Home Loan EMI Calculator
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20 Lakh Home Loan

Simplify your journey to a new Home with Axis Bank

Own a property easily with a Rs 20 lakh Home Loan

Embark on a rewarding journey towards homeownership with our streamlined online application process. Achieve financial stability and enjoy the benefits of property ownership with a Rs 20 lakh Home Loan from Axis Bank. Pre-qualify effortlessly, apply seamlessly, and secure your future with confidence.

20 Lakh Home Loan EMI for 10 Years

With the following details, let us calculate EMI on a 20 lakh home loan for 10 years.

Loan Amount (₹)20,00,000
Tenure (years)10
Interest Rate (p.a.) 8.75% - 9.15%

Note: Considering 8.75% home loan interest on 20 lakhs in the below scenarios.

20 Lakh Home Loan EMI for 10 Years

A 20 lakh rupee home loan EMI will be:

Equated Monthly Instalments (EMI in ₹)25,065
Principal Amount (₹)20,00,000
Interest Amount (₹) 10,07,842
Total Amount Payable (₹) 30,07,842

20 Lakh Home Loan EMI for 15 Years

20 lakh EMI home loan for a 15-year tenure can be as follows:

Equated Monthly Instalments (EMI in ₹)19,989
Principal Amount (₹)20,00,000
Interest Amount (₹) 15,98,015
Total Amount Payable (₹)35,98,015

20 Lakh Home Loan EMI for 20 Years

The breakup for monthly EMI for 20 lakh home loan for 20 years will be:

Equated Monthly Instalments (EMI in ₹)17,674
Principal Amount (₹)20,00,000
Interest Amount (₹) 22,41,811
Total Amount Payable (₹)42,41,811

20 Lakh Home Loan EMI for 25 Years

If you plan to apply for a 20 lakh home loan for 25 years, you might have to shed the below-mentioned EMI:

Equated Monthly Instalments (EMI in ₹)16,443
Principal Amount (₹)20,00,000
Interest Amount (₹) 29,32,862
Total Amount Payable (₹)49,32,862


Similarly, using Axis Bank Home Loan EMI Calculator, you can calculate 20 lakh home loan EMI for 5 years.



To kickstart the Axis Bank online Home Loan process:

  • Assess your eligibility criteria before advancing with the Home Loan application
  • Employ the Home Loan Eligibility Calculator to evaluate your capability to manage the Home Loan
  • Visit the Axis Bank Home Loan webpage and click on the "Apply Now" button
  • Input the necessary details and hit Submit (confirm whether you are an existing or new customer, providing your name, mobile number, email ID, city, and state)
  • Anticipate a call from the Axis Bank representative to discuss product details
  • Furnish all essential documents
  • Upon approval, submit property documents for verification
  • Attain approval within 15 days, contingent upon the availability of all required documents

 

  • Salaried individuals (permanent government employees or those employed in reputable private firms) should be over 21 years old when submitting their application, and the loan term extends until the age of 65 or retirement.
  • Professionals and self-employed individuals falling within the income-tax bracket can qualify for a Rs 20 lakh Home Loan, with an age requirement of 21 at the application stage and 65 at loan maturity.
  • The bank assesses Home Loan applications based on factors such as annual income, dependents, employment status, existing assets, ongoing loan obligations, and credit score. The bank ensures the affordability of the Rs 20 lakh Home Loan EMI and confirms that the total EMIs for all loans do not surpass 40% of your take-home pay.

 

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


Documents necessary for a ₹20 Lakh Home Loan:

  • Mandatory Documents- Application Form and PAN Card
  • Any one of the following for Identity Proof - Passport, Aadhaar Card, Driving License, Voter ID
  • Any one of the following for Proof of Address- Aadhdaar Card, Gas Bill, Driving License, Voter Id, Electricity Bill, Telephone Bill (Landline) Property Tax Receipt, Job Card by NREGA duly signed by an officer of the State Government, Letter issued by National Population Register confirming details of Name, Address, Photograph
  • Any one of the following for Date of Birth proof - Passport, PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, SSC Marksheet
  • Any one of the following for Signature Proof - Passport, PAN Card, Banker’s verification, Notarized affidavit with ID and Address proof (not applicable for financial applicant)


Additional Documents for Salaried Individuals ₹20 Lakh Home Loan:
Any one of the following for proof of income:

  • 3 months pay slip
  • 6 months pay slip showing all deduction for variable income
  • 6 months bank statement showing salary credits
  • 2 years Form 16 (or employment continuity proof)

For NRI salaried individuals:

  • 3 months pay slip
  • Appointment letter/contract letter
  • Continuous Discharge Certificate for Shipping cases
  • 6-month Domestic NRE/NRO A/C statement
  • 6 months international Salary A/C statement
  • Overseas credit report
  • Valid visa copy/OCI card
  • Passport copy
  • POA details

Additional Documents for Self-employed Individuals ₹20 Lakh Home Loan:

  • 2 years ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
  • For Asha Home Loan - 1 year ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
  • Tax Audit Report (required for individuals whose sales turnover exceed the norms stipulated by the Income Tax Act)
  • 6 months bank statements of personal and business accounts
  • If ITR is filed without a digital sign - CPC and tax paid challan
  • Three years business continuity proof

Factors influencing the interest rate applicable to a ₹20 Lakh Home Loan:

  • RBI’s repo rates - Changes in the RBI’s rates impact Home Loan interest rates.
  • Type of loan chosen - A Floating Rate Home Loan generally has a lower interest rate compared to a Fixed Rate Home Loan.
  • Job profile and credit score also affect the interest rate. A stable job and high credit score may result in a better interest rate for a Home Loan of Rs 20 lakh.


Frequently Asked Questions:

A credit score exceeding 750 is deemed satisfactory and enhances the probability of loan approval.

No, documentation is essential, encompassing KYC, income verification, and property along with stamp duty documents for the house you intend to acquire.

Ideally, your income should be 3-4 times the loan amount to guarantee the manageability of the Rs 20 lakh Home Loan EMI without imposing undue financial stress.



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