Question:
What is the amount of home loan that I can avail so that I pay the annual interest of Rs 1.5 lakhs and what would be the principal amount for it?
Answers:
It varies from time to time with interest rates. Right now for every lakh that you take as loan you would pay a 1000 as EMI. Out of that in the initial months of the loan the principal would be very low and it progressively increases thereon during the entire term of the loan.
Currently I would say if you take a loan of 15 lakhs your EMI would be approximately 15000 and your interest payment in the first year would be 1.5 lakhs and the principal repayment would be around 30,000.
Hope this answers your question.
approximetly 14 to 15 lack
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