Owning a house is a dream for many Bengalis. The post-COVID era has shown how essential it is in today’s lifestyle. It is no longer just a hobby or luxury. However, not everyone has money available whenever they need it. So, if you want to buy or build a house, a home loan is necessary. The loan must be repaid through monthly EMIs. The monthly EMI of a home loan should not be more than 30% of the salary. Today, we will tell you how much monthly salary is needed to get a home loan of Rs 50 lakh from SBI.
The Dream of Owning a House
Most of us dream of owning a house, but property prices are skyrocketing. This makes it very difficult for the common person to afford a home. It can take a lifetime’s savings to buy one. For those who want to live in their own house but can’t afford it, a home loan can help. Many people take out home loans, as different banks offer them at various interest rates.
Challenges of Paying Home Loan EMIs
Many people face difficulty in paying their home loan EMIs later on because they don’t consider their salary when taking out the loan. It’s important to always plan according to your salary. The monthly EMI should not exceed 30% of your income. Let’s take a look at the salary required to take a home loan of Rs. 50 lakh from SBI.
SBI Home Loan – Interest Rate & EMI
SBI, India’s largest government bank, offers home loans starting at an 8.25% interest rate after the repo rate cut.
- If someone takes a home loan of Rs 50 lakh from SBI, the monthly EMI will be Rs 38,000 for a repayment period of 30 years.
- In this case, the person should have a monthly salary of around Rs 76,000 to comfortably repay the loan.
- If the salary is lower than this, it may become difficult to manage the EMI payments.
Before taking a home loan, it is important to check all the details and ensure that the EMI is manageable within your income.
Eligibility
- Resident Type: Resident Indian
- Minimum Age: 21 years
- Maximum Age: 45 years to apply for the loan, and up to 70 years for repayment
Features
- Low Interest Rates
- Low Processing Fee
- No Hidden Charges
- No Pre-Payment Penalty
- 20% Higher Home Loan Eligibility
- Interest Charged on Daily Reducing Balance
- Repayment Period of up to 30 Years
- Interest Concession for Women Borrowers