Rs. 20 lakh home loan EMI calculation with varying repayment tenure
Are you planning to apply for a Rs. 20 lakh home loan? Your monthly EMI will largely depend on the chosen repayment tenure. A shorter tenure means higher EMIs but lower overall interest, while a longer tenure results in smaller EMIs with higher total interest paid. Use a home loan EMI calculator to compare and decide what suits your budget best.
To calculate your EMI for a home loan of Rs. 20 lakh, a home loan EMI calculator is the best tool to go with. The EMIs of a Rs. 20 lakh home loan vary based on the tenure and interest rate and the calculator allows you to try with different tenure and interest rates for the desired results. For a detailed breakdown of the EMI structure with respect to different tenures, read on.
| Loan amount | Interest rate | Tenure | EMI |
| Rs. 20 lakh | 8.50%* | 30 years | Rs. 15,378 |
| Rs. 20 lakh | 8.50%* | 25 years | Rs. 16,105 |
| Rs. 20 lakh | 8.50%* | 20 years | Rs. 17,356 |
| Rs. 20 lakh | 8.50%* | 15 years | Rs. 19,695 |
| Rs. 20 lakh | 8.50%* | 10 years | Rs. 24,797 |
| Rs. 20 lakh | 8.50%* | 5 years | Rs. 41,033 |
This table has values that are subject to change.
Rs. 20 Lakhs Home Loan EMI for Different Tenures
The EMI for a ₹20 lakh home loan varies based on the repayment tenure and prevailing interest rates. For instance, at an interest rate of 7.99% p.a.:
- 15 years: ₹19,101.50
- 20 years: ₹16,716.36
- 25 years: ₹15,423.08
- 30 years: ₹14,661.35
Rs. 20 lakh home loan EMI for 30 years
With a 30-year tenure, you can significantly reduce the EMI on your Rs. 20 lakh home loan, easing your monthly financial burden. While this option provides more breathing room, the total interest paid may be higher over the loan period.
Loan Amount |
Rs. 20,00,000 |
Rate of Interest |
8.50% p.a. |
EMI |
Rs. 15,378 |
Total Interest |
Rs. 35,36,177 |
Total Amount Payable |
Rs. 55,36,177 |
Rs. 20 lakh home loan EMI for 25 years
Opting for a 25-year tenure for your Rs. 20 lakh home loan allows you to enjoy lower monthly EMIs, making repayment manageable. This tenure is ideal for those looking for financial flexibility while balancing other expenses.
Loan Amount |
Rs. 20,00,000 |
Rate of Interest |
8.50% p.a. |
EMI |
Rs. 16,105 |
Total Interest |
Rs. 28,31,363 |
Total Amount Payable |
Rs. 48,31,363 |
Rs. 20 lakh home loan EMI for 20 years
A 20-year tenure strikes a balance between affordable EMIs and manageable interest costs for a Rs. 20 lakh home loan. This option suits borrowers looking for moderate repayment terms without stretching the home loan too long.
Loan Amount |
Rs. 20,00,000 |
Rate of Interest |
8.50% p.a. |
EMI |
Rs. 17,356 |
Total Interest |
Rs. 21,65,552 |
Total Amount Payable |
Rs. 41,65,552 |
Rs. 20 lakh home loan EMI for 15 years
Choosing a 15-year tenure for your Rs. 20 lakh home loan means slightly higher EMIs but a considerable reduction in total interest paid. This option is ideal for those aiming to repay the loan faster and save on interest.
Loan Amount |
Rs. 20,00,000 |
Rate of Interest |
8.50% p.a. |
EMI |
Rs. 19,695 |
Total Interest |
Rs. 15,45,062 |
Total Amount Payable |
Rs. 35,45,062 |
Rs. 20 lakh home loan EMI for 10 years
A 10-year tenure ensures you repay your Rs. 20 lakh home loan quickly, with significant savings on interest. While the monthly EMIs will be higher, this option is perfect for borrowers who want to clear their loan in less time.
Loan Amount |
Rs. 20,00,000 |
Rate of Interest |
8.50% p.a. |
EMI |
Rs. 24,797 |
Total Interest |
Rs. 9,75,657 |
Total Amount Payable |
Rs. 29,75,657 |
Rs. 20 lakh home loan EMI for 5 years
A 5-year tenure offers the quickest repayment plan for your Rs. 20 lakh home loan, with the lowest overall interest cost. However, the EMIs will be substantially higher, suitable for those with robust financial stability.
Loan Amount |
Rs. 20,00,000 |
Rate of Interest |
8.50% p.a. |
EMI |
Rs. 41,033 |
Total Interest |
Rs. 4,61,984 |
Total Amount Payable |
Rs. 24,61,984 |
Features and benefits of Rs. 20 lakh home loan EMI
Applicants interested in availing a housing loan, can read more to know about the features of the Bajaj Finserv Home Loan.
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Reasonable rate of interest
Starting from 7.99%* p.a., Bajaj Finserv offers applicants an affordable home loan option to fit their finances.
