Are you looking for a 25 lakh home loan? Read on to find out all about how to apply for the home loan online, the eligibility criteria, and the 25 lakh home loan EMI as well. Check out the interest rates from different banks, so that you are able to make an informed choice.
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Building a home can be quite intimidating for many people for different reasons. Therefore, it is necessary to be financially comfortable while you build your dream home.
No matter whether you want financial support to construct your home or renovate and extend it, home loans can be extremely beneficial. Home loans are granted by banks and financial institutes to the eligible customers who require them.
A 25 lakh home loan can serve multiple purposes. You can either use it for construction purposes or renovation and extension purposes. However, without a proper financial strategy, managing your expenses during the tenure can be quite difficult at times. Firstly, you need to make sure you make a good financial strategy that will help you to manage your expenses in the future before you apply for a home loan of any amount from your preferred bank. It will make your repayment tenure hassle-free and will also help you manage your expenses well during your repayment tenure.
If you want to get a 25 lakh home loan soon, go through this article to get all the details regarding the home loan, eligibility terms, different schemes, and other necessary details.
Different banks and financial institutes offer different home loan schemes in India to eligible customers. For example, you can get a 25 lakh home loan from your preferred bank after going through all their terms and conditions.
Based on your monthly income, credit history, financial status, and other details, your monthly instalments are determined by the bank officials. The interest rate differs from one bank to the other depending on several factors.
Major things to keep in mind before applying for a home loan of 25 lakh include:
Many banks offer pre-payment services at zero cost. However, you can pay the rest of the amount in the middle of your tenure if you wish without paying any extra fees after you take out a 25 lakh home loan.
As far as a 25 lakh home loan EMI is concerned, the monthly instalments that you have to pay depend on various factors. The major factors that directly affect your home loan EMI include:
Additional Info: Also check SBI Home Loan EMI Calculator
Go through the chart to compare and analyse different monthly instalment rates for different tenures offered by the banks. It will help you decide which scheme you should go for while applying for a home loan.
|Loan Amount||Tenure||Monthly EMI|
|25 Lakh||5 years||48,915/-|
|25 Lakh||10 years||28,387/-|
|25 Lakh||15 years||21,778/-|
|25 Lakh||20 years||18,639/-|
The monthly instalments have been calculated in this chart keeping the lowest interest rate of 6.50% in mind. The instalment rates will differ based on the interest rate applied to you during application. If you want to reduce your monthly instalments for the 25 lakh home loan, go for a longer tenure of around 15 years to 20 years. Similarly, when you choose a short tenure of around five years, your monthly EMI will be on the higher side. Look for the lowest interest rates on home loan when you apply.
A 25 lakh home loan EMI for a tenure of 10 years depends on the current interest rate offered by the bank when you apply.
On average, your monthly instalment for a home loan of 25,00,00 will be around 28,387/- for the lowest interest rate of 6.50%.
If the interest rate increases, your monthly instalments will also increase along with it. Your credit score for home loan plays a crucial role in determining your monthly instalments matter what the tenure is. Focus on improving your credit score before you apply for a home loan.
Your 25 lakh home loan EMI for 5 years depends on the current interest rate that is offered by your preferred bank or financial institute.
For the lowest interest rate of 6.50%, your monthly EMI will be around 48,915/- for a tenure of 5 years. If you want to reduce the monthly instalment rate, go for a longer tenure of around 15 to 20 years.
Make sure you use a home loan EMI calculator before applying for a home loan to determine the tenure you are financially comfortable with.
When you go for a 25 lakh home loan EMI for 30 years, your monthly payable rates will remain on the lower side.
For the lowest interest rate of 6.50%, your monthly payable instalment rate will be around 15,802/-
In order to increase your monthly instalment rates, you can consider shortening your tenure.
If the interest rate increases, the monthly instalments will also increase along the way. Therefore, go for the lowest interest rate to keep your monthly instalments on the lower side.
Additional Info: Also check DDA Housing Scheme
You must check the home loan eligibility criteria of your preferred bank before you apply for a home loan. The criteria differ from one bank to the other at times. However, certain common factors are considered by all banks and financial institutes during the review process of your loan application. Some of these most common factors that you need to keep in mind before applying for a home loan are:
Different banks offer different interest rates when it comes to a 25 lakh home loan. The top banks that offer home loans of 25 lakh include HSBC Bank, HDFC Bank, RBL Bank, ICICI Bank, Kotak Mahindra Bank, RBL Bank, Indian Bank, Bank of Baroda, Punjab National Bank, to name a few.
|Bank Names||Interest Rates|
|State Bank of India||6.75%|
|Kotak Mahindra Bank||6.55%|
|Bank of Baroda||6.75%|
|Punjab National Bank||6.75%|
These are the different interest rates offered by the leading banks in India. Do sufficient research before applying for a home loan so that you can select the proper scheme for your demands. For instance, SBI home loan 25 lakh EMI is calculated for an interest rate of 6.75%. On the other hand, if you apply for a home loan at the HSBC Bank, the interest rate that is offered remains around 6.45%.
Additional Info: Also check Sukanya Samriddhi Yojana
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Your monthly instalments depend on the tenure you select the interest-rate that is offered by your preferred bank. For a tenure of five years, your 25 lakh home loan EMI will be around 48,915/-.
If you select a tenure of 20 years, your monthly EMI will be 18,639/- based on the offered interest rate.
For a tenure of 10 years, your EMI for 25 lakhs will be around 28,387/- per month.
If the interest charges during the tenure, your monthly EMI will automatically increase or decrease accordingly.
In order to reduce your home loan EMI, go for a longer tenure of around 20 years to 30 years.
If you want to stop your home loan EMI for a few months, you can request your lender for an EMI-free period describing your reasons properly. If your lender approves it, you can stop your EMI for a brief period.