest rate of Rs 20 lakh for 20 years.

Question: What is the 20 lakh home loan EMI for 30 years from Kotak Mahindra Bank?

Answer: Kotak Mahindra Bank offers home loans at an interest rate starting from 6.65% p.a. The EMI of 20 lakh home loan for 30 years will be Rs 12,840.

Question: What will be the 20 lakh home loan EMI for 10 years?

Answer: 20 lakh home loan EMI for 10 years @ 6.80% per annum will be Rs 23,016.

Question: What will be the EMI of 20 lakh home loan for 30 years from IDFC First Bank?

Answer: IDFC First Bank offers home loan at 6.90% p.a. interest rate. 20 lakh home loan EMI for 30 years from IDFC First Bank will be Rs 13,172.

Question: Which bank will have the lowest home loan EMI?

Ans: Citibank offers the lowest home loan interest rates starting from 6.50% p.a. Its home loan EMI will be the lowest.

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