What is the EMI for 50 lakhs home loan?

Equated Monthly Installment, or EMI, is the term used to describe the predetermined monthly payment a borrower pays on their house loan. If you intend to spend Rs 50 lakh on a new home, you must first calculate the monthly installment for your home loan. To determine whether the EMI I would have to pay would fit into my budget or not, I used a 50 lakhs loan EMI calculator via NoBroker. I will therefore assist you with the 50 lakhs monthly EMI payment.

What is the EMI on 50 Lakh Home Loan?

You must first know that the principal amount, interest rate, and duration of the loan are some of the variables that go into calculating the EMI. Interest rates on home loans are often offered by banks and other financial institutions in the range of 6% to 10%. However, the amount of the EMI increases with the interest rate. 

I recently took out a 50 lakh loan for my house at an interest rate of 8.50% for ten years. I must therefore pay my bank an EMI of Rs 61,993 every month. 

Let's check out the EMI for 50 lakhs for a long-tenure at 8.50% interest rate in the table below:

Moreover, you can use the above formula given by Venkateshwar to calculate your 50 lac home loan EMI. You should consider the above aspects and select a loan that best fits your long-term objectives and financial situation.

The EMI for 50 lakh home loan is going to depend on two important factors, mainly the interest rate and tenure. If the interest increases, the loan EMI will also increase. But if the tenure, or time period, of availing the loan increases, the EMI amount will decrease. To calculate the 50 lakh home loan EMI, you will have to follow a formula. Let me share with you what it is.

The formula to calculate the EMI of a home loan is-

[ PxRx(1+R)^N ] / [ (1+R)^N-1 ] where 

P = Principal Loan Amount

N = Tenure

R = Interest rate

Now if you want to know home loan 50 lakh EMI, with 8 percent p.a for 10 years, the answer will be

[ 5000000x8x(1+8)^10 ] / [ (1+8)^10-1 ] = Rs. 60,664.

If you want to extend the tenure to 20 years, it will be Rs 41,822

And if you make the tenure 30 years, the EMI will be 36,688.

If you feel this calculator is tough or confusing, feel free to use an online calculator to do the calculation. When I did not know about this formula, I used NoBroker’s EMI calculator. It is free and can give you the exact answer, so you can try using it. 

I am sure you can do the EMI for 50 lakh home loan calculation yourself now.

Before I tell you what is the EMI for 50 lakhs home loan, let me explain the Home Loan EMI. Well, it is an Equated Monthly Installment that you are required to pay on your house loan till your loan tenure’s end. The EMI amount includes both principal as well as interest amount. I want you to know that the housing loan EMI remains the same throughout the tenure.

The EMI for Rs. 50,00,000 home loan will be different for every bank as it depends on the following factors:

• Loan Amount

• Loan Tenure

• Interest of Rate

I will explain how to calculate home loan EMI, so you can calculate the EMI on 50 lakh home loan accordingly.

[ PxRx(1+R)^N ] / [ (1+R)^N-1 ],

• Here, ‘P’ is the principal loan amount

• ‘N’ is tenure in months

• ‘R’ is the interest rate

Manish wants to buy a home. He is opting for a home loan of Rs. 30,00,000 from the HDFC Bank at an ROI of 8 percent p.a for 10 years.

Now using the formula, his EMI will be [ 3000000x8x(1+8)^10 ] / [ (1+8)^10-1 ] = Rs. 36398.

If you want to calculate EMI on 50 lakh home loan, then you can even use this online home loan calculator:

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I hope you like my answer on 50 lakh house loan EMI.

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