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Home Loan up to Rs.50 Lakh

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Home Loan up to 50 Lakh Details

A Bajaj Finserv Home Loan not only helps you cover all aspects of purchasing or building your dream home, but also gives you access to a range of repayment options. Further, you can obtain financing on simple eligibility terms. If you require a home loan of up to Rs.50 lakh but are unsure about your monthly payments, continue reading to know everything about a 50 lakh home loan EMI structure.

Details of a 50 Lakh Home Loan EMI Plan

When applying for a housing loan of 50 lakhs, remember to pick the length of the tenor wisely as defaults attract late fines and also negatively affect your credit history. On opting for a Home Loan from Bajaj Finserv, you get a flexible repayment tenor of up to 240 months. This allows you to keep your outgo in check. For instance, the EMI for 50 lakhs home loan for 20 years at an interest rate of 10% is just Rs.48,251.

When planning repayment for a loan of 50 lakhs, a Home Loan EMI Calculator is a must-use tool as it allows you to easily calculate the EMI amount over different tenors at different rates of interest.

Eligibility Criteria for a Home Loan of 50 Lakhs

With Bajaj Finserv, the eligibility criteria for home loan vary as per the borrower type, salaried or self-employed. In both cases, you must be a resident citizen of the country and possess the city-specific minimum monthly income. Similarly, your property must be worth a minimum value as prescribed.

Further, if salaried,
  • You must be between 23 and 62 years of age
  • You must have a work experience of at least 3 years
  If self-employed,
  • You must be between 25 and 70 years of age
  • You must have a steady business, running for at least 5 years

EMI Calculations for a Home Loan of Rs.50 Lakh with Different Tenors

EMIs for housing loan of 50 lakhs depend on factors such as the tenor of the loan and the applicable interest rate. If you choose a longer tenor, the 50 lac home loan EMI reduces but the net cost of the loan increases. Therefore, ensure that as you calculate the EMI on a 50 lakh home loan for various tenors, you check both, your monthly and overall interest outgo.

This practice will help you select a feasible 50 lakh housing loan EMI structure. To get a clearer idea, consider the following table that shows the EMIs for housing loan of 50 lakhs over a tenor of 10, 15 and 20 years at a 10% rate of interest.
Tenor of the Loan EMI Payment (Rs.) Total Interest Payable (Rs.)
10 years 66,075 29,29,079
15 years 53,730 46,71,511
20 years 48,251 65,80,296

*The table has values that are subject to change.

On observing the table, you’ll note that the home loan EMI for 50 lakhs varies greatly as you increase or decrease the length of the tenor. But it also shows that when you take a home loan of 50 lakhs EMI differences can also amount to around Rs.20,000!

EMI Calculations for a Home Loan Amount less than 50 Lakh

In case you find the home loan EMI for 50 lakhs too much to manage, you can opt for a lower principal. Doing so will bring down your EMIs instantly. For instance, the EMI for a 45 lakhs home loan taken over a tenor of 20 years at an interest rate of 10% is Rs.43,426. This is around Rs.5,000 less than what you pay for a loan of Rs.50 lakh. You have flexible tenor options too and so, when you take a 45 lakh home loan, EMI payments can further be lowered by stretching the tenor.

Nevertheless, if your housing needs do not demand that much finance, you could apply for less and thereby save more. Here is a table indicating EMI calculations for loans lower than 50 lakhs.
Loan Details Interest Rate Tenor (in Yrs.) EMI
Rs.49 lakh 10% 20 Rs. 47,286
Rs.48 lakh 10% 20 Rs. 46,321
Rs.47 lakh 10% 20 Rs. 45,356
Rs.46 lakh 10% 20 Rs. 44,391
Rs.45 lakh 10% 20 Rs. 43,426
*The table has values that are subject to change.

Interest Rate Applicable for a 50 Lakh Home Loan

Bajaj Finserv offers both fixed and floating interest rate Home Loans. Currently, for salaried persons, rates start at 6.75%* for loans of up to Rs.30 lakh. Self-employed borrowers can obtain financing starting at Rs.6.75%*. The floating reference rates for salaried and self-employed persons are 12.90% and 13.30% respectively.

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