EMI on a 20 lakh home loan for 20 years
|Loan Amount||Interest rate||EMI|
In this way, can I get home loan for 5 years?
SBI Flexipay Home loan provides an eligibility for a greater loan. It offers customer the flexibility to pay only interest during initial 3-5 years and thereafter in flexible EMIs. This variant of SBI home loan is very useful for young salaried between 21-45 years.
Simply so, how much home loan can I get on 16000 salary?
The maximum loan amount may range between 8 to 10 times your monthly income. Henceforth, you may become eligible for a maximum loan amount of Rs. 1,60,000 which can be repaid in a tenure that is comfortable to you. In case you are looking for a loan at better terms, you may check your eligibility here.
How much home loan can I get on 25000 salary?
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
For instance, if your net salary is Rs. 55,000, you will be eligible for a loan of approximately Rs 33 lakhs.
|Net Monthly Income (Rs.)||Home Loan Amount (Rs.)|
Hence, your salary will become Rs. 49,000 if you deduct these two from it. Now, the home loan amount you will be eligible for is Rs. 29.4 Lakh.
|Net Monthly income||Home Loan Amount|
Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).
On the other hand, if you are wondering – how much personal loan can I get on a 40,000 salary, the loan sanction amount will be close to Rs. 10.80 lakhs.
|Salary||Expected Personal Loan Amount|
|Rs. 40,000||Rs. 10.80 lakhs|
|Rs. 50,000||Rs. 13.50 lakhs|
|Rs. 60,000||Rs. 16.20 lakhs|
An equated monthly instalment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.
What is the Minimum Salary for a Home Loan? Your salary should be above Rs. 15,000 per month to qualify for a home loan.
EMI Calculation for 20 Lakh Home Loan amount for Various Tenure Options:
|Tenure Options||EMI Per Month|
|5 Years||Rs. 39, 414|
|10 Years||Rs. 23,016|
|15 Years||Rs. 17,754|
|20 Years||Rs. 15,267|
EMI Calculations for a Home Loan of up to Rs. 30 Lakh with Different Tenors
|Loan Amount||EMI when Tenor is 10 Years||EMI when Tenor is 15 Years|
Monthly Interest for Senior Citizens:
|Investment amount||Monthly interest for Senior Citizens||Commutative interest for 5 years|
|5 lakh||Rs.2,729||Rs. 1,931,122|
|15 lakh||Rs. 8,187||Rs.5.79,365|
|20 lakh||Rs. 10, 917||Rs. 7,72,486|
Best banks to get your home loan in 2021
- Union Bank of India.
- Union Bank home loan interest rate.
- Kotak Mahindra Bank.
- Kotak Mahindra home loan interest rate.
- Bank of Baroda.
- Bank of Baroda home loan interest rate.
- Punjab National Bank.
- Punjab National Bank home loan interest rate.