Planning a ₹20 lakh home loan? At a typical 8.5% annual rate over 20 years, your EMI works out to approximately ₹17,356 per month.
The full cost
| Loan amount | EMI (20 yrs @ 8.5%) | Total paid | Total interest |
|---|---|---|---|
| ₹20 lakh | ₹17,356 | ₹41,65,552 | ₹21,65,552 |
How the interest rate changes your EMI
| Rate | EMI | Total interest |
|---|---|---|
| 7.50% | ₹16,112 | ₹18,66,847 |
| 8.00% | ₹16,729 | ₹20,14,912 |
| 8.50% | ₹17,356 | ₹21,65,552 |
| 9.00% | ₹17,995 | ₹23,18,685 |
| 9.50% | ₹18,643 | ₹24,74,230 |
Three ways to pay less
1. One extra EMI a year. A single additional payment of ₹17,356 annually can shave years off a long tenure. 2. Round up. Paying ₹18,000 instead of ₹17,356 quietly prepays principal. 3. Keep EMIs under 40% of income. For this loan you'd want a take-home of at least ₹43,391 per month.
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