Home Loan: Banks are charging 50 lakhs on loan of 25 lakhs, check based deal before taking home

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Home Loan Calculator:In today’s era, owning a house is a dream for those working in big cities. Due to inflation and rising expenses, it is a compulsion to take a home loan for the middle class to buy a house or flat. Generally speaking, this loan size can be from Rs 25 lakh to Rs 30 lakh if ​​the common man is concerned. At the same time, the tenure for this is 20 years in most cases. But, are you able to calculate first how expensive it becomes for you to take a loan from the bank to buy a house.How much do banks charge you during 20 years for your loan of 25 lakhs or 30 lakhs. In many cases, you have to pay almost double. Therefore, it is better to check the interest rate of different banks before taking a loan, so that the based deal can be achieved.

Calculator: How much do you pay against the loan

Let’s say you need a loan of Rs 25 lakh to buy a house and you have fixed a tenure of 20 years for EMI. If you look at the home loan interest rate of different banks, then it is in the range of 7 percent to 8.5 percent. 7 percent is the starting range. If averaging, then the interest rate for home loan is between 7.5 percent to 8 percent.

Total Home Loan: Rs 25 lakh
Interest Rate: 7.5%
Loan tenure: 20 years
Monthly EMI: Rs 20140
Total interest: Rs 23,33,559
Total Payment: 48,33,559

On the other hand, if the interest rate becomes 8 percent, then in this case the monthly EMI will be Rs 20911 and the total interest will be Rs 25,18,640. That is, you will have to pay a total of Rs 50,18,640 to the bank. This is double the amount of your loan.

Interest on loan up to 30 lakhs

Bank Interest Rate

SBI 6.65%–7.65% p.a.
ICICI Bank 7.10%–7.95% p.a.
Bank of Baroda 6.90%–8.40% p.a.
HDFC Ltd. 6.70%-7.50% p.a.
Axis Bank 7.00%–11.90% p.a.
Kotak Mahindra Bank 7.00% onwards
Canara Bank 7.05%–11.85% p.a.

(source: http://www.bankbazaar.comhttp://www.bankbazaar.com)

(Note: EMI calculation and actual cost in respect of home loan will vary with the change in loan amount, repayment tenure and interest rate taken by you.)

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