If you are looking to make your home opt for a home loan and avail a 50 lakh home loan through easy processing and documentation procedures. Read on to find out all about your eligibility, the rate of interest and the 50 lakh home loan EMI you will have to pay to make informed decisions.
If you want to build your dream home soon, consider applying for a home loan that can help you fulfil all your property requirements without any hassle. Home loans serve multiple purposes to eligible customers. You can use a home loan for either construction purposes or renovation and extension purposes of your property.
A 50 lakh home loan is granted by banks and other financial companies to eligible customers who utilise it for multiple purposes. 50 lakh is a huge amount. In order to repay the amount along with the interest rates properly, make sure you make a solid financial strategy before you apply for a home loan. It will not only help you manage your expenses well but also help you make informed decisions during your tenure —different banks of different home loan schemes in India. Make sure you do proper research on how you can manage your finances after you take out a 50 lakh home loan.
If you intend to apply for a home loan soon, go through the details mentioned in this article regarding a home loan of 50 lakh, eligibility requirements, different interest rates offered by banks, and other details.
Tip: Best Home Loan for Salaried Person before applying for a loan
When you get a home loan of 50 lakh, it is the principal amount that you have to repay during the tenure that you select. Leading banks that offer home loans of up to 40 lakh include the State bank of India, Bank of Baroda, HDFC Bank, Bank of India, to name a few.
The amount that you will have to pay after taking the home loan will depend on the tenure you select, along with the current interest rate offered by your preferred bank.
Several factors that you need to keep in mind if you want to get a 50 lakh home loan soon include:
Tip: 50 Lakh Home Loan EMI Interest Rate 2022 before applying for a loan
There are several factors that affect your 50 lakh home loan EMI after your loan is granted. Take a look:
Make sure you go through the chat to understand the different instalment rates depending on different tenures selected by applicants.
Loan Amount | Tenure | Monthly EMI |
---|---|---|
50 Lakh | 5 years | 99,124/- |
50 Lakh | 10 years | 58,123/- |
50 Lakh | 15 years | 45,081/- |
50 Lakh | 20 years | 38,915/- |
50 Lakh | 25 years | 35,499/- |
50 Lakh | 30 years | 33,433/- |
The monthly instalments have been calculated on the basis of an average interest rate of 7.05%. Interest rates differ from one bank to the other, and so does the 50 lakh home loan EMI. Make sure you thoroughly check all the rates carefully before choosing any loan scheme. Your EMI on 50 lakh home loan also depends on your credit score. Those who have poor credit scores are more likely to pay higher interest rates which increases the monthly instalment rates.
Additional Info: Also check SBI Home Loan EMI Calculator
Below is the table for Rs. 45 Lakh home loan EMI for different banks for 10, 20 and 30 years using the Rs. 45 Lakhs Home Loan EMI Calculator:
Bank/NBFC | Rate of Interest | EMI for 10 Years | EMI for 20 Years | EMI for 30 Years |
---|---|---|---|---|
State Bank of India | 7.55% – 8.25% p.a. | Rs. 53,533 – Rs. 55,194 | Rs. 53,533 – Rs. 38,343 | Rs. 31,619 – Rs. 33,807 |
Bajaj Finserv | 7.20% – 14% p.a. | Rs. 52,714 – Rs. 69,870 | Rs. 35,431 – Rs. 55,958 | Rs. 30,545 – Rs. 53,319 |
PNB Housing Finance Ltd. | 7.65% – 9.20% p.a. | Rs. 53,769 – Rs. 57,492 | Rs. 36,666 – Rs. 41,068 | Rs. 31,928 – Rs. 36,857 |
Bank of Maharashtra | 7.30% to 9.20% p.a. | Rs. 52,947 – Rs. 57,492 | Rs. 35,703 – Rs. 41,068 | Rs. 30,851 – Rs. 36,857 |
Kotak Mahindra Bank | 7.50% to 8% p.a. | Rs. 53,416 – Rs. 54,597 | Rs. 36,252 – Rs. 37,640 | Rs. 31,465 – Rs. 33,019 |
HDFC Ltd | 8.10% – 9.00% p.a. | Rs. 54,835 – Rs. 57,004 | Rs. 37,920 – Rs. 40,488 | Rs. 33,334 – Rs. 36,208 |
Axis Bank | 7.60% to 12% p.a. | Rs. 53,651 – Rs. 64,562 | Rs. 36,527 – Rs. 49,549 | Rs. 31,773 – Rs. 46,288 |
ICICI Bank | 7.60% to 8.45% p.a. | Rs. 53,651 – Rs. 55,673 | Rs. 36,527 – Rs. 38,910 | Rs. 31,773 – Rs. 34,442 |
Tata Capital | 7.75% p.a. onwards | Rs. 54,005 onwards | Rs. 36,943 onwards | Rs. 32,239 onwards |
Federal Bank | 8.55% to 8.70% p.a. | Rs. 55,914 – Rs. 56,276 | Rs. 39,195 – Rs. 39,624 | Rs. 34,761 – Rs. 35,241 |
Additional Info: Also Apply Section 80CCD
When you take a 50 lakh home loan for a 10-year tenure, your interest rate influences your monthly instalment rates directly and immensely. For instance, with the lowest offered interest rate of 7.05%, you will have to pay an EMI of around 58,183/- for a tenure of 10 years.
