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50 Lakh Home Loan

If you are looking to make your home opt for a home loan and avail a 50 lakh home loan through easy processing and documentation procedures. Read on to find out all about your eligibility, the rate of interest and the 50 lakh home loan EMI you will have to pay to make informed decisions. 

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50 Lakh Home Loan Details

When you get a home loan of 50 lakh, it is the principal amount that you have to repay during the tenure that you select. Leading banks that offer home loans of up to 40 lakh include the State bank of India, Bank of Baroda, HDFC Bank, Bank of India, to name a few.

The amount that you will have to pay after taking the home loan will depend on the tenure you select, along with the current interest rate offered by your preferred bank.

Several factors that you need to keep in mind if you want to get a 50 lakh home loan soon include:

  • Your credibility as a borrower will be decided after reviewing your income details, credit history, financial background, payment slips, and other details.
  • Your credit score affects your payable amount immensely. During the review process of your loan application, your credit score is one of the essential factors that are taken into consideration. Make sure your credit score is 750 or above when you apply for a 50 lakh home loan.
  • You can select a tenure of up to 30 years to repeat your principal amount along with the edit interest rate.
  • When it comes to a 50 lakh home loan EMI, the lowest interest rate offered by banks in India remains around 8.50%.
  • If you want to shift your loan in the middle of your tenure and continue the rest of your scheme under another lender of your choice, you can check out the home loan bank transfer schemes to do the same.
  • If you select a tenure of up to 20 years, your monthly payment amount will be around 38,092/- for the lowest home loan interest rate of 8.50%.
  • With a 50 lakh home loan, you can cover up to 80% of the entire property value.
  • Most banks have a processing fee of 0.5%. There are banks that do not charge any processing fees during the procedure.

sbi home loan

50 Lakh Home Loan EMI with Popular Bank, NBFCs and HFCs - 2024

Mostly, banks, NBFCs and HFCs offer home loans at floating interest rates. Where lenders provide home loans at fixed rates, generally, the interest rates are higher. Home loans can also be availed at hybrid interest rates (a combination of fixed interest rate for the first few years of the repayment tenure, and floating interest rates for the rest of the home loan tenure.

Almost all prominent lenders provide home loans of Rs. 50 Lakh in India. Some of the best banks that offer home loans of Rs. 50 Lakh are ICICI Bank, HDFC Bank, State Bank of India, Kotak Mahindra Bank, Punjab National Bank, Bank of Baroda, Bank of Maharashtra, Federal Bank, LIC Housing Finance, and Bajaj Housing Finance.

The sanctioned loan amount can be used for purchasing a flat/independent house, under-construction house, SBI Loan for Plot Purchase, and other housing-related purposes. The interest rate for the loan of Rs. 50 Lakh starts from 8.50% p.a. at present. This will vary from lender to lender and from borrower to borrower, based on their income, credit score, gender, and other eligibility criteria.

Many banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs) offer home loans of Rs. 70 Lakh in India at different interest rates.

The table for different Home Loan interest rates of some top banks and NBFCs for a home loan of Rs. 50 Lakh is given below:

HDFC Bank8.75% - 9.65%Rs. 38,623
SBI8.50% - 10.05%Rs. 38,092
Kotak Mahindra Bank8.70%Rs. 39,157
Bajaj Finserv8.50% - 15.00%Rs. 38,269
ICICI Bank8.75%Rs. 40,231
PNB Housing8.50%Rs. 38,446
Tata Capital 8.70%Rs. 39,157
Federal Bank8.80%Rs. 39,514

* Point to note: Home loan borrowers who are unhappy with their high interest rates can use the Home Loan Balance Transfer facility to shift their existing loan to another lender who may be offering more attractive interest rates. However, processing fee and other charges need to be considered before planning to move one’s loan to another lender.

50 Lakh Home Loan EMI Calculator

Every Home Loan EMI is subject to the loan amount sanctioned, the applicable interest rate and the selected repayment tenure. Home Loan EMI for a Rs 50 lakh home loan can be easily calculated through the Home Loan EMI calculator within a minute. MyMoneyMantra Home Loan EMI calculator can provide you the exact Home Loan EMI for the selected Home Loan amount, tenure and rate of interest. 

You’re just required to enter the desired home loan, the tenure in which you wish to repay the Home Loan and the interest rate quoted by the bank or housing financier. With MyMoneyMantra’s Home Loan EMI calculator, you can ascertain your monthly repayments before you take a Home Loan.

