Will survive on home loans of 30 lakhs, now 4.63 lakh, enter your loan amount and know how much will be saved
Home loan emi: The Reserve Bank of India (RBI) cut the repo rate for the third consecutive time on Friday. The RBI has cut the repo rate by 0.50%, surprising everyone. At the same time, if you mix the last two times, then the repo rate has been cut by 1% so far. This is a big relief for home loan, car loan takers. If you have also taken a home loan, then it will make you a big savings. Let us know how much will be saved on loans of 30, 50 75 and 1 crore rupees? Also, you can do calculation according to your loan amount.
Interest rate reduced from 9.5% to 8.5%
Suppose you took home loan at 9.5% interest rate. Now the interest rate has come down to 8.5% after a 1% reduction in repo rate. In such a situation, your monthly EMI will be reduced by Rs 1,929 on a loan of Rs 30 lakh in a period of 20 years and you will save Rs 4.63 lakh in total interest. EMI will be reduced by Rs 3,215 on a loan of Rs 50 lakh and interest will be saved by Rs 7.71 lakh. EMI will be reduced by Rs 4,823 on home loans of Rs 75 lakh and interest will be saved by 11.58 lakhs. At the same time, EMI will save Rs 6,431 on a loan of Rs 1 crore and interest will be saved by Rs 15.43 lakh.
How to calculate savings on your loan amount
If the home loan given above does not match your loan amount, then there is no need to get upset. You can easily calculate the savings on home loans after cuts in repo rate. All you have to do is find out the amount of your loan amount, the loan tenure and interest rate. After this, all the online Home Loan EMI Calculator is available. We are giving SBI’s home loan EMI calculator here. You can remove your savings with the help of this:
You have to insert the old interest rate, loan amount and tenure in the home loan calculator. You will know your EMI and the total repayment amount. After this you have to add loan amount, new interest rate and tenure again. You will get new EMI and total amount information. You will be able to reduce the new amount from the old and remove the savings. Similarly, you will be able to find out how much your EMI decreased.
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