Planning a ₹20 lakh home loan? At a typical 8.5% annual rate over 15 years, your EMI works out to approximately ₹19,695 per month.
The full cost
| Loan amount | EMI (15 yrs @ 8.5%) | Total paid | Total interest |
|---|---|---|---|
| ₹20 lakh | ₹19,695 | ₹35,45,062 | ₹15,45,062 |
How the interest rate changes your EMI
| Rate | EMI | Total interest |
|---|---|---|
| 7.50% | ₹18,540 | ₹13,37,244 |
| 8.00% | ₹19,113 | ₹14,40,348 |
| 8.50% | ₹19,695 | ₹15,45,062 |
| 9.00% | ₹20,285 | ₹16,51,360 |
| 9.50% | ₹20,884 | ₹17,59,209 |
Three ways to pay less
1. One extra EMI a year. A single additional payment of ₹19,695 annually can shave years off a long tenure. 2. Round up. Paying ₹20,000 instead of ₹19,695 quietly prepays principal. 3. Keep EMIs under 40% of income. For this loan you'd want a take-home of at least ₹49,237 per month.
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