Planning a ₹10 lakh home loan? At a typical 8.5% annual rate over 20 years, your EMI works out to approximately ₹8,678 per month.
The full cost
| Loan amount | EMI (20 yrs @ 8.5%) | Total paid | Total interest |
|---|---|---|---|
| ₹10 lakh | ₹8,678 | ₹20,82,776 | ₹10,82,776 |
How the interest rate changes your EMI
| Rate | EMI | Total interest |
|---|---|---|
| 7.50% | ₹8,056 | ₹9,33,424 |
| 8.00% | ₹8,364 | ₹10,07,456 |
| 8.50% | ₹8,678 | ₹10,82,776 |
| 9.00% | ₹8,997 | ₹11,59,342 |
| 9.50% | ₹9,321 | ₹12,37,115 |
Three ways to pay less
1. One extra EMI a year. A single additional payment of ₹8,678 annually can shave years off a long tenure. 2. Round up. Paying ₹9,000 instead of ₹8,678 quietly prepays principal. 3. Keep EMIs under 40% of income. For this loan you'd want a take-home of at least ₹21,696 per month.
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