Planning a ₹10 lakh home loan? At a typical 8.5% annual rate over 15 years, your EMI works out to approximately ₹9,847 per month.
The full cost
| Loan amount | EMI (15 yrs @ 8.5%) | Total paid | Total interest |
|---|---|---|---|
| ₹10 lakh | ₹9,847 | ₹17,72,531 | ₹7,72,531 |
How the interest rate changes your EMI
| Rate | EMI | Total interest |
|---|---|---|
| 7.50% | ₹9,270 | ₹6,68,622 |
| 8.00% | ₹9,557 | ₹7,20,174 |
| 8.50% | ₹9,847 | ₹7,72,531 |
| 9.00% | ₹10,143 | ₹8,25,680 |
| 9.50% | ₹10,442 | ₹8,79,604 |
Three ways to pay less
1. One extra EMI a year. A single additional payment of ₹9,847 annually can shave years off a long tenure. 2. Round up. Paying ₹10,000 instead of ₹9,847 quietly prepays principal. 3. Keep EMIs under 40% of income. For this loan you'd want a take-home of at least ₹24,618 per month.
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