Big Reasons for Rejection of Your 50 Lakh Home Loan Emi Application
The majority of people who wish to buy a home today will need to obtain a housing loan in order to achieve their objective of becoming homeowners.Implementing the following tips will increase your eligibility for a home loan involving 50 Lakh Home Loan EMI.
Inability to find a co-applicant when required
Numerous factors, including inadequate income, a low credit score, a high debt-to-income ratio, etc., commonly result in the denial of mortgage loan applications. This technique is most successful when the co-applicant has a stable income, a strong credit score, and the ability to repay. The inclusion of a co-applicant in the loan application process may also make it easier to get a greater loan amount. In addition, the majority of lenders offer mortgages with below-average interest rates when a woman is either a co-applicant or the primary borrower.
Tenure not chosen based on an appropriate 50 Lakh Home Loan EMI amount
When borrowers wish to quickly pay off their loans, they usually opt for a shorter repayment period. However, many individuals fail to recognise that shorter loan terms result in a greater 15 Lakh Home Loan EMI.. Instead, it may be prudent to get a loan with a longer repayment term. The longer the loan duration, the lower your monthly payments will be; this will ensure that the EMIs are proportionate to the borrower’s income.
This is because a shorter term will force you to pay more interest over a shorter time frame.
The ratio of 50 Lakh Home Loan EMI to income is high.
Lenders evaluate a customer’s loan application based on a variety of significant variables, one of which is the customer’s ratio of 15 Lakh Home Loan EMI to income.
Rs. 15 Lakh Home Loan EMI for 25 Years
The details of Rs. 15 lakh home loan EMI for a loan term of 25 years are as follows:
- Loan Amount – Rs. 15,00,000
- Rate of Interest – 7.05% p.a.
- EMI value – Rs. 10,650
- Total Interest – Rs. 16,94,874
- Total Repayment – Rs. 31,94,874
Additional Info: Looking for 30 Lakh Home Loan? Check EMI & Apply
| Year | Principal | Interest | Balance Principal |
| 1 | Rs. 23,662 | Rs. 101,270 | Rs. 1,476,338 |
| 2 | Rs. 25,322 | Rs. 99,610 | Rs. 1,451,016 |
| 3 | Rs. 27,098 | Rs. 97,834 | Rs. 1,423,918 |
| 4 | Rs. 28,997 | Rs. 95,935 | Rs. 1,394,921 |
| 5 | Rs. 31,032 | Rs. 93,900 | Rs. 1,363,889 |
| 6 | Rs. 33,209 | Rs. 91,723 | Rs. 1,330,680 |
| 7 | Rs. 35,539 | Rs. 89,393 | Rs. 1,295,141 |
| 8 | Rs. 38,033 | Rs. 86,899 | Rs. 1,257,108 |
| 9 | Rs. 40,703 | Rs. 84,229 | Rs. 1,216,405 |
| 10 | Rs. 43,558 | Rs. 81,374 | Rs. 1,172,847 |
| 11 | Rs. 46,614 | Rs. 78,318 | Rs. 1,126,233 |
| 12 | Rs. 49,883 | Rs. 75,049 | Rs. 1,076,350 |
| 13 | Rs. 53,383 | Rs. 71,549 | Rs. 1,022,967 |
| 14 | Rs. 57,128 | Rs. 67,804 | Rs. 965,839 |
| 15 | Rs. 61,137 | Rs. 63,795 | Rs. 904,702 |
| 16 | Rs. 65,427 | Rs. 59,505 | Rs. 839,275 |
| 17 | Rs. 70,016 | Rs. 54,916 | Rs. 769,259 |
| 18 | Rs. 74,930 | Rs. 50,002 | Rs. 694,329 |
| 19 | Rs. 80,186 | Rs. 44,746 | Rs. 614,143 |
| 20 | Rs. 85,810 | Rs. 39,122 | Rs. 528,333 |
| 21 | Rs. 91,832 | Rs. 33,100 | Rs. 436,501 |
| 22 | Rs. 98,276 | Rs. 26,656 | Rs. 338,225 |
| 23 | Rs. 105,171 | Rs. 19,761 | Rs. 233,054 |
| 24 | Rs. 112,550 | Rs. 12,382 | Rs. 120,504 |
| 25 | Rs. 120,563 | Rs. 4,485 | Rs. 0 |
Also check AnyRoR Gujarat Land Record.
50 Lakh Home Loan EMI for 20 Years
The details of Rs. 15 lakh home loan EMI for a loan term of 20 years are as follows:
- Loan Amount – Rs. 15,00,000
- Rate of Interest – 7.05% p.a.
- EMI value – Rs. 11,675
- Total Interest – Rs. 13,01,891
- Total Repayment – Rs. 28,01,891
