Home Loan up to Rs.20 Lakh

Bajaj Finserv offers Home Loans that can effortlessly cater to all your housing finance needs right from purchasing or constructing your first home to refinancing an existing loan. With this offering, you can obtain a home loan of 20 lakhs or more and also get access to specially-tailored benefits like the Top-Up Loan facility, PMAY subsidies and a flexible repayment tenor.

For a better understanding of the eligibility criteria attached to this offering and the EMIs of a 20 lakh home loan, read on.
 

Eligibility Criteria for the 20 Lakh Home Loan Amount

To qualify for a home loan of 20 lakh from Bajaj Finserv, you must meet these simple eligibility criteria.

If you are a salaried borrower:

• You must be between the 23 and 62 years of age
• You must be a residing citizen of India
• You must maintain stable employment with work experience of at least 3 years
• You must meet the minimum income and property value requirement for your city

If you are a self-employed borrower:

• You must be between the 25 and 70 years of age
• You must be a residing citizen of India
• You must possess a stable business, with a vintage of at least 5 years

 

You are also required to furnish documentation to prove your eligibility. The required documents are as follows.

• Basic KYC documents such as identity proof and address proof
• FORM 16 or latest salary slips, if salaried
• TR document or P&L statement of the last 2 years, if self-employed
• Bank account statements of the last 6 months
• Proof of business with vintage of at least 5 years, if self-employed

 

Interest Rate Applicable on a Rs.20 Lakh Home Loan

On a 20 lakhs home loan, the interest rate applicable for salaried individuals is 6.9%* and onwards. For self-employed individuals, the rate is between 9.35% and 11.15%. Keep an eye on the home loan interest rate and borrow smartly, as the interest affects your overall cost of borrowing. For best results, compute your 20 lac home loan EMIs accurately using a home loan EMI calculator.
 

20 Lakh Home Loan EMI Details

To know your EMI breakup accurately when borrowing a 20 lakhs home loan, an EMI calculator is the best tool to go with. This is because the EMIs of a 20 lakh home loan vary based on the tenor and interest rate and the calculator allows you to tweak these for the desired results. It is also freely available and user-friendly. For a detailed breakdown of a 20 lakh house loan EMI structure, read on.
 

EMI Calculation for a 20 Lakh Home Loan with varying Tenors

To know the EMI for a home loan of 20 lakhs at varying tenors, consider the following examples with the applicable interest rate set at 10%.
 

• EMIs on a 20 lakh home loan for 30 years

  Loan Amount	Interest rate	Tenor (in Yrs.)	EMI
  Rs.20 lakh	10%	30	Rs.17,551

The table has values that are subject to change.

• EMI on a 20 lakh home loan for 20 years

  Loan Amount	Interest rate	Tenor (in Yrs.)	EMI
  Rs.20 lakh	10%	20	Rs.19,300

The table has values that are subject to change.

• EMI on a 20 lakh home loan for 10 years

  Loan Amount	Interest rate	Tenor (in Yrs.)	EMI
  Rs.20 lakh	10%	10	Rs.26,430

The table has values that are subject to change.

As you can see, on a 20 lakh home loan, the EMI for 10 years is higher than the EMI for a 20 lakhs home loan for 20 years. Take note of this difference and choose your tenor and loan amount carefully.
 

EMI Calculations for a Home Loan Amount Lower than Rs.20 Lakh

If the EMIs pertaining to a loan of Rs.20 lakh are unmanageable, you can apply for less as lowering the principal decreases the amount you pay as instalments. If you are considering a few lakhs less and want to compute the EMI for a 16 lakh home loan or the EMI applicable on an 18 lakh home loan, the EMI calculator is your go-to tool.

Here are a few results to consider.
 

• 16 Lakh Home Loan EMI

  Loan Amount	Interest rate	Tenor (in Yrs.)	EMI
  Rs.20 lakh	10%	20	Rs.15,440

The table has values that are subject to change.

• 17 Lakh Home Loan EMI

  Loan Amount	Interest rate	Tenor (in Yrs.)	EMI
  Rs.20 lakh	10%	20	Rs.16,405

The table has values that are subject to change.

• 18 Lakh Home Loan EMI

  Loan Amount	Interest rate	Tenor (in Yrs.)	EMI
  Rs.20 lakh	10%	20	Rs.17,370

The table has values that are subject to change.

From the above examples, it is clear that the principal also plays a key role in determining EMIs as the EMI for 18 lakhs home loan is visibly higher than that for a Rs.16 lakh loan. So, as you plan repayment for a home loan of around Rs.20 lakh, use the EMI calculator for detailed breakups and apply with Bajaj Finserv for a feature-rich offering.