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Home Loan Starting 6.70%*

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20 Lakh Home Loan: Overview

In a world filled with financial emergencies, it’s quite easy to see how a 20 lakh home loan is a reasonable settlement for several people at specific times in their lives. Needing to build a new home or refinance an existing loan should not induce stress when a home loan of 20 lakhs is available. Find out all you need to know about a 20 lakh home loan below.

Features and Benefits of a 20 Lakh Home Loan

Apart from the obvious benefits of home loan, these are the other benefits that come with this type of loan from a reliable financial organization, such as Bajaj Housing Finance:

  • Access to a top-up loan facility that saves you from choosing costly personal loans
  • Flexible repayment tenor: It is quite good news to know that taking a 20 lakh home loan and trying to pay IT back is not going to be a stressful experience. You can pick the most suitable tenor for your home loan as long as it agrees with your source and value of income.

Eligibility Criteria for a 20 Lakh Home Loan

To get a home loan for 20 lakhs, there are certain criteria you must meet. Taking a home loan of up to 20 lakhs means that you have a source of income. Else, you would not be eligible to take this type of loan.

Eligibility criteria for salaried borrowers:

  • You must be an Indian citizen resident in the country.
  • Do not be less than 23 or more than 62 years of age.
  • You must be able to prove that you have had a steady income for a minimum of five years.
  • The value of your income must be on par with the demands of the financial institution you want to borrow from.

Eligibility criteria for self-employed borrowers:

  • You must be between the age of 25 to 70 years.
  • You must be an Indian citizen resident in the country.
  • Your business must have been steady for a minimum of five years.

Interest Rate for a 20 Lakh Home Loan

As far as a 20 lakh home loan is concerned, a applicants get an interest rate starting from 6.70%*, basis eligibility.

What is the EMI for a 20 Lakhs Home Loan?

Getting to know your Equated Monthly Installment (EMI) is essential before you commit to any type of home loan. This is why the home loan EMI calculator, which is used to accurately calculate home loan EMIs, is a vital tool. With the help of this calculator, you can know the EMI for different tenors in relation to your 20 lakh home loan.

How to Apply for a 20 Lakh Home Loan

If what’s on your mind right now is how to get a home loan of 20 lakhs, you are at the right place. This section will get you acquainted with the offline and online methods of applying for a 20 lakh home loan.

  1. Offline

    You need to walk into the office of a reliable financial organization like Bajaj Housing Finance to kick-off the registration process for a home loan of 20 lakhs. Once you get to our office, meet any of our representatives and they’ll tell you what to do. Ensure that you have all the necessary documents for your home loan application.

  2. Online

    The steps you take when you register offline are quite similar to the online application except for the fact that you will not be needed to visit the branch so often, except for the last step of in-person approval.

  • Fill the application form online.
  • Submit the necessary documents.
  • Wait for the representative to get in touch with you online.
  • Get approval for your 20 lakh home loan within 48 hours*.