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₹60 Lakh Home Loan EMI: Calculation, Interest Rates and Monthly Repayments Based on Loan Tenure in 2024
Updated : November 6, 2024
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A 60 lakh home loan EMI is a crucial component of financial planning when purchasing a home. In this article, we will delve into the workings of a 60 lakh home loan EMI and the impact of interest rates, which start at 8.35% and can go up to 12%. You will discover how to calculate monthly payments, explore various options, and make informed decisions regarding your home loan.If you are considering a 30-year term, you can expect an initial manageable EMI of ₹45922. This payment structure moves you closer to acquiring your dream home with a ₹60 lakh loan.
₹60 Lakh Home Loan EMI Details?
When taking out a 60 lakh home loan, your monthly EMI is influenced by factors like the interest rate, loan duration, and compound interest. Compound interest involves calculating interest on both the initial loan amount and the accumulated interest from previous periods, resulting in interest on top of interest.
The following table illustrates the monthly Equated Monthly Installment (EMI) amounts for a 60 lakh home loan at a fixed interest rate of 8.45% across different loan tenures, ranging from 5 to 30 years.
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| TENURE | EMI AMOUNT(INR) |
| 5 Years | ₹122,955 |
| 10 Years | ₹74,231 |
| 15 Years | ₹58,909 |
| 20 Years | ₹51,880 |
| 25 Years | ₹48,112 |
| 30 | ₹45,922 |
How to calculate 60 Lakh of home loan EMI?
Calculating the EMI for your 60 lakh home loan is critical in managing your finances. You can effortlessly compute it using the 60 Lakh home loan EMI formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
EMI = Equated Monthly Installment
P = Principal Loan Amount (60,00,000 INR)
R = Monthly Interest Rate (Annual Interest Rate divided by 12 and converted to a decimal)
N = Loan Tenure in Months (Loan Tenure in Years multiplied by 12)
With this formula, you can determine the monthly EMI required for your 60 lakh home loan, enabling you to manage your financial planning effectively.
60 Lakh Loan EMI Calculator
For accurate insights into your monthly repayments for a 60 lakh home loan, leverage our user-friendly EMI calculator. Whether it's a 60 lakh home loan for 10, 20, 25, or 30 years, our EMI Calculator offers a comprehensive view of your repayment journey.
Here's how to use our EMI calculator:
- Loan Amount: Input ₹60 lakhs, the principal amount you plan to borrow.
- Interest Rate: Specify the applicable interest rate based on current market conditions.
- Loan Tenure: Choose a tenure ranging from 5 to 30 years to see the impact on your EMIs and total repayment.
The EMI calculator provides two essential pieces of information:
- Monthly Repayment (EMI): This represents the EMI for a home loan of 60 lakhs, which you'll pay monthly to repay the 60 lakh home loan.
- Total Interest: The calculator displays the cumulative interest paid over the chosen tenure.
The EMI calculator empowers you to make well-informed decisions about your 60 lakh home loan, enabling you to assess affordability across various tenures and interest rates.
Eligibility Criteria for a 60 Lakh Home Loan
When applying for a 60 lakh home loan, you need to meet certain requirements. Lenders look at your age, income, credit score & job stability to ensure you can repay the loan responsibility. .
- Age: Typically, applicants must be at least 21, with a maximum age of 60 to 65 at loan maturity. This provides a secure repayment window within working years.
- Income: Lenders advocate for an annual income 3 to 4 times the anticipated EMI. This assures repayment capacity and fosters financial sustainability.
- Credit Score: A credit score above 750 is favourable. It reflects responsible financial behaviour and boosts the likelihood of timely repayments.
- Employment Stability: Lenders prefer stable job histories. Longer tenure at your current job enhances approval chances.
- Debt-to-Income Ratio: Lenders check if your existing debts, including the new EMI, do not exceed 40-50% of your monthly income. This ensures you can manage both the home loan and other financial commitments.
- Co-applicant: Adding a co-applicant, like a spouse or family member, can improve your eligibility. Their income and credit score can strengthen the loan application.
- Property Valuation: The property you buy should match the lender’s valuation standards. Lenders might not approve a loan if the property’s value exceeds the requested loan amount.
Meeting these benchmarks enhances approval prospects and signifies a commitment to responsible loan management, fostering a beneficial borrower-lender relationship.