Use the online EMI calculator and submit the following details such as your principal amount, preferred tenure, and current interest rate to calculate your EMI.
The 50 lakh home loan EMI will be comparatively high if you decide to go for a shorter tenure. Similarly, if you choose a longer repayment tenure while applying for the home loan, your EMI rates will automatically decrease at the same time.
Your credit score also has a huge role in deciding your monthly instalment rates. If you have a poor credit score of around 650 or less, your chances of loan approvals decrease. You may also miss out on several home loan tax benefits for having a poor credit score.
Additional Info: Looking for Rs. 1 Crore Home Loan EMI? Check EMI & Apply.
By using the online home loan EMI calculator, you can easily calculate the monthly instalment for a 50 lakh home loan for the tenure of 5 years. Select the details such as your preferred tenure- 5 years, principal amount- 50 lakh, and interest rate- 7.05% to calculate the EMI.
For a tenure of 5 years, your EMI will be around 99,124/- for an interest rate of 7.05%. The rates will increase if the interest rate increases. In order to decrease your instalment rate, you can choose a longer tenure of up to 15 years or 25 years.
Additional Info: Check 30 Lakh Home Loan EMI Apply Online.
To get a home loan of up to 50 lakh approved by your preferred bank, you must take note of their eligibility policies. Home loan eligibility can differ from one bank to the other based on their policies. However, make sure you go through the common factors that are required by all banks and financial institutes.
Additional Info: Best Home Loan Interest Rates @6.70%
To get a home loan of up to 50 lakh approved by your preferred bank, you must take note of their eligibility policies. Home loan eligibility can differ from one bank to the other based on their policies. However, make sure you go through the common factors that are required by all banks and financial institutes.
Additional Info: Best Home Loan Interest Rates @6.70%
Go through the chart to understand the different interest rates offered by different banks in India so that you can go for the scheme that suits your affordability the best:
Banks | Minimum Interest Rate p.a |
---|---|
State Bank of India | 7.55% |
HDFC Bank | 7.55% |
ICICI Bank | 7.60% |
Bank of Baroda | 7.45% |
Bank of India | 7.40% |
Axis Bank | 7.60% |
Canara Bank | 7.05% |
Citibank | 6.95% |
HSBC Bank | 7.35% |
Kotak Bank | 7.50% |
Additional Info: Also Check Best Banks for Home Loan in India in 2022
Home loan interest rates are the lowest ever in the past 15 years. With raining festival offers on home loan, currently you can avail of the best interest rate on Bajaj Finserv home loan @7.70% p.a for all loan amounts.
You can avail the lowest Home Loan EMI at Rs. 727/- per lakh with maximum repayment flexibility. Some options are Step-Up EMIs, Step Down EMIs, Moratorium, OD facility, balance transfer, top up and more.
Home Loans at floating interest rate (linked to repo rate) offer you ultimate prepayment flexibility. There is no part or full prepayment charge. You can prepay early & reduce interest cost as per your cash flows.