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20 Lakh Home Loan

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Competitive Interest Rates

Starting 7.10% p.a.

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Handpicked Home Loan Offers

Offers from 30+ Banks & HFCs

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Interest Rates for Home Loan up to Rs 20 lakh

Most lenders provide home loans to loan applicants at floating interest rates. Although a few lenders offer home loans at fixed interest rates, they usually charge higher rates. Some banks/HFCs also offer home loans at mixed or hybrid interest rates. Under this interest rate regime, the rates usually remain fixed for the first 2 to 3 years of the loan tenure, after which the lender charges floating interest rates to the home loan borrower. Note that existing home loan borrowers availing home loans at higher interest rates can transfer their existing home loans to other lenders through the balance transfer facility at lower home loan interest rates .

Rs. 20 Lakh Home Loan EMI for 10 Year Tenure

Lenders Name Interest Rate (%p.a.) EMI
SBI Home Loan 7.25 - 8.55 Rs. 23,480 - Rs. 24,851
HDFC Home Loan 7.75 onwards Rs. 24,002 onwards
ICICI Home Loan 7.55 onwards Rs. 23,793 onwards
BOB Home Loan 7.20 - 9.00 Rs.23,482 - Rs. 25,335
Union Bank of India Home Loan 7.15 - 9.60 Rs. 23,377 - Rs. 25,989

Rs. 20 Lakh Home Loan EMI for 20 Year Tenure

Lenders Name Interest Rate (%p.a.) EMI
SBI Home Loan 7.25 -8.55 Rs. 15,808 - Rs. 17,420
HDFC Home Loan 7.75 onwards Rs. 16,419 onwards
ICICI Home Loan 7.55 onwards Rs. 16,173 onwards
BOB Home Loan 7.20 - 9.00 Rs. 15,747 - Rs. 17,995
Union Bank of India Home Loan 7.15 - 9.60 Rs. 15,687 - Rs. 18,773

Rs. 20 Lakh Home Loan EMI for 30 Year Tenure

Lenders Name Interest Rate (%p.a.) EMI
SBI Home Loan 7.25 - 8.55 Rs. 13,644 - Rs. 15,449
HDFC Home Loan 7.75 onwards Rs. 14,328 onwards
ICICI Home Loan 7.55 onwards Rs. 14,053 onwards
BOB Home Loan 7.20 - 9.00 Rs. 13,576 - Rs. 16,092
Union Bank of India Home Loan 7.15 - 9.60 Rs. 13,508 - Rs. 16,963

LTV Ratio for a Home Loan

Home Loan Amount LTV Ratio
Up to Rs. 30 Lakh 90%
Above Rs. 30 Lakh and up to Rs. 75 Lakh 80%
Above Rs. 75 Lakh 75%

As the loan amount is below Rs. 30 lakh, home loan applicants can get loans with 90% LTV ratio when they consider a Rs. 20 lakh home loan.

Factors to Consider While Availing a Home Loan Up to Rs. 20 Lakh

  • Loan-to-Value (LTV) Ratio: The LTV ratio indicates the percentage of the property’s value that can be financed through a home loan. For loans up to Rs. 20 lakh, RBI allows an LTV of up to 90%, subject to the lender’s assessment and applicable conditions.
  • Loan Tenure: Home loan tenures can extend up to 30 years. Select a tenure that keeps your total EMI obligations, including EMIs on existing loans, comfortably within your repayment capacity.
  • Credit Score: A credit score of 760 or above is generally considered favourable and may strengthen your chances of loan approval and help you access competitive interest rates.
  • Processing Fees: Lenders may charge a one-time processing fee for home loan applications, which can be up to 2% of the loan amount. The applicable fee, offers and waivers vary across lenders.
  • Prepayment Charges: For individual borrowers, prepayment penalties are generally not applicable on floating-rate home loans. However, certain fixed-rate loans may attract prepayment charges, depending on the lender’s terms.

Eligibility Criteria for Availing a Home Loan up to Rs. 20 Lakh

  • Residential Status: Resident Indians can avail home loans of up to Rs. 20 lakh. Some lenders may also offer home loan facilities to NRIs , subject to their eligibility criteria.
  • Age: Lenders generally accept home loan applications from individuals aged 18 years and above. However, borrowers are typically required to repay the loan before reaching the lender’s maximum permissible age, which is often around 70 years. This may also apply to existing borrowers opting for a balance transfer.
  • Employment Status: Both salaried individuals and self-employed professionals or business owners can apply for home loans, subject to the lender’s eligibility requirements.
  • Improving Loan Eligibility: Applicants can potentially enhance their home loan eligibility by adding earning family members as co-borrowers or choosing a longer repayment tenure, subject to the lender’s terms.
  • Credit Score: A credit score of 760 or above is generally viewed favourably by lenders and may improve the chances of home loan approval. Applicants with higher credit scores may also qualify for more competitive interest rates, depending on the lender’s assessment.

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Documents Required for Rs. 20 Lakh Home Loan

Most lenders require loan applicants to submit the following documents when they are applying for a home loan:

  • Duly filled application form
  • Identity proof
  • Age proof
  • Income proof (both for salaried and self-employed)
  • Proof of employment/business
  • Address proof
  • Property documents
  • Estimated cost of property

Note that this list of documents required for availing home loans is non-exhaustive as lenders may ask for additional documents based on their requirements and the loan applicant’s profile.

How to Apply for a Home Loan of Rs. 20 Lakh through Paisabazaar

Prospective home loan borrowers can explore curated home loan offers from various partner lenders through the Paisabazaar website or app. The process is as follows:

Through the Paisabazaar Website:

  • Visit the official Paisabazaar website and select the Home Loans icon.
  • Enter your details and provide the required information.
  • Select the most suitable offer from available home loan offers from partner lenders based on the details provided and apply online.

Through the Paisabazaar App:

  • Download the Paisabazaar app and sign in to your account(required only for the first time).
  • Select Home Loans and enter the required details.
  • Compare offers from multiple lenders, choose the one that suits your requirements best and apply online.

Strategies to Get the Best Deal for a Rs. 20 Lakh Loan

  • Maintain a strong credit profile (credit score above 760, preferably)
  • Keep your EMI/NMI ratio within 50-55%, including the existing EMIs and the EMI of the proposed home loan.
  • Negotiate with the lender.
  • Have a stable job and income.
  • Keep your credit utilization low.
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FAQs

What interest rates are typical for a Rs. 20 lakh home loan?

Lenders usually offer home loans starting from 7.10% p.onwards to creditworthy applicants.

What minimum credit score do I need to avail a home loan of Rs. 20 lakh?

Applicants having a credit score of 760 and above usually have higher chances of availing a home loan of Rs. 20 lakh at lower interest rates. Those with a relatively lower score may get the loan approved but may end up servicing the loan at higher interest rates and stringent loan terms.

Home loan is new for me. Can Paisabazaar help me during the loan application process? 

Applicants get expert assistance from our home loan experts throughout the loan approval process.

Who is eligible to apply for a Rs. 20 lakh home loan?

Salaried and self-employed individuals having a good credit history, a credit score of 760 and above, stable income, and an EMI/NMI ratio within 55% are eligible to avail a home loan of Rs. 20 lakh.

Should I opt for a floating or fixed interest rate for this loan amount?

Floating interest rates are variable and change as per the market conditions. On the contrary, fixed interest rates remain constant throughout the loan tenure. Also, floating interest rates are comparatively lower than fixed interest rates. Therefore, applicants can opt for either of the two as per their budget and requirements.

What basic documents are required to apply for a Rs. 20 lakh home loan? 

The basic documents required for availing a home loan of Rs. 20 lakh include Aadhaar card, PAN card, address proof, salary slips, bank account statement, and property details.

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What our customers say

Time saving process

Office ke chalte jyada samay nahi nikal pata tha. Paisabazaar ke online process ki wajah se na hi mene banks ke rates compare karliye ghar bathe balki mera loan application aur disbursal bhi ghar bathe hi ho gaya...bank jana hi nahi pada...

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Pradeep SinghJan 7, 2026

Kam rates pe loan mila

Paisabazaar se mujhe bahut kam rate pe loan mil gaya...isse mere budget pe jada asar nahi pada aur jald hi mera apna ghar ho jayega..

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Nidhi SharmaJan 6, 2026

eligibility check ho jati hai free

me home loan lene ka soch raha tha uske liye mene pehle paisabazaar app se free me apni eligibility check ki..usse mujhe pata chala muje kya cheeze improve karni hai aur fir mera loan jaldi approve ho gaya.

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Shikhar SahuJan 5, 2026

Home loan mila yaahaan par

Mujhe home loan chahiye tha aur yahaan par sahayta kiya inhone aur loan mila. Pehla loan tha mera lekin sab ache se ho gaya.

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Prem Prakash PandeyDec 7, 2025

Home loan here

I took home loan here and they helped me in every step specially in collecting and submitting documents at the time of approval.

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Chandan SinghDec 1, 2025

Got the best home loan interest rate

I was confused and did not have so much time to carry out all the research, so I logged in to Paisabazaar’s portal and was able to see the home loan options I was eligible for. With the assistance of Paisabazaar’s experts, I was able to find the home loan that offered the rate of interest I could afford. Thank you Paisabazaar!

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Anu BhatnagarSep 10, 2021

Excellent Home Loan Service by Paisabazaar

Ended up taking an ICICI Home Loan and I think it was one of the best decisions I ever made. I thank Paisabazaar for helping me out and answering my questions with so much patience.

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KJ ThomasSep 10, 2021

Had a great experience with Paisabazaar

I have always heard my friends talking about how tedious it was for them to avail a home loan and decide the most suitable option. But with the help of Paisabazaar, I was able to compare several home loans and opt for the one that suited my needs. I am happy that I considered Paisabazaar for helping me.

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Ritesh SharmaSep 10, 2021

quick and easy home loan process

I had never thought that applying for a home loan could be so easy. The entire process was online and I didn’t have to go anywhere for application or documentation of my home loan. Paisabazaar experts helped me navigate through the process and later the bank collected my documents and everything was quick and seamless.

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Rupanjali MishraSep 3, 2021

Satisfied experience with Paisabazaar

I am satisfied with my home loan experience with Paisabazaar. I could easily compare different home loan options and apply for the home loan. Their customer care team also called me to confirm all the details and soon after the bank contacted to take the process forward. The process was really smooth.

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Soumil KhannaSep 3, 2021
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Vandana Punj
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Shamik Ghosh
Disclaimer

Paisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners

*Applicable for selected customers

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