Computing the EMI for a home loan of ₹50 Lakhs will help you assess the repayment plan well in advance. For instance, if you plan to take a loan for 20 years at an approved interest rate of 8.50% p.a., you will need to pay a monthly instalment of ₹43,391. 

Likewise, the EMI you need to pay for a home loan of ₹50 Lakhs for a tenure of 15 years will be ₹49,237 approximately. You can calculate these values effortlessly with an EMI calculator. This way, you can compare home loan EMIs across varying tenures before finalising a suitable lender.

The EMI amount varies with the tenure you choose. If you prefer a lower EMI, opting for a longer tenure is ideal and vice-versa. The following table explains how EMIs decrease with increasing tenures for a loan amount of ₹50 Lakhs at an interest rate of 8.50% p.a.:

Disclaimer: The figures mentioned in the above table are indicative. It is imperative to check the actual payable EMIs before applying.

Check the table to know the ₹50 Lakhs home loan EMI for 10 years:

Disclaimer: The figures mentioned in the above table are indicative. It is imperative to check the actual payable EMIs before applying.

Here is the calculation of EMI for a home loan of ₹50 Lakhs for 20 years:

Disclaimer: The figures mentioned in the above table are indicative. It is imperative to check the actual payable EMIs before applying.

Check out this table for the calculation of EMI for a home loan of ₹50 Lakhs for 30 years:

Disclaimer: The figures mentioned in the above table are indicative. It is imperative to check the actual payable EMIs before applying.

*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.

Here is a list of the eligibility criteria for a home loan of ₹50 Lakhs:

• Age:

  • Between 25 and 70 years for self-employed applicants

  • Between 23 and 62 years for salaried applicants

• Experience

  • At least 3 years of work experience for salaried applicants

  • At least a 5 year business vintage for self-employed applicants

• Residence

  • Should be residing in India

You will be asked to submit the following documents at the time of application:

• Residential proof: Property tax receipts, utility bills, etc.

• Identity proof: Aadhaar card, PAN card, etc.

• Income proof: 

  • For self-employed applicants: The business’ audited P&L statements, balance sheets, etc.

  • For salaried applicants: ITR filings, Form 16, and bank statements