Home Loan EMI

50 Lakh Home Loan EMI

There are several factors that affect your 50 lakh home loan EMI after your loan is granted. Take a look:

  • Your age plays a vital role for the banks to determine whether or not you are eligible to apply for a longer tenure of up to 30 years or not. Banks are more likely to grant loans with longer tenure to younger applicants compared to those who are close to their retirements.
  • You can use a 50 lakh loan EMI calculator to calculate your monthly instalments before you apply for a home loan so that you can manage your finances well during the loan tenure. 
  • Your preferred bank's current rate will directly affect your EMI. A high-interest rate will lead to high monthly instalments. 
  • Your credit score also affects your monthly instalments immensely. Those with a credit score of 700 and less are more likely to pay higher interest rates compared to those who have a credit score of 750 and above.
  • The average interest rate for a 50 lakh home loan remains around 8.50%. It differs from one bank to the other based on its policies.
  • Your selected tenure directly affects your monthly instalments. When you select a longer tenure, your monthly amounts decrease along with it. When you select a shorter tenure of around five years to 10 years, your monthly EMI also increases.

Make sure you go through the chat to understand the different instalment rates depending on different tenures selected by applicants.

Loan AmountTenureMonthly EMI
50 Lakh5 years1,02,222/-
50 Lakh10 years61,592/-
50 Lakh15 years48,798/-
50 Lakh20 years42,918/-
50 Lakh25 years39,757/-
50 Lakh30 years37,915/-

The monthly instalments have been calculated on the basis of an average interest rate of 8.35%. Interest rates differ from one bank to the other, and so does the 50 lakh home loan EMI. Make sure you thoroughly check all the rates carefully before choosing any loan scheme. Your EMI on 50 lakh home loan also depends on your credit score. Those who have poor credit scores are more likely to pay higher interest rates which increases the monthly instalment rates.

You can also check SBI Home Loan EMI Calculator

Rs. 50 lakh Home Loan EMI for 10 years  

The Rs. 50 Lakh home loan EMI for 10 years tenure at a 8.50% p.a. interest rate would be Rs. 61,726. The EMI on a Rs. 50 Lakhs loan for a repayment tenure of 10 years differs from lender to lender based on the rate of the interest rate charged and the borrower’s home loan eligibility.

Below is the table for Rs. 50 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 10 years tenure:

Rs. 70 Lakh Home Loan EMI for 10 Years
Loan AmountRs. 50,00,000.00
Rate of Interest8.50% p.a.
Loan Tenure10 years
Loan EMIRs. 61,726
Total Interest Rs. 24,07,090
Total RepaymentRs. 74,07,090

Rs. 50 lakh Home Loan EMI for 20 years  

The Rs. 50 Lakh home loan EMI for 20 years tenure at a 8.50% p.a. interest rate would be Rs. 43,075. The EMI on a Rs. 50 Lakhs loan for a repayment tenure of 20 years differs from lender to lender based on the rate of the interest rate charged and the borrower’s home loan eligibility.

Below is the table for Rs. 50 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 20 years tenure:

Rs. 70 Lakh Home Loan EMI for 10 Years
Loan AmountRs. 50,00,000.00
Rate of Interest8.50% p.a.
Loan Tenure20 years
Loan EMIRs. 43,075
Total Interest Rs. 53,38,054
Total RepaymentRs. 1,03,38,054

EMI for Rs. 50 lakhs Home Loan for 30 years

EMI for 50 Lakh home loan for 30 years will be Rs. 38,092 at an interest rate of 8.50% p.a. The EMI may change depending on the lender’s policy, the applicable interest rate and the borrower’s eligibility. You can use the Home Loan EMI Calculator available on our website for calculating the EMI for Rs. 50 Lakh home loan for various tenures and interest rates.

Below is the table for Rs. 50 Lakhs Loan EMI, total Interest payable and total Repayment at 8.50% interest rates for 30 years tenure:

Rs. 50 Lakh Home Loan EMI for 30 Years
Loan AmountRs. 50,00,000.00
Rate of Interest8.50% p.a.
Loan Tenure30 years
Loan EMIRs. 38,092
Total Interest Rs. 87,13,078
Total RepaymentRs. 1,37,13,078

You can also check HDFC Home Loan EMI Calculator

Eligibility for 50 Lakh Home Loan

To get a home loan of up to 50 lakh approved by your preferred bank, you must take note of their eligibility policies. Home loan eligibility can differ from one bank to the other based on their policies. However, make sure you go through the common factors that are required by all banks and financial institutes.

