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₹20 Lakh Home Loan EMI With Calculation And Interest Rates for Different Tenures in 2025
Updated : December 17, 2024
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Are you dreaming of owning a home? 20 lakh home loan EMI could be the perfect solution, tailored to your budget. This significant investment requires careful financial planning to ensure manageable repayments. With affordable EMI plans, securing a 20 Lakh home loan brings you one step closer to homeownership without straining your finances. In this blog, you will explore EMI calculations, interest rates, and tips to help you choose the best plan for your needs.
For those eager to kickstart their homeownership journey with a 30-year loan tenure, the numbers speak for themselves: you can begin with a budget-friendly initial EMI of ₹15,307, equipping you to confidently embark on the path to your dream home with a ₹20 Lakh home loan.
₹20 Lakh Home Loan EMI Details
The EMI of a 20 lakh home loan will vary depending on the interest rate, loan tenure, and other factors. However, you can use an EMI calculator to estimate your monthly repayments.
The following table illustrates the monthly Equated Monthly Installment (EMI) amounts for a 20 lakh home loan at a fixed interest rate of 8.45% across different loan tenures, ranging from 5 to 30 years.
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| TENURE | EMI AMOUNT(INR) |
| 5 Years | ₹40,985 |
| 10 Years | ₹24,744 |
| 15 Years | ₹19,636 |
| 20 Years | ₹17,293 |
| 25 Years | ₹16,037 |
| 30 Years | ₹15,307 |
How to calculate 20 Lakh of home loan EMI?
Calculating the EMI for your 20 lakh home loan is crucial in planning your finances. You can easily compute it using the {Budget} home loan EMI formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
EMI = Equated Monthly Installment
P = Principal Loan Amount (20,00,000 INR in your case)
R = Monthly Interest Rate (Annual Interest Rate divided by 12 and converted to a decimal)
N = Loan Tenure in Months (Loan Tenure in Years multiplied by 12)
With this formula, you can determine the monthly EMI you need to pay for your 20 lakh home loan, making it easier to plan your budget effectively.
₹20 Lakh Home Loan EMI Calculator
You can use an EMI calculator to estimate your monthly repayments for a 20 lakh home loan. Many EMI calculators are available online, such as the one provided by NoBroker.
To use an EMI calculator, you will need to enter the following information:
- Loan amount
- Interest rate
- Loan tenure
The EMI calculator will then calculate your monthly repayments and the total interest you will pay over the loan's term.
Eligibility Criteria for 20 Lakh Home Loan
The eligibility criteria for a 20 lakh home loan vary from lender to lender.
Yet, some of the typical eligibility criteria comprise:
- Indian nationality
- Minimum age of 21 years
- Maximum age of 60 years (at the time of loan maturity)
- Minimum annual income of ₹6 lakhs
- Good credit score (>750)
Some lenders may also require you to have a fixed deposit or other collateral to secure your loan.
Documents Required for 20 Lakh Home Loan
The documents required for a 20 lakh home loan vary from lender to lender.
However, some of the common documents that you will need to provide include:
- Proof of identity (passport, PAN card, driving license)
- Proof of residence (electricity bill, water bill, rent agreement)
- Proof of income (salary slips, tax returns)
- Credit report
- Property documents (sale deed, architect's plan)
₹20 Lakh Home Loan EMI for 5 Years
Are you considering a ₹20 lakh home loan with a 5-year repayment period at an 8.45% annual interest rate? To calculate your monthly EMI manually, you can use the formula:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 5-year term:
- EMI = ₹ {20,00,000 x 0.00704 x (1 + 0.00704)^60} / {(1 + 0.00704)^60 - 1}
- EMI ≈ ₹40,985
With a ₹20 lakh loan amount, your monthly EMI would be approximately ₹40,985 over 5 years, resulting in a total repayment of ₹2,459,093, including ₹459,093 in interest.
