Quick Answer: How Much EMI Is Safe?

How Much Will EMI reduce?

For example, if the home loan interest rate reduces to 9% from 10% p.a., then the EMI reduces to Rs.

41,960 from Rs.

45,435 on a home loan of Rs.

50 lakh..

What will be 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

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 is the EMI for 15 lakhs home loan for 10 years?

14 Lakh Home Loan EMI DetailsRepayment PeriodEMI Per Month5 YearsRs. 28,38710 YearsRs. 16,98615 YearsRs. 13,37920 YearsRs. 11,7102 more rows

What is the EMI for 50 lakhs home loan?

EMI Calculations for a Home Loan of Rs. 50 Lakh with Different TenorsTenor of the LoanEMI Payment (Rs.)Total Interest Payable (Rs.)10 years66,07529,29,07915 years53,73046,71,51120 years48,25165,80,296

What is EMI per lakh for home loan?

Today’s lowest EMI for a ₹ 16 Lakh home loan is ₹ 10,378 at the lowest rate of 6.75% and maximum tenure of 30 years. … 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 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.

Can I buy a house with 50000 salary?

With a $50,000 annual income ($4,167 per month), $1,700 in housing and other monthly payments gets you a 41 percent DTI. … With a $10,000 down payment and 4.0 percent interest rate, you could probably buy a home for a maximum price of around $200,000.

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.

What percentage of salary should be EMI?

House-related expenses, be it loan EMIs (equated monthly instalments) or rent, can also send your cashflow haywire. While the combined EMIs of all your loans should not be more than 45-50% of the total income, home liabilities should not exceed 35-40% of the income.

What will be the EMI for 1 crore home loan?

EMI Calculations for a Home Loan of Rs. 1 Crore with Different TenorsLoan Amount1 Crore Home Loan EMI for 10 Years1 Crore Home Loan EMI for 20 YearsRs.1 croreRs.1,32,151Rs.96,502

What is the EMI for 40 lakhs loan?

What is the EMI for a 40 lakhs home loan? The EMI for a 40 lakh home loan will depend on the interest rate and the tenure period that you and your lender agree upon. For instance, if you get an interest rate of 8% and a tenure period of 20 years, your Equated Monthly Instalment(EMI) will be Rs. 33,458.

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

Is it better to reduce EMI or tenure?

“It is better to reduce tenure if you are comfortable paying the same or a marginally higher EMI. … If the home loan rate is reduced by 0.25% to 10.75%, the EMI would come down by Rs 848 to Rs 50,671. Now if you can afford to pay the same or a little over the old EMI, you can reduce the tenure of your loan.

How can I reduce my bank EMI?

Simple Ways to Reduce Your Loan EMIOpt for a Higher Down Payment. … Choose a Loan With a Longer Repayment Tenure. … Go for a Step-Down EMI Plan. … Consider Taking Loans With Your Existing Bank. … Negotiate With Bank For Lower Rate. … Compare Before You Switch Your Lender. … Full or Part Prepayment Helps Reduce Loan Burden.More items…

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

How much loan I can get if my salary is 60000?

If you take a personal loan for a maximum of 5 years, then your loan amount will be ₹ 36,000*12*5 = ₹ 21,60,000. However, the multiplier is 20, then the loan amount will be ₹ 60,000*20 = ₹ 12,00,000. Therefore, the amount you will get on ₹ 60,000 salary is ₹ 12,00,000.

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

HDB Financial Services offers personal loans of up to Rs. 20 lakh to individuals who earn a minimum income of Rs. 15,000. Those who reside in metro cities like Ahmedabad, Chennai, Bengaluru, Kolkata, Delhi, Pune, Mumbai, and Hyderabad are required to earn at least Rs.

Can I take 2 home loans?

Yes, you can own multiple properties and Apply For a Home Loan for more than one house. However, it depends directly on your income and probability of paying off the debt. You can take the credit from the same finance company or bank, or may explore other avenues.

What is the EMI for 10 lakhs personal loan?

Personal loan EMI calculator at different tenuresLoan Amount (Rs.)2 Years3 Years1 Lakh₹ 4,596₹ 3,2083 Lakh₹ 13,788₹ 9,6245 Lakh₹ 22,980₹ 16,04010 Lakh₹ 45,961₹ 32,0805 days ago

Can I change my EMI amount?

You can also increase your EMI amount every year by a certain percentage. The increase can be in line with increase in your salary. For instance, if your salary increases by 5% per annum, you can make it a point to increase your EMI by 5% per annum.