₹60 Lakh Home Loan EMI & Interest Rate
Enjoy attractive interest rates starting at 8.45% p.a. with flexible EMI options
₹60 Lakh Home Loan EMI
If you’re planning to apply for a home loan of ₹60 lakh, you need to calculate your ₹60 lakh home loan EMI in advance so that you can better manage your EMIs or Equated Monthly Instalments.
You can use a ₹60 lakh home loan EMI calculator to calculate your repayment obligations. Manual calculations are an option too but that can be extremely time-consuming and may leave room for errors. Instead, a home loan EMI calculator can be a better alternative to calculate your loan EMI in a quick and accurate manner.
₹60 Lakh Home Loan EMI Details
Taking a housing loan is a huge decision that you should plan out in advance, especially because you have to repay your loan in EMIs within the predetermined tenure. Your home loan EMI depends on the loan tenure, principal amount and lender’s interest rate.
Additionally, EMI comprises two components – the principal amount and the interest accumulated over time. During the initial years of your repayment tenure, the EMI will largely consist of the interest component. Let’s understand the EMI on your ₹60 lakh home loan EMIwith the help of an example. Keeping the interest rate at 8.45% p.a., we have calculated the EMIs for 10, 15, 20, 25 and 30 years, respectively. Look at the table below for the results:
| Loan Amount (₹) | Interest Rate (p.a.) | Tenure | EMI |
| ₹60,00,000 | 8.45% | 5 Years | ₹1,22,955 |
| ₹60,00,000 | 8.45% | 10 Years | ₹74,231 |
| ₹60,00,000 | 8.45% | 15 Years | ₹58,909 |
| ₹60,00,000 | 8.45% | 20 Years | ₹51,880 |
| ₹60,00,000 | 8.45% | 30 Years | ₹45,922 |
₹60 Lakh Home Loan EMI Calculator
The value of EMIs of a housing loan depends on three aspects: principal amount, repayment tenure and interest rate. You can use these details to calculate the EMI before applying for a loan. Manual calculation of EMIs is possible; however, the process can be complex and time-consuming. Also, these calculations might not give you accurate results all the time. A better option would be using an online EMI calculator.
You can opt for our ₹60 lakh home loan EMI calculator to get instant and accurate results. Upon entering your loan amount, tenure and interest rate, you will be able to view your EMI on ₹60 lakh house loan.
Loan Amount
Rate of Interest (P.a)
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Loan Tenure (Years)
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Monthly EMI
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Total Interest
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60 lakh Homeloan Interest and Other Charges
₹60 Lakh Home Loan Interest Rate & Other Charges
Navi offers home loans up to ₹5 crore at competitive interest rates starting from 8.45% p.a. with flexible repayment tenures of up to 30 years. Here are the details below:
Competitive interest rates starting at 8.45% p.a.
How to Apply for ₹60 Lakh Home Loan
How to Apply For 60 lakh Homeloan?
₹60 Lakh Home Loan Eligibility & Documents Required
₹60 Lakh Home Loan Eligibility & Documents Required
- Nationality: Indian resident
- Age: 25 to 62 years
- Type of employment: Salaried or Self-employed
- PAN and Aadhaar card
- Bank statement or GST returns
₹60 Lakh Home Loan EMI for 10 Years
Getting a ₹60 lakh home loan for 10 years will keep the monthly EMIs high but in the end you will end up paying less towards the interest and more towards the principal, which reduces the overall cost of the loan.
Although there are various EMI calculators available online, you must know how to calculate EMIs manually as well. Here is the formula for manual calculation:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}, where P stands for loan principal, R is the monthly rate of interest (annual interest rate/12) divided by 100 and N is the number of EMIs payable (tenure X12).
Placing the values in this formula at a 7.39% p.a. interest rate, let’s calculate the EMI for ₹60 lakh home loan for 10 years:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1} = {6000000 x 0.00615 x (1+0.00615)^120} / {(1 + 0.00615)^120 – 1}
EMI= ₹70,877.
Instead of this hectic calculation, you can use our online home loan EMI calculator.
Find the details in the following table:
| Loan Amount | ₹60,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹74,231 |
| Total Interest | ₹29,07,727 |
| Total Repayment | ₹89,07,727 |
₹60 Lakh Home Loan EMI for 20 Years
Just out of curiosity, let’s calculate how much will be your ₹60 lakh home loan EMI for 20 years. As we have already discussed previously, the formula for calculation is:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}
Here, P denotes the principal amount, R is the monthly rate of interest divided by 100 and N is the number of EMIs payable. Now, let’s calculate the EMIs at an interest rate of 7.39%.
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1} = {6000000 x 0.00615 x (1+0.00615)^240} / {(1 + 0.00615)^240 – 1} = ₹47,933.
As you can see, manual calculations can be pretty hectic and cumbersome. Instead, you can use our online home loan EMI calculator.
Refer to this table for the particulars:
| Loan Amount | ₹60,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹51,880 |
| Total Interest | ₹64,51,122 |
| Total Repayment | ₹1,24,51,122 |
₹60 Lakh Home Loan EMI for 30 Years
Finally, let’s see how much the EMIs will be if we avail a ₹60 lakh home loan for a tenure of 30 years. As we already know, the formula is:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}
Here, P denotes the principal amount, R is the monthly rate of interest divided by 100, and N is the number of EMIs payable. Now, let’s calculate the EMIs at an interest rate of 7.39%.
This is how much will be your ₹60 lakh home loan EMI for 30 years if calculated manually:
EMI = ₹ {6000000 x 0.00615 x (1 + 0.739)^360} / {(1 + 0.00615)^360-1} = ₹41,502
Instead of doing such a lengthy calculation, you can use our online EMI calculator.
The calculation details have been discussed below:
| Loan Amount | ₹60,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹45,922 |
| Total Interest | ₹1,05,32,051 |
| Total Repayment | ₹1,65,32,051 |
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