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Speedy disbursal
No more long waits for loan amounts with Bajaj Finserv. Find your sanction amount in your bank account in just 48* hours from approval.
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Large top-up loan
Get a high-value top-up loan with a nominal rate of interest to address other obligations with ease.
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Easy balance transfer
Transfer your existing home loan balance to Bajaj Finserv by submitting minimal documentation and save more.
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External benchmark linked loans
By opting for the Bajaj Finserv Home Loan linked to an external benchmark, applicants can enjoy reduced EMIs along with favourable market conditions.
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Digital monitoring
Now keep a close eye on all your loan developments and EMI schedules through the Bajaj Finserv online platform.
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Long tenor stretch
The Bajaj Finserv home loan tenor stretches up to 32 years allowing borrowers a buffer period to plan out their EMI payments.
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Flexible repayment
Enjoy the benefits of flexible repayment plans offered to you by Bajaj Finserv with zero add on costs levied on part-prepayment and foreclosures.
Eligibility criteria for Rs. 20 lakh home loan EMI
To qualify for this loan, here are the parameters to meet. You can also use our home loan eligibility calculator to check the loan amount you are eligible for.
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Nationality
Indian
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Age
23 years to 67 years for salaried individuals, and 25 years to 85 years for self-employed applicants
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Employment status
At least 3 years of experience for salaried borrowers, and at least 5 years of business continuity for self-employed individuals
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CIBIL score
725 or higher
*Please note that the list of eligibility terms mentioned above is indicative. Terms and conditions apply.
Documents required for a Rs. 20 lakh home loan
Here are the documents required for home loan application with Bajaj Finance.
- 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.
5 tips to improve your Rs. 20 lakh home loan eligibility
- Maintain a high credit score: Ensure your credit score is 725 or above by paying bills and existing EMIs on time. A high score increases your chances of approval.
- Reduce existing debts: Clear any outstanding loans or debts before applying. This lowers your Debt-to-Income ratio, showcasing better financial stability.
- Opt for a longer tenure: Choosing a longer loan tenure reduces the EMI burden, making it easier for lenders to approve your application.
- Show additional income sources: Highlight other sources like rental or freelance income to boost your repayment capacity.
- Apply with a co-applicant: Adding a co-applicant with a stable income, like a spouse, enhances your eligibility and approval chances for a ₹20 lakh home loan.
Things to keep in mind while applying for a Rs. 20 lakh home loan
When applying for a Rs. 20 lakh home loan, consider the following:
- Credit score: Ensure a high credit score to secure favourable interest rates and loan terms.
- Income stability: Provide proof of stable income to demonstrate your ability to repay the loan.
- EMI affordability: Use an EMI calculator to assess monthly payments and ensure they fit within your budget.
- Documentation: Prepare essential documents like ID proof, income statements, and property details for a smooth application process.
- Loan terms: Review interest rates, tenure, and any prepayment or foreclosure charges. Bajaj Housing Finance offers competitive rates and flexible terms to simplify your home loan journey.
Interest rates and charges for Rs. 20 lakh home loan EMI
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 lakh home loan EMIs accurately using a home loan EMI calculator.
Check the current home loan interest rates and additional Home loan fees and charges.
How to apply Rs. 20 lakh home loan EMI
Step-by-step guide to applying for a home loan
- 1 Click on the 'APPLY' button on this page
- 2 Enter your full name, mobile number, and employment type
- 3 Now select the type of loan you wish to apply for
- 4 Generate and submit your OTP to verify your phone number
- 5 Upon OTP verification, enter additional details like your monthly income, required loan amount, and if you have identified the property
- 6 In the next steps, enter your date of birth, PAN number and other details as requested depending on your selected occupation type
- 7 Click on the ‘SUBMIT’ button
That is it! Your application is submitted. Our representative will connect with you and guide you through the next steps.
Home loan based on amount
Frequently asked questions
The amount you can borrow depends on your salary, credit score, and other financial factors. Typically, lenders offer up to 40-50% of your monthly income as EMI.
The interest rate for a Rs. 20 lakh home loan on EMI starts from 7.99%* p.a. with Bajaj Finance.
The maximum repayment tenure for a Rs. 20 lakh home loan typically ranges up to 40 years, depending on the lender’s policy and the applicant’s eligibility.
The ideal tenure for a Rs. 20 lakh home loan would be around 15-20 years. This balances lower EMIs with reduced interest outflow, making it manageable for most borrowers.
Plan for prepayment by saving surplus funds, such as bonuses or windfall gains, to reduce your loan principal. Use a home loan EMI calculator to evaluate the impact of prepayment on your tenure and interest. Regular prepayments can significantly lower your overall interest burden.
Your home loan EMI is calculated using the formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the loan amount, R is the monthly interest rate, and N is the tenure in months. A home loan EMI calculator simplifies this process.
The repo rate directly influences lending rates. If the repo rate increases, lenders may raise interest rates, resulting in higher EMIs. Conversely, a repo rate cut can reduce EMIs, making repayment more affordable. Stay updated on repo rate changes to understand their impact on your loan.