| Time Period | 5 |
| Loan Amount | 2000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹40,985 |
| Total Interest | ₹459,093 |
| Total Repayment | ₹2,459,093 |
₹20 Lakh Home Loan EMI for 10 Years
Planning a ₹20 lakh home loan with a 10-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 10-year term:
- EMI = ₹ {20,00,000 x 0.00704 x (1 + 0.00704)^120} / {(1 + 0.00704)^120 - 1}
- EMI ≈ ₹24,744
A ₹20 lakh loan over 10 years translates to a monthly EMI of ₹24,744, resulting in a total repayment of ₹2,969,242, including ₹969,242 in interest.
| Time Period | 10 |
| Loan Amount | 2000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹24,744 |
| Total Interest | ₹969,242 |
| Total Repayment | ₹2,969,242 |
₹20 Lakh Home Loan EMI for 15 Years
Considering a ₹20 lakh home loan with a 15-year repayment period and an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 15-year term:
- EMI = ₹ {20,00,000 x 0.00704 x (1 + 0.00704)^180} / {(1 + 0.00704)^180 - 1}
- EMI ≈ ₹19,636
With this loan, your monthly EMI for 15 years would be ₹19,636, resulting in a total repayment of ₹3,534,519, which includes ₹1,534,519 in interest.
| Time Period | 15 |
| Loan Amount | 2000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹19,636 |
| Total Interest | ₹1,534,519 |
| Total Repayment | ₹3,534,519 |
₹20 Lakh Home Loan EMI for 20 Years
Thinking of a ₹20 lakh home loan with a 20-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 20-year term:
- EMI = ₹ {20,00,000 x 0.00704 x (1 + 0.00704)^240} / {(1 + 0.00704)^240 - 1}
- EMI ≈ ₹17,293
Your monthly EMI for 20 years would amount to ₹17,293, resulting in a total repayment of ₹4,150,374, including ₹2,150,374 in interest.
| Time Period | 20 |
| Loan Amount | 2000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹17,293 |
| Total Interest | ₹2,150,374 |
| Total Repayment | ₹4,150,374 |
₹20 Lakh Home Loan EMI for 25 Years
Planning a ₹20 lakh home loan with a 25-year repayment period at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 25-year term:
- EMI = ₹ {20,00,000 x 0.00704 x (1 + 0.00704)^300} / {(1 + 0.00704)^300 - 1}
- EMI ≈ ₹16,037
Your monthly EMI for 25 years would be ₹16,037, resulting in a total repayment of ₹4,811,162, which includes ₹2,811,162 in interest.
| Time Period | 25 |
| Loan Amount | 2000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹16,037 |
| Total Interest | ₹2,811,162 |
| Total Repayment | ₹4,811,162 |
₹20 Lakh Home Loan EMI for 30 Years
Thinking of a ₹20 lakh home loan with a 30-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 30-year term:
- EMI = ₹ {20,00,000 x 0.00704 x (1 + 0.00704)^360} / {(1 + 0.00704)^360 - 1}
- EMI ≈ ₹15,307
With this loan, your monthly EMI for 30 years would be ₹15,307, resulting in a total repayment of ₹5,510,684, including ₹3,510,684 in interest.
