50 Lakh Home Loan EMI Interest Rate

50 Lakh Home Loan EMI Interest Rate 2024

A Rs. 50 Lakhs home loan can be helpful in various ways including the purchase or construction of a new house and renovation or extension of an existing house. You can avail of a home loan of Rs. 50 Lakhs for a longer repayment tenure so that you pay a smaller Rs. 50 Lakh Home Loan EMI.

A Rs. 50 Lakh Home Loan is a long-term commitment for which you must be prepared and plan your budget in advance. Understanding all the merits and demerits of applying for such a big-ticket loan is crucial. The EMI for Rs. 50 Lakhs home loan may vary from one lender to another depending on the interest rate and the repayment tenure. 

Following are the details of Rs. 50 Lakh home loan EMIs for 10 years, 20 years and 30 years tenure at an 8.50% p.a. interest rate:

Below is the table for Rs. 50 Lakh home loan EMI for different banks for 10, 20 and 30 years using the Home Loan EMI Calculator:

50 Lakh Home Loan EMI Calculator

Calculating your Rs. 50 Lakh Home Loan EMI is easy with an online 50 lakh loan EMI calculator. Here’s how to use a Home Loan EMI Calculator: 

Step 1: Open the Home Loan EMI Calculator available online. 

Step 2: Enter Rs. 50 Lakhs in the required loan amount field.

Step 3: Enter the rate of interest as applicable.

Step 4: Enter the required loan tenure.

You get your Homeloan EMI and the amortization schedule in no time.

50 Lakh Home Loan EMI for 30 Years

EMI for a Rs. 50 Lakhs home loan for 30 years tenure will be Rs. 38,446 at an interest rate of 8.50% p.a. The EMI may vary depending on the lender’s policy, interest rate and the borrower’s eligibility. You can use the online Home Loan EMI Calculator available on our website to calculate the EMI for Rs. 50 Lakhs home loan for various tenures and rates of interest.

Below is the table of different 50 Lakh Home Loan EMIs at different interest rates for 30 years tenure:

• Loan Amount – Rs. 50,00,000
• Rate of Interest – 8.50% p.a.
• EMI value – Rs. 38,446
• Total Interest – Rs. 88,40,443
• Total Repayment – Rs. 1,38,40,443

50 Lakh Home Loan EMI for 20 Years

The Rs. 50 lakh home loan EMI for 20 years repayment tenure at an 8.50% p.a. interest rate will be Rs. 43,391. The EMI amount varies from lender to lender based on the interest rate offered by the lender and the borrower’s profile. 

Below is the table for different EMIs for Rs. 50 Lakhs loan at different interest rates for 20 years tenure:

• Loan Amount – Rs. 50,00,000
• Rate of Interest – 8.50% p.a.
• EMI value – Rs. 43,391
• Total Interest – Rs. 54,13,879
• Total Repayment – Rs. 1,04,13,879

50 Lakh Home Loan EMI for 10 Years

The Rs. 50 lakh loan EMI for 10 years tenure at 8.50% p.a. interest rate would be Rs. 61,993. The EMI on Rs. 50 Lakhs loan for a repayment tenure of 10 years varies from lender to lender based on the interest rate charged and the borrower’s eligibility.

Following is the table of Rs. 50 Lakh Home Loan EMI for different interest rates for 10 years tenure:

• Loan Amount – Rs. 50,00,000
• Rate of Interest – 8.50% p.a.
• EMI value – Rs. 61,993
• Total Interest – Rs. 24,39,141
• Total Repayment – Rs. 74,39,141

50 Lakh Home Loan Eligibility & Documents Required

The following eligibility criteria must be fulfilled to be eligible for a home loan of Rs. 50 Lakhs:

Eligibility for Salaried 

• The applicant must be an Indian resident Indian.
• The applicant must be in the age group of 18 and 65 years.
• The applicant should have a work experience of at least 3 years.
• The applicant should be earning a monthly income of minimum Rs. 25,000.

Eligibility for Self-employed 

• The applicant must be an Indian resident Indian.
• The applicant must be in the age group of 18 and 70 years.
• The applicant should have at least 3 years of business continuity.
• The applicant should be earning at least Rs. 2,60,000 annually. 

You will require the following documents to apply for a Rs. 50 Lakhs home loan:

• Duly filled in & signed home loan application form
• Recent passport-size photographs 
• Identity proof such as Aadhaar Card/ Driving License/ Passport/ Voter ID, etc.
• Address proof such as Aadhaar Card/ Driving License/ Passport/ Voter ID, etc.
• Age proof such as Birth Certificate/ Class 10th Certificate, etc.
• Bank statements of the past 6 months
• Latest Form 16 or Income Tax Return
• Balance Sheet and Profit & Loss Statement of the last 3 years certified by a CA for self-employed applicants
• Business profile of self-employed applicants
• Processing fee cheque

How to Apply for a 50 Lakh Home Loan?

Once you find a Rs. 50 Lakhs home loan deal with the best home loan interest rates, follow the step-by-step process mentioned below to apply for a home loan of Rs. 50 Lakhs:

• Visit our website and then click the ‘Home Loan’ mentioned under the ‘Loans’ section.
• Fill out the online application form accurately by entering all the details.
• Enter the ‘OTP’ sent to your registered mobile number.
• Click on the ‘Submit’ button to see the best home loan offer quotes.
• Home loan offers from our lending partners will be displayed on your screen as per the information entered by you.
• Select the most preferred lender and apply online.
• Our home loan experts will contact you soon regarding the completion of your home loan process.

Home Loan EMI Options for Different Amounts

Following are the home loan EMI options for different loan amounts at an interest rate of 8.50% p.a. and 30 years tenure. 

FAQs

✅What is the minimum salary for a 50 Lakh home loan?

Salaried applicants must have a minimum per month income of Rs. 25,000 whereas self-employed applicants must be earning at least Rs. 2,60,000 annually to be eligible for a home loan of Rs. 50 Lakhs.

✅What is the monthly EMI for a 50 lakh home loan?

The monthly EMI for Rs. 50 Lakhs home loan varies from lender to lender depending on the applicable interest rate and tenure of repayment. You can use our online home loan EMI calculator to calculate Rs. 50 Lakh home loan EMI for different interest rates and tenures.

✅What is the minimum interest rate of a home loan for the amount of 50 Lakhs?

Among the top 10 home loan lenders, the minimum interest rate offered for Rs. 50 Lakhs home loan is 8.50% p.a.

✅What is the EMI for 50 lakh home loan for 10 years SBI?

The Rs. 50 Lakh home loan EMI for 10 years from SBI varies between Rs. 61,993 as the home loan interest rates of the bank range from 8.50% - 10.05% p.a.

✅Can I prepay a 50 lakh home loan before the designated tenure ends?

Yes, most lenders offer the loan prepayment facility without any additional cost. Using this feature, you can prepay a 50 lakh home loan before its designated tenure.