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Details of a Home Loan of Rs.60 Lakh
Applying for a Home Loan is a significant financial commitment. Therefore, it is important for prospective homeowners to evaluate the loan features, repayment terms, and overall feasibility before making a borrowing decision.
With Bajaj Housing Finance, you can apply for a Home Loan of Rs.60 Lakh and benefit from a long repayment tenure of up to 32 years along with competitive interest rates that help keep your monthly instalments manageable.
Features and Benefits of a Home Loan of up to Rs.60 Lakh
If you are looking for a Home Loan worth Rs.60 Lakh, you can enjoy several benefits if you opt for Bajaj Housing Finance.
Minimal Documentation
Complete your Home Loan application process with minimal documentation from the comfort of your home.
Long Repayment Tenure
Enjoy a repayment tenure of up to 32 years, which can help you repay your EMIs comfortably.
Competitive Interest Rate
We offer a competitive interest rate starting at 7.25%* p.a. for salaried individuals. Your EMI can start with as low as Rs.671/Lakh*.
Top-up Loan for Housing Needs
When you transfer your loan balance to Bajaj Housing Finance, you not only stand to benefit from a lower interest rate and reduced EMIs, but you also get the option to avail of a Top-up Loan for home repair or renovation.
Substantial Loan Amount
Avail of a sizeable Home Loan depending on your eligibility.
Disbursal in 48 Hours*
You can expect to receive the sanction within 48 Hours* following the approval of the application and documentation verification.
Eligibility Criteria for a Rs.60 Lakh Home Loan
The Home Loan Eligibility Criteria for Bajaj Housing Finance are simple and easy to meet. Here are the eligibility criteria that both salaried as well as self-employed individuals should meet to apply for a Home Loan:
| Parameters | Salaried Individuals | Self-employed Individuals |
|---|---|---|
| Experience | 3 years work experience | 3 years business vintage |
| Nationality | Indian citizen (including NRIs) | Indian citizen (resident only) |
| Age | 23 to 67 years** of age | 25 to 70 years** of age |
**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.
Documentation required for a Home Loan of Rs.60 Lakh
A Rs.60 Lakh loan can be availed from either the online portal of Bajaj Housing Finance or by visiting your nearest Bajaj Finance office. Whether you are a salaried individual, a professional or a self-employed businessman, you are eligible for a Home Loan if you have the following documents*** ready with you:
For Salaried Individuals
- KYC documents for identity verification
- Mandatory documents such as PAN Card or Form 97
- 3 months’ salary slips for income proof
- Proof of employment
- Property related documents such as Title Deed, Property Tax Receipts, and Allotment Letter
For Self-Employed Individuals
- KYC documents for identity verification
- Mandatory documents such as PAN Card or Form 97
- P&L statements, among other documents, to prove a steady flow of income from the existing business operational for more than 3 years
- Proof of business
- Property related documents such as Title Deed, Property Tax Receipts, and Allotment Letter
*** Additional documents may be needed during loan processing.
EMIs for Rs.60 Lakh Home Loan over Various Tenures
The EMI calculator for a Home Loan can help you know the EMIs and payable interest in advance if you want to take a Rs.60 Lakh Home Loan. The table below shows EMI calculations for various repayment tenures:
Rs.60 Lakh Home Loan EMI for 32 Years
| Loan Amount | Tenure | Interest | EMI |
|---|---|---|---|
| Rs.60 Lakh | 32 years | 7.25%* | Rs.40,231 |
Rs.60 Lakh Home Loan EMI for 20 Years
| Loan Amount | Tenure | Interest | EMI |
|---|---|---|---|
| Rs.60 Lakh | 20 years | 7.25%* | Rs.47,423 |
Rs.60 Lakh Home Loan EMI for 10 Years
| Loan Amount | Tenure | Interest | EMI |
|---|---|---|---|
| Rs.60 Lakh | 10 years | 7.25%* | Rs.70,441 |
*The values in the preceding tables are subject to change
Things to Consider Before You Apply for a Rs.60 Lakh Home Loan
-
Check Your Eligibility for a Home Loan of up to Rs.60 Lakh
Your first step in the home-buying process can be planning your finances. Once this is done, set aside the necessary funds for the down payment on your new home. Next, determine the loan amount you can avail of based on your eligibility for a Home Loan. You can make use of a Home Loan Eligibility Calculator to check your loan eligibility online. This structured approach can help you smoothly transition into your new property with financial clarity. -
Check Your Credit Score
Keep track of your credit score to check if you can receive the Home Loan amount on favourable terms. Obtaining a loan can be easy if your credit score is above 750. In case it is lower, you can take steps to improve it, such as paying your Loan EMIs and credit card bills on time. -
Keep the Relevant Documents Handy
Check the list of documents you will need to apply for the Home Loan eligibility criteria and keep it handy while applying for a housing loan. You can apply online or by physically visiting a nearby branch.
How to Apply for a Home Loan of Rs.60 Lakh?
To apply for a Home Loan of Rs.60 Lakh:
- Visit the application form.
- Select your preferred loan type and employment category.
- Enter your personal details, including your name and mobile number.
- Provide employment-related details such as salary, annual turnover, or business vintage, depending on your employment type.
- Fill in all the required financial and personal information in the application form.
- Click on ‘Submit’ to complete the application process.
A Bajaj Housing Finance representative will contact you to assist with document submission, verification, and loan disbursal. Alternatively, you can also apply offline by visiting a Bajaj Housing Finance branch near you.
*Terms and conditions apply.
FAQs
The EMI for a Rs.60 Lakh Home Loan depends on factors such as the applicable interest rate and chosen repayment tenure. You can use the Bajaj Housing Finance Home Loan EMI Calculator to estimate your monthly instalments.
Bajaj Housing Finance offers a long repayment tenure of up to 32 years, allowing you to repay your loan comfortably.
Yes, individual borrowers with floating interest rate Home Loans can prepay or foreclose their loan at no additional cost. However, for fixed rate Home Loans, prepayment charges apply if payment is not made from 'Own Sources'.
Note: 'Own Sources' refers to any source other than borrowing from a bank/NBFC/HFC and/or a financial institution.
Yes, eligible borrowers can avail of several tax benefits on a Rs.60 Lakh Home Loan under the old tax regime, subject to applicable conditions:
- Section 22 – Deduction of up to Rs.2 Lakh on the interest paid towards the Home Loan
- Section 123 – Deduction of up to Rs.1.5 Lakh on the principal repayment component of the loan
- Section 130 – Additional deduction for eligible first-time homebuyers
You can apply online by accessing our application form, selecting your loan and employment type, and filling in the required personal, financial, and employment-related details. Once the form is submitted, a representative will contact you to guide you through the subsequent steps.
