Set to ₹30 lakh at 8.5% for 20 years. Change the rate and tenure to your offer.
A ₹30 lakh home loan at 8.5% costs ₹26,035 a month for 20 years. You repay about ₹62.48 lakh in all, so the interest, about ₹32.48 lakh, is more than the loan itself.
A ₹30 lakh home loan at 8.5% costs ₹26,035 a month for 20 years. You repay about ₹62.48 lakh in all, so the interest, about ₹32.48 lakh, is more than the loan itself.
Over 15 years the EMI is ₹29,542 and the interest about ₹23.18 lakh, roughly ₹9.3 lakh less. Stretching to 30 years lowers the EMI to ₹23,067 but pushes the interest to about ₹53.04 lakh. At 9% for 20 years the EMI is ₹26,992.
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With all EMIs kept within about 40 to 50% of take-home pay, a ₹26,035 EMI needs roughly ₹52,000 to ₹65,000 a month in hand.
15 years saves about ₹9.3 lakh of interest for ₹3,507 more a month. Take it if the higher EMI is comfortable; otherwise choose 20 years and prepay when you can.
About ₹53.04 lakh at 8.5%, against ₹32.48 lakh over 20 years.
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