[Tmdl.edu.vn] If you are interested in taking out a Rs 60 lakh home loan, read this guide.

Majority of financial institutions provide home loans worth Rs 60 lakh. These types of loans can have loan terms that are as long as 30 years, but the interest rates that are attached to them will mostly be determined by a borrower’s credit score as well as other components of their credit profile that will be taken into consideration. When determining the final interest rate for a home loan application, lenders also take into consideration the total loan amount as well as the final LTV ratio.

 In this article, we will talk about all of the home loans available for a total value of Rs 60 lakh, the EMI for a Rs 60 lakhs home loan over a variety of terms, how to apply for the loan, eligibility requirements, the documents that are required, the interest rate, and a great deal more. 

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60 Lakh Home Loan: Tenures Provided By Top Banks 

• 30 years
• 25 years
• 20 years
• 15 years
• 7 years
• 5 years

Interest Rates for Rs 60 lakh Home Loan

The majority of home loans offered by banks and HFCs have adjustable interest rates. Several home loans provide fixed interest rates to borrowers; however, these loans often come with higher interest rates. 

Home loans with floating interest rates are another option offered by certain financial institutions to borrowers. Please be aware that current customers who have obtained house loans at high-interest rates can utilise the Home Loan Balance Transfer option to refinance their loans with a new lender at a reduced interest rate.

Year Wise Break Up of 60 Lakh Loan With 7.50% Interest Rate

Benefits of Rs 60 lakh home loan

With a home loan of up to Rs 60 lakh, you have the option of purchasing a flat, land or building a house, depending on what best suits your needs. There is a wide variety of banks and NBFCs that provide home loans with straightforward qualifying requirements and competitive interest rates.

The key benefit of the home loan is that it enables you to purchase the property within your budget and to make the payments on the amount borrowed in manageable increments. There are further advantages, such as the absence of prepayment penalties, the possibility to transfer one’s house loan to another person, the provision of a long period within which to make payments, the elimination of the need to pay rent, as well as other advantages.

Variables to Consider for availing of Rs 60 lakh Home Loan

Loan-to-Value Ratio

Loan-to-Value (LTV) ratio defines the maximum amount of a home’s value that can be borrowed from a bank or HFC. Applicants seeking loans must come up with the difference themselves, either as a down payment or a margin charge. 

Lenders’ final LTV ratio offers to house loan applicants are, however, based on many factors like the applicant’s credit history, repayment history, the property’s market worth, etc. Home loan applicants who choose lower LTV ratios can be eligible for cheaper interest rates from certain lenders. Be aware that LTV ratios for house loans must not go over the regulatory restrictions approved by the RBI. Following is a breakdown of home loan amounts between Rs. 30 lakh to Rs. 60 lakhs and the respective LTV ratio:

Loan Tenure

The standard loan term for a home from most lenders is 30 years. Financial institutions often base loan terms on an applicant’s demonstrated ability to make monthly payments. Borrowers applying for a house loan should be aware that the sum of their EMIs (for all loans combined, not just the one they want to take out) should not exceed 50% – 60% of their gross monthly income. Borrowers should choose a loan term that keeps their combined EMI payments (including their house loan payments) to no more than 50%-60% of their gross monthly income. The likelihood of being granted a mortgage loan may improve in this way.

Credit Score

Credit scores in the 750s and above are generally regarded as ‘excellent’ by lenders. It follows that loan applicants with such credit ratings have a better shot of being approved for a house loan. Many financial institutions have started providing mortgage loans with favourable interest rates to those with high credit ratings. 

So, before applying for a home loan, potential borrowers should check their credit records. Home loan candidates who take the time to review their credit reports in advance might make adjustments to better position themselves for approval. They could be more likely to be approved for loans and interest rates on things like mortgages if they had better credit.

Processing Fees

Most home loan lenders charge borrowers a one-time processing fee to cover the costs associated with handling loan applications. Home loan processing fees range from 0% to 2% of the loan amount from various banks and HFCs. On certain occasions, like holidays, some banks can even give out free house loans without making the borrower pay any of the processing expenses.

Prepayment Charges

Following regulations set out by the Reserve Bank of India (RBI), mortgage loans with variable interest rates cannot be assessed as prepayment penalties. Prepayment penalties for fixed-rate home loans are negotiable; nonetheless, certain lenders may impose them. In addition, lenders can also impose prepayment penalties on mortgages with floating and fixed interest rates, but only for the fixed-rate portion of the loan’s term.

Eligibility Criteria: Home Loan of Rs 60 lakh

You must meet all of the following eligibility requirements to get a house loan for 60 lakh rupees; if any of these requirements are not met, your loan application could be rejected by the bank:

Age

If you are between the ages of 18 and 70, you are eligible to apply for a home loan with a maximum amount of up to 60 lakh rupees ( 60 lakh).

Employment Classification

Home loans of Rs 60,00,000 are available to salaried workers, self-employed individuals, and business professionals alike. On the other hand, salaried people working for blue chip businesses have an easier time obtaining loans at more favourable rates.

Income

If you’re employed full-time and make at least Rs 25,000 per month, you should have no trouble getting a house loan. If you’re self-employed, you need Rs 480,000 in yearly gross income to qualify.

Credit Rating (CIBIL Score)

To qualify for a house loan of up to Rs 60 lakh, you will need to have a credit score of 750 or above. You will have an easier time getting a house loan authorised if you have a strong credit score.

Documentation required for Rs 60 lakh Home Loan

When applying for a home loan, the majority of financial institutions, including banks and HFCs, require applicants to present the documents listed below:

• Completed and signed application form
• Proof of one’s identity
• Evidence of income (both for salaried and self-employed)
• Age proof
• Evidence of a company or occupation.
• Address proof 
• Proof of property
• Cost of the property, as estimated

Home loan applicants could be asked by lenders to provide extra documentation based on the lender’s criteria as well as the profile of the home loan application.

FAQs

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