Due to increasing property prices, many people take out a bank loan to buy a house. At present State Bank of India (SBI) offers home loans at low interest rates. If you’re considering a home loan of Rs.20 lakh, you can use an EMI calculator to determine the monthly repayments. It’s important to choose a bank that offers lower interest rates to reduce the financial burden, as banks also charge processing fees and other expenses.
SBI Home Loans are currently available at lowest interest rates, but this offer is only available for a limited time. If you’re interested in taking out a home loan, it’s recommended that you act quickly. To reduce your debt burden, try to pay as much down payment as possible when purchasing your home. This will help to reduce your monthly EMI repayments.
It’s important to repay your home loan within the fixed tenure. For example, if you’re looking to buy a house worth Rs.30 lakh, you can take a loan of Rs.20 lakh after paying a down payment of Rs.10 lakh. With an interest rate of 8.50% in SBI, you can choose a 5, 10, 15, 20, or 30 years tenure. You can use the SBI Home Loan EMI Calculator to determine your monthly EMI, but please note that this is only an estimate.
If you take out a Rs.20 lakh home loan at an interest rate of 8.50%, your monthly EMI could be up to Rs.41,033. If you choose a 10 year tenure, your EMI will be up to Rs. 24,797. If you choose a 15 year tenure at a rate of 8.45%, your monthly EMI will be Rs. 19,695 onwards. If you choose a 20 year tenure, your monthly EMI will be up to Rs.17,356. Finally, if you opt for a 30 year tenure, your EMI will be up to Rs.16,105.