Documents Required for a Home Loan for 60 lakhs
When applying for a 60 Lakh home loan, accurate and comprehensive documentation is vital for a seamless process. Here's a comprehensive list of commonly required documents by most lending institutions:
- Proof of Identity: You must present valid government-issued IDs such as a passport, Aadhaar card, PAN card, or driver's license.
- Proof of Address: Documents like utility bills, rental agreements, or official correspondence reflecting your address must be produced.
- Income Verification: Provide recent salary slips, income tax returns, Form 16, and other relevant financial statements.
- Employment Confirmation: Offer letters, certificates, or other documents confirming your employment status will be required.
- Bank Statements: Recent bank statements highlighting your financial transactions and sources of income are necessary.
- Property Documentation: If you've chosen a property, you must submit relevant documents like sale agreements and title deeds.
- Photographs: Provide passport-sized photographs for identification purposes.
- Loan Application Form: A lender-specific application form capturing essential details about your loan request and personal information must be submitted.
- Investment Documentation (if applicable): You can submit relevant documents related to additional investments or assets contributing to your financial stability.
Remember, document requirements may vary based on the policies of different lenders and your unique financial situation. Verifying the specific documents needed with your chosen lending institution is advisable.
EMI for 60 Lakh Home Loan for 5 Years
Are you considering a ₹60 lakh (6 million) home loan with a 5-year repayment period at an 8.45% annual interest rate? To calculate your monthly EMI manually, you can use the formula:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 5-year term:
EMI = ₹ {60,00,000 x 0.00704 x (1 + 0.00704)^60} / {(1 + 0.00704)^60 - 1}
EMI ≈ ₹122,955
With a ₹60 lakh loan amount, your monthly EMI would be approximately ₹122,955 over 5 years, resulting in a total repayment of ₹7,377,279, including ₹1,377,279 in interest.
| Time Period | 5 |
| Loan Amount | 6000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹122,955 |
| Total Interest | ₹1,377,279 |
| Total Repayment | ₹7,377,279 |
₹60 Lakh Loan EMI for 10 years
Planning a ₹60 lakh home loan with a 10-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 10-year term:
EMI = ₹ {60,00,000 x 0.00704 x (1 + 0.00704)^120} / {(1 + 0.00704)^120 - 1}
EMI ≈ ₹74,231
A ₹60 lakh loan over 10 years translates to a monthly EMI of ₹74,231, resulting in a total repayment of ₹8,907,727, including ₹2,907,727 in interest.
| Time Period | 10 |
| Loan Amount | 6000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹74,231 |
| Total Interest | ₹2,907,727 |
| Total Repayment | ₹8,907,727 |
EMI for 60 Lakh Home Loan for 15 Years
Considering a ₹60 lakh home loan with a 15-year repayment period and an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 15-year term:
EMI = ₹ {60,00,000 x 0.00704 x (1 + 0.00704)^180} / {(1 + 0.00704)^180 - 1}
EMI ≈ ₹58,909
With this loan, your monthly EMI for 15 years would be ₹58,909, resulting in a total repayment of ₹10,603,558, which includes ₹4,603,558 in interest.
| Time Period | 15 |
| Loan Amount | 6000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹58,909 |
| Total Interest | ₹4,603,558 |
| Total Repayment | ₹10,603,558 |
Home Loan EMI for 60 Lakhs for 20 Years
Thinking of a ₹60 lakh (6 million) home loan with a 20-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 20-year term:
EMI = ₹ {60,00,000 x 0.00704 x (1 + 0.00704)^240} / {(1 + 0.00704)^240 - 1}
EMI ≈ ₹51,880
Your monthly EMI for 20 years would amount to ₹51,880, resulting in a total repayment of ₹12,451,122, including ₹6,451,122 in interest.
| Time Period | 20 |
| Loan Amount | 6000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹51,880 |
| Total Interest | ₹6,451,122 |
| Total Repayment | ₹12,451,122 |
₹60 Lakh Home Loan EMI for 25 Years
Planning a ₹60 lakh home loan with a 25-year repayment period at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 25-year term:
EMI = ₹ {60,00,000 x 0.00704 x (1 + 0.00704)^300} / {(1 + 0.00704)^300 - 1}
EMI ≈ ₹48,112
Your monthly EMI for 25 years would be ₹48,112, resulting in a total repayment of ₹14,433,487, which includes ₹8,433,487 in interest.
