Home Loan Calculator: If you want to take a home loan of 30 lakhs from SBI, how much will be the EMI on the tenure of 20, 25, and 30 years?

Home loans have become a convenience for people in today's time. If you do not have money in your pocket to buy a house, then you can do your work by taking a home loan and later repay your loan through EMI. Know here that if you take a loan of Rs 30 lakh from SBI, then how much will be your EMI in the tenure of 20, 25, and 30 years? Know here

If you are going to take a home loan for the first time, then let us tell you that most banks give home loans for a maximum period of 30 years. The longer the loan you take, the smaller your EMI will be. But your loss in it will be big because you will have to pay more interest in home loan EMI. The longer the loan tenure, the more interest has to be paid to the bank.

The current interest rate of home loans in SBI is 8.50% to 9.65%. In such a situation, if you take a loan for 30 years and 8.50% interest is charged on it, then your monthly EMI will be Rs 23,067. For a loan of Rs 30,00,000, you will pay Rs 53,04,266 only as interest. In this way, you will pay a total of Rs 83,04,266 to the bank including the principal and interest.

If you take a loan with a tenure of 25 years, then according to the interest rate of 8.50%, the EMI will be Rs 24,157. For a loan of Rs 30,00,000, you will pay Rs 42,47,044 only as interest. In this way, you will pay a total of Rs 72,47,044 to the bank including the principal and interest. If you take a home loan for 20 years, then according to the interest rate of 8.50%, your EMI will increase to Rs 26,035. But your interest will be reduced significantly. You will give Rs 32,48,327 to the bank as interest in exchange for a loan of Rs 30 lakh. In this way, you will pay a total of Rs 62,48,327 to the bank.

If you take a home loan for a short period of 15 years, then the EMI load will increase, but the interest will be reduced significantly. In such a situation, according to the interest rate of 8.50%, your EMI will be Rs 29,542. You will have to pay Rs 23,17,594 to the bank as interest. In this way, including the principal and interest, you will have to return a total of Rs 53,17,594 to the bank.