SGFX – How much bank takes interest for home loan?



I want home loan so is it true If i take 5 lacks from bank then interest will be 5 lacks for 20 years

SGFX – How much bank takes interest for home loan?
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2 Replies to “SGFX – How much bank takes interest for home loan?”

  1. Not at all.
    Interest will be charged on daily reducing balance.

    At present home loans are available at competitive rates. Bank of India is giving home loans at 10.75% for 20 years period till this Dec.

    Even at 12.75% rate of interest you will end up paying interest of 3.8 lacs.

    You can check how much interest you pay at following link’

    http://www.bankofindia.com/EMICalculator.aspx


  2. Yes it will even be more.

    But the house you bought on initial 5 lacks will appreciate at least 8 to 10 times in 20 years if it is in a Metro City !





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