EMI Tips: What will be the EMI on taking a home loan of Rs 30 lakh from SBI, know how much interest will have to be paid..
Home Loan EMI: Everyone dreams of having their own house, but it is not easy for the middle class. For the last several years, rapid growth has been seen in real estate, due to which property prices are skyrocketing. In such a situation, people resort to home loans to buy a house. Today, home loans are easily available from banks. But home loans are big and long-term loans. Therefore, it is very important to be careful before taking a home loan. If you are planning to take a home loan, then before taking a loan, definitely compare the interest with other banks. Today in this news, we will know how much monthly EMI will be on taking a home loan of Rs 30 lakh. Let's understand in detail -
SBI Home Loan EMI Calculation
According to the information available on the SBI website, if the civil score is 750 or more, then the customer (Home Loan EMI Calculation) is being offered a home loan at an initial 9.15 percent. Now let's assume that you have to take a loan of Rs 30 lakh for 20 years, then what will be your EMI at the current starting interest rate? Also, if the interest rate of the loan remains the same on average for the entire tenure, then how much interest will you pay in total?
Loan amount: Rs 30 lakh
Loan tenure: 20 years
Interest rate: 9.15% per annum
EMI: ₹27,282
Interest in total tenure: ₹35,47,648
Total payment: ₹65,47,648
In this way, your total payment till the completion of the loan period will be Rs 65,47,648. In this, more than half of the amount i.e. Rs 35,47,648, you will pay as interest. However, know that you can bargain on home loan interest rates based on your CIBIL score and loan repayment capacity. Interest rates on floating rates may be lower than the current rate.
The increase and decrease in repo rate have an impact.
Home loans from scheduled banks like SBI are directly related to the Reserve Bank's repo rate (RBI repo rate). The repo rate is the interest rate at which commercial banks take loans from RBI. From October 2019, the Reserve Bank has made it mandatory for banks to link personal loans, auto loans home loans, etc. given on floating rates to the repo rate. Most banks are offering home loans at repo-linked lending rates (RLLR). It is also called the external benchmark rate (EBR).
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