Home Loan News: How much will be the EMI on taking a home loan of 50 lakhs for 20, 25 or 30 years

News, Digital Desk- (Home Loan EMI Calculator) It  is everyone's dream to have their own house in a big city, for which people come from small towns and work hard. 

If you are also thinking of fulfilling this dream, then home loan is an important step. It will help you buy your dream house and give your family a secure future.

Home loans are a great way to meet your financial needs and help you achieve your goal of buying property in big cities.  Here we will know how much EMI you will have to pay every month and how much interest you will have to pay if you take a home loan from State Bank of India.

Loan interest rates depend on the credit score-

Home loan interest rates depend a lot on your credit score. A good credit score helps you get a loan at a lower interest rate, while a poor score may cost you a higher interest rate. For example, State Bank of India is offering home loans to its customers at interest rates starting at 8.5%.

Therefore, it is beneficial to improve your credit score before taking a home loan. Banks also charge some amount as processing fees from their customers for home loan applications. Different banks charge different amounts as processing fees.

How much will be the EMI if you take a home loan for 20, 25, 30 years-

If you take a home loan of ₹50 lakh from SBI, then for 30 years you will have to pay an EMI of ₹38,446 every month. At the same time, for a period of 25 years, the EMI will increase to ₹40,261 and for a loan of 20 years it will be ₹43,391 per month. 

If you take a loan of ₹50 lakh for 30 years, you will have to pay a total interest of Rs 88,40,443. On a loan of 25 years, you will have to pay a total interest of Rs 70,78,406 and on a loan of 20 years, you will have to pay a total loan of Rs 54,13,879.