What Is The EMI For 20 Lakhs Home Loan?

How is loan amount calculated?

USING MATHEMATICAL FORMULA EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments..

How is EMI calculated?

How is EMI calculated? The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months. … The higher the loan amount or interest rate, the higher is the EMI payments and vice versa.

Can I get 15 lakh loan?

15 lakh with flexible repayment….Axis Bank Personal Loan Details.Interest Rate12% – 24% p.a.Loan AmountUp to Rs.15 lakhLoan TenureUp to 5 yearsMinimum Income RequiredRs.15,000 (monthly)

How much EMI can I get for 5 lakhs?

So, if you opt for a loan of ₹ 5 Lakh at 12.50% flat rate of interest for a period of 3 years, the EMI to be paid will be ₹ 19,097. And the total interest per year will be 500,000* (12.50/100) = 62,500. Thus, total interest in 3 years = 62,500 * 3 = 1.87 Lakh.

What will be the EMI for 50 lakhs?

Rs 50 lakh home loan EMI for 25 years at interest rate of 7.0% has a monthly EMI of Rs 35,339. This means that the total interest paid is Rs 56 lac during the full loan tenure without any prepayments. Rs 50 lakh home loan EMI for 20 years at interest rate of 7.0% has a monthly EMI of Rs 38,765.

What is the EMI for 10 lakhs home loan?

EMI Calculation for 10 Lakh Home Loan amount for Various Tenure Options:Tenure OptionsEMI Per Month5 YearsRs.2028010 YearsRs.1213015 YearsRs.956020 YearsRs.83602 more rows•Sep 11, 2013

How much loan can I get if my salary is 15000?

Salary of 15000, Am I eligible for Loan? Check here onlineProductSalaryMin. loan amountPersonal Loan1500040000Home Loan15000300000Car Loan15000100000Credit Card15000

Can I buy a home with 50000 salary?

It’s definitely possible to buy a house on $50K a year. For many, low-down-payment loans and down payment assistance programs are making home ownership more accessible than ever. … The amount you can afford doesn’t just depend on your salary, but on your mortgage rate, down payment, and more.

Can I get 20 lakhs personal loan?

Be it business investments or funding your child’s higher education, avail Rs. 20 Lakh loan from Bajaj Finserv and fulfil all your funding requirements with ease. The simplified application process and minimal documentation requirements make availing these loans quick and easy.

How much home loan can I get on 35000 salary?

Understand your salary:Net Monthly Income (₹)Loan Amount (₹)₹ 30,000₹ 17,09,806₹ 35,000₹ 20,46,586₹ 40,000₹ 23,83,366₹ 50,000₹ 30,56,9262 more rows

How much personal loan can I get if my salary is 40000?

If you take a personal loan for a maximum of 5 years, then your loan amount will be ₹ 20,000*12*5 = ₹ 12,00,000. However, the multiplier is 20, then the loan amount will be ₹ 40,000*20 = ₹ 8,00,000. Therefore, the amount you will get on ₹ 40,000 salary is ₹ 8,00,000.

How much loan can I get if my salary is 18000?

Based on the information provided by the applicant, bank will calculate his eligibility using eligibility calculator. With a salary of ₹ 18,000, the maximum amount for which he is eligible is ₹ 3.77 Lakh. The interest he has to pay for this amount for 60 months is 10.45%.

Which bank is best for housing loan?

Best Banks Which Offers Home Loans in IndiaS.NoBank NameMarket Percentage1SBI Home Loan34.00%2HDFC Ltd24.13%3LIC Housing05.83%4ICICI Bank13.10%4 more rows

What is the EMI for 20 lakhs personal loan?

Formula of Calculation of EMILoan amountInterest RateEMI per month5 Lakh8.35%Rs. 6,15910 Lakh8.50%Rs. 9,84715 Lakh8.60%Rs. 13,11220 Lakh8.70%Rs. 17,610

What is the EMI for 15 lakhs home loan?

EMI Calculations for a Home Loan of Rs. 15 Lakh with Different TenorsLoan AmountEMI when Tenor is 10 YearsEMI when Tenor is 20 YearsRs. 15,00,00019,82314,475

How much loan I can get if my salary is 25000?

If your earning Rs. 25,000 per month, your maximum EMI towards a personal loan can be up to Rs. 12,500. Most lenders determine the maximum loan amount up to 10 times of your monthly salary.

How much loan can I get if my salary is 1 lakh?

Home LoanBanksMinimum Income CriteriaMaximum Loan AmountLIC HFLFor Salaried: ₹15,000 per month For Self-employed: ₹2,00,000 per annumMinimum ₹1 lakh to 85% of total cost of the propertyState Bank of India (SBI)For Salaried: ₹1,20,000 (p.a.) For Self-employed: ₹2,00,000 (p.a.)Up to ₹2 crores3 more rows

Can I get 50 lakhs loan?

50 Lakh loan also becomes convenient with the flexibility of tenor. A salaried individual can opt for a tenure ranging between 2 and 20 years, depending on his/her repayment capacity. For a self-employed individual, the maximum available tenure is 18 years. Choose your repayment period as per your suitability.

What will be the EMI for 25 lakhs home loan?

Current EMI for ₹ 25 Lakh loan is ₹ 16,215 and EMI for ₹ 30 Lakh loan is ₹ 19,458 for a 30 year loan at the minimum interest rate.

How much loan can I get on 50000 salary?

5,40,000. 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….Multiplier Method.SalaryExpected Personal Loan AmountRs. 40,000Rs. 10.80 lakhsRs. 50,000Rs. 13.50 lakhsRs. 60,000Rs. 16.20 lakhs2 more rows•Apr 8, 2020

Can I buy a house with 40000 salary?

Take a homebuyer who makes $40,000 a year. The maximum amount for monthly mortgage-related payments at 28% of gross income is $933.