Home Loan EMIs have seen a considerable decrease in recent years owing to prudent financial policies by the RBI. Currently, the base rate starts at 6.75% on Home Loans, giving one of the lowest monthly EMI amounts that Indians have seen.
The EMI amount for a home loan depends on various factors, like the interest rate, the loan amount, repayment tenure period, and other loan terms that you and the lender agree upon.
Let us have a look at the approx. EMI amount for an Rs.40 Lakh loan;
|
Loan Amount (in Rs.) |
Interest Rate |
Tenure |
EMI Amount (in Rs.) |
|
4000000 |
7.50% |
20 |
32224 |
|
4000000 |
8.00% |
20 |
33458 |
|
4000000 |
8.50% |
20 |
34713 |
|
4000000 |
9.00% |
20 |
35989 |
|
4000000 |
9.50% |
20 |
37285 |
|
4000000 |
10.00% |
20 |
38601 |
|
4000000 |
10.50% |
20 |
39935 |
|
4000000 |
11.00% |
20 |
41288 |
|
4000000 |
11.50% |
20 |
42657 |
|
4000000 |
12.00% |
20 |
44043 |
Additional Reading: What Is The Credit Score Required For Home Loan Refinancing
Tips to get the best interest rate for your Home Loan
Only with a good credit score will you be able to bargain with your lender for a low-interest loan and for the loan amount you want. When your lender checks your credit report and finds an unresolved negative account, you might not get the loan at the terms that you wanted or worse, you wouldn’t even be eligible for the loan. So it’s better to keep a good credit score before applying for the home loan you want.