Planning a ₹25 lakh home loan? At a typical 8.5% annual rate over 20 years, your EMI works out to approximately ₹21,696 per month.
The full cost
| Loan amount | EMI (20 yrs @ 8.5%) | Total paid | Total interest |
|---|---|---|---|
| ₹25 lakh | ₹21,696 | ₹52,06,939 | ₹27,06,939 |
How the interest rate changes your EMI
| Rate | EMI | Total interest |
|---|---|---|
| 7.50% | ₹20,140 | ₹23,33,559 |
| 8.00% | ₹20,911 | ₹25,18,640 |
| 8.50% | ₹21,696 | ₹27,06,939 |
| 9.00% | ₹22,493 | ₹28,98,356 |
| 9.50% | ₹23,303 | ₹30,92,787 |
Three ways to pay less
1. One extra EMI a year. A single additional payment of ₹21,696 annually can shave years off a long tenure. 2. Round up. Paying ₹22,000 instead of ₹21,696 quietly prepays principal. 3. Keep EMIs under 40% of income. For this loan you'd want a take-home of at least ₹54,239 per month.
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