| Time Period | 30 |
| Loan Amount | 2000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹15,307 |
| Total Interest | ₹3,510,684 |
| Total Repayment | ₹5,510,684 |
Comparison of Bank Interest Rates and Process Fees
Here is the comparison of bank interest rates and their processing fees:
| Bank | Interest Rates | Processing Fees |
| HDFC | 8.75% | 0.5% of the loan amount |
| Bajaj Finserv | 8.50% | Up to 4% of the loan amount |
| Axis Bank | 8.75% - 9.15% | Up to 1% of the loan amount |
| SBI | 8.50% | 0.35% of the loan amount + GST |
| ICICI | 8.75% | 0.50% of the loan amount + GST |
| Bank of Baroda | 8.40% | Nil |
| Canara Bank | 8.40% | 0.50% of the loan amount |
| Kotak Mahindra Bank | 8.75% | 0.50% of the loan amount |
| PNB Housing Finance | 8.50% | 0.35% of the loan amount |
Interest Rates and EMI on ₹20 Lakh Home Loan for Different Banks
Here are the interest rates and EMI on ₹20 lakh home loans across different banks:
| Bank | Rate of interest | EMI for 5 years | EMI for 10 years | EMI for 15 years | EMI for 20 years | EMI for 25 years | EMI for 30 years |
| HDFC | 8.75% | 41,274 | 25,065 | 19,989 | 17,674 | 16,443 | 15,734 |
| Bajaj Finserv | 8.50% | 41,033 | 24,797 | 19,695 | 17,356 | 16,105 | 15,378 |
| Axis Bank | 8.75% - 9.15% | 41,274 | 25,065 | 19,989 | 17,674 | 16,443 | 15,734 |
| SBI | 8.50% | 41,033 | 24,797 | 19,695 | 17,356 | 16,105 | 15,378 |
| ICICI | 8.75% | 41,274 | 25,065 | 19,989 | 17,674 | 16,443 | 15,734 |
| Bank of Baroda | 8.40% | 40,937 | 24,690 | 19,578 | 17,230 | 15,970 | 15,237 |
| Kotak Mahindra Bank | 8.75% | 41,274 | 25,065 | 19,989 | 17,674 | 16,443 | 15,734 |
| Canara Bank | 8.40% | 40,937 | 24,690 | 19,578 | 17,230 | 15,970 | 15,237 |
| PNB Housing Finance | 8.50% | 41,033 | 24,797 | 19,695 | 17,356 | 16,105 | 15,378 |
₹20 Lakh Home Loan EMI Amortisation Table
Here is the 20 lakh home loan EMI amortisation table:
| Year | EMI | Interest Payment | Principal Payment | Outstanding Principal |
| 1 | 15,237 | 167415 | 15426 | 1984574 |
| 2 | 15,237 | 166068 | 16773 | 1967801 |
| 3 | 15,237 | 164604 | 18237 | 1949564 |
| 4 | 15,237 | 163011 | 19830 | 1929734 |
| 5 | 15,237 | 161280 | 21561 | 1908173 |
| 6 | 15,237 | 159398 | 23443 | 1884730 |
| 7 | 15,237 | 157351 | 25490 | 1859240 |
| 8 | 15,237 | 155125 | 27716 | 1831524 |
| 9 | 15,237 | 152705 | 30136 | 1801388 |
| 10 | 15,237 | 150074 | 32767 | 1768621 |
| 11 | 15,237 | 147213 | 35628 | 1732994 |
| 12 | 15,237 | 144103 | 38738 | 1694255 |
| 13 | 15,237 | 140720 | 42121 | 1652134 |
| 14 | 15,237 | 137043 | 45798 | 1606336 |
| 15 | 15,237 | 133044 | 49797 | 1556539 |
| 16 | 15,237 | 128696 | 54145 | 1502394 |
| 17 | 15,237 | 123969 | 58872 | 1443522 |
| 18 | 15,237 | 118829 | 64012 | 1379510 |
| 19 | 15,237 | 113240 | 69601 | 1309908 |
| 20 | 15,237 | 107163 | 75678 | 1234230 |
| 21 | 15,237 | 100555 | 82286 | 1151944 |
| 22 | 15,237 | 93371 | 89470 | 1062474 |
| 23 | 15,237 | 85559 | 97282 | 965192 |
| 24 | 15,237 | 77065 | 105776 | 859416 |
| 25 | 15,237 | 67830 | 115011 | 744405 |
| 26 | 15,237 | 57788 | 125053 | 619532 |
| 27 | 15,237 | 46870 | 135971 | 483381 |
| 28 | 15,237 | 34998 | 147843 | 335538 |
| 29 | 15,237 | 22090 | 160751 | 174787 |
| 30 | 15,237 | 8054 | 174787 | 0 |
Things to Keep in Mind While Applying for a 20 Lakh Home Loan
Several critical factors should be on your radar when applying for a 20 Lakh home loan. Here's a concise breakdown to guide you:
- Credit Score: Maintain a healthy credit score (typically above 750), significantly influencing your loan approval and interest rates.
