When you rent out your property, the income earned from rentals is taxable. Generally, the rental income will be 3 to 5 percent of the value of your property, especially in India.
However, if you have enough cash to restrict your home loan to Rs 20 lakhs, you will be able to pay off EMIs with monthly rentals. Also, remember that your rental property might remain vacant for a small or large period of time, but you still have to pay EMIs.
You can book a flat by paying a certain amount of money and then earn high returns from the investment when you sell it. But, if you have taken a loan to purchase that property, you will have to keep paying pre-EMIs or interest charges till you sell the property.