How 0.25% rate cuts impacts the Home Loan EMIs?
Question:
How 0.25% rate cuts impacts the Home Loan EMIs? - Via E - mail
Answer by www.myreality.in
Let us understand how 0.25% rate cuts impacts the EMIs (Equated Monthly Instalments) with a simple example.
Say you took a loan for Rs. 1 lakh for 5 years. You would be paying Rs 2,150 as EMI. After 0.25% cut you will pay Rs. 2,137 per month. Considering a Rs. 30 lakh loan, it lowers the outgo by Rs. 390 per month.
If 0.50% rate cut, the EMI will be still lower at Rs. 2,124 per month.
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