Planning a ₹30 lakh home loan? At a typical 8.5% annual rate over 20 years, your EMI works out to approximately ₹26,035 per month.
The full cost
| Loan amount | EMI (20 yrs @ 8.5%) | Total paid | Total interest |
|---|---|---|---|
| ₹30 lakh | ₹26,035 | ₹62,48,327 | ₹32,48,327 |
How the interest rate changes your EMI
| Rate | EMI | Total interest |
|---|---|---|
| 7.50% | ₹24,168 | ₹28,00,271 |
| 8.00% | ₹25,093 | ₹30,22,368 |
| 8.50% | ₹26,035 | ₹32,48,327 |
| 9.00% | ₹26,992 | ₹34,78,027 |
| 9.50% | ₹27,964 | ₹37,11,345 |
Three ways to pay less
1. One extra EMI a year. A single additional payment of ₹26,035 annually can shave years off a long tenure. 2. Round up. Paying ₹27,000 instead of ₹26,035 quietly prepays principal. 3. Keep EMIs under 40% of income. For this loan you'd want a take-home of at least ₹65,087 per month.
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