₹20 Lakh Home Loan EMI & Interest Rate

Get a Home Loan for ₹ 20 Lakh

A ₹ 20 Lakh Home Loan is the perfect financial solution for purchasing a new home, constructing a property or renovating your existing residence. With manageable EMIs, competitive interest rates and flexible repayment options, this loan caters to a wide range of borrowers, from salaried professionals to self-employed individuals. Whether you are buying your dream home or upgrading your living space, a Home Loan for ₹ 20 Lakh offers the flexibility to meet your financial needs.

Features and Benefits of a ₹ 20 Lakh Home Loan

Here are the key benefits of choosing a ₹ 20 Lakh Home Loan:

1. Loan Amount Range:

Loan amounts up to ₹ 10 Crore, ensuring you can find a loan that suits your budget.

2. Competitive Interest Rates:

Many lenders provide some of the best Home Loan rates in Mumbai, starting as low as 8.65%.

3. Flexible Tenures:

Borrowers can choose repayment terms from 3 years to 30 years, allowing for manageable EMIs.

4. Minimal Documentation:

The process requires fewer documents, reducing the hassle.

5. Tax Benefits:

You can claim tax exemptions under Sections 80C and 24(b) of the Income Tax Act, significantly reducing your tax liability.

6. Fast Approvals and Disbursements:

You can get fast approvals and disbursal for quick property purchase.

Home Loan for ₹ 20 Lakh Eligibility Criteria

Type	Criteria
Residency	Indian resident or NRI
Age requirement	Salaried: 23 years to 70 years Self-employed: 25 years to 70 years
Profession	Salaried / self-employed professionals and non-professionals
Other:	Can be increased by adding co-applicant income or other verifiable income sources

Documents Required for ₹ 20 Lakh Home Loan

Document Type	Required Document & Checks
Age Proof	Aadhaar Card \| PAN Card \| Passport
Address Proof	Aadhar Card \| Passport \| Voter ID \| Utility Bill \| Driving License
Photo ID Proof	Aadhaar Card \| PAN Card \| Passport \|Voter ID
Income Proof	Income proofs vary for different professionals across salaried and self employed.

Please find the easy detailed list of required documents here

Type	Document
Salaried	i. Salary slips for the last 3 months ii. Bank statements for 1 year iii. Latest Form 16
Self Employed: Professionals	i. Latest two ITRs (personal and business) with computation of income ii. Advance tax challans (if available) iii. Latest two years of P&L accounts and balance sheets (with schedules), certified by a CA (both personal and business) iv. Bank account statements (current and savings accounts) for the last 1 year v. Qualification Proof of professionals
Self Employed: Non-Professionals	i. Latest 2 years ITRs with computation for individual applicants and co-applicants (if borrower is an individual) ii. Bank account statements (current and savings accounts) for the last 1 year iii. Latest 2 years of audited/CA-certified profit & loss accounts and balance sheets of the firm/company (if borrower is a firm/company) iv. Proof of Business (GST / Shop Establishment/Udayam Aadhar, etc.) v. MOA & AOA & Certificate of Incorporation vi. For Partnership Firm-Partnership Deed

Other documents to be provided as required for disbursement of Loan

₹ 20 Lakh Home Loan Interest and Other Charges

List of all fees and charges for Home Loan

Type	Interest Rate and Charges
Processing Fees / Documentation Charges:	Up to 3% of sanctioned amount + applicable taxes (this is inclusive of Login Fee)
Login Fees:	Up to ₹ 5000 (inclusive of applicable taxes)(non refundable)
EMI Dishonour/Bounce Charge*	As shown in the table below
*A bounce charge is a charge for (i) dishonour of any repayment instrument; or (ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate
Loan sanction amount (in INR)	Charges in (in INR)
< ₹ 5 Lakh	₹ 500
₹ 5 Lakh - ₹ 50 Lakh	₹ 1000
> ₹ 50 Lakh – ₹ 2 Crore	₹ 1500
> ₹ 2 Crore	₹ 2000
Penal Charge/Late Payment Charges (LPC):	2% per month on overdue EMI + applicable taxes
	*LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023
	*Taxes applicable on LPC w.e.f. 1st Apr 2024
Annual Maintenance Charges:	NA
Duplicate NOC Charges:	First 3 paper copies - free of cost
Duplicate NOC Charges:	₹ 250/- + applicable taxes
Repayment Swap Charges (per swap):	₹ 500/- + applicable taxes (applicable only for branch walk-ins)
Charges for documents:	Nil for Statement of Account/Repayment Schedule /Foreclosure Letter & Welcome Kit
Valuation Charges:	As per actuals
Documentation Charges:	As per actuals
Cash Pickup Charges:	NIL
Interest Rate Conversion Charges:	Up to 0.5% on Balance Loan Amt + applicable taxes (or) Minimum ₹ 10,000/– whichever is higher
List of documents:	₹ 300/ – +applicable taxes
Providing Photo copies:	₹ 500/ – +applicable taxes of the documents (property & others)
Charges incurred by LTF for initiating action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002:	Issue of Loan Recall Notice = ₹ 500/ –
	Issue of Demand Notice = ₹ 1,000/ –
	Issue of Possession Notice = ₹ 2,000/ –
	Applying District Magistrate Order = ₹ 8,000/ –
	Taking Physical possession = ₹ 20,000/ –
	Actual cost incurred will be debited for expenses pertaining to Publication of Possession Notice/ Publication Demand Notice/Publication of Sale cum Auction Notice
Legal / Recovery Charges (Other than pertaining to SARFAESI):	As per actuals
Loan Cancellation Charges:	₹ 5000/ – + applicable taxes
Foreclosure / Full Prepayment Charges:	For Individual / Non-Individual Borrowers –
	Floating Rate – Nil Charge
	Fixed Interest Rate –
	i. Less than 1 year from disbursement – up to 3% on principal outstanding + applicable taxes
	ii.Post 1 year of disbursement – up to 2% on principal outstanding + applicable taxes
Foreclosure / Full Prepayment Charges – Home Loan:	Fixed Interest Rate –
	i. Less than 1 year from disbursement – up to 3% on principal outstanding + applicable taxes
	ii. Post 1 year of disbursement – up to 2% on principal outstanding + applicable taxes
Pre-payment Charges – Home Loan:	For Individual / Non-Individual Borrowers –
	Floating Rate – Nil Charge
	Fixed Interest Rate –
	i. Less than 1 year from disbursement – up to 3% on Partial Prepayment amount + applicable taxes
	ii. Post 1 year of disbursement – up to 2% on Partial / Prepayment amount + applicable taxes
Switch Charges:	Up to 1% on principal outstanding loan amount + applicable taxes (or) minimum Rs.10,000/– whichever is higher
Non-Compliance Charges:	Up to 1% p.a. of principal outstanding loan amount + applicable taxes

*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.

EMIs on a Home Loan of ₹ 20 Lakh for Various Tenors

Loan Amount (₹)	Interest Rate (p.a.)	Tenure (Years)	EMI (₹)
20,00,000	8,65%	5	41,177.80
20,00,000	8,65%	10	19,871.04
20,00,000	8,65%	20	17,546.81
20,00,000	8,65%	30	15,591.38

For example, the₹ 20 Lakh Home Loan EMI for 15 years is ₹ 19,871, while the 20 Lakh Home Loan EMI for 30 years is much lower at ₹ 15,591. Use this information to select the tenure that best suits your repayment capacity.