Looking to borrow Rs. 60 lakh to buy your ideal home? Before moving ahead, it’s a good idea to get familiar with how home loan EMIs work. Your monthly instalments will depend on how much you borrow, the interest rate, and the loan tenure you choose. Having a clear idea of your EMI in advance can make budgeting easier and help you manage your money more effectively. Online EMI calculators are useful tools that can give you quick estimates based on the loan amount, interest rate, and repayment term. In this blog, we’ll break down the estimated EMIs for a Rs. 60 lakh Home Loan across different tenures and interest rates so you can plan your finances with confidence.
Understanding Rs. 60 lakh home loan EMI
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 fulfil their requirements. Eligible borrowers can avail of a Rs. 60 lakh home loan or more at a competitive interest rate.
Read on to understand the eligibility criteria attached to a home loan up to 60 lakh.
Rs. 60 lakh home loan EMI per tenure
To determine EMI for a 60 lakh home loan amount, refer to the following classification below with an interest rate fixed at 7.45%* p.a.
Loan amount (Rs.) |
Interest rate |
Tenure (years) |
EMI |
Total interest (Rs.) |
Total amount payable (Rs.) |
60 lakh |
7.45%* p.a |
5 |
1,20,085 |
12,05,111 |
72,05,111 |
60 lakh |
7.45%* p.a |
10 |
71,065 |
25,27,750 |
85,27,750 |
60 lakh |
7.45%* p.a |
15 |
55,450 |
39,81,072 |
99,81,072 |
60 lakh |
7.45%* p.a |
20 |
48,152 |
55,56,556 |
1,15,56,556 |
60 lakh |
7.45%* p.a |
25 |
44,145 |
72,43,355 |
1,32,43,355 |
60 lakh |
7.45%* p.a |
30 |
41,748 |
90,29,149 |
1,50,29,149 |
From the above classification, borrowers can see EMIs for a Rs. 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.
Rs. 60 lakh home loan eligibility and documents required
Criteria |
Salaried applicants |
Self-employed applicants |
Nationality |
Indian citizen residing in India |
|
Age |
Between 23 and 67 years* |
Between 23 and 70 years* |
Credit score |
CIBIL Score of 725 or higher |
|
Income |
Must have a steady source of income. Minimum income required varies based on city of residence. |
|
Work experience/ continuity |
At least 3 years of experience |
At least 5 years of business continuity |
*Maximum age considered at the time of loan maturity.
If you fulfil the criteria above, here are the documents required for home loan application with Bajaj Finserv.
KYC documents (identity and address proof)
Proof of income (salary slips or P&L statement)
Proof of business (for self-employed applicants), and
Account statements for the last 6 months
Note: This is an indicative list that may change based on your actual loan application.
Wondering how you qualify? Check your home loan eligibility by entering your mobile number and verifying it with an OTP.
Rs. 60 lakh home loan EMI for 5 years
The table below illustrates the results of using our home loan EMI calculator for a Rs. 60 lakh home loan with an interest rate of 7.45%* p.a for a tenure of 5 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.45%* p.a |
Loan tenure |
5 years |
EMI (Rs.) |
1,20,085 |
Total interest payable (Rs.) |
12,05,111 |
Total payable amount (Rs.) |
72,05,111 |
Rs. 60 lakh home loan EMI for 10 years
The table below illustrates the results of using our home loan EMI calculator for a Rs. 60 lakh home loan with an interest rate of 7.45%* p.a for a tenure of 10 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.45%* p.a |
Loan tenure |
10 years (120 months) |
EMI (Rs.) |
71,065 |
Total interest payable (Rs.) |
25,27,750 |
Total payable amount (Rs.) |
85,27,750 |
Rs. 60 lakh home loan EMI for 15 years
The table below illustrates the results of using our home loan EMI calculator for a Rs. 60 lakh home loan with an interest rate of 7.45%* p.a for a tenure of 15 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.45%* p.a |
Loan tenure |
15 years (180 months) |
EMI (Rs.) |
55,450 |
Total interest payable (Rs.) |
39,81,072 |
Total payable amount (Rs.) |
99,81,072 |
Rs. 60 lakh home loan EMI for 20 years
The table below illustrates the results of using our home loan EMI calculator for a Rs. 60 lakh home loan with an interest rate of 7.45%* p.a for a tenure of 20 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.45%* p.a |
Loan tenure |
20 years |
EMI (Rs.) |
48,152 |
Total interest payable (Rs.) |
55,56,556 |
Total payable amount (Rs.) |
1,15,56,556 |
Rs. 60 lakh home loan EMI for 25 years
The table below illustrates the results of using our home loan EMI calculator for a Rs. 60 lakh home loan with an interest rate of7.45%* p.a for a tenure of 25 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.45%* p.a |
Loan tenure |
25 years |
EMI (Rs.) |
44,145 |
Total interest payable (Rs.) |
72,43,355 |
Total payable amount (Rs.) |
1,32,43,355 |
Rs. 60 lakh home loan EMI for 30 years\
The table below illustrates the results of using our home loan EMI calculator for a Rs. 60 lakh home loan with an interest rate of 7.45%* p.a for a tenure of 30 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.45%* p.a |
Loan tenure |
30 years |
EMI (Rs.) |
41,748 |
Total interest payable (Rs.) |
90,29,149 |
Total payable amount (Rs.) |
1,50,29,149 |
Bajaj Finserv offers flexible repayment tenures extending up to 32 years to make your home loan dreams easier on your wallet and your mind. Ready to apply? Check your eligibility by entering your mobile number and completing the OTP verification.
Interest rate applicable on Rs. 60 lakh home loan
To avail a Rs. 60 lakh loan, the applicable home loan interest rate for salaried individuals and professional applicants start at 7.45%* p.a, they meet the required eligibility asks. Check your eligibility now by entering your mobile phone number and OTP for verification. You might already qualify for favourable terms.
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
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So, if you plan to avail of a Rs. 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. You might already be eligible; check your home loan offers now by entering your mobile number and completing the OTP verification.
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