60 Lakh Home Loan EMI & Interest Rate

60 Lakhs Home Loan – An Overview 

A 60 lakh home loan EMI refers to the monthly instalment amount that needs to be paid towards a home loan on the same amount. This includes both the principal loan amount and the interest the lender charges. The EMI is calculated based on the loan tenure, interest rate, and the chosen repayment schedule. It is important to consider your financial capabilities before availing such a loan. A 60 lakh home loan EMI can significantly impact your monthly budget, so it is crucial to ensure that you have a stable source of income to repay the loan amount over the agreed-upon period comfortably.

Features and Benefits of 60 Lakhs Home Loan 

Find the following features and benefits of a Rs 60 Lakhs loan:

• Loan Amount: you can raise money for your home loan of Rs 60 Lakhs from a wide range of banks and NBFCs.
• Loan Tenure: The applicants are also required to zero in on the tenure of the loan. It is generally the time the applicant asks to repay the loan. For a loan that amounts to Rs 60 Lakhs, the loan tenure can range from anywhere between 5 to 30 years.
• Interest Rate: The interest rate is the fee that the bank charges against the loan. Generally, it varies from bank to bank and applicant to applicant.
• Market: The borrowers can select from various financial products to get the best offer that aligns with their financial needs and goals.

60 Lakhs Home Loan Eligibility Criteria 

The loan applicant is required to fulfil the following eligibility criteria to apply for a loan of Rs 60 Lakhs:

• Age:  A salaried individual aged between 23 and 75 can apply for a loan, and the age for a self-employed individual can range from 25 to 75 years.
• Employment: The minimum employment requirement for a salaried individual is three years; for a self-employed individual, their business must be at least five years old.
  
• Credit Score: The loan applicant must maintain a healthy credit score. Generally, the applicants with the banks and NBFCs require a minimum credit score of 750.
  
• Income: The loan applicant’s income must be higher than the monthly EMIs decided for the loan amount of Rs 60 Lakhs.
  
• Loan Tenure: The banks and NBFCs offer applicants diverse loan tenures. Generally, a longer loan tenure on a Rs 60 Lakh loan will diminish the EMI amount.
  
• Documents: To apply for a Rs 60 Lakhs home loan, the applicant must produce all the necessary documents against the loan.

Important Tip : Check your eligibilty now by using our AI based home loan eligibility calculator.

Factors Affecting 60 Lakhs Home Loan EMI 

A wide range of factors influence the Home loan EMI on a Rs 60 Lakh loan:

• Amount of Loan: The loan amount directly affects the EMI amount against the loan. It shares a directly proportional relationship with the EMIs.
  
• Term: The longer the loan tenure, the smaller the EMI amount, as the repayments will be spread out for a lengthier duration.
  
• Interest Rates: The change in interest rate can also impact the Home loan EMI on the loan amount. A home loan EMI calculator can help you to see how different home loan interest rates affect your monthly payments.

Documents Required for 60 Lakhs Home Loan 

All the required documents for ₹60 Lakh home loan are mentioned below:

• You’re required to produce identity proof such as a Driving License, Voter ID, Passport, and Aadhar Card are required for the verification of identity.
  
• You must also produce an income statement such as the latest salary slip from the existing employer, ITR of last year, bank statement, P/L statement or balance sheet.
  
• Address: Documents such as utility bills, passports, rental agreements, etc. must be submitted to verify the address.

60 Lakh Home Loan Processing Fees & Other Charges

The table below gives you a glimpse into the processing fees and interest rates of various banks and NBFCs applicable on ₹60 Lakh home loans:

60 Lakh Loan Home Loan EMI for Different Loan Tenure

The table gives an estimate of EMIs on a loan of Rs 60 Lakhs at different tenures:

Important Key Points to Consider While Taking 60 Lakhs Home Loan

• It is important to look at the points to remember while applying for a Rs 60 Lakh home loan:
• A suitable tenure on the home loan goes a long way and can make your repayments easier as the huge repayment amount of Rs 60 Lakhs is spread out accordingly.
  
• It is important to save for a healthy downpayment on the property to ensure you get better bank interest rates and terms and conditions.
  
• The property’s loan-to-value ratio is also an important point that the homebuyers must factor in before purchasing a property.
  
• Extra added costs include handling, managerial, insurance, and other expenses related to the loan.
  
• The loan applicant must select a flexible repayment plan that allows him facilities such as pre-payments. 

Tips to Minimise Your 60 Lakhs Home Loan EMI

The following tips will help you lower the EMI amount on your Rs 60 Lakhs loan.

• Lengthy Tenure: The lengthier repayment tenure will drastically lower the EMI amount on the home loan to RS 60 Lakhs.
• Lower interest Rate: The applicant can look and compare different home loan products in the market and get the best deal from banks that offer the best rates on a home loan for Rs 60 Lakhs.
• Pay Extra: You can also reduce the EMI amount by making fractional instalments over your EMIs to reduce the loan cost and speed up repayment.