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₹ 20 Lakh Home Loan

Apply Online for Rs. 20 Lakh Home Loan

Last Updated 23rd May 2022

  • You can apply for a ₹ 20 Lakh home loan online and offline with top Banks and NBFCs.
  • Currently, Bank of Maharashtra offers the lowest home loan rates of 6.35%.
  • Calculate EMI on home loan upto ₹ 20 Lakh at lowest rates for different tenures up to 30 years.
  • Use the MyLoanCare Home Loan EMI calculator to get the best offers.
Home Loan Interest Rate6.50% p.a
Processing FeeNil to upto 0.5% of loan amount
Maximum Loan Tenure Upto 30 years
Lowest EMI Per Lakh₹ 8,623
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Voucher

Home Loan Upto ₹ 20 Lakh

If you want to purchase, renovate or expand your home, you can avail home loan upto ₹ 20 Lakh against the mortgage of your new or existing home. While top banks and NBFCs provide attractive offers on home loans with affordable EMI and flexible tenure. The ₹ 20 Lakh, home loan rates, start at 6.35% with upto 0.25% of the loan amount as processing charges. In addition, the ₹ 20 Lakh home loan, if availed at floating rates, does not have prepayment charges if you decide to repay your loan before the loan tenure. The banks, however, offer home loans for a maximum tenure of upto 30 years.

Interest Rates for ₹ 20 Lakh Home Loan

Bank NameInterest RatesProcessing Fees & Other Charges
HSBC Bank
Compare
6.45% - 6.45%1.00% , Max ₹ 10,000
Yes Bank
Compare
6.65% - 12.00%1.00% , Max ₹ 10,000
Standard Chartered Bank
Compare
6.99% - 6.99%1.00% , Min ₹ 5,000, Max ₹ 10,000
Kotak Bank
Compare
7.00% - 11.70%0.50% , Max ₹ 10,000
HDFC
Compare
7.00% - 14.00%0.50% , Min ₹ 3,000, Max ₹ 10,000
ICICI Bank
Compare
7.10% - 11.35%0.25% , Min ₹ 3,000, Max ₹ 5,000
Karur Vysya Bank
Compare
7.15% - 12.50%Min ₹ 5,000
RBL Bank
Compare
7.90% - 0.00%1.50%
Edelweiss
Compare
8.00% - 18.20%0.25%
GIC Housing Finance
Compare
10.25% - 0.00%Min ₹ 2,500

What is the EMI for Home Loan up to 20 Lakhs?

20 Lakh home loan EMI is an Equated Monthly Installment that you have to pay on your home loan for upto Rs. 20 Lakhs till the end of your loan tenure. The EMI amount consists of both principal and interest amount and you can use MyLoanCare's home loan emi calculator to calculate the EMI for loan amount using mathematical algorithms. All you need to do is enter basic information such as loan amount, interest rate and tenure. The EMI for loan changes in the proportion of a change in principal amount.

Loan AmountHome Loan Rates upto ₹ 20 Lakh10 Years Tenure EMI
₹ 19 Lakh home loan EMI6.50%₹ 21,574
₹ 18 Lakh home loan EMI6.50%₹ 20,439
₹ 17 Lakh home loan EMI6.50%₹ 19,303
₹ 16 Lakh home loan EMI6.50%₹ 18,168
₹ 15 Lakh home loan EMI6.50%₹ 17,032

₹ 20 Lakh Home Loan EMI with Different Tenures

The amount for ₹ 20 Lakh house loan EMI is determined by loan amount, interest rate, and tenure. In this case, the loan amount is fixed at ₹ 20 Lakh and let us assume that you avail home loan at the lowest rate of 6.50%. Therefore the calculation for EMI will vary based on the loan tenure.

TenuresHome Loan RatesLowest EMI per Lakh
₹ 20 Lakh loan emi for 5 years6.50%₹ 39,132
₹ 20 Lakh loan emi for 10 years6.50%₹ 22,710
₹ 20 Lakh loan emi for 15 years6.50%₹ 17,422
₹ 20 Lakh loan emi for 20 years6.50%₹ 14,911

Eligibility Criteria for Home Loan of ₹ 20 Lakh

To avail of a home loan of upto ₹ 20 Lakh, you need to fulfil the following eligibility criteria for a home loan :

  • Salaried & self-employed Indian resident between 18 to 70 years.
  • You must have a minimum monthly income of ₹ 25,000 per month and above.
  • You must maintain a CIBIL score of 650 or above.
  • You should have three years work experience if you are a salaried person. Self-employed must-have business stability of at least five years.

