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50 Lakh Home Loan: Overview

Taking a 50 lakh home loan may be a decision you have to make at a point in life. That’s why it’s necessary to equip yourself with the right information to help you make the best decision if it ever comes to taking a home loan.

What is a Home Loan?

A home loan is a sum of money that an individual borrows from any type of financial organization, with a plan to return it at an interest rate using a loan EMI. Depending on the individual, their income, and the value of the property, the home loan may take different forms, of which a 50-lakh home loan is an example.

Benefits and Features of a 50 Lakh Home Loan

Taking a home loan from the right organization is the best thing you can do for yourself because you get to enjoy amazing benefits like:

  • Several options of repayment, helping you to pick the most suitable for your type and value of income.
  • Fast loan approval and disbursement.
  • Minimal Documentation.

There are so many reasons why taking a home loan is a reasonable step to take. A 50-lakh home loan is a remarkable option when it comes to the type of home loan you should take.

Although there are so many options to pick from, the features of a 50-lakh home loan that make it stand out from the rest.

As a first-time homeowner, you can reduce your home loan EMI with help from the Pradhan Mantri Awas Yojana (PMAY). The PMAY will assist you by getting you a subsidy that lowers your home loan interest rate.

Eligibility Criteria for a 50-Lakh Home Loan

It is a no-brainer that factors like the value of income, age, and work experience have a major role to play in deciding the process and execution of a 50 lakh home loan.

For salaried individuals

What matters in terms of age is that the individual is between 23 to 62 years, and in terms of experience, the individual should have a minimum of three years of experience.

For the self-employed

What matters in terms of age is that the individual is between 25 and 70 years, and in terms of experience, the individual must own a business that has been running for a minimum of five years.

What is the 50-Lakh Home Loan EMI?

The EMI is like the holy grail of loan purchase. Everything you’ve learned so far makes no meaning if you don’t know the EMI you will be paying after taking a 50 lakh home loan. Thankfully, you don’t have to worry about that because we've got you covered.

One of the things you want to do is to ensure you have an EMI that can be reconciled with your monthly income. This will save you from undue pressure while repaying your loan. So, how can you get an EMI that’s commensurate with your monthly income? Take the two steps below:

  • Opt for a lower principal
  • Stretch your tenor for payment

To calculate the EMI for a 50 lakh home loan, you should use a Home Loan EMI Calculator