Buying a home of your own can be an expensive affair. However, a Home Loan from a lender increases your budget and helps you buy a house. Such a Loan also allows you to claim income tax deductions and may even assist in validating your property. If you considering applying for a Home Loan of Rs. 50 lakh to fund the purchase of your home, know that, like other Loans, you need to repay your Home Loan using equated monthly instalments.

Hence, you might want to get an idea of the EMI amount you need to pay your lender every month. For this, you can use a Home Loan EMI calculator. Here are the various factors that can influence your Home Loan EMIs and determine the usage of the online calculator to understand what will be the EMI for a 50 lakh Home Loan?.

Factors affecting Home Loan EMIs

The EMI of your Rs. 50 lakh Home Loan can be affected by more than one factor. A few of them that influence the EMIs are:

• Loan tenures

A longer tenure typically results in lower EMIs and vice versa

• Loan amount

The amount borrowed is usually considered the primary factor determining your Home Loan EMI.

• Down payments

The greater the sum you pay as a down payment, the lower your Loan amount. Consequently, your EMIs are also lower.

• Interest rates

Your EMIs are directly proportional to the interest rate.

How to calculate the Home Loan EMIs?

Suppose you want to know what is the EMI for a 50 lakh Home Loan, use an online Home Loan calculator here. This calculator is free for everyone. It is also easy to use. To use the calculator to get an idea of the EMI amount of Rs. 50 lakh Home Loan, follow these basic steps:

• Find a suitable Home Loan EMI calculator online.
• Enter the Loan amount, i.e., Rs. 50 lakh.
• Input the interest rates in the calculator. Suppose it is 7.99% per annum. Then, enter the same.
• You also need to enter your preferred Home Loan tenure in years. Typically, lenders may offer tenures ranging from five years to 30 years when you opt for a Home Loan

As you enter the required details correctly, the Home Loan EMI calculator displays the estimated EMI without delay. However, this calculator usually gives you an estimate, and the EMI displayed may not include additional charges applicable according to the agreed Loan terms.

Conclusion

As evident, you can easily use a Home Loan EMI calculator to estimate the amount when applying for a Rs. 50 lakh Loan.