Home Loan: This government bank is giving a loan of Rs 50 lakh for 30 years
News Club (Bureau) Everyone dreams of buying their own new house. For this, people invest their entire life savings. But nowadays property rates are increasing rapidly in cities. Due to which it is not easy for the middle class to buy a new house in cities. In such a situation, you can fulfill your dream with the help of a home loan.
Due to this, the demand for home loans has increased and banks are giving loans to customers on attractive offers. If you also want to take a home loan and are looking for such banks which are giving loans of higher amount at low interest. Let us know in the news below -
The country's largest government bank, State Bank of India, is providing home loans to its customers at low interest rates. Now the question that must be arising in your mind is how many EMIs will have to be paid every month on a home loan and how much interest will have to be paid?
Loan interest rates depend on the credit score -
It is important to note that if you are thinking of taking a loan, then your credit score should be good. Because banks give loans on the basis of credit score and it is also decided at what interest rate you will get the loan.
If your credit score is good then you will get a loan at a lower interest rate. However, if the CIBIL score is bad then you will get a loan at a higher interest rate.
Now for your information, let us tell you that State Bank of India (SBI Bank Home Loan Interest Rate) is offering home loans to customers at an initial interest rate of 8.5 percent.
Banks charge some amount as processing fee from their customers for home loan application. All the banks have different processing fees.
This much EMI will have to be paid on a loan of Rs 50 lakh
If you are taking a home loan of Rs 50 lakh from SBI (SBI Bank Loan) for 30 years, then you will have to pay an EMI (Home Loan EMI Calculator) of Rs 38,446 every month.
If you take a home loan of Rs 50 lakh for 25 years, then you will have to pay an EMI of Rs 40,261 every month and for a loan of 20 years, you will have to pay an EMI of Rs 43,391 every month.
On taking a loan of Rs 50 lakh for 30 years, you will have to pay a total interest of Rs 88,40,443. On a loan of 25 years, you will have to pay a total interest of Rs 70,78,406 and on a loan of 20 years, you will have to pay a total interest of Rs 54,13,879.