Embarking on the journey of homeownership is a significant decision, and comprehending the financial intricacies of a home loan is imperative. In this blog, we delve into the fundamental aspects of 20 lakh home loan EMIs, encompassing calculation insights, eligibility criteria, and essential documentation requirements.
For those eager to kickstart their homeownership journey with a 30-year loan tenure, the numbers speak for themselves: you can begin with a budget-friendly initial EMI of ₹15,307, equipping you to confidently embark on the path to your dream home with a ₹20 Lakh home loan.
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20 Lakh Home Loan EMI Details
The EMI of a 20 lakh home loan will vary depending on the interest rate, loan tenure, and other factors. However, you can use an EMI calculator to get an estimate of your monthly repayments.
The following table illustrates the monthly Equated Monthly Installment (EMI) amounts for a 20 lakh home loan at a fixed interest rate of 8.45% across different loan tenures, ranging from 5 to 30 years.
| TENURE | EMI AMOUNT(INR) |
| 5 Years | ₹40,985 |
| 10 Years | ₹24,744 |
| 15 Years | ₹19,636 |
| 20 Years | ₹17,293 |
| 25 Years | ₹16,037 |
| 30 Years | ₹15,307 |
How to Calculate 20 Lakh Home Loan EMI?
Calculating the EMI for your 20 lakh home loan is a crucial step in planning your finances. You can easily compute it using the {Budget} home loan EMI formula:
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