Documents Required to Get Home Loan Up to ₹ 20 Lakh

To avail of a ₹ 20 Lakh home loan, you need to submit the following documents. The documents required for a home loan application may vary based on whether you are salaried or self-employed.
Home Loan Documents for Salaried

  • Application form with passport size photographs
  • Identity Proof- PAN Card (Mandatory) and Aadhar card
  • Address Proof- passport, Aadhaar card, voter ID card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill
  • Income Proof- Last 3 years Form 16, last 6 months salary slip, last 6 months bank account statement showing salary credit.
  • Property Documents- Registered Sale Deed/ Conveyance/ Lease Deed, Builder buyer agreement, receipts of payment made, allotment letter
  • House tax return.

Home Loan Documents for Self-Employed

  • Application form with passport size photographs
  • Identity Proof- PAN Card (Mandatory) and Aadhar card
  • Address Proof- passport, Aadhaar card, voter ID card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill
  • Property Documents- Registered Sale Deed/ Conveyance/ Lease Deed, Builder buyer agreement, receipts of payment made, allotment letter
  • Business Proof- Certificate and Proof of Business Existence and Business Profile
  • House tax return
  • Last 3 years ITR (self and business), profit and loss account, balance sheets certified/audited by a CA.

Steps to Apply for Home Loan Up to ₹ 20 Lakh

If you apply for a home loan up to ₹ 20 Lakh with MyLoanCare online, you can get the best offers from top banks and NBFCs in one place. Here is a step-by-step procedure to avail of a loan. Alternatively, you can either visit the bank website or the nearest bank branch.

  • Step 1: Go to the Home Loans option or fill the instant home loan application form.
  • Step 2: Fill in the form with necessary details like name, pin code, phone number, loan amount.
  • Step 3: Click on `Get Quote` and enter the OTP received on your mobile phone
  • Step 4: Click on `Submit`
  • Step 5: You will get the offers as per your eligibility.
  • Step 6: MyLoanCare's executive will contact you within some time and help you with the further process.

FAQs

Which bank is best for a Home Loan of up to ₹ 20 Lakh?

As per the current rates, you can avail of a home loan of upto ₹ 20 Lakh at the lowest rate of 6.35%. Bank of Maharashtra offers the lowest home loan rate. Further, based on customer service, DCB Bank offers the best customer service on ₹ 20 Lakh home loan, with the highest rating of 5/5.

Can I get a ₹ 20 Lakh home loan without collateral?

No, a home loan is a secured loan and requires you to pledge your home or property as collateral, and thus you cannot avail of a ₹ 20 Lakh home loan without collateral.

What are the factors that affect the EMI of ₹ 20 Lakh Home Loan?

Home loan rates and tenure of your loan affect the ₹ 20 Lakh loan EMI. The longer the loan tenure, the lesser will be EMI and, similarly, vice-versa. For example, if you want to avail HDFC home loan, so the ₹ 20 Lakh EMI for five years and ten years is ₹ 39,602 and ₹ 23,222, respectively.

What is the Interest Rates for ₹ 20 Lakh Home Loan EMI SBI?

As per the current rates, you can avail ₹ 20 Lakh SBI home loan starting at6.35% pa. However, the bank charges a processing fee of Nil to upto 0.5% on a home loan amount up to ₹ 20 Lakh.

Can I avail income tax benefits on a ₹ 20 Lakh house loan?

Yes, you can avail of up to ₹ 1.50 Lakh under Section 80C to repay the principal amount. Further, a deduction of up to ₹ 2 Lakh is available for the interest accrued in a financial year on a home loan under Section 24.

What is the maximum tenure of a ₹ 20 Lakh home loan?

You can avail of a ₹ 20 Lakh home loan for a maximum tenure upto 30 years. This may however vary across lenders and may also depend upon your loan requirement and repayment capability.


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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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