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Home Loan of up to Rs 60 Lakh

Home Home Loan – Apply Housing Loan Online Home Loan of up to Rs 60 Lakh

Most banks and Housing Finance Companies (HFCs) offer home loans of Rs 60 lakh. The loan tenures of such housing loans can go up to 30 years whereas the interest rate for these loans would primarily depend on factors like the credit score and other aspects of a loan applicant’s credit profile. Lenders also consider the final LTV ratio and the loan amount while finalising the interest rate for a home loan applicant.

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Updated: 27-10-2023 05:41:17 AM

Interest Rates for Rs 60 Lakh Home Loan

Most banks and HFCs provide home loans at floating interest rates. Although a few lenders offer home loans for loan applicants at fixed interest rates, they usually levy higher interest rates for it. Some lenders also provide the option of home loans at mixed/hybrid interest rates wherein home loan borrowers are charged a fixed interest rate for the first 2/3 years of the loan tenure, following which lenders levy floating interest rates for the leftover tenure of home loan. Note that the existing borrowers availing home loans at high interest rates can use the Home Loan Balance Transfer option to shift their existing loans to a different lender at lower interest rates.

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Comparison Table for Rs 60 Lakh Home Loan Interest Rates and EMI offered by Banks/HFCs

Name of LenderUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI8.40% - 10.15% p.a.8.40% - 10.05% p.a.8.40% - 10.05% p.a.
HDFC Bank Limited8.35% p.a. onwards8.35% p.a. onwards8.35% p.a. onwards
LIC Housing Finance8.40% – 10.35% p.a. 8.40% – 10.55% p.a. 8.40% – 10.75% p.a.
ICICI Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Kotak Mahindra Bank8.70% p.a. onwards 8.70% p.a. onwards8.70% p.a. onwards
PNB Housing Finance8.50% - 14.50% p.a.8.50% - 14.50% p.a.8.50%-11.45% p.a.
Punjab National Bank8.45%-10.25% p.a.8.40%-10.15% p.a.8.40%-10.15% p.a.
Bank of Baroda8.40% - 10.65% p.a.8.40% - 10.65% p.a.8.40% - 10.90% p.a.
Union Bank of India8.40% – 10.80% p.a. 8.40% – 10.95% p.a. 8.40% – 10.95% p.a.
IDFC First Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
L&T Finance Limited8.60% p.a. onwards8.60% p.a. onwards8.60% p.a. onwards
Bajaj Housing Finance8.50% p.a. onwards8.50% p.a. onwards8.50% p.a. onwards
Tata Capital Housing Finance8.70% p.a. onwards8.70% p.a. onwards8.70% p.a. onwards
Federal Bank8.80% p.a. onwards8.80% p.a. onwards8.80% p.a. onwards

Note: Interest rates as on 27th October 2023

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Rs 60 Lakh Home Loan EMIs for 10 Year Tenure

Lender’s Name Interest Rate (% p.a.) EMI
SBI 8.40 – 10.05 Rs 74,071 – Rs 79,456
HDFC Bank 8.50 onwards Rs 74,391 onwards
ICICI Bank 9.00 – 9.95 Rs 76,005 – Rs 79,124
Bank of Baroda 8.40 – 10.65 Rs 74,071 – Rs 81,465
Union Bank of India 8.40 – 10.95 Rs 74,071 – Rs 82,480

Rs 60 Lakh Home Loan EMIs for 20 Year Tenure

Lender’s Name Interest Rate (% p.a.) EMI
SBI 8.40 – 10.05 Rs 51,690 – Rs 58,100
HDFC Bank 8.50 onwards Rs 52,069 onwards
ICICI Bank 9.00 – 9.95 Rs 53,984 – Rs 57,703
Bank of Baroda 8.40 – 10.65 Rs 51,690 – Rs 60,508
Union Bank of India 8.40 – 10.95 Rs 51,690 – Rs 61,727

Rs 60 Lakh Home Loan EMIs for 30 Year Tenure

Lender’s Name Interest Rate (% p.a.) EMI
SBI 8.40 – 10.05 Rs 45,710 – Rs 52,876
HDFC Bank 8.50 onwards Rs 46,135 onwards
ICICI Bank 9.00 – 9.95 Rs 48,277 – Rs 52,433
Bank of Baroda 8.40 – 10.65 Rs 45,710 – Rs 55,558
Union Bank of India 8.40 – 10.95 Rs 45,710 – Rs 56,913
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Factors to Consider for Availing Rs 60 Lakh Home Loan

Loan-to-Value Ratio

The LTV Ratio for home loans is the total proportion of a property’s value that any bank/HFC can finance through their loan. Loan applicants have to arrange for the remaining component from their own funds as down payment or margin contribution. Note that the LTV ratio for home loans should not go beyond the regulatory caps finalized by the RBI. The breakup of loan amounts for a home loan and their corresponding LTV ratios are as follows:

Home Loan Amount LTV Ratio
Up to Rs 30 lakh Up to 90% of the property’s cost
Above Rs 30 lakh to Rs 60 lakh Up to 80% of the property’s cost

However, the final LTV ratio that lenders offer to a home loan applicant is calculated after considering the applicant’s credit profile, repayment capacity, the property’s market value, etc. Note that some lenders may provide lower interest rates to home loan applicants opting for lower LTV ratios.

