With a vision to be the most admired bank, the Federal Bank was established in 1931. Over the years, it has expanded its reach with 1727 branches and over 11,000,000 customers. With strong customer service, innovative products, and commitment to the community, Federal Bank aims to be ‘digital at the fore and human at the core.’
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Federal Bank home loans also serve as a financial umbrella for all your needs, be it revamping your home into your dream adobe or buying a new house. But before applying for a home loan, shopping around for your options is always suggested. With the Federal Bank home loan EMI calculator, you can make an informed decision by considering your options and opting for the right loan.
Federal Bank Home Loan EMI Calculator: Benefits
A home loan is a long-term financial decision, and it is vital to plan your finances before deciding in haste. An EMI calculator for a home loan by Federal Bank can help you figure out your repayments in accordance with your financial profile. An EMI calculator can be beneficial in several ways; some of the benefits are outlined below:
You can:
- effectively figure out the monthly repayments and budget.
- see how changes in the loan amount, interest rate or loan tenure affect your monthly repayments.
- compare and choose the home loan EMI that best suits your needs.
Factors Influencing Federal Bank Home Loan EMI
EMI is an acronