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Thursday, July 7, 2022

# Home Loan Calculation: Are you also not giving 40 lakh rupees for a loan of 20 lakhs? Understand the math of home loan

Home Loan Calculator News: Having a house of your own, a car is the dream of most Indian employed people. But it is difficult to fulfill this dream and buy a house, car between a huge lump sum amount and everyday expenses. In such a situation, the best way seems to be a loan one. For a common man, this home loan ranges from Rs 25 lakh to Rs 40 or 50 lakh.

But have you ever considered the aspect of how much extra money you have to keep paying on the home loan. Often this amount is very high. If you do not choose the right bank or finance company at the time of taking the loan, then this amount almost doubles.

do this first

Generally, the tenure of home loan is 20 years in most of the cases. In such a situation, it is necessary to calculate the home loan interest and other things. Many banks charge you double in 20 years for your loan of 25 lakhs or 30 lakhs. Therefore, it is better to check the interest rate of different banks before taking a loan.

loan multiplication

Suppose you take a loan of Rs 25 lakh to buy a house. The tenure of paying this loan i.e. EMI is fixed at 20 years. Now let’s talk about the interest rate. Generally, the home loan interest rate of different banks is in the range of 7% to 8.5%. Around 7% is the starting range. Averaging considering the rising interest rate and other circumstances, the interest rate for home loan will be between 7.5% to 8%.

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