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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.

EMI Calculations for a Home Loan of ₹50 Lakh with Varying Tenures

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.

Loan Amount (₹)

Interest Rate (p.a.)

Tenure

EMI

₹50 Lakhs

 8.5% per annum

 30 Years

₹38,446

₹50 Lakhs

 8.5% per annum

 20 Years

₹43,391

₹50 Lakhs

 8.5% per annum

15 Years

₹49,237

₹50 Lakhs

 8.5% per annum

 10 Years

₹61,993

₹50 Lakh Home Loan EMI Calculator

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

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

₹50 Lakh Home Loan Interest Rate Offered by Banks/NBFCs

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

Name of the Partner

Interest Rates

Maximum Loan Amount

Maximum Tenure

Bajaj Housing Finance Limited

8.50% p.a. onwards

₹ 5 Cr 

Up to 30 Years

Home First Finance Company

9.50% p.a. onwards

₹ 40 Lakhs 

Up to 20 Years

ICICI Bank

9.00% p.a. onwards

₹ 5 Cr 

Up to 30 Years

India Shelter

10.50% p.a. onwards

₹50 Lakhs

Up to 20 Years

Kotak Mahindra Bank

9.00% p.a. onwards 

₹50 Lakhs

Up to 20 Years

LIC Housing Finance

8.65% p.a. onwards

₹ 15 Cr 

Up to 30 Years

PNB Housing Finance Limited

8.50% p.a. onwards

₹ 15 Cr 

Up to 30 Years

Shriram Housing Finance

11.50% p.a. onwards

₹ 1 Cr 

Up to 25 years

Shubham Housing Finance

10.90% p.a. onwards

₹ 50 Lakhs 

Up to 25 Years

Union Bank of India

8.50% p.a. onwards

₹ 15 Cr

Up to 30 Years

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

Factors That Affect Interest Rate Applicable on a ₹50 Lakh Home Loan

The rate of interest that the lender decides on a ₹50 Lakh home loan depends upon many factors. 

Some of the factors that influence the housing loan interest rate are:

  • Credit Score: Having a good credit score of 750 or above often leads banks/NBFCs to offer you a home loan at a comparatively lower rate of interest. Conversely, if you have a weak credit history you may be subjected to a significantly higher interest rate when seeking a home loan.

  • Type of Employment and Income: Lenders charge a lower interest rate from borrowers with a stable job or a well-established business. This is because stable employment with a regular inflow of cash means a lower risk of default.

  • Tenure of the Loan: Home loans with a longer tenure usually attract a higher rate of interest compared to ones with a shorter tenure.

  • Type of Interest: Home loans are offered with three types of interest rates- floating rate, fixed rate and mixed rate. While the interest rate applicable on loans with a fixed interest rate remains constant throughout the tenure of the loan, floating rate is subject to change. 

    Loans with mixed interest rate start off with a fixed rate of interest (applicable for a specific fraction of the tenure), then switch over to a floating rate.

  • Loan to Value (LTV) Ratio: It is the ratio of the loan amount to the market price of the property. Most lenders offer home loans up to 80% of the property price. You can always lower the LTV ratio by making a larger down payment. Home loans with a higher LTV ratio usually attract a higher rate of interest.

  • Property Location: The location of the property also impacts the interest rate charged by the lender. Lenders levy a lower rate of interest on properties with good connectivity and amenities located at a prime location.

     

    You can avail home loans at affordable interest rates and flexible home loan repayment tenures on Bajaj Markets. Apart from competitive interest rates, you also get numerous other benefits if you avail a home loan on Bajaj Markets such as zero charges or penalty for foreclosure of the loan or for making part prepayments and home loan tax benefits

     

    While looking for the best home loan offer for yourself, you should compare various loan offerings and select a lender providing the most affordable interest rates. Note that a good credit score can also help you avail low interest rates, as the lender is rest assured of your creditworthiness.

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Eligibility Criteria for a ₹50 Lakh Home Loan

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.

Steps to Apply for a Home Loan Up to ₹50 Lakhs

Applying for a housing loan on Bajaj Markets is a simple process that involves following the steps outlined below: 

  • Step 1: Click on “Apply Now” on this page, and enter basic details into the online form

  • Step 2: Submit your information and check for a home loan offer 

  • Step 3: Choose your preferred lender from the offers you have available

  • Step 4: Complete the loan application process by entering the loan particulars

  • Step 5: Await further instructions from an authorised representative 

In just 5 easy steps, you can apply for a home loan on Bajaj Markets and access offers from some of the best lenders. 

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Documents Needed for a ₹50 Lakh Home Loan

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

₹50 Lakh Home Loan EMI for 10 Years

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. 

Loan Amount

₹50,00,000

Rate of Interest

8.45% per annum

EMI

₹61,859

Total Interest

₹24,23,106

Total Repayment

₹74,23,106

₹50 Lakh Home Loan EMI for 20 Years

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.

Loan Amount

₹50,00,000

Rate of Interest

8.45% per annum

EMI

₹43,233

Total Interest

₹53,75,935

Total Repayment

₹1,03,75,935

₹50 Lakh Home Loan EMI for 30 Years

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. 

Loan Amount

₹50,00,000

Rate of Interest

8.45% per annum

EMI

₹38,269

Total Interest

₹87,76,710

Total Repayment

₹1,37,76,710

How to Minimise Your ₹50 Lakh Home Loan EMI?

While the loan EMI is usually fixed for the entire tenure of the loan, there are certain ways to reduce your home loan EMI. 

 

Following are some of the ways to minimise the EMI of a ₹50 Lakh home loan:

  • Choose a longer loan tenure: If you choose a longer repayment tenure, your EMI obligation will be considerably reduced.

  • Select a lower interest rate: Always compare between different lending companies/banks and choose the one that is offering the lowest interest rate. This will reduce your EMI obligation.

  • Make a substantial down payment: If you make a large down payment, your overall debt burden will be reduced. This will lower your loan EMI.

  • Partial prepayment: Based on your existing financial situation, you can choose to make a partial prepayment on your loan.  Prepayments reduce the outstanding principal amount, and thus reduce your EMI outgo significantly. 

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FAQs on ₹50 Lakh Home Loan EMIs

Can I get a ₹50 Lakh home loan without any security?

You can only avail a home loan by pledging your property as collateral, and so it won’t be possible to get a home loan of ₹50 Lakhs without security. 

 

What is the maximum repayment tenure I can go for in the case of a ₹50 Lakh home loan?

The maximum tenure generally goes up to 30 years, and you can opt for it if your lender offers it. Remember, selecting a longer repayment tenure can be advantageous as it will reduce the EMIs on a home loan of ₹50 Lakhs.

 

What is the minimum salary I need to have to get a ₹50 Lakh home loan?

The minimum salary you would need to get such a loan will depend on the loan terms you decide to avail. For instance, if you opt for a 10-year loan, the EMI for a ₹50 Lakh home loan for 10 years with an interest rate of 8.45% is ₹61,859. 

 

As such, you would need to have a steady income of at least ₹1.2 Lakhs to qualify for the loan without any issues. This is simply because lenders prefer you to have a debt-to-income ratio of 50% or lower.

 

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