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.

Tip: Best Home Loan for Salaried Person before applying for a loan

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 7.05%.
• 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 38,915/- for the lowest home loan interest rate of 8%.
• 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.

Tip: 50 Lakh Home Loan EMI Interest Rate 2022 before applying for a loan

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%. 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.

The monthly instalments have been calculated on the basis of an average interest rate of 7.05%. 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.

Additional Info: Also check SBI Home Loan EMI Calculator

When you take a 50 lakh home loan for a 10-year tenure, your interest rate influences your monthly instalment rates directly and immensely. For instance, with the lowest offered interest rate of 7.05%, you will have to pay an EMI of around 58,183/- for a tenure of 10 years.

Use the online EMI calculator and submit the following details such as your principal amount, preferred tenure, and current interest rate to calculate your EMI.

The 50 lakh home loan EMI will be comparatively high if you decide to go for a shorter tenure. Similarly, if you choose a longer repayment tenure while applying for the home loan, your EMI rates will automatically decrease at the same time.

Your credit score also has a huge role in deciding your monthly instalment rates. If you have a poor credit score of around 650 or less, your chances of loan approvals decrease. You may also miss out on several home loan tax benefits for having a poor credit score.

Additional Info: Looking for Rs. 1 Crore Home Loan EMI? Check EMI & Apply.

By using the online home loan EMI calculator, you can easily calculate the monthly instalment for a 50 lakh home loan for the tenure of 5 years. Select the details such as your preferred tenure- 5 years, principal amount- 50 lakh, and interest rate- 7.05% to calculate the EMI.

For a tenure of 5 years, your EMI will be around 99,124/- for an interest rate of 7.05%. The rates will increase if the interest rate increases. In order to decrease your instalment rate, you can choose a longer tenure of up to 15 years or 25 years.

Additional Info: Check 30 Lakh Home Loan EMI Apply Online.

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.

Additional Info: Best Home Loan Interest Rates @6.70%

Go through the chart to understand the different interest rates offered by different banks in India so that you can go for the scheme that suits your affordability the best:

Additional Info: Also Check Best Banks for Home Loan in India in 2022