Home Loan Calculator: There may be a loss of more than Rs 6 lakh in a turn of 5 years, know how –
If one is looking to buy a house of his own, then considering the current situation, now is the right time. The reason is the interest rates of home loans. Which is less than 7 percent. But it is very important to keep many things in mind while taking a home loan. Like the EMI is low, but how much the tenor chooses is very important. That is because the higher your EMI, the more you will have to pay the loan interest.
Today we will try to explain this math to you that if you take a home loan of Rs 25 lakh for 20 years and for 25 years, then you may have to pay more than Rs 6 lakh interest. That is, if you take extra five years, you will have to pay more amount to the bank. Which is your loss. Let us also try to tell you how much interest will have to be paid in the tenure of 20, 25 and 30 years according to the home loan of Rs 25 lakh and interest of 6.8 percent.
How much interest will have to be paid in 20 years on a loan of 25 lakhs: If your loan amount is Rs.25 lakhs, then your EMI per month will be Rs.19158 at 6.8% per annum interest. Also, you will have to pay interest of Rs 20,97,925 in total in 20 years. That is, you will have to pay Rs 45,97,925 to the bank instead of Rs 25 lakh in 20 years.
On repaying a loan of Rs 25 lakh in 25 years: If you take a home loan for 25 years instead of 20, then with the same loan amount and interest rate, your EMI may come down by about Rs 2,000, but the total interest amount will increase by about Rs 6.30 lakh. That is, in 25 years, the total interest will be Rs 27,29,294.
If you take loan for 30 years: Now if you take a loan for 30 years, then you will have to pay more interest with the same loan amount and interest rate. Your interest amount will exceed Rs 30 lakh. That is, you have to pay interest of more than 12 lakhs. Now you must have understood that in a span of five years, you will lose more than Rs 6 lakh, while the difference in EMI per EMI will be only Rs 2000.
#Home #Loan #Calculator #loss #lakh #turn #years