Set to ₹20 lakh at 8.5% for 20 years. Change the rate and tenure to your offer.
A ₹20 lakh home loan at 8.5% a year costs ₹17,356 a month for 20 years. Over the full term you repay about ₹41.66 lakh, of which ₹21.66 lakh is interest, more than the amount borrowed.
A ₹20 lakh home loan at 8.5% a year costs ₹17,356 a month for 20 years. Over the full term you repay about ₹41.66 lakh, of which ₹21.66 lakh is interest, more than the amount borrowed.
A shorter tenure raises the EMI but cuts the interest sharply: 15 years costs ₹19,695 a month and about ₹15.45 lakh of interest, while 30 years costs ₹15,378 a month and about ₹35.36 lakh of interest. At 9% for 20 years the EMI is ₹17,995.
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Banks usually keep all EMIs within about 40 to 50% of take-home pay, so a ₹17,356 EMI needs roughly ₹35,000 to ₹43,000 a month in hand, with no other loans.
About ₹21.66 lakh at 8.5% a year.
Choose a longer tenure, make a larger down payment, or ask your bank to move you to its current lower rate. Prepayments cut the tenure and the interest.
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