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FAQs

What is the EMI for 20 lakh home loan? ›

Whether you are salaried individuals or self-employed, you can get a home loan of ₹70 Lakhs at interest rates starting at 8.50%.

This is a crucial financial commitment that every homebuyer must consider. The down payment forms a significant part of your initial investment in the property. It's important to understand that banks are not permitted to provide loans for the full property value, which means you cannot avail a 100% loan.

For a Rs. 1 crore home loan at an interest rate of 8.50% per annum with a tenure of up to 40 years, the Equated Monthly Installment (EMI) could range from approximately Rs. 77,322 to Rs. 93,986, depending on the specific loan terms and conditions.

You can get a loan of up to Rs. 2 crore* with a low interest rate, and you can repay your loan for up to 40 years. This makes your monthly payments low and the total cost reasonable. You can use the home loan EMI calculator to check your EMIs based on varying tenures.

Your housing loan can be as high as Rs. 5 Crore* or go yet higher, depending on your employment, income, credit, and financial profile. Eligible borrowers can make the most of our Home loan interest rates starting as low as 8.50%* p.a. for salaried applicants. Borrowers who wish to apply for a Home Loan of up to Rs.

NRIs can get the personal loan amount from the bank in their NRE or NRO accounts. Most lenders provide the loan amount in Indian rupees. However, some banks also provide these loans in foreign currency. You may check the lender to know about the mode in which the loan amount is disbursed.

Can OCI get home loan in India? ›

Yes, an OCI customer can apply for a mortgage loan. In the absence of OCI card, OCI declaration in bank's format must be submitted.

Typically, most banks and financial institutions in India offer NRI Home Loans with a maximum loan-to-value (LTV) ratio ranging from 75-90% of the property's value.

Residential Status

Loan issuing banks will most likely not approve your loan if you've been staying abroad for anything less than a year. Salaried NRIs must be residing abroad for a minimum of one year or more. However, if you're self-employed, then the required stay abroad is 3 years or more.

Home Loan Interest Rate 2024

Currently, Bank of India offers the lowest home loan interest rate starting from 8.30% p.a. Bank of Maharashtra, LIC Housing Finance and Union Bank of India offer rate of interest on home loans starting from 8.35% p.a.

Rs 20 lakh Home Loan Fees and Charges:

For Home Loans a non-refundable processing fee of roughly 0.1% of the principal amount is charged. GST as applicable will be charged.