Home Loan: How much will be the EMI on taking a home loan of 50 lakhs for 20, 25 or 30 years, understand the calculation before going to the bank..
Home Loan EMI Calculator: It is everyone's dream to have their own house in a big city, for which people come from small towns and work hard. If you are also thinking of fulfilling this dream, then a home loan is a necessary step. It will help you buy your dream home and give your family a secure future.
A home loan is a great way to meet your financial needs so that you can achieve your goal of buying property in big cities. Here we will know how much EMI you will have to pay every month on taking a home loan from the State Bank of India and how much interest you will have to pay in total.
Loan interest rates depend on credit score-
Home loan interest rates depend a lot on your credit score. A good credit score helps you get a loan at a lower interest rate, whereas having a bad score may cost you a higher interest rate. For example, the State Bank of India is offering home loans to its customers at starting interest rates of 8.5%.
Therefore, it is beneficial to improve your credit score before taking a home loan. Banks also charge their customers some amount as processing fees for home loan applications. Different banks charge different amounts as processing fees.
How much will be the EMI for taking a home loan for 20, 25, 30 years-
If you take a home loan of ₹ 50 lakh from SBI, then for 30 years you will have to pay an EMI of ₹ 38,446 every month. At the same time, for 25 years, the EMI will increase to ₹ 40,261 and for a loan of 20 years, it will be ₹ 43,391 per month. If you take a loan of 50 lakh for 30 years, you will have to pay a total interest of Rs 88,40,443. On a 25-year loan, you will have to pay a total interest of Rs 70,78,406, and on a 20-year loan, you will have to pay a total interest of Rs 54,13,879.
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