What is the EMI for an INR 60 Lakhs Home Loan

Most lenders and housing finance companies offer home loans up to Rs. 60 lakh with easy-to-fulfill eligibility criteria. The amount can be used for purchasing land, buying a new flat, or house construction, as per the requirements of the borrower.

If you are looking to avail a home loan of up to Rs. 60 lakh and want to know the EMI obligations, you can use the home loan EMI calculator to calculate them. However, there are certain factors that impact the eligibility and interest rate for Rs. 60 lakh home loan EMI. Read on to understand the eligibility criteria and EMI for a Rs. 60 lakhs home loan.

INR 60 lakh loan EMI Details

To know the detailed and accurate breakup of EMI details of a Rs. 60 lakh home, use the online home loan EMI calculator. It gives you a detailed idea of EMI repayment depending on your loan tenure and rate of interest.

The schedule of EMI payments option shows the breakup of the principal amount during the year and interest paid during the year of the entire loan tenure. This helps you plan your home loan EMI in a better way. SMFG Grihashakti EMI calculator is available online for free and is very user-friendly. It is a general self-help planning tool that helps you get your total monthly installment payment along with the break-up of your home loan.

EMI Calculation for INR 60 Lakh home loan EMI

Using the online home loan EMI calculator, the EMI for a home loan of 60 lakhs with an 8% rate of interest and 300 months loan tenure is Rs. 46,309. During the entire home loan tenure, the total repaid will be close to Rs. 1.39 crore, of which the share of interest amount will be Rs. 78,92,692.

For a 240 months home loan tenure, the 60 lac home loan EMI will be Rs. 50,186 and the total amount repaid will be Rs. 1.2 crore. The interest share is Rs. 60,44,737.

And, for 180 months of home loan tenure, the EMI amount will be Rs. 57,339. The total interest amount payable for the loan tenure will be Rs. 43,21,043 and the total amount repaid will be Rs. 1,03,21,043.

Use a 60 lakhs home loan EMI calculator to calculate your preferred loan tenure. You just need to change the loan tenure in the calculator. Additionally, you can also adjust the rate of interest in the calculator.

The rate of interest on a home loan entirely depends on the credit score of the borrower. A person with a credit score of 700 or above is offered the lowest home loan interest rate.

Eligibility Criteria for INR 60 lakh home

• Must be resident Indian
• Must be working in a reputed and established organization
• Must be above 21 years of age at the time of application and maximum 65 years by the time of loan maturity
• Stable flow of monthly income
• Must have a minimum work experience of 1 year and 6 months in current organization
• Credit score of 700 and above

Documents required for INR 60 lakh home loan

• PAN Card
• Proof of Identity (AADHAAR, Passport, Voter-ID)
• Proof of Address (AADHAAR, Utility Bill)
• KYC documents of co-applicant/ guarantor

For salaried professional

• Last 6-months salary and savings bank account statement
• Last 3-months salary slip
• Last 2-years Form 16

For self-employed professional

• IT returns of last 2 years
• CA-audited business financial statement (if applicable)
• Proof of business existence (PAN of company, GST registration certificate, Trade license, etc)

Property Documents

• Sales deed or stamped agreement of sale of house property
• NOC from housing society or property developer
• Possession certificate and land tax receipt
• Proof of transaction detailing all the information related to payments of down payment
• Occupancy certificate, if buying a fully constructed flat

How to apply for a INR 60 lakh home loan?

Applying for a 60 lakh home loan now is more convenient than ever! You can apply for a INR 60 lakh home loan online or offline via the branch office. Before applying for a home loan, check your eligibility for the home loan amount using the home loan eligibility calculator.

Once the calculator shows you are eligible for the INR 60 lakh home loan amount, you can start the online home loan application process on the SMFG Grihashakti website. Upload the digital copies of required documents to complete the application process.

Following submission of the home loan application, an executive from SMFG Grihashakti will get in touch with you over the phone to explain the remaining process.

Conversely, you can also visit the nearest SMFG Grihashakti branch office to understand the home loan application process and complete the application process offline.

SMFG Grihashakti provides a range of home loan products for those who wish to turn their dream home into reality.

Must Read: What is the EMI for 50 Lakh Home Loan