What is the EMI for 6 Lakhs Home Loan?

Recently, my cousin asked me, what will be the EMI for 50 lakh home loan. I told him it depends on the interest rate and the loan tenure. After calculating using the standard EMI formula, I informed him that, on average, the monthly EMI for a Rs 50 lakhs loan might vary from roughly Rs 40,000 to 63,000.

What will be EMI for 50 Lakhs Home Loan?

Typically, home loan interest rates in India range between 8% and 10% per annum. Let’s take an example to understand the EMI:

1. Loan Amount: Rs 50 lakhs

2. Interest Rate: 9% p.a. (assumed average)

3. Tenure: 20 years (240 months)

Using the standard EMI formula:

EMI=P×R× (1+R) ^N/ (1+R) ^N−1

Plugging in the values:

1. R = 9 / 12 / 100 = 0.0075

2. N = 240

The EMI comes out to approximately Rs 44,986.

Over 20 years, you would pay roughly Rs 57.96 lakhs in interest. So, the total repayment will be Rs 50 lakhs + Rs 57.96 lakhs, which is Rs 1.1 crores.

I also informed my cousin that he can do the EMI calculation from the online EMI calculator. I hope you understand what is the EMI for 50 lakhs home loan.

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How to Get a Home Loan Approved in a Short Time 

Hi Pratik. Like Tara said, 6 lakh home loan emi for 5 years depends mainly on the tenure of the loan and the interest rate. The interest rate is offered based on your credit history, CIBIL score and the tenure you choose. A longer tenure will increase the interest rate and vice versa. I will share a few examples for loan EMIs below.

6 Lakh Home Loan EMI 5 Years

I took a home loan from HDFC and first compared the EMI by looking at different tenures. I will share a bit of data for that:

I have kept the interest rate to be 9 percent p.a. and you can see the change in the EMI accridnly. Whenever you apply for a home loan, check your ability repay and then select the tenure accordingly. Have a healthy credit score and repayment history to get a low interest rate.

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Some related information:

How to Improve CIBIL Score Immediately?

A 6 lakh rupee house loan can be helpful for a number of projects, including home renovation, the acquisition or construction of a new residence, etc. Depending on the bank's interest rate, the 6 lakh home loan EMI 5 years and 10 years will differ.

What are the factors that affect your 6 lakh home loan:

Your loan's EMI is determined by a number of variables, such as:

• Duration: 

If you select a shorter payback period for a 6 lakh home loan, your EMI would be greater, and vice versa.

• High-interest rates: 

Increase the total amount of EMI payments. If you have chosen a longer home loan term, your loan's interest rate will be greater. 

What is the EMI for 6 lakhs home loan?

When figuring out your EMI for Rs. 6 Lakhs, you have a choice of numerous online EMI calculators. The NoBroker EMI calculator also allows you to view your EMI. 

The 6 lakh rupee house loan EMI figure should also be possible for you to manually calculate in addition to using the online EMI calculator. The method for manually calculating it is as follows:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}

In the formula mentioned above, 

• P represents the principal or loan amount

• R indicates the monthly interest rate divided by 100. 

• N denotes the monthly EMIs you will need to pay.

To avoid this complicated formula, you can use the NoBroker online EMI calculator. I’d like to share data that I obtained using the NoBroker EMI calculator while calculating the online EMI of 6 Lakh home loans for a period of 5 and 10 years, and considering the interest rate as 8.39% approx.

It is better if you use the home loan EMI calculator of NoBroker to determine your monthly 6 lakh home loan EMI 5 years and 10 years.

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