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Business News » Personal Finance News

Home Loan EMI: This small trick can help you buy a house AND save over Rs 40 lakh!

Home Loan Calculator: One thing all salaried people want to possess is a house in their name. But the costs have spiralled dreadfully in recent years. 

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Home Loan EMI: This small trick can help you buy a house AND save over Rs 40 lakh!
The minimum amount you need to buy an affordable house in a reasonably good society in big cities like Delhi-NCR is around Rs 35-40 lakh. Representational Image/Pixabay
Written By: ZeeBiz WebTeam
Updated: Sat, Dec 22, 2018
03:19 pm
New Delhi, ZeeBiz WebDesk
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Home Loan Calculator: One thing all salaried people want to possess is a house in their name. But the costs have spiralled dreadfully in recent years. While real estate agents and even bank telecallers leave no opportunity to convince people to go for a home loan, one must think of all the pros and cons before taking the plunge.

The minimum amount you need to buy an affordable house in a reasonably good society in big cities like Delhi-NCR is around Rs 35-40 lakh. Out of this, banks may provide up to 80% loan, while you will have to pay the remaining 20%. 

Suppose you get a loan of Rs 30 lakh. The following illustration will show you how a shorter loan repayment period will help you save lakhs of rupees. We use HDFC online home loan calculator tool to find out the EMI and total amount you will have to pay to the bank for five repayment periods - 5, 10, 15,  20 and 30 years. Calculate Home Loan Here

30-year Home Loan

*Source: HDFC

2. 20-year Home Loan

*Source: HDFC

3. 15-year Home Loan

Source: HDFC

4. 10-year Home Loan

5. 5-year Home Loan

*Source; HDFC

You can see from the above images that the total amount you end up repaying the bank increases drastically as the loan tenure goes up. Similarly, the EMI comes down when the tenure is longer. If you chose a loan repayment tenure of 10 years, you will have to pay a monthly EMI of Rs 37,679/month (Total: Rs 45,21,453). However, if you pick a longer tenure of, say 30 years, then you need to pay an EMI of Rs 23,708 while the total payment you make to the bank is Rs 85,34,961 (This is around Rs 40 lakh more than what you pay to the bank in 10 years.) Hence, you should always opt for a shorter repayment period.

Certainly, this will improve your burden, but it will prove to be a short-term pain for a long-term gain!

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TAGS:
home loanhome loan calculator
RELATED NEWS
Homebuyers alert! This bank targets Rs 700 crore for home loan disbursal in FY 2021-22 Homebuyers alert! This bank targets Rs 700 crore for home loan disbursal in FY 2021-22
PNB Home Loan EMI Calculator: Own a Rs 39 lakh house; pay Rs 28,841 monthly payment; Check this new PNB Housing Finance offer at pnbhousing.com PNB Home Loan EMI Calculator: Own a Rs 39 lakh house; pay Rs 28,841 monthly payment; Check this new PNB Housing Finance offer at pnbhousing.com
Home loan EMI calculator? First get answer to this critical question - is it the right time to buy a house? Your house-owning dream rests on this Home loan EMI calculator? First get answer to this critical question - is it the right time to buy a house? Your house-owning dream rests on this
Good news for home buyers! RBI rationalises risk weights on new loans till 31 March 2022 Good news for home buyers! RBI rationalises risk weights on new loans till 31 March 2022
EXPLAINED: Key factors driving home loan market in India EXPLAINED: Key factors driving home loan market in India

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