State Bank of India (SBI) is currently offering home loans at an initial interest rate of 8.50% per annum.
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You will get a home loan at an initial annual interest rate when your CIBIL score is 800 or more.
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On this basis, if you take a housing loan of ₹ 15,00,000 for 15 years at 8.50% interest, then according to calculations, the monthly EMI will be ₹ 14,771.
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Based on the calculations, you will pay ₹ 11,58,797 as interest to the bank.
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That means you will ultimately return a total of ₹ 26,58,797 to the bank including the loan amount and interest amount.
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Next: If you take a car loan of ₹ 10,00,000 from Bank of Baroda at an interest rate of 8.95% for 7 years, what will be the EMI?
