Rs 20 lakh home loan EMI in March 2023

Your 20 lakh house loan’s EMI payment in 2023 will be determined by two variables: the loan’s interest rate and the length of the loan. Let’s now calculate how much you would have to pay in EMIs for a Rs 20 lakh house loan for a variety of terms and current home loan interest rates in 2023.

20 lakh mortgage EMI in March 2023 for several terms

house loan eligibility of Rs 20 lakh
Most banks have requirements for borrowers to be eligible for house loans. The borrower’s age, place of residence, income, loan-to-value ratio, credit score, and overall financial situation are all covered by these terms and conditions.

• Age: Borrowers must be 18 years of age or older to qualify for most bank home loans.
• Resident Indians exclusively: Some banks offer house loans to NRIs and Indian residents, whereas other banks only do so.
• Income: Only people who have a source of income are eligible to qualify for a mortgage. This money might come from a wage or a source of revenue from a business.
• Banks often offer house loans with an 80:20 loan-to-value ratio. This implies that while the bank will lend you 80% of the value of the apartment, you will be responsible for paying the remaining 20%. For a property valued Rs. 25 lakh, the bank, for example, will give a house loan up to Rs. 20 lakh.
• Credit history: Banks are more likely to grant house loans to borrowers who have strong credit histories than to those who do not.
• General financial situation: A major factor in determining whether or not a borrower will be approved for a mortgage is their general financial situation.

house loan of 20 lakh Documents required for EMI
For a borrower to be approved for a mortgage, they must present documentation proving their identity, residence, and income. To qualify for a house loan, you must additionally furnish the property’s title paperwork.

The following documents must be submitted with the financing application for a home:

Identity and residence proof

• PAN card
• Driving licence
• Passport or voter ID

Proof of income

• Last 3 months’ salary slips
• Last 6 months’ bank statements, showing salary credits
• Latest Form-16 and IT returns

Property documents

• Copy of allotment letter/buyer agreement
• Title deeds

Other documents

• Own contribution proof
• Employment contract/appointment letter in case current employment is less than one year old
• Last 6 months’ bank statements, showing repayment of any ongoing loans
• Passport size photograph of all the applicants/co-applicants to be affixed on the application form.

See also: Sanction letter importance and its role in getting a home loan

Tips to apply for Rs 20 lakh home loan

Banks are more comfortable giving home loans to borrowers who will be spending 40% or less of their salary as home loan EMI. Choose a home loan tenure depending on the monthly income.