Calculate Your Home Loan: This great news is exclusively for you if you are likewise plagued by house loan EMI. Today, we’ve got a wonderful tip for lowering your EMI payments. Previously, most banks offered home loans at an interest rate of 8-9 percent, but currently, most banks offer home loans at around 7%.
Calculate Your Home Loan: This great news is exclusively for you if you are likewise plagued by house loan EMI. Today, we’ve got a wonderful tip for lowering your EMI payments. Previously, most banks offered home loans at an interest rate of 8-9 percent, but currently, most banks offer home loans at around 7%. In addition, many banks are giving fantastic deals and discounts on house loans.
The EMI will be decreased by 5,000.
If you have a home loan and are having problems paying your EMI, today we will show you a tip that will cut your EMI by roughly 5000. Your EMI burden can be lowered if you switch your old house loan to a different bank. However, you must plan ahead of time for this as well.
Determine how much of a change there will be in EMI.
Let’s look at an example to see how big of a difference a bank loan transfer might make to your EMI. If you had taken out a home loan four years ago, in 2017, the interest rate on that bank’s home loan would have been 9.25 percent. Understand how much of a difference your EMI would be if you switch your house loan to a new bank and take it at 7%…
Shift to existing bank’s EMI differential for home loans
Loan amount 30 lakh, interest rate 9.25 percent, year 2017
20-year loan with a monthly payment of 27,476
Now imagine that you have switched your home loan to a new bank in 2021. As a result, you’ve saved Rs 26 lakh on your outstanding loan.
new EMI calculation for banks
The year 2020 Loan Amount 26 Lakh Interest Rate 6.90 the % Year 2020 Loan Amount 26 Lakh Interest Rate 6.90 the % Year 2020 Loan Amount 26 Lakh
16-year loan with a monthly payment of 22,400
That example, if you refinance your house loan in this manner, your monthly EMI will be reduced by approximately Rs 5000. Let us know how you will benefit from paying interest today.
If the total interest paid on a home loan from a new bank over a 16-year term is Rs 17,00,820,
If the total interest paid on an old bank home loan over a 16-year period is Rs 23,90,488
Estimated interest savings = 23,90,488 – 17,00,820 = 6.89 lakhs, which suggests you can save up to Rs 6.9 lakhs by refinancing the loan for the remaining term.
