Once you begin making EMI payments, it is in your best interest to keep to the repayment plan exactly as it has been set out for you since missing payments will have a negative effect on your credit rating. The amount of money that you will pay each month as an instalment payment (EMI) on your RS 25 lakh home loan will be determined by the interest rate on your home loan, and the duration of time that it will take you to pay off the loan. Let’s calculate the monthly EMI you’d have to pay on a Rs 25 lakh home loan in 2022, assuming the current interest rate and loan term.
Rs 25 lakh home loan EMI for various tenures
| Tenure (in years) | Interest rate (%) | Monthly EMI (in Rs) |
| 30 | 7.55 | 17,566 |
| 25 | 7.55 | 18,556 |
| 20 | 7.55 | 20,216 |
| 15 | 7.55 | 23,246 |
| 10 | 7.55 | 29,741 |
| 5 | 7.55 | 50,154 |
Rs 25 lakh home loan EMI: Year-wise break-ups
Rs 25 lakh home loan EMI for 30 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 25 Lakh | 30 | 7.55 | 17,566 |
Rs 25 lakh home loan EMI for 20 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 25 Lakh | 20 | 7.55 | 20,216 |
Rs 25 lakh home loan EMI for 15 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 25 Lakh | 15 | 7.55 | 23,246 |
Rs 25 lakh home loan EMI for 10 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 25 Lakh | 10 | 7.55 | 29,741 |
25 lakh home loan EMI for 5 years
| Loan Amount (in Rs) | Tenure (in years) | Interest (%) | EMI (in Rs) |
| 25 Lakh | 5 | 7.55 | 50,154 |
Keep in mind that the shorter the length of time the loan is held, the greater the EMI. Alterations to the interest rate may also result in changes to the monthly payment amount for a house loan.
Rs 25 Lakh Home Loan EMI tenures offered by leading banks
There are a number of renowned financial institutions in India that provide 25 lakh home loans, with the loan’s term varying by an institution and also influenced by a variety of other elements. Some common loan tenure periods include:
- 30 years
- 25 years
- 20 years
- 15 years
- 10 years
- 7 years
- 5 years
Eligibility criteria for Rs 25 lakh home loan
The following are the conditions that must be met in order to qualify for a home loan in the amount of Rs. 25 lakh:
- Must prove Indian citizenship.
- There is a minimum age requirement of 18 for the application.
- The age limit is usually set at 65, but might be higher or lower depending on the financial institution.
- He or she needs to be in possession of a reliable source of income, whether it is in the shape of a job or a company.
- They need to have a minimum level of income, as specified by the financial institution selected.
Rs 25 lakh home loan: Documents required
The following items of documentation are necessary for a 25 lakh home loan application:
- KYC papers like PAN or Aadhaar Card
- In the case of salaried people, copies of their pay stubs for the most recent three months or a Form 16 are required.
- Statements of profit and loss, as well as other tax records, are required of persons who are self-employed.
- Statements from your bank account for the last half year.
How to get Rs 25 lakh home loan?
Banks feel more at ease extending Rs 25 lakh home loans to individuals who will spend no more than forty per cent of their monthly income on home loan interest and principal payments. Determine how long you want the 25 lakh home loan to last based on how much money you bring in each month.
FAQs
What variables affect the 25 lakh home loan EMI?
The monthly payment (EMI) for a house loan of 25 Lakh will change depending on aspects such as the interest rate and the length of the loan. When the interest rate is greater, the monthly payment will also be higher, and vice versa. On the other hand, the EMI will be lower when the tenure is longer, and it will be greater when the duration is shorter.
Can I get tax advantages on a 25 lakh home loan EMI?
You are able to claim an income tax deduction within Income Tax Act's Section 80EE for a housing loan of up to 25 lakh rupees. You are eligible to assert a claim for an extra exemption of up to 50,000 for the repayments on the house loan if you've taken out a home mortgage for an amount that is less than 35 Lakh as well as the property's value is well within the 25 Lakh.
How long may a loan of 25 lakh be paid back?
Although the terms of a home loan are subject to variation from one financial institution to the next, in general, the length of time over which you may pay back the loan can range anywhere from one to thirty years. However, you should choose the term of your house loan with caution since it will have a big effect on your 25 lakh home loan EMI.
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