Eligibility Criteria for availing Home Loan of Rs. 60 Lakh
| Criteria | Details |
| Resident Type | Available to both Resident Indians and Non-Resident Indians (NRIs). |
| Age | Minimum age: 18 years Repayment should be completed by 70 years. |
| Employment Type | Open to both salaried and self-employed individuals. |
| Ways to Improve Eligibility | Add earning family members as co-applicants or opt for longer tenures to enhance loan eligibility. |
| Credit Score | A score of 750 and above improves chances of approval. Higher scores may also fetch lower interest rates from banks and HFCs. |
Lenders might also consider factors like a loan applicant’s monthly/annual income, work experience (for salaried applicants) or business continuity (for business owners), employer’s profile, occupation profile, age of the property, liabilities, assets, etc., while ascertaining the eligibility for Rs. 60 lakh home loan.
Also Read: Home Loan Eligibility Calculator
Documents Required for Rs. 60 Lakh Home Loan
Most banks and HFCs ask loan applicants to submit the below-mentioned documents when they are applying for a home loan:
- Duly filled application form
- Identity proof
- Income proof (both for salaried and self-employed)
- Age proof
- Proof of business/employment
- Address proof
- Property documents
- Estimated cost of property
Note: Lenders may ask home loan applicants to furnish additional documents depending on their requirements and the loan applicant’s profile.
Rs. 60 Lakh Home Loan: Interest Rates
The Rs. 60 lakh home loan interest rate starts at 7.35% p.a. The final interest rate on your home loan will be determined based on your credit score, loan tenure, occupation profile, etc.
Rs. 60 Lakh Home Loan EMIs for 10 Year Tenure
| Lender’s Name | Interest Rate (% p.a.) | EMI |
| SBI | 7.50-8.95 | Rs. 71,221-Rs. 75,843 |
| HDFC Bank | 7.90 onwards | Rs 72,480 onwards |
| ICICI Bank | 7.70 onwards | Rs 71,849 onwards |
| Bank of Baroda | 7.45-9.25 | Rs 71,065-Rs 76,820 |
| Union Bank of India | 7.35-10.00 | Rs 70,752 – Rs 79,290 |
Rs. 60 Lakh Home Loan EMIs for 20 Year Tenure
| Lender’s Name | Interest Rate (% p.a.) | EMI |
| SBI | 7.50-8.95 | Rs 48,336– Rs 53,791 |
| HDFC Bank | 7.90 onwards | Rs 49,814 onwards |
| ICICI Bank | 7.70 onwards | Rs 49,072 onwards |
| Bank of Baroda | 7.45-9.25 | Rs 48,152 – Rs 54,952 |
| Union Bank of India | 7.35-10.00 | Rs 47,787 – Rs 57,90 |
Rs. 60 Lakh Home Loan EMIs for 30 Year Tenure
| Lender’s Name | Interest Rate (% p.a.) | EMI |
| SBI | 7.50-8.95 | Rs 41,953 – Rs 48,062 |
| HDFC Bank | 7.90 onwards | Rs 43,608 onwards |
| ICICI Bank | 7.70 onwards | Rs 42,778 onwards |
| Bank of Baroda | 7.45-9.25 | Rs.41,748- Rs. 49,361 |
| Union Bank of India | 7.35-10.00 | Rs 41,338 – Rs 52,654 |
Key Factors to Consider in Home Loan:
Loan Tenure
Longer tenure (up to 30 years) = lower EMIs but higher interest cost.
Shorter tenure = higher EMIs but significant interest savings.
EMI Affordability
Ensure EMI fits within 30–40% of your monthly income.
Use online EMI calculators to plan better.
Loan-to-Value (LTV) Ratio
LTV is the percentage of the property value that the lender finances.
As per RBI guidelines:
- Up to ₹30 lakh → max LTV is 90%
- ₹30–75 lakh → max LTV is 80%
- Above ₹75 lakh → max LTV is 75%
Credit Score
A score of 750+ improves approval chances and reduces interest rates.
Low score = lower eligibility or higher rates.
Fees and Charges:
| Foreclosure/Prepayment Charges | For floating rate: Nil |
| For fixed rate: Around 2% – 4% on the principal outstanding | |
| Overdue Charges on EMI | 2% per month of the unpaid EMI |
| EMI Bounce Charges | Around Rs 400 |
| Legal Fee | As per Actuals |