  • The age criteria remain similar for almost all the banks and NBFCs in the country. The minimum age required for a 50 lakh home loan is 18 years for all the banks. Many banks also require the eligible applicants to be at least 21 years old as per their policies.
  • Both NRIs and Indian residents can apply for home loans at banks and financial institutes in India.
  • The maximum of applying for home loans is around 60 to 70 years as per the policies of banks. Salaried people are expected to apply till 60 years. On the other hand, many banks allow self-employed people to apply for home loans for up to 65-70 years. Both salaried and self-employed individuals are eligible to apply for home loans irrespective of the amount in India.
  • You must have a valid PAN card while applying for a home loan in India at all banks. 
  • The major documents that you need to keep while applying for a home loan in India include your identity proof- voter card, Aadhar card, passport, address proof- The electricity bill, water bills, driving licence, other bills as proof of your address;
  • Home Loan Documents Required by most banks remain the same. You must provide your bank statements for the past 6 months while applying for a home loan in order to prove your credibility as a borrower.
  • Salaried people need to submit their payslips, bank statements as proof of income while applying for a home loan.
  • Self-employed people need to provide valid proof of the existence of their business as well as proof of their stable monthly income to prove their credibility as ideal borrowers. Many banks may also require documents as proof of their business stability for at least the last 5 years.
  • A credit score for home loan plays a huge role in helping the banks determine whether or not you are an ideal borrower. Focus on maintaining a good credit score of 750 or above, if possible. If you have a poor credit score, make sure you work towards improving your credit score before you apply for home loans in India.
  • You can also consider applying with a co-applicant if you do not have a good credit score. Your co-applicants credit score will also be taken into consideration before approving your home loan.

Documents Required for 50 Lakh Home Loan

Documents submission and verification is mandatory for a home loan approval. The home loan applicant must submit the following documents along with the home loan application. These are:

Age Proof (Any One)Passport / Driving License / Life Insurance Policy / School Leaving Certificate / PAN Card / Birth Certificate
Identity Proof (Any One)Passport / Driving License / PAN Card / Voter ID
Address Proof (Any One)Utility Bill / Bank Account Statements/ Property Tax Receipt / Voter ID/ Property Registration Documents
Income Proof (All)

Salaried

  • 3 months salary slips
  • Appointment letter
  • Increment letter
  • Last Form No. 16
  • Bank account statement of the salary account
  • Processing fee cheque issued from the salary account

 Self-Employed (Professional and Non-Professional)

  • 2 years IT returns
  • Business profile on letterhead
  • Business registration certificate
  • Last 6 months operative current account bank account statement Processing fee cheque issued from the business account

Apply for 50 Lakh Home Loan

If you want to build your dream home soon, consider applying for a home loan that can help you fulfil all your property requirements without any hassle. Home loans serve multiple purposes to eligible customers. You can use a home loan for either construction purposes or renovation and extension purposes of your property.

A 50 lakh home loan is granted by banks and other financial companies to eligible customers who utilise it for multiple purposes. 50 lakh is a huge amount. In order to repay the amount along with the interest rates properly, make sure you make a solid financial strategy before you apply for a home loan. It will not only help you manage your expenses well but also help you make informed decisions during your tenure —different banks of different home loan schemes in India. Make sure you do proper research on how you can manage your finances after you take out a 50 lakh home loan.

If you intend to apply for a home loan soon, go through the details mentioned in this article regarding a home loan of 50 lakh, eligibility requirements, different interest rates offered by banks, and other details.

You can also Apply for Indiabulls Home Loan and check EMI, Interest rate and Eligibility Online to avail offer.

Best Value Home Loans

MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

50 Lakh Home Loan FAQs

✅ What is the EMI for a 50 Lakh Home Loan?

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Your EMI depends on your selected tenure. For a tenure of 10 years. Your EMI for a 50 lakh home loan will be around 61,592/. For a longer tenure of around 25 years, the EMI will be around 39,757/-

✅ Which Bank is Best for a 50 Lakhs Housing Loan?

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Currently, HDFC Bank is offering the best home loan at an attractive interest rate starting from 8.50% p.a.

✅ What is the Interest Rate of a 50 Lakh Home Loan in SBI?

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You can use the 50 lakh loan EMI calculator SBI to calculate your EMI. for an interest rate of 8.50% - 10.05%, your EMI in SBI will be around 43,075/- for a tenure of 20 years.

✅ How much Home Loan can I Get on a 100000 Salary?

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You can get a home loan of up to 65 lakh and above with a monthly salary of 1 lakh.

✅ Are there any Tax Benefits on a 50 Lakh Home Loan for a Woman?

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On average, women generally get a deduction of 0.5% in interest rates when it comes to a 50 lakh home loan.

✅ Are there any Hidden Charges for 50 Lakh Home Loan EMI?

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No. all the processing fees, prepayment charges, and other charges will be discussed with you before the deduction of your first EMI.

✅ What is the Maximum Tenure of a 50 Lakh Home Loan?

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The maximum tenure goes up to 30 years for a home loan of 50 lakh.

✅ What is the Minimum Interest Rate of a Home Loan for the Amount of 50 Lakhs?

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The minimum interest rate remains around 8.50% based on different policies of different banks.