Rs.20 Lakh Home Loan: Overview
Aspiring homebuyers who wish to purchase a residential property can avail of a Home Loan to meet their home financing requirements. Homebuyers can benefit from tailored Home Loan offerings with Bajaj Housing Finance. If you are looking for a housing loan of up to Rs.20 Lakh, all you have to do is meet our simple eligibility parameters to enjoy our attractive loan terms.
Home Loan of Rs.20 Lakh: Features and Benefits
Some of the key features of the Bajaj Housing Finance Home Loan include:
No Part-Prepayment and Foreclosure Charges
Individual borrowers with floating interest rate Home Loans can prepay or foreclose their loan accounts at no additional charges.
Flexible Tenor
When you get Home Loan from Bajaj Housing Finance, you have the option to repay the loan amount at your pace, with a longer repayment tenor.
Minimal Documentation
We have easy-to-meet eligibility criteria with minimal documentation and hassle-free processing.
Online Account Management
Access your loan details and transaction records via our customer portal online, without the hassle of visiting our physical branch.
Online Home Loan Calculators
To maximise your chances of getting approved for a Home Loan amount of your choice, you can use our online tools to appraise and make the right Home Loan application.
Quick Processing
Enjoy a hassle-free process with doorstep document pick-up, easy approval, and speedy disbursal. Benefit with maximum convenience along with a competitive Home Loan interest rate.
Home Loan of Rs.20 Lakh: EMI for Various Tenors
To get an accurate idea of what your EMI payable can look like, upon availing of a Home Loan of Rs.20 Lakh, consider using the Home Loan EMI Calculator. You will only need to insert the following information to receive the results – loan principal amount, interest rate, and your preferred repayment tenor.
For a better understanding, let us look at the possible EMI payable, based on various Home Loan scenarios:
Rs.20 Lakh Home Loan EMI for 40 years
| Loan amount | Tenor | Interest | EMI |
|---|---|---|---|
| Rs.20 Lakh | 40 years | 8.50%* p.a. | Rs.14,662 |
Rs.20 Lakh Home Loan EMI for 30 years
| Loan amount | Tenor | Interest | EMI |
|---|---|---|---|
| Rs.20 Lakh | 30 years | 8.50%* p.a. | Rs.15,378 |
Rs.20 Lakh Home Loan EMI for 20 years
| Loan amount | Tenor | Interest | EMI |
|---|---|---|---|
| Rs.20 Lakh | 20 years | 8.50%* p.a. | Rs.17,356 |
Rs.20 Lakh Home Loan EMI for 15 years
| Loan amount | Tenor | Interest | EMI |
|---|---|---|---|
| Rs.20 Lakh | 15 years | 8.50%* p.a. | Rs.19,695 |
Rs. 20 Lakh Home Loan EMI for 10 years
| Loan amount | Tenor | Interest | EMI |
|---|---|---|---|
| Rs.20 Lakh | 10 years | 8.50%* p.a. | Rs.24,797 |
*The values in the preceding tables are subject to change.
Disclaimer:- The interest rate considered here, and its subsequent calculations are for illustrative purposes only. The calculations and actuals will differ basis the individual’s profile and loan requirements.
Calculate Your Home Loan EMI
Repayment schedule
Home Loan of up to Rs.20 Lakh: Eligibility Criteria
To qualify for your desired Home Loan amount, you need to meet the following eligibility criteria:
| Home Loan Eligibility Criteria | For Self-Employed Applicants | For Salaried |
|---|---|---|
| Age | 25 – 70 years** | 23 – 75 years** |
| Citizenship Status | Indian residents (residents only) | Indians (including NRIs) |
| Employment status | A business vintage of at least 5+ years in the current enterprise | Work experience of at least 3+ years at a public/private sector company, or an MNC |
**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
Home Loan Interest Rate
Bajaj Housing Finance offers Home Loans at attractive interest rates, to know more about the interest rates, click here.
Steps to Apply for a Home Loan of Rs.20 Lakh
Your Home Loan application journey with Bajaj Housing Finance will be hassle-free and over in minutes. Here is all you have to do:
- Visit the Home Loan application form on the Bajaj Housing Finance website.
- Enter your personal details such as your name, mobile number, and select the type of employment.
- Select the loan type you wish to avail of. Then, enter your net monthly income. Note: Click the info icon to learn more about the monthly income you need to enter.
- Enter the PIN code and the required loan amount.
- Click ‘Generate OTP’ and enter the received OTP in the respective field. After entering the OTP, click ‘Proceed'.
- Next, enter all the financial details as requested and complete the form. Note: The fields that you need to fill may vary basis your employment type.
- Click ‘Submit’ to submit the application form.
Once we receive your housing loan application, our representative will get in touch with you within 24 hours* to walk you through the next steps.
*Terms and conditions apply.
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