Loan EMI Calculator: If you are thinking of taking a home loan, then keep all the calculations done beforehand. The most important thing in this is that according to your income, see how much EMI you can pay every month. Accordingly, try to keep the loan tenure as short as possible. Because if you increase the loan tenure in order to reduce the EMI, then you will have to bear a huge loss. It is better to keep an eye on the interest rates of banks and choose the best option. Do not extend the tenure of the home loan just because your EMI will go down. This will cause you a loss of lakhs of rupees in the long term. We have shown here the calculation of how much interest you will have to pay to the bank if the tenure of a fixed amount loan is 20 years, 25 years and 30 years. Here the interest rate has been kept at 6.8 percent, which SBI is giving in the current monsoon offer.
Loan of 25 lakhs, for 20 years
Here the monthly EMI will be Rs 19158. Whereas the total interest in 20 years will be Rs 20,97,925. In this way your total payment will be Rs 45,97,925 by adding interest to the bank.
Loan of 25 lakhs, for 25 years
Here the monthly EMI will be Rs 17431. Whereas the total interest in 25 years will be Rs 27,29,294. In this way your total payment will be Rs 52,29,294 by adding interest to the bank.
Loan of 25 lakhs, for 30 years
Here the monthly EMI will be Rs 16381. Whereas the total interest in 30 years will be Rs 33,97,333. In this way, adding interest to your bank, the total payment will be Rs 58,97,333. (file photo)
What will be the interest difference
It is clear here that on increasing the tenure of 5 years, the EMI will decrease, but the total interest will be more than Rs 7 lakh. At the same time, on increasing the tenor of 10 years, additional interest of about Rs 13 lakh will have to be paid.
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