Planning a ₹5 lakh home loan? At a typical 8.5% annual rate over 15 years, your EMI works out to approximately ₹4,924 per month.
The full cost
| Loan amount | EMI (15 yrs @ 8.5%) | Total paid | Total interest |
|---|---|---|---|
| ₹5 lakh | ₹4,924 | ₹8,86,266 | ₹3,86,266 |
How the interest rate changes your EMI
| Rate | EMI | Total interest |
|---|---|---|
| 7.50% | ₹4,635 | ₹3,34,311 |
| 8.00% | ₹4,778 | ₹3,60,087 |
| 8.50% | ₹4,924 | ₹3,86,266 |
| 9.00% | ₹5,071 | ₹4,12,840 |
| 9.50% | ₹5,221 | ₹4,39,802 |
Three ways to pay less
1. One extra EMI a year. A single additional payment of ₹4,924 annually can shave years off a long tenure. 2. Round up. Paying ₹5,000 instead of ₹4,924 quietly prepays principal. 3. Keep EMIs under 40% of income. For this loan you'd want a take-home of at least ₹12,309 per month.
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