50 Lakh Home Loan EMI For 5 Years, 10 Years, 15 Years, and 20 Years (2024)

Understanding the financial aspects of a home loan is crucial for buying a property. In this article, we delve into the intricacies of ₹50 lakh home loan EMI. Calculate your monthly payments for different tenures, explore EMI options, and make informed decisions about your housing loan.

For those eager to commence their journey towards homeownership with a 30-year loan tenure, the figures are telling: you can initiate it with a budget-friendly initial EMI of ₹38,269, empowering you to confidently embark on the path to your dream home with a ₹50 Lakh home loan.

₹50 Lakh Home Loan EMI Details

When dealing with a ₹50 lakh home loan, your monthly ₹50 lakh house loan EMIs are influenced by factors like the interest rate, loan tenure, and the concept of compound interest. Compound interest refers to interest calculated on both the initial loan amount and the accumulated interest from previous periods. This results in interest on interest.

The following table illustrates the monthly Equated Monthly Installment (EMI) amounts for a ₹50 lakh home loan at a fixed interest rate of 8.45% across different loan tenures, ranging from 5 to 30 years.

How to Calculate ₹50 Lakh Home Loan EMI?

What will be the EMI for ₹50 lakh home loan?Calculating the EMI for your ₹50 lakh home loan is a crucial step in planning your finances. You can easily compute it using the {Budget} home loan EMI formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

EMI = Equated Monthly Installment

P = Principal Loan Amount (50,00,000 INR in your case)

R = Monthly Interest Rate (Annual Interest Rate divided by 12 and converted to a decimal)

N = Loan Tenure in Months (Loan Tenure in Years multiplied by 12)

With this formula, you can determine the monthly EMI you need to pay for your ₹50 lakh home loan, making it easier to plan your budget effectively.

₹50 Lakh Home Loan EMI Calculator

To gain insights into your monthly repayments for a 50 lakh home loan, use an EMI calculator. Various online platforms, including NoBroker Home Loan Services, offer user-friendly EMI calculators designed for this purpose.

Here's how you can use an EMI calculator:

• Loan Amount: Input ₹50 lakhs, the principal amount you plan to borrow.
• Interest Rate: Specify the applicable interest rate. For our example, consider an 8.45% compound interest rate.
• Loan Tenure: Define the loan duration, which can range from 5 to 30 years based on your preference.

The EMI calculator provides two vital pieces of information:

• Monthly Repayments (EMI): This is the ₹50 lakh home loan EMI, the amount you'll pay monthly to gradually repay the loan.
• Total Interest: The calculator indicates the cumulative interest paid over the loan tenure.

The EMI calculator simplifies your calculations and empowers you to make well-informed decisions regarding your ₹50 lakh home loan, helping you assess affordability across different tenures and interest rates.

Eligibility Criteria for a ₹50 Lakh Home Loan

Securing a ₹50 lakh home loan involves meeting specific eligibility criteria. Lenders consider factors like age, income, credit score, and employment stability to ensure responsible repayment.

• Age: Age plays a significant role in this evaluation process. Typically, the minimum age is around 21 years, and the maximum age at loan maturity is between 60 and 65 years.
• Income: Lenders assess your income against the EMI amount. While the exact figures can vary, a common benchmark is that your minimum annual income should be approximately 3 to 4 times the EMI for a housing loan of ₹50 Lakhs.
• Credit Score: A favourable credit score is a reflection of your financial history and behaviour. Lenders often consider a credit score above 750 to be highly favourable.
• Employment Stability: The stability of your employment history is a valuable indicator of your ability to generate a consistent income stream. Lenders favour borrowers with a track record of stable employment. Having a longer tenure at your current employer may also be advantageous, as it exhibits a greater sense of job security and stability.

In essence, lenders take a comprehensive view of your age, income, credit score, and employment history to assess your eligibility for a ₹50 lakh home loan. Meeting these criteria not only enhances your chances of loan approval but also signifies your capacity to responsibly manage and repay the loan over the designated tenure.

Documents Required for a ₹50 Lakh Home Loan

Accurate and complete documentation is crucial for a smooth home loan application process. Here's a list of common documents required:

• Proof of Identity: Valid government-issued identification like a passport, Aadhaar card, PAN card, or driver's license.
• Proof of Address: Documents verifying your residential address, such as utility bills or rental agreements.
• Proof of Income: Documents showcasing income capacity, including salary slips, income tax returns, and Form 16.
• Employment Proof: Verification of employment history, such as offer letters or employment letters.
• Bank Statements: Recent bank statements illustrating financial transactions and income.
• Property Documents: If identifying a property, provide relevant documents like sale agreements and title deeds.
• Photographs: Passport-sized photographs for official purposes.
• Loan Application Form: Lender-provided application form, duly filled and signed.
• Investment Proof (if applicable): Documents related to investments for additional financial stability.

