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Home Loan Calculation: How can you save Rs 32 lakh and 5 years on Rs 80 lakh, 30-year loan?
- Written by Anamika Singh
Published: Zee Business| Updated: Zee Business
Opting for a shorter loan tenure can save you a lot. By increasing your EMI slightly, a Rs 80 lakh loan for 30 years can be reduced to 25 years, helping you save nearly Rs 32 lakh and several repayment years. Let’s find out how.
Photo source: Pixabay/Representational
1/8
What will be EMI on Rs 80 lakh loan for 30 years?
1/8Here, we are discussing a home loan of Rs 80 lakh. The interest rate will be 9.50 per cent, and the loan duration is for 30 years. The estimated monthly installment (EMI) on an 80 lakh loan will be Rs 67,268.
2/8
What will be total interest on Rs 80 lakh loan?
2/8On this loan, the estimated interest will be Rs 1,62,16,601, considering a 9.5 per cent interest rate.
3/8
What will be total repayment amount of Rs 80 lakh loan?
3/8On an Rs 80 lakh loan, the total repayment amount will be Rs 2,42,16,601.
4/8
Comparing 30-year vs 25-year tenure
4/8In a 30-year tenure, the monthly EMI will be approximately Rs 67,268, and the total interest paid over the period will be around Rs 1,62,16,601. Now, if you reduce the tenure to 25 years, the EMI increases to Rs 69,896 (just Rs 2,628 more). However, the total interest paid drops to approximately Rs 1,29,68,720.
5/8
What will be your EMI on Rs 80 lakh loan for 25 years?
5/8On an Rs 80 lakh loan for 25 years at a 9.50 per cent interest rate, the estimated monthly EMI amount will be Rs 69,896.
6/8
What will be your total interest on Rs 80 lakh loan in 25 years?
6/8The estimated total interest in 25 years will be Rs 1,29,68,720 on a Rs 80 lakh loan.
7/8
What will be your total repayment amount on Rs 80 lakh loan in 25 years?
7/8The total estimated repayment amount will be Rs 2,09,68,720.
8/8
How much money can you expect to save?
8/8The estimated amount you can save because of an increase in EMI would be approximately Rs 32,47,881. On the other hand, the time saved will be 5 years.
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