Loan: Have you taken a home loan for 20, 25 or 30 years? Know how much the EMI will reduce after RBI's decision..
RBI has once again cut the repo rate by 0.25%. RBI has reduced the repo rate by 0.25% to 6%. It is now expected that loans will become cheaper because the external benchmark of most banks is the Repo Rate. If you have also taken a home loan from the bank, then know how much benefit you will get after this decision of RBI. How much will your EMI be reduced and how much will the interest burden be reduced?
How much EMI on taking a loan for 15 years
If you have taken a home loan of Rs 30 lakh for 15 years. Right now the bank has given you a home loan at a 9% interest rate and your EMI is currently Rs 30,428. In such a situation, in 20 years you will have to pay Rs 24,77,040 on this loan as interest only. But if the bank reduces this interest rate to 08.75%, then your EMI will be reduced to Rs 29,983. In such a situation, you will have to pay a total interest of Rs 23,97,023 in 20 years. In this case, Rs 80,017 will be saved as interest.
How much EMI on taking a loan for 20 years
If you have taken a home loan of Rs 30 lakh for 20 years. In such a situation, according to the 9% interest rate, your EMI will be Rs 26,992 now. In such a situation, in 20 years, you will have to pay Rs 34,78,027 on this loan only as interest. But if the bank reduces this interest rate to 08.75%, then your EMI will be reduced to Rs 26,511. In this case, you will have to pay a total interest of Rs 33,62,717 in 20 years. In this case, Rs 1,15,310 will be saved as interest.
How much EMI will you get if you take a loan for 25 years?
If you have taken a home loan of Rs 30 lakh for 25 years. In this case, according to the interest rate of 9%, your EMI will be Rs 25,176. In 20 years, you will have to pay Rs 45,52,767 on this loan as interest only. But if the bank reduces this interest rate to 08.75%, then your EMI will be reduced to Rs 24,664. In this case, you will have to pay a total interest of Rs 43,99,293 in 20 years. In this case, Rs 1,53,474 will be saved as interest.
How much EMI will you get if you take a loan for 30 years?
If you have taken a home loan of Rs 30 lakh for 30 years. In such a situation, according to the 9% interest rate, your EMI will be Rs 24,139 now. In 20 years, you will have to pay Rs 56,89,924 on this loan as interest only. But if the bank reduces this interest rate to 08.75%, then your EMI will be reduced to Rs 23,601. In such a situation, you will have to pay a total interest of Rs 54,96,364 in 20 years. In this case, Rs 1,93,560 will be saved as interest.
What is the repo rate?
The interest rate at which RBI gives loans to banks is called repo rate. Due to the reduction in the repo rate, the bank will get a loan at a lower interest. In such a situation, banks also reduce the interest rates of the loan for the customers. Due to this, the loan becomes cheaper. (Disclaimer: This calculation has been done based on estimate)
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