Tuesday, January 18, 2022

Rs 50 Lakh Home Loan EMI: All You Want to Know

 January, 2022


Here is everything you should know if you have applied for a home loan of Rs 50 lakh.



Your home loan amount determines your monthly home loan equated monthly instalment (EMI). The higher the loan amount, the higher is the EMI. Once you start paying the home loan EMI, you need to follow extreme financial discipline to manage the entire loan tenure. Hence, it is important to have some idea about the EMI amount for various loan amounts.

As a part of our series on Home Loan EMI, the Housing News is trying to help new homebuyers understand the implications of taking home loans of different values. In this article, we would talk about the EMI implications on Rs 50 lakh home loan.


Rs 50 lakh home loan eligibility


The bank checks your creditworthiness through the documents you have submitted. They ask for various documents at the time of submission of the home loan application. These documents include government-approved identity cards, current residency proofs, proofs of your employment, monthly salary, tax filing, and property documents. A list of documents is given below that act as proofs:

Identity proofs: Driving licence, passport, Aadhaar card or voter ID

Address proof: Driving licence, passport, Aadhaar card, utility bills

Income proof: Last three months’ salary slips, last six months’ bank statements, latest Form-16, and IT returns

Property documents: Copy of allotment letter/buyer agreements, sale deed


Rs 50 lakh home loan EMI


The interest rate and the loan tenure would largely decide how much monthly EMI you will have to pay on Rs 50 lakh home loan. Considering majority of the banks offering home loans at 6.5% interest rate, we are using that rate as the benchmark to give you an indicative list of EMIs that you will have to pay during various home loan tenure. Tables are given below for your reference.


EMI on a Rs 50 lakh home loan for 30 years


Loan amountTenureInterestEMI
Rs 50 lakh30 years6.5%Rs 31,603


EMI on a Rs 50 lakh home loan for 20 years


Loan amountTenureInterestEMI
Rs 50 lakh20 years6.5%Rs 37,279


EMI on a Rs 50 lakh home loan for 15 years


Loan amountTenureInterestEMI
Rs 50 lakh15 years6.5%Rs 43, 555


EMI on a Rs 50 lakh home loan for 10 years


Loan amountTenureInterestEMI
Rs 50 lakh10 years6.5%Rs 56, 774


Tips to apply for Rs 50 lakh home loan


  • One should not be spending more than 40% of their monthly salary to pay home loan EMI. Make sure you stick with the cut-off.

  • Keep all the paperwork ready to get your home loan application approved quickly.

  • If you don’t have a good credit score, work to make it better. A good credit score is the only surety to get the best interest rate.


Get To Know About: Tips to Verify Your Flat Purchase Documents Without a Lawyer

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