| Time Period | 25 |
| Loan Amount | 6000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹48,112 |
| Total Interest | ₹8,433,487 |
| Total Repayment | ₹14,433,487 |
₹60 Lakh Home Loan EMI for 30 Years
Thinking of a ₹60 lakh (6 million) home loan with a 30-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 30-year term:
EMI = ₹ {60,00,000 x 0.00704 x (1 + 0.00704)^360} / {(1 + 0.00704)^360 - 1}
EMI ≈ ₹45,922
With this loan, your monthly EMI for 30 years would be ₹45,922, resulting in a total repayment of ₹16,532,051, including ₹10,532,051 in interest.
| Time Period | 30 |
| Loan Amount | 6000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹45,922 |
| Total Interest | ₹10,532,051 |
| Total Repayment | ₹16,532,051 |
Things to Keep in Mind When Applying for a 60 Lakh Home Loan
When seeking a 60 Lakh home loan, it's essential to consider several key factors that can impact your borrowing experience. Here's a brief overview to assist you:
- Creditworthiness: Maintaining a strong credit score, typically above 750, is essential as it significantly influences your loan approval and interest rates.
- Eligibility Check: Ensure that you meet the lender's eligibility criteria, which may include factors like age, nationality, and income.
- Financial Capacity: Evaluate your ability to repay the loan by assessing your current financial situation and job stability.
- EMI Calculation: Compute EMIs for various loan tenures to determine the one that best fits your monthly budget.
- Holistic Cost Assessment: Gain an understanding of the overall interest payments throughout the loan's duration, empowering you to make informed borrowing decisions.
Do’s and Don'ts for a Successful 60 Lakh Home Loan Application
| Do’s | Don'ts |
| 1. Consider Your Credit Score: Maintain a robust credit score, typically above 750, is crucial as it wields significant influence over your loan approval and interest rates. | 1. Avoid Multiple Lender Applications: Steer clear of submitting applications to multiple lenders simultaneously. |
| 2. Verify Eligibility: Ensure you meet the lender's eligibility criteria, which may encompass factors like age, nationality, and income. | 2. Don't Neglect Eligibility Criteria: Ensure you meet the lender's eligibility criteria, which may encompass factors like age, nationality, and income. |
| 3. Assess Repayment Capacity: Evaluate your ability to repay the loan by assessing your current financial circumstances and job stability. | 3. Don't Overextend. Stick to a Budget-Friendly EMI: Avoid borrowing beyond your means by sticking to a budget-friendly Equated Monthly Installment (EMI). |
| 4. Calculate EMI: Calculate the EMIs for different loan tenures to identify the one that aligns best with your monthly budget. | 4. Avoid Neglecting Your Credit History: Be mindful of your credit history, as it plays a significant role in loan approval and interest rates. |
| 5. Understand Total Costs: Gain insight into the total interest payable over the loan's duration, empowering you to make well-informed borrowing decisions. | 5. Carefully Read Loan Terms: Don't forget to carefully review all the terms and conditions of the loan, including any fine print. |
Following these guidelines will help you navigate the 60 Lakh home loan application process effectively and make informed decisions.
60 Lakhs Home Loan Amortisation
60 lakh home loan amortisation helps you see how your loan payments are divided between interest and principal over time. This breakdown shows how much of the loan you repay each year, making it easier to track your progress.
