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₹60 Lakh Home Loan EMI: Bank-wise EMI for 5–30 Years

Riddhi Chhajer

Oct 28, 2026 · 3 min read

₹60 Lakh Home Loan EMI: Bank-wise EMI for 5–30 Years

The EMI on a ₹60 lakh home loan is ₹47,969 a month over 20 years at 7.40% p.a., the lowest starting rate among large banks in October 2026 (Bank of Baroda, Canara Bank, Union Bank of India). Over 30 years it falls to ₹41,543; at 8.50%, a typical rate for a lower credit score, the 20-year EMI is ₹52,069.

₹60 lakh home loan EMI by tenure and rate

Tenure	7.40%	8.00%	8.50%	9.00%	9.50%
5 years	₹1,19,943	₹1,21,658	₹1,23,099	₹1,24,550	₹1,26,011
10 years	₹70,908	₹72,797	₹74,391	₹76,005	₹77,639
15 years	₹55,280	₹57,339	₹59,084	₹60,856	₹62,653
20 years	₹47,969	₹50,186	₹52,069	₹53,984	₹55,928
25 years	₹43,950	₹46,309	₹48,314	₹50,352	₹52,422
30 years	₹41,543	₹44,026	₹46,135	₹48,277	₹50,451

Monthly EMI on ₹60 lakh, reducing-balance method. Each column is a fixed annual rate for the full tenure.

₹60 lakh home loan EMI at each bank

Bank	Starting rate	EMI, 20 years	Total interest, 20 years
Bank of Baroda	7.40%	₹47,969	₹55,12,651
Canara Bank	7.40%	₹47,969	₹55,12,651
Union Bank of India	7.40%	₹47,969	₹55,12,651
Central Bank of India	7.45%	₹48,152	₹55,56,556
Punjab National Bank	7.45%	₹48,152	₹55,56,556
State Bank of India	7.50%	₹48,336	₹56,00,542
Kotak Mahindra Bank	7.60%	₹48,703	₹56,88,752
Axis Bank	8.00%	₹50,186	₹60,44,737
HDFC Bank	8.00%	₹50,186	₹60,44,737
ICICI Bank	8.75%	₹53,023	₹67,25,434

Starting rates from each bank's official rate page, checked 26 October 2026. Starting rates go to borrowers with high credit scores; your offer depends on CIBIL score, income type and loan amount. The RBI raised the repo rate to 5.50% on 7 October 2026.

Property value and down payment for a ₹60 lakh loan

RBI rules cap a housing loan above ₹30 lakh and up to ₹75 lakh at 80% of the property value. To borrow ₹60 lakh, the property must be worth at least ₹75,00,000, so the down payment is at least ₹15,00,000. Stamp duty and registration are extra and are not funded by the loan.

Salary needed for a ₹60 lakh home loan

Tenure	EMI at 7.40%	Net monthly income if EMI is 50% of income	If EMI is 60% of income
15 years	₹55,280	₹1,10,561	₹92,134
20 years	₹47,969	₹95,939	₹79,949
25 years	₹43,950	₹87,900	₹73,250
30 years	₹41,543	₹83,086	₹69,238

Lenders usually keep all EMIs, including this one, within 50–60% of net monthly income for salaried borrowers; existing EMIs reduce the amount you qualify for.

Total cost of a ₹60 lakh home loan

Tenure	EMI	Total interest	Total repaid
10 years	₹70,908	₹25,08,996	₹85,08,996
15 years	₹55,280	₹39,50,460	₹99,50,460
20 years	₹47,969	₹55,12,651	₹1,15,12,651
25 years	₹43,950	₹71,84,980	₹1,31,84,980
30 years	₹41,543	₹89,55,404	₹1,49,55,404

Paying an extra 5% of the loan (₹3,00,000) once a year on a 20-year loan at 7.40% saves ₹29,72,990 in interest and ends the loan 120 months early. Floating-rate home loans to individuals carry no prepayment penalty.

Tax benefit on a ₹60 lakh home loan

In year 1 at 7.40% over 20 years you pay about ₹4,39,442 as interest and ₹1,36,190 as principal. Under the old tax regime, interest on a self-occupied home is deductible up to ₹2 lakh a year and principal repayment up to ₹1.5 lakh a year (Sections 24(b) and 80C of the Income-tax Act, 1961; the same limits continue under the Income-tax Act, 2025 from tax year 2026-27). The new tax regime does not allow these deductions for a self-occupied home.

Work out your own figure with the home loan EMI calculator or the prepayment calculator, and compare offers on the home loan interest rates page.