EMI Tips: Home loan EMI will be reduced, how much will the saving on loans of Rs 25, 30 and 50 lakh?

It is everyone's dream to buy their favorite house. But in this era of inflation, it is becoming difficult to buy a house in urban areas. Therefore, often people resort to home loans to buy their favorite house.

Through a home loan, you pay the price of the house in installments. However, interest is also included in it. Buying a house in installments also reduces the burden on you. Along with this, your savings are also not affected.

How will it affect home loans?

The decision of RBI's MPC meeting has come today on 9 April. Under this, the repo rate has been cut by 0.25. After which now banks will be able to take short-term loans from RBI at a lower interest rate. Its effect can be seen in loans and interest rates. It is estimated that the bank can cut its interest rates.

With which you will get a home loan at a lower interest rate. Along with this, you will also pay less EMI.

How much EMI will have to be paid?

We have given the calculation of different amounts below. Currently, most banks charge around 8.5 percent interest on home loans. After the cut in repo rate, it is expected to be 8.25 percent. Let's understand its complete calculation, how much will be saved on the home loan.

Rs 25 lakh - If you take a loan of Rs 25 lakh for a house, then at the rate of 8.25 percent, you will have to pay Rs 21,302 every month. In this, the loan period is considered to be 20 years. Along with this, according to the current interest rate (8.5 percent), you have to pay Rs 21,696 as EMI. Due to the reduction in interest rate, you will save about Rs 394.

Rs 30 lakh - On the other hand, if you have taken a loan of Rs 30 lakh. So now you will have to pay Rs 26,035 as EMI at the rate of 8.25 percent. Currently, you pay Rs 25,562 as an installment at the rate of 8.5 percent. In this way, you will save Rs 473.

Rs 50 lakh - If you have taken a home loan of up to Rs 50 lakh, then after the reduction in interest rate, you will have to pay Rs 42,603 ​​in EMI. The interest rate in this is considered to be 8.25 percent. Currently, at the rate of 8.5 percent, you have to pay Rs 43,391. You will save Rs 788 on this.

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