| Year | EMI | Principal Payment | Interest Payment | Outstanding Principal |
| 1 | ₹45,922.37 | ₹45,815.82 | ₹5,05,252.57 | ₹59,54,184.18 |
| 2 | ₹45,922.37 | ₹49,840.76 | ₹5,01,227.62 | ₹59,04,343.42 |
| 3 | ₹45,922.37 | ₹54,219.31 | ₹4,96,849.07 | ₹58,50,124.11 |
| 4 | ₹45,922.37 | ₹58,982.51 | ₹4,92,085.87 | ₹57,91,141.60 |
| 5 | ₹45,922.37 | ₹64,164.16 | ₹4,86,904.22 | ₹57,26,977.44 |
| 6 | ₹45,922.37 | ₹69,800.39 | ₹4,81,267.99 | ₹56,57,176.38 |
| 7 | ₹45,922.37 | ₹75,930.52 | ₹4,75,137.86 | ₹55,81,245.86 |
| 8 | ₹45,922.37 | ₹82,596.65 | ₹4,68,471.73 | ₹55,98,649.20 |
| 9 | ₹45,922.37 | ₹89,844.88 | ₹4,61,223.50 | ₹54,16,978.82 |
| 10 | ₹45,922.37 | ₹97,723.55 | ₹4,53,344.83 | ₹53,19,355.27 |
| 11 | ₹45,922.37 | ₹1,06,284.89 | ₹4,44,783.50 | ₹52,13,070.38 |
| 12 | ₹45,922.37 | ₹1,15,584.15 | ₹4,35,484.24 | ₹50,97,486.23 |
| 13 | ₹45,922.37 | ₹1,25,679.88 | ₹4,25,388.51 | ₹49,71,806.35 |
| 14 | ₹45,922.37 | ₹1,36,634.61 | ₹4,14,433.78 | ₹48,35,171.73 |
| 15 | ₹45,922.37 | ₹1,48,514.76 | ₹4,02,553.63 | ₹46,86,656.97 |
| 16 | ₹45,922.37 | ₹1,61,391.89 | ₹3,89,676.50 | ₹45,25,265.03 |
| 17 | ₹45,922.37 | ₹1,75,342.85 | ₹3,75,725.53 | ₹43,49,922.17 |
| 18 | ₹45,922.37 | ₹1,90,450.95 | ₹3,60,617.44 | ₹41,59,471.27 |
| 19 | ₹45,922.37 | ₹2,06,806.07 | ₹3,44,262.31 | ₹39,52,665.20 |
| 20 | ₹45,922.37 | ₹2,24,504.86 | ₹3,26,563.52 | ₹37,28,160.34 |
| 21 | ₹45,922.37 | ₹2,43,651.84 | ₹3,07,416.54 | ₹34,84,508.51 |
| 22 | ₹45,922.37 | ₹2,64,360.44 | ₹2,86,707.94 | ₹32,20,148.07 |
| 23 | ₹45,922.37 | ₹2,86,753.04 | ₹2,64,315.34 | ₹29,33,395.03 |
| 24 | ₹45,922.37 | ₹3,10,961.88 | ₹2,40,106.50 | ₹26,22,433.15 |
| 25 | ₹45,922.37 | ₹3,37,129.04 | ₹2,13,939.34 | ₹22,85,304.11 |
| 26 | ₹45,922.37 | ₹3,65,406.53 | ₹1,85,661.85 | ₹19,19,897.58 |
| 27 | ₹45,922.37 | ₹3,95,957.19 | ₹1,55,111.19 | ₹15,23,940.39 |
| 28 | ₹45,922.37 | ₹4,28,953.74 | ₹1,22,114.64 | ₹10,94,986.65 |
| 29 | ₹45,922.37 | ₹4,64,579.71 | ₹86,488.67 | ₹6,30,406.94 |
| 30 | ₹45,922.37 | ₹5,03,030.59 | ₹48,037.79 | ₹0 |
How Can NoBroker Help?
NoBroker simplifies the 60 lakh home loan EMI process. Through user-friendly online applications, lender access, and expert guidance, NoBroker streamlines your journey. Their solutions, transparent terms, and efficient processing support you from application to post-approval. Experience a seamless loan application process with NoBroker Home Loan Services and achieve your dream of owning a home.
Disclaimer: The interest rates and calculations mentioned in this guide are for illustrative purposes only. Actual rates and terms may vary depending on the lender and prevailing market conditions.
Check Out Other Home Loan EMI Blogs
Frequently Asked Questions
Ans: Your eligibility depends on income, credit score, age, and job stability. Lenders evaluate these to gauge your repayment capacity.
Ans: Yes, most lenders allow prepayment. However, check for any prepayment charges outlined in your loan agreement.
Ans: Missing EMIs can reduce credit scores and additional penalties, affecting your financial credibility.
Ans: The interest rate can be fixed or floating, depending on the terms stated in your loan agreement.
Ans: Timely payments, responsible credit use, and minimizing debt can gradually enhance your credit score.
Ans: Lenders consider your income-to-EMI ratio. Having a co-applicant or collateral can boost your chances.
Ans: A shorter tenure means higher EMIs but less overall interest, facilitating faster debt repayment.
Ans: Some lenders offer home loans for land purchases, but terms may differ from home purchase loans.
Ans: Your age affects the loan tenure and eligibility. Younger applicants often have the option of longer tenures.
Ans: Yes, a 60 lakh home loan can be utilized for property investment, but thorough research is essential before proceeding.
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