Home Loan Interest: Everyone dreams of owning their own home, but in this era of inflation, buying one has become difficult. If you also share this dream, this news could be very special for you. Currently, several banks are offering home loans at low interest rates. Bank of Maharashtra is one of them, offering home loans at a rate of 7.10%. If you take out a home loan of ₹80 lakh, how much EMI will you have to pay monthly? Let’s explore this in detail.
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Achieve the cheapest home loan
The initial interest rate offered by a bank on a home loan, or any other loan, is its lowest interest rate. Customers with a CIBIL score of over 800 can easily avail of a loan at this rate. According to the Bank of Maharashtra’s official website, it currently offers home loans at a starting rate of 7.10%. In such a situation, if your CIBIL score is good, you can also apply for a home loan.
What should be your salary for a loan of ₹80 lakh?
Eligibility for a home loan depends on your monthly salary, age, and CIBIL score. If you take out a home loan of ₹80 lakh from Bank of Maharashtra for 20 years with a good CIBIL score, then based on the calculation of a 7.10% interest rate, your minimum monthly salary should be ₹1,13,700. If you are considering a loan for 15 years, your minimum salary should be ₹1,316,000. If you are planning to take out a loan for a period of 25 years, your minimum salary should be ₹1,03,800.
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How much will the EMI be?
If you take out a home loan of ₹80 lakh at 7.10% interest for 20 years, your monthly EMI will be ₹62,505. Based on this, you’ll pay more than ₹70 lakh in interest, plus the home loan amount. You’ll repay a total of ₹1.5 crore to the bank. If you take out a loan for 15 years, the monthly instalment will be ₹72,354.
If you take out a loan for 25 years, the monthly instalment will be ₹57,054. Understand this: the shorter the loan repayment period, the lower the interest. The longer the loan repayment period, the higher the interest payment. It’s wise to choose a home loan with the shortest term possible.