Home Loan of up to Rs 60 Lakh

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 the 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.

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

Note: Interest rates as of 21 August 2025

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Rs 60 Lakh Home Loan EMIs for 10 Year Tenure

Rs 60 Lakh Home Loan EMIs for 20 Year Tenure

Rs 60 Lakh Home Loan EMIs for 30 Year Tenure

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Also Check: Home Loan Interest Rate

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 a 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:

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.

Credit Score

Most lenders consider credit scores of 750 and above as ‘good’ or ‘healthy’. Hence, loan applicants with such credit score 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 as the chances of availing home loans at lower interest rates.

Processing Fees

Processing fees are a one-time fee charged by most lenders to 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 a partial or complete basis for their home loan applicants during the 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 by the top 10 banks

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

Rs 60 Lakh Home Loan EMI Calculator

FAQs On Home Loan Upto Rs 60 Lakh

Q1. What is the EMI for Rs 60 lakh Home Loan?
Ans. The EMI for a home loan of Rs 60 lakh would depend on the loan tenure and interest rate offered by a lender. For example, EMI for a home loan of Rs 60 lakh at an 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 start from 8.30% p.a. as of 6th February 2025. The Interest Rate on Home Loans offered by various lenders varies 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.