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EMI and Interest rates for Home Loan of ₹60 Lakh
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A 60 Lakh Home Loan provides you with the much-needed financial support to purchase your dream home. You can fund the purchase with Kotak Mahindra Bank’s Home Loan and repay it through easy EMIs. At Kotak, you can get a competitive Home Loan interest rate, making the repayment manageable.
A Home Loan EMI calculator lets you calculate the EMI for 60 Lakhs Home Loan online without any complex mathematical calculations. It works based on this formula:
EMI= [P x R x (1+R)^N]/[(1+R)^N-1]
Where, P = Principal Amount, R = rate of interest, and N = number of months in the tenure. At Kotak Mahindra Bank, you can choose a tenure of up to 25 years and repay the loan conveniently by keeping the 60 Lakh housing loan EMI affordable.
Resources to get the best out of your Home Loan and manage your finances prudently
EXPLORE NOWWant to know your 60 Lakh Home Loan EMI for various loan terms? Here is a broad idea:
| Loan Amount | Interest Rate | Repayment Tenure | EMI Amount |
|---|---|---|---|
60 Lakh |
8.70%* |
5 Years |
₹ 123,678 |
60 Lakh |
8.70%* |
10 Years |
₹ 75,034 |
60 Lakh |
8.70%* |
15 Years |
₹ 59,789 |
60 Lakh |
8.70%* |
20 Years |
₹ 52,831 |
60 Lakh |
8.70%* |
25 Years |
₹ 49,124 |
*T&C Apply
To get the lowest Home Loan interest rate for 60 Lakhs, you must fulfil the following eligibility conditions and documentation requirements:
| Criteria | Salaried Applicants | Self-employed Applicants |
|---|---|---|
Age |
Applicants should be between 18 and 60 years old |
Applicants should be between 18-65 years old |
Income |
Minimum Income of ₹ 20,000 per month for Delhi, Mumbai, Bangalore, Pune, and Chennai residents. Minimum Income of ₹ 15,000 per month for the residents of other cities. |
Minimum Income of ₹ 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai. Minimum Income of ₹ 15,000 per month for the residents of other cities. |
Work Experience/ Continuity |
2 years of work experience and at least 6 months in the current organisation. |
Minimum 3 years in business or profession with the number of successful years in the business or profession. |
You will also need to submit these documents to apply for Home Loan at Kotak Mahindra Bank:
Follow these steps to apply for a 60 Lakh Home Loan with Kotak:
Want to know your 60 Lakh Home Loan EMI for 10 years? This is what your EMI plan will look like:
| Loan Amount | ₹ 60 lakh |
|---|---|
Interest Rate |
8.70%* |
Loan Tenure |
10 Years |
60 Lakh Home Loan EMI for 10 years |
₹ 75,034 |
Total Interest Payable |
₹ 3,004,169 |
Total Payable Amount |
₹ 9,004,169 |
*T&C Apply
Planning to take a Home Loan for 20 years? This will be your scheme of 60 Lakh Home Loan EMI for 20 years:
| Loan Amount | ₹ 60 lakh |
|---|---|
Interest Rate |
8.70%* |
Loan Tenure |
20 Years |
60 Lakh Home Loan EMI for 20 years |
₹ 52,831 |
Total Interest Payable |
₹ 6,679,530 |
Total Payable Amount |
₹ 12,679,530 |
*T&C Apply
Want to maximise your loan term to keep the EMIs affordable? This will be the plan for your 60 Lakh Home Loan EMI for 25 years:
| Loan Amount | ₹ 60 lakh |
|---|---|
Interest Rate |
8.70%* |
Loan Tenure |
25 Years |
EMI for 60 Lakhs Home Loan for 25 years |
₹ 49,124 |
Total Interest Payable |
₹ 8,737,488 |
Total Payable Amount |
₹ 14,737,488 |
*T&C Apply
Yes, you can jointly apply for a ₹60 Lakh Home Loan with a co-applicant. However, ensure that the co-applicant has a decent income and credit score to improve your eligibility.
You can fund up to 90% of the property’s cost with a Home Loan of ₹60 Lakh.
Salaried employees should be between 18 to 60 years of age, and self-employed professionals should be 18 to 65 years of age to qualify for a ₹60 Lakh Home Loan.
At Kotak Mahindra, you can get competitive Home Loan interest rates. However, the final rate depends on your credit history, repayment capacity and other factors affecting your ₹60 Lakh Home Loan EMI.
You can pay off any existing balance of Home Loan using Kotak’s Home Loan Balance Transfer at a lower rate of interest.
If you are an NRI and are looking for a Home Loan, Kotak provides you just that. Check out our NRI Home Loans section.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
To encourage women home buyers, Kotak Mahindra Bank offers affordable housing loans for women.
