Planning a ₹5 lakh home loan? At a typical 8.5% annual rate over 10 years, your EMI works out to approximately ₹6,199 per month.
The full cost
| Loan amount | EMI (10 yrs @ 8.5%) | Total paid | Total interest |
|---|---|---|---|
| ₹5 lakh | ₹6,199 | ₹7,43,914 | ₹2,43,914 |
How the interest rate changes your EMI
| Rate | EMI | Total interest |
|---|---|---|
| 7.50% | ₹5,935 | ₹2,12,211 |
| 8.00% | ₹6,066 | ₹2,27,966 |
| 8.50% | ₹6,199 | ₹2,43,914 |
| 9.00% | ₹6,334 | ₹2,60,055 |
| 9.50% | ₹6,470 | ₹2,76,385 |
Three ways to pay less
1. One extra EMI a year. A single additional payment of ₹6,199 annually can shave years off a long tenure. 2. Round up. Paying ₹7,000 instead of ₹6,199 quietly prepays principal. 3. Keep EMIs under 40% of income. For this loan you'd want a take-home of at least ₹15,498 per month.
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