Home Loan EMI Calculator: Today everyone wants to build their own house. In such a situation, if you are also wanting to build your dream house, then this news can be special for you. In today’s era of inflation, it has become very difficult to buy or build a house. In such a situation, if you are thinking of building a house and you do not have a lump sum amount, then SBI, one of the largest government banks in the country, can help you.
Actually, home loans are being provided to home builders through SBI. But if you take a home loan, how much EMI will you have to pay. Let’s know about it in detail.
Interest is charged on the basis of credit score
Let us tell you that if you are going to take a home loan, then your credit score should be excellent. Because interest rates are decided on the basis of credit score. If your credit score is correct, then you are provided a loan at a lower interest rate. Apart from this, if the credit score is not correct, then you will be provided a loan at higher interest rates. SBI is providing home loan at the interest rate of 8.5%. The bank also charges processing fees from those who take home loan.
Know how much will be the EMI for 20, 25, 30 years
Let us tell you that if you take a home loan of Rs 50 lakh for 30 years, then you will have to pay Rs 38446 monthly as EMI. If you take a loan of Rs 50 lakh for 25 years, then you will have to pay Rs 40261 monthly as EMI. Apart from this, if you take a loan of Rs 50 lakh for 20 years, then you will have to pay an EMI of Rs 43391 every month.
On this basis, the total interest amount on a 30-year home loan will be Rs 88,40,443. The total interest amount on a 25-year home loan will be Rs 70,78,406. A total of Rs 5413879 will have to be paid as interest on a 20-year home loan.