Home Loan up to 60 Lakh details

The exclusive housing loan offers extended by reputed financiers like Bajaj Finserv are curated to meet a wide range of financial requirements. Whether an individual is planning to construct a house or transfer their existing housing credit, this effective financing option will allow borrowers to fulfill their requirements. Eligible borrowers can avail of a 60 lakh home loan or more at a competitive interest rate.

Besides, borrowers can access additional benefits on this housing loan such as PMAY subsidy, flexible tenor, property dossier, top-up loan facility, etc.

Read on to understand the eligibility criteria attached to a home loan up to 60 lakh.

Eligibility criteria for the 60 lakh home loan amount

To qualify for a 60 lakh home loan, you need to meet the following eligibility requisites:

For salaried individuals:

  • Age: 23-62 years**
  • Must be an Indian resident
  • Work experience: Minimum 3 years

For self-employed individuals:

  • Age: 25-70 years**
  • One must be an Indian resident
  • Business vintage should be at least 5 years

**Maximum age considered at the time of loan maturity.

Besides meeting home loan eligibility criteria, individuals need to submit certain documents. Some of the documents are:

  • KYC documents
  • Latest salary slips/ Form 16
  • Profit and Loss statement, TR documents of previous 2 years
  • Bank account statement of last 6 months
  • Business existence proof showing 5 years of continuity

Interest rate applicable on Rs. 60 lakh home loan

To avail a 60 lakh loan, the applicable home loan interest rate for salaried individuals and professional applicants start at 6.75%*, they meet the required eligibility asks.

Since interest rates are crucial in determining the overall borrowing cost, individuals need to keep a tab on housing loan rates to ensure a hassle-free repayment. Additionally, individuals can take the help of an online EMI calculator to avail suitable results.

60 lakh home loan EMI details

To get a thorough idea about the overall EMI breakup when availing of a home loan of Rs. 60 lakh, individuals can take the assistance of a home loan EMI calculator. This online device provides a detailed idea of EMI repayment as it differs depending on the tenor and interest rate.

Moreover, a home loan EMI calculator will allow individuals to modify these determinants for desirable results. Moreover, this tool is user-friendly and free to use.

Read along for a comprehensive home loan EMI structure for 60 lakh home loans.

EMI calculation for a 60 lakh home loan with varying tenors

To determine EMI for a 60 lakh home loan amount, refer to the following classification below with an interest rate fixed at 6.75%*.

EMI for an Rs. 60 lakh home loan for 30 years

Loan Amount

Rs. 60 lakh

Interest Rate

6.75%* p.a.

Tenor

30 Years

EMI

Rs. 38,518


EMI for an Rs. 60 lakh home loan for 20 years

Loan Amount

Rs. 60 lakh

Interest Rate

6.75%* p.a.

Tenor

20 Years

EMI

Rs. 45,266


EMI for an Rs. 60 lakh home loan for 15 years

Loan Amount

Rs. 60 lakh

Interest Rate

6.75%* p.a.

Tenor

20 Years

EMI

Rs. 52,762


From the above classification, borrowers can see EMIs for a 60 lakh home loan and how it varies depending on the repayment tenor. Thus, individuals need to choose a loan tenor carefully after assessing their repayment affordability.

EMI calculations for a home loan amount lower than Rs. 60 lakh

On the contrary, if you find EMIs of a 60 lakh home loan unmanageable, you can always apply for lower housing credit. Moreover, an EMI calculator will enable borrowers to make informed decisions.

Here is the detailed classification of choosing lower housing loan amount by keeping the interest rate and tenor constant:

For an Rs. 59 lakh home loan

  • Loan principal: Rs. 59 lakh
  • Interest rate: 6.75%* p.a.
  • Tenor: 20 years
  • EMIs: Rs. 44,511

For an Rs. 58 lakh home loan

  • Loan principal: Rs. 58 lakh
  • Interest rate: 6.75%* p.a.
  • Tenor: 20 years
  • EMIs: Rs. 43,757

For an Rs. 57 lakh home loan

  • Loan principal: Rs. 57 lakh
  • Interest rate: 6.75%* p.a.
  • Tenor: 20 years
  • EMIs: Rs. 43,003

For an Rs. 56 lakh home loan

  • Loan principal: Rs. 56 lakh
  • Interest rate: 6.75%* p.a.
  • Tenor: 20 years
  • EMIs: Rs. 42,248

Knowing about the different EMIs for opting for a lower principal amount will allow borrowers to plan their finances efficiently.

So, if you plan to avail of a 60 lakh home loan and want to know the detailed EMI breakups, use the EMI calculator available at the Bajaj Finserv official website and apply for a home loan accordingly to meet your varied requirements.

*The Interest rates mentioned are subject to change, To know the latest rates visit here.