Calculate home loan EMI payments
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate (annual/12), n is tenure in months. A ₹50 lakh loan at 8.5% for 20 years = ₹43,391 EMI.
Banks typically offer 75-90% of property value. Eligibility is based on income (EMI shouldn't exceed 40-50% of net salary), age, existing debts, and credit score. Higher income and lower debts mean higher eligibility.
Shorter tenure = higher EMI but much less total interest. 20-year loan on ₹50 lakh at 8.5% costs ₹54.14 lakh interest; 10-year costs ₹23.19 lakh. Choose based on affordability and long-term cost savings.
Fixed rates stay constant throughout tenure. Floating rates change with market conditions. Floating is typically 0.5-1% lower initially and benefits from rate cuts. Most Indian home loans are floating rate.
Make prepayments when possible, opt for shorter tenure, maintain good credit score for lower rates, consider balance transfer to lower-rate lenders, and claim tax deductions on principal (80C) and interest (24b).
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