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Tata Capital > Blog > Loan for Home > 50 Lakh Home Loan EMI & Interest Rate in 2023

Loan for Home

50 Lakh Home Loan EMI & Interest Rate in 2023

50 Lakh Home Loan EMI & Interest Rate in 2023

Buying a home is a costly affair. Moreso, if you’re getting one in an area with good infrastructure, better connectivity, and developed surroundings. The good news is that you don’t need to rely on your savings to purchase your dream house. Today you can conveniently apply for your home to finance your dreams.

Need a 50 lakh home loan to buy your dream house? You can get one from leading lenders today. But before you do, you must consider your loan tenure, interest rate and loan EMI. Read on to learn more.

Home loan EMIs

EMI, short for Equated Monthly Installment, is the amount you pay monthly to repay your home loan. Essentially, it is the sum of your principal and total loan interest for the tenure divided across your total loan term in months. And it is an important factor to consider, especially when opting for home loans.

Unlike other types of loans, home loans involve larger loan amounts and long tenures. This means if you choose a loan plan with an EMI and you can’t afford it, you might have to burn a hole in your pocket every month. The good news is that you can calculate the EMIs on your home loan offer before applying by using a simple formula. Read on to know the details.

EMI calculation

You can calculate your home loan EMI using the following formula or using home loan EMI calculator

((Total Interest) + Principal )) / (Total Tenure in Months)

Where Total Interest = Principal * Interest Rate * Total Tenure in Months

From the above formula, it’s evident that three factors significantly impact the Rs. 50 lakh loan EMI.

1. Loan tenure

2. Interest rates

3. Principal amount

Considering these factors, let us understand how they influence your loan. Suppose you have a Rs. 50 lakh home loanand the interest rate offered is 8.6% p.a.

Loan amountInterest rateLoan tenureEMITotal interest amount
Rs. 50 lakh8.6% p.a10 yearsRs. 62,261Rs. 24,71,269
Rs. 50 lakh8.6% p.a15 yearsRs. 49,531Rs. 39,15,491

It’s evident that the monthly EMI increases with a lower loan tenure. At the same time, the total interest you pay on the home loan decreases.

Similarly, a higher principal amount means a higher EMI. Here’s a comparison for your reference.

Loan amountInterest rateLoan tenureEMI
Rs. 50 lakh8.6% p.a10 yearsRs. 62,261
Rs. 60 lakh8.6% p.a.10 yearsRs. 74,713

And a higher interest rate means a higher EMI as well. Here’s a comparison for your reference.

Loan amountInterest rateLoan tenureEMI
Rs. 50 lakh8.6% p.a10 yearsRs. 62,261
Rs. 50 lakh9.6% p.a.10 yearsRs. 64,973

So, the final decision must be taken based on your financial capabilities and the tenure that looks feasible to you.

If you’re having trouble choosing an appropriate loan plan, you can use Tata Capital’s 50 lakh loan EMI calculator. This will help you calculate your ideal monthly EMI based on the different loan tenures and interest rates.

If you’ve narrowed down on a loan offer that allows you to pay off your loan EMIs comfortably, here are a few things to consider before applying.

Eligibility criteria

You must meet the home loan eligibility criteria as prescribed by your lender before applying. This is why you must know the eligibility requirements before applying. Note that the exact requirements vary slightly between lenders. That said, here are some details you should know.

1. Age: The borrower must be between 24 and 65 years of age.

2. Nationality: The borrower must possess Indian citizenship.

3. Experience: A salaried employee needs at least two years of work experience. A self-employed individual needs a minimum work experience of three years.

4. Income stability: The minimum salary must be Rs. 3.6 LPA.

5. NRI: NRI borrowers should have a minimum work experience of three years.

Documents required

Tata Capital offers home loans with minimum documentation to provide a hassle-free experience. In the case of a 50 lakh home loan EMI, the following documents are required:

Documents requiredSalaried employeeSelf-employedNRI
Photo identity proofPassport, Driving license, PAN card, Voter ID card, or Adhaar CardPassport, Driving license, PAN card, Voter ID card, or Adhaar CardPassport, Driving license, PAN card, Voter ID card, or Adhaar Card
Residence proofUtility bills, Bank statements, Voter ID card, Property registration documents, or Property tax receiptsUtility bills, Bank statements, Voter ID card, Property registration documents, or Property tax receiptsUtility bills, Bank statements, Voter ID card, Property registration documents, or Property tax receipts
Age proofPassport, Driving license, Birth certificate, Life insurance policy, or PAN cardPassport, Driving license, Birth certificate, Life insurance policy, or PAN cardPassport, Driving license, Birth certificate, Life insurance policy, or PAN card
Income proofLast three months’ salary slips, Salary account statement for six months, Form 16 copy, or yearly increment letterLast three years’ P&L statements, Operative current account statements, Bank statements of the last six monthsOverseas salary account details, NRO account statements of the last six months
Business proof Last two years’ income Tax returns, Business profile on letterheads, Business registration certificate 
Credit report  Credit report of their country of residence
Existing loan detailsBank or loan statementsBank or loan statementsBank or loan statements
Processing fee chequeCheque from salary accountCheque from business accountCheque from salary account

How to apply for a 50 lakh home loan?

Tata Capital streamlines the complicated process of loan application with its efficient online procedure:

1. Visit the official website

2. Look for personal home loans and fill out the online form

3. Upload the self-attested documents as required

4. Post-verification, our experts will carry out the property inspection

5. After successful inspection, the loan amount will be disbursed within 3-5 days

Parting thoughts

A 50 lakh loan can help you bridge the gap between you and your dream home. However, given that lenders offer different interest rates and loan terms, you should do your research before taking such a huge home loan.

If you haven’t narrowed down your lender yet, consider Tata Capital. We offer home loans that require minimal documentation and offer swift approvals and attractive home loan interest rates. Apply for a personal home loan on our website today.

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