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.
EMI calculation for a Rs. 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 7.49%* p.a..
Loan tenure (Years) |
Loan amount (Rs.) |
Rate of interest |
EMI (Rs.) |
Total interest (Rs.) |
Total amount payable (Rs.) |
30 |
60,00,000 |
7.99%* p.a |
43,984 |
98,34,260 |
1,58,34,260 |
25 |
60,00,000 |
7.99%* p.a |
46,269 |
78,80,770 |
1,38,80,770 |
20 |
60,00,000 |
7.99%* p.a |
50,149 |
60,35,777 |
1,20,35,777 |
15 |
60,00,000 |
7.99%* p.a |
57,304 |
43,14,809 |
1,03,14,809 |
10 |
60,00,000 |
7.99%* p.a |
72,765 |
27,31,783 |
87,31,783 |
5 |
60,00,000 |
7.99%* p.a |
1,21,630 |
12,97,779 |
72,97,779 |
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 7.99%*p.a. for a tenure of 5 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
5 years |
EMI (Rs.) |
1,21,630 |
Total interest payable (Rs.) |
12,97,779 |
Total payable amount (Rs.) |
72,97,779 |
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 7.99%*p.a. for a tenure of 10 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
10 years (120 months) |
EMI (Rs.) |
72,765 |
Total interest payable (Rs.) |
27,31,783 |
Total payable amount (Rs.) |
87,31,783 |
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 7.99%*p.a. for a tenure of 15 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
15 years (180 months) |
EMI (Rs.) |
57,304 |
Total interest payable (Rs.) |
43,14,809 |
Total payable amount (Rs.) |
1,03,14,809 |
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 7.99%*p.a. for a tenure of 20 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
15 years (180 months) |
EMI (Rs.) |
50,149 |
Total interest payable (Rs.) |
60,35,777 |
Total payable amount (Rs.) |
1,20,35,777 |
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 of 7.99%*p.a. for a tenure of 25 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
15 years (180 months) |
EMI (Rs.) |
46,269 |
Total interest payable (Rs.) |
78,80,770 |
Total payable amount (Rs.) |
1,38,80,770 |
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 7.99%*p.a. for a tenure of 30 years:
Loan amount |
Rs. 60 lakh |
Interest rate |
7.99% p.a. |
Loan tenure |
20 years (240 months) |
EMI (Rs.) |
43,984 |
Total interest payable (Rs.) |
98,34,260 |
Total payable amount (Rs.) |
1,58,34,260 |
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 7.49%* 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.
*The Interest rates mentioned are subject to change,. To know the latest rates visit here.
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Frequently asked questions
For a Rs. 60 lakh loan with a tenure of 15 years at an interest rate of 8.50%, the monthly Equated Monthly Instalment (EMI) would be approximately Rs. 59,703. This EMI covers both the principal repayment and the interest charged over the loan tenure.
The EMI for a Rs. 65 lakh home loan at an interest rate of 8.5% for a tenure of 20 years is approximately Rs. 57,368. This calculation includes principal and interest components, making homeownership more accessible for individuals looking to invest in their dream home.
The maximum salary for a Rs. 50 lakh home loan depends on factors like interest rate, tenure, and lender criteria. Generally, a salary of Rs. 75,000 to Rs. 1 lakh per month may be required for eligibility, assuming a standard interest rate and EMI affordability.
To plan for Rs. 50 lakh home loan EMI prepayment, assess your monthly cash flow, ensure sufficient savings, and consider making part-prepayments. Increasing your EMI or making lump-sum payments can significantly reduce the loan tenure and interest, helping you pay off the loan faster and save costs.
The home loan EMI for Rs. 50 lakh is calculated using the loan amount, interest rate, and tenure. The formula involves principal and interest components. Tools like EMI calculators can help estimate the EMI amount, which typically includes both principal repayment and interest charges based on loan terms.
The repo rate directly affects the interest rate on floating-rate home loans. When the repo rate increases, the interest rate on your home loan may rise, leading to higher EMIs. Conversely, a decrease in the repo rate can lower your EMI, reducing monthly repayment burdens.
Take advantage of the recent drop in the repo rate to apply for a home loan from Bajaj Finserv. You might already be eligible for favourable terms – check your home loan offers now by entering your mobile number and OTP.
The EMI for a Rs. 60 lakh home loan for 25 years depends on the interest rate. Assuming an interest rate of 8.5% p.a., the approximate EMI would be Rs. 48,147. You can use a Home Loan EMI Calculator to check the exact amount based on your interest rate and tenure.
The EMI for a Rs. 60 lakh home loan with a 20-year tenure at an 8.5% p.a. interest rate would be approximately Rs. 51,961. Use a Home Loan EMI Calculator to get an accurate figure based on the applicable interest rate.
The maximum repayment tenure for a home loan typically ranges from 20 to 30 years, depending on the lender’s policies and your eligibility.
Yes, you can avail of a Rs. 60 lakh home loan, provided you meet the lender’s eligibility criteria. Your income, credit score, employment status, and existing financial commitments will determine your eligibility.
The EMI amount depends on the loan tenure and interest rate. For instance, at 8.5% p.a.:
- 25 years tenure: Rs. 48,147
- 20 years tenure: Rs. 51,961
- 15 years tenure: Rs. 58,673
Use a Home Loan EMI Calculator to check the EMI based on your preferred tenure and interest rate.
A longer tenure results in lower EMIs, while a shorter tenure reduces total interest outflow. A 20-25 year tenure is generally ideal for a manageable EMI while ensuring financial stability. Guessing is never an option – use the home loan EMI calculator from Bajaj Finserv to accurately estimate your EMI before applying. To start, check your eligibility by entering your mobile number and verifying it with an OTP.
A low credit score may reduce your chances of loan approval, but some lenders offer home loans with alternative eligibility checks. You may have to pay a higher interest rate or provide collateral/security.
