₹50 Lakhs Home Loan EMI

The Equated Monthly Instalment or EMI that you have to pay to repay your home loan depends to a large extent upon the amount of loan taken apart from the tenure of the loan and the applicable rate of interest. 

Considering the EMI of a ₹50 Lakh home loan, the higher the housing loan amount, the more the amount you have to pay as EMI on a ₹50 Lakh home loan. Once you start paying the EMI to the bank/NBFC, it is advisable to stick to the repayment schedule with earnest discipline.

The Equated Monthly Instalment (EMI) for your home loan is mainly influenced by three key factors: 

• the loan amount

• the loan tenure

• the applicable interest rate

The table below illustrates the ₹50 Lakh home loan EMI you pay across different tenures. The interest rate is assumed to be 8.5% per annum for the calculation of ₹50 Lakh house loan EMI.

₹50 Lakh Home Loan EMI Calculator

Using an EMI calculator helps you compute EMIs instantly. All you need to do is input the loan amount, tenure and applicable  interest rate to assess your monthly instalments.

While this calculator provides error-free results, you can calculate the EMI manually as well. Here is the formula for calculating your home loan EMIs manually:

EMI = P x R x (1+R)^N / [(1+R)^N-1]

Here,

• P is the principal loan amount

• N is the tenure of the loan in months

• R is the interest rate

Check this table for different banks providing a ₹50 Lakh Home Loan:

The interest rates are subject to change with the change in norms and policies of the banks and financial institutions.

Financial institutions (banks/NBFCs) consider certain eligibility criteria before granting a home loan. 

While the exact criteria are different for different lenders, some of the general eligibility conditions that you must satisfy as a home loan applicant are:

• Age: You must be at least 18 years old to be eligible for a home loan from any lender. Some lenders have a higher age limit and require you to be at least 21 years old to process your home loan application.

• Credit Score: Credit score or CIBIL score is one of the most important factors that determine your eligibility criteria for housing loan. If you have a credit score of 750 or above, you are most likely eligible for home loan offers.

• Income: Apart from your credit score, your income is another very important factor that determines your eligibility for a home loan. Banks/NBFCs would grant you a home loan only if you are financially capable to pay the loan EMIs.

• Loan to Value (LTV) Ratio: Banks/NBFCs usually do not grant loans of an amount greater than 80% of the value of the property. For example, if you apply for a home loan to buy a house worth ₹50 Lakhs, the maximum loan amount you would be eligible for would be ₹40 Lakhs. This ratio of the loan amount to the market value of the property is known as the Loan to Value (LTV) ratio.

In order for your home loan application to be processed by the bank/NBFC, you need to provide a certain set of documents. Here is a handy list of housing loan documents that you need to furnish:

• Identity Proofs: Aadhaar card, Voter ID card, driving licence, passport, etc.

• Address Proof: Driving licence, passport, Aadhaar card, utility bills, etc.

• Proof of Income: Last three months’ salary slips, last six months’ bank statements, Form 16 or income tax returns.

• Property Documents: Sale deed, a copy of allotment letter/buyer agreements

Knowing the EMI for a ₹50 Lakh home loan for 10 years before you apply is vital. This is especially important because 10 years is a rather short window to pay off the loan amount. 

As such, the EMI on a home loan of ₹50 Lakhs is much higher in comparison to the ₹50 Lakh home loan EMI for 25 years. In fact, the difference is quite significant, which is why it is important to calculate your EMIs beforehand.

This process is quite simple, if you choose to calculate your instalments using a ₹50 Lakh home loan EMI calculator. This digital tool is easy to use, requires minimal inputs, and provides accurate results within seconds. 

As such, knowing the ₹50 Lakh home loan EMI for 10 years is easy, and here’s a table you can refer to for additional insights. 

Considering the longer repayment timeline, the EMI for a ₹50 Lakh home loan for 20 years is a lot easier on your wallet. This is because the payments are spread over 10 more years, allowing for smaller instalments.  

Do note that the home loan EMI for ₹50 Lakhs is lesser, but the interest outgo is higher. As such, the loan ends up being costlier in the long run. The easiest way to understand this difference is by using a ₹50 Lakh house loan EMI calculator and computing the results for varying tenures. 

You will notice that a higher tenure reduces the EMI outgo, while simultaneously increasing the interest payable. To better understand the ₹50 Lakh home loan EMI for 20 years, check out the following table.

The ₹50 Lakh home loan EMI for 30 years will be the lowest in comparison. In fact, it will likely be the one many choose to go with simply because it is easy to handle. The monthly payments are significantly lower, and there’s minimal risk of default. 

However, the affordable EMI for a ₹50 Lakh home loan for 30 years has a downside. Here, your interest is very high. Refer to the following table to get a better understanding. 

Other Home Loan EMI Options