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Loan Tenure

Most lenders offer home loans for loan tenures of up to 30 years. Lenders usually consider the repayment capacity of a loan applicant while deciding their loan tenure. Home loan applicants should note that lenders usually require them to limit their overall EMI payment, which includes EMIs of both their existing loans and the proposed home loan, to within 50-60% of their total monthly income. Thus, a prospective home loan borrower should opt for a tenure that helps to restrict his total EMIs, including that of the home loans, within 50-60% of his monthly income. This can increase the chance of getting a home loan approval.

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Credit Score

Most lenders consider credit scores of 750 and above as ‘good’ or ‘healthy’. Hence, loan applicants with such credit scores have a higher chance of getting a home loan approval. Many lenders have also begun offering home loans at preferential interest rates to loan applicants having good credit scores. Thus, prospective home loan borrowers should review their credit reports before applying for a home loan. Reviewing credit reports in advance will also help home loan applicants to take corrective measures to increase their credit scores. A higher credit score might increase their loan approval chances as well the chances of availing home loans at lower interest rates.

Prospective home loan applicants with lower or NIL credit scores can also opt for Step Up Credit Card co-branded with SBM Bank India Ltd. to increase their credit score and subsequently improve their home loan eligibility.

Processing Fees

Processing fees is a one-time fee charged by most lenders on loan applicants to process their home loan applications. It usually goes up to 2% of the total loan amount, with some banks and HFCs levying a higher charge on home loan borrowers. Some lenders also waive off the processing fees on partial or complete basis for their home loan applicants during festive season or other important occasions.

Prepayment Charges

RBI guidelines prevent lenders from charging prepayment fees for home loans availed at floating interest rates. However, lenders have the discretion to charge or waive off prepayment fees on fixed rate home loans. Moreover, lenders can charge prepayment fees for home loans with mixed/hybrid rates but only for that part of the loan tenure with fixed interest rates.

Click here:-  To know more about home loan processing fees and charges

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Eligibility Criteria for availing Home Loan of up to Rs 60 Lakh

  • Lenders usually offer home loans to both Resident as well as Non-Resident Indians (NRIs).
  • Age: Lenders usually approve home loans applications made by individuals aged 18 years and above. Most lenders require their home loan borrowers to complete their loan repayment by the time they are 70 years old. Most banks and HFCs also provide the home loan balance transfer facility to existing home loan borrowers of other lenders, at lower interest rates.
  • Lenders offer home loans to both salaried and self-employed individuals.
  • Borrowers can improve their home loan eligibility by using methods like adding earning family members as co-borrower(s) or by opting for longer loan tenures.
  • Credit Score: Loan applicants with credit scores of 750 and above have higher chances of availing home loans. Many banks and HFCs also provide home loans at lower interest rates to applicants having higher credit scores

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 their eligibility for availing home loan.

Click Here:- To know more about the eligibility criteria for home loan

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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.

Click Here:- To know more about the list of home loan documents

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Rs 60 Lakh Home Loan EMI Calculator

Home Loan EMI Calculator
₹
%
Year(s)
Home Loan EMI Calculator

Monthly EMI ₹ 15,622

Total Amount Payble ₹ 5,62,395(Principal + interest)

Principal Amount ₹ 5,00,000

Total Interest Payble ₹ 62,395


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Frequently Asked Questions (FAQ)

Q1. What is the EMI for Rs 60 lakh Home Loan?

Ans. The EMI for Home Loan of Rs 60 lakh would depend on the loan tenure and interest rate offered by a lender. For example, EMI for Home Loan of Rs 60 lakh at interest rate of 7.6% p.a. would be Rs 71,535 for 10 year loan tenure, Rs 48,703 for 20 year loan tenure and Rs 42,364 for 30 year loan tenure. Use the online Home Loan EMI Calculator to calculate Home Loan EMIs for various loan amounts, interest rates and tenures.

Q2. What is the interest of Home Loan for Rs 60 lakh?

Ans. Currently, the Home Loan Interest Rates of top banks/HFCs starts from 8.45% p.a. as on 6th June 2023. The Interest Rate on Home Loans offered by various lenders vary widely based on the loan applicant’s monthly income, credit score, loan amount, repayment capacity, occupation and employer’s profile, work experience/business continuity, LTV ratio, etc.

 

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