- Eligibility: Ensure you meet the lender's eligibility criteria, considering age, nationality, and income.
- Ability to Repay: Assess your repayment capacity by analyzing your current financial situation and job stability.
- EMI Affordability: Calculate the EMI for various loan tenures to choose the one that aligns with your monthly budget.
- Overall Cost Calculations: Understand the total interest you'll pay over the loan tenure, helping you make an informed decision.
Do’s and Don’ts When Applying for a 20 Lakh Home Loan
| Do's | Don'ts |
| Do review your credit report: Ensure it's error-free and work on improving your score if needed. | Don't apply with multiple lenders: Multiple loan applications can negatively impact your credit score. |
| Do research interest rates: Compare rates from different lenders to secure the best deal. | Don't borrow beyond your means: Stick to an EMI that comfortably fits your monthly budget. |
| Do consider additional costs: Account for other expenses like registration fees, insurance, and taxes. | Don't forget to read the fine print: Carefully review the loan agreement and terms before signing. |
| Do maintain financial stability: Steady income and job security improve your chances of loan approval. | Don't neglect your credit history: Past financial behavior can influence your eligibility. |
| Do factor in future contingencies: Plan for emergencies or changes in financial circumstances. | Don't underestimate hidden costs: Be aware of any unexpected charges. |
Keeping these do's and don'ts in mind will help you navigate the home loan application process more effectively and make a well-informed decision.
How NoBroker Can Help?
In conclusion, you now clearly understand the details regarding "20 Lakh Home Loan EMI". You can now use this knowledge when dealing with home loans. While handling things like interest rates and eligibility on your own might seem tricky, Don't worry. That's where NoBroker comes in. We're here to help with expert advice and make things easy. Reach out to NoBroker Home Loan Services today, and we'll guide you through the journey to your dream home without hassle.
Disclaimer: The interest rates and calculations mentioned in this guide are for illustrative purposes only. Actual rates and terms may vary depending on the lender and prevailing market conditions.
Check Out Other Home Loan EMI Blogs
Frequently Asked Questions
Ans: The minimum loan amount you can get depends on the lender. However, most lenders offer home loans starting from ₹5 lakh.
Ans: The maximum amount of loan that you can get depends on your income, assets, and credit score. However, most lenders offer home loans up to ₹50 lakh.
Ans: A home loan involves several charges, including processing fees, documentation fees, and stamp duty, which vary from lender to lender.
Ans: Yes, most lenders allow prepayment, but check for any prepayment charges before doing so.
Ans: The amount of Home Loan you can get depends on various factors, including your salary, credit score, and repayment capacity. Most lenders consider a certain percentage of your salary as the basis for loan eligibility.
Ans: The minimum salary requirement for a 20 lakh home loan can vary between lenders. It's important to check with specific lenders for their eligibility criteria.
Ans: State Bank of India (SBI) offers home loan interest rates based on various factors, including your CIBIL score. A better credit score usually leads to reduced interest rates.
Ans: The EMI for a 20-year home loan of 20 lakhs depends on the interest rate. Use an EMI calculator to determine the exact amount.
Ans: The maximum tenure of a home loan can vary among lenders. Depending on the lender's terms and conditions, it typically ranges from 20 to 30 years.
Ans: Various banks offer competitive home loan EMI rates. Researching and comparing different lenders is recommended to find the one offering the lowest EMI for your desired tenure.
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