Specific document requirements might vary by lender and employment nature.

₹50 Lakh Home Loan EMI for 5 Years

Are you considering a ₹50 lakh home loan with a 5-year repayment period at an 8.45% annual interest rate? How much EMI for ₹50 lakh loan? To calculate your monthly EMI manually, you can use the formula:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 5-year term:

• EMI = ₹ {50,00,000 x 0.00704 x (1 + 0.00704)^60} / {(1 + 0.00704)^60 - 1}
• EMI ≈ ₹102,462

With a ₹50 lakh loan amount, your monthly EMI would be approximately ₹102,462 over 5 years, resulting in a total repayment of ₹6,147,732, including ₹1,147,732 in interest.

₹50 Lakh Home Loan EMI for 10 Years

Planning a ₹50 lakh home loan with a 10-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 10-year term:

• EMI = ₹ {50,00,000 x 0.00704 x (1 + 0.00704)^120} / {(1 + 0.00704)^120 - 1}
• EMI ≈ ₹61,859

A ₹50 lakh loan over 10 years translates to a monthly EMI of ₹61,859, resulting in a total repayment of ₹7,423,106, including ₹2,423,106 in interest.

₹50 Lakh Home Loan EMI for 15 Years

Considering a ₹50 lakh home loan with a 15-year repayment period and an 8.45% annual interest rate? Calculate your EMI manually:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 15-year term:

• EMI = ₹ {50,00,000 x 0.00704 x (1 + 0.00704)^180} / {(1 + 0.00704)^180 - 1}
• EMI ≈ ₹49,091

With this loan, your monthly EMI for 15 years would be ₹49,091, resulting in a total repayment of ₹8,836,298, which includes ₹3,836,298 in interest.

₹50 Lakh Home Loan EMI for 20 Years

Thinking of a ₹50 lakh home loan with a 20-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 20-year term:

EMI = ₹ {50,00,000 x 0.00704 x (1 + 0.00704)^240} / {(1 + 0.00704)^240 - 1}

EMI ≈ ₹43,233

Your monthly EMI for 20 years would amount to ₹43,233, resulting in a total repayment of ₹10,375,935, including ₹5,375,935 in interest.

₹50 Lakh Home Loan EMI for 25 Years

Planning a ₹50 lakh home loan with a 25-year repayment period at an 8.45% annual interest rate? Calculate your EMI manually:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 25-year term:

EMI = ₹ {50,00,000 x 0.00704 x (1 + 0.00704)^300} / {(1 + 0.00704)^300 - 1}

EMI ≈ ₹40,093

Your monthly EMI for 25 years would be ₹40,093, resulting in a total repayment of ₹12,027,906, which includes ₹7,027,906 in interest.

₹50 Lakh Home Loan EMI for 30 Years

Thinking of a ₹50 lakh home loan with a 30-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

For a 30-year term:

EMI = ₹ {50,00,000 x 0.00704 x (1 + 0.00704)^360} / {(1 + 0.00704)^360 - 1}

EMI ≈ ₹38,269

With this loan, your monthly EMI for 30 years would be ₹38,269, resulting in a total repayment of ₹13,776,710, including ₹8,776,710 in interest.

Things to Keep in Mind When Applying for a ₹50 Lakh Home Loan

When seeking a ₹50 Lakh home loan, it's vital to consider several key factors. Here's a brief overview to steer you in the right direction:

Credit Health: Maintain a strong credit score (typically above 750), as it holds significant sway over loan approval and interest rates.

Eligibility Check: Ensure you align with the lender's eligibility criteria, taking into account factors such as age, nationality, and income.

Repayment Capability: Evaluate your ability to repay by assessing your current financial status and job stability.

EMI Suitability: Calculate EMIs for different loan durations to select one that fits your monthly budget seamlessly.

Total Cost Insights: Gain insight into the overall interest payable throughout the loan tenure to make a well-informed choice.

Do’s and Don'ts for a Successful ₹50 Lakh Home Loan Application

Following these guidelines will help you navigate the ₹50 Lakh home loan application process effectively and make informed decisions.

How Can NoBroker Help?

NoBroker streamlines the ₹50 lakh home loan EMI process. With an online application, access to lenders, and expert guidance, NoBroker simplifies your journey. Their solutions, transparent terms, and efficient processing support you through application to post-approval. Experience a hassle-free loan application with NoBroker Home Loan Services and fulfil your homeownership goals seamlessly.

Disclaimer: The interest rates and calculations mentioned in this guide are for illustrative purposes only. Actual rates and terms may vary depending on the lender and prevailing market conditions.