Salary is ₹50,000, what is the maximum home loan available from HDFC Bank? How much will be the EMI?

Salary is ₹50,000, what is the maximum home loan available from HDFC Bank?  How much will be the EMI?

Salary is ₹50,000, what is the maximum home loan available from HDFC Bank? How much will be the EMI?

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To get a home loan, first of all your CIBIL score should be excellent. Customers with minimum score above 750 are likely to get instant and maximum home loan according to their salary.

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According to the official website, HDFC Bank is currently offering an introductory interest rate of 8.75 percent per annum on standard home loans, though the best is for people with CIBIL scores.

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If you apply for a home loan from HDFC Bank at an interest rate of 8.75% per annum and your monthly salary is Rs 50,000, then as per the calculation, you will have a maximum of Rs 25,46,082 for 20 years. Home loan will be available.

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When you take a home loan of Rs 25,46,082 for 20 years, as per the calculations, you will have to pay an installment of Rs 22,500 per month as EMI.

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By paying installments of Rs 22,500 continuously for 20 years, you will pay Rs 28,53,918 as interest on the loan taken. This means that after 20 years you will pay a total of Rs 54,00,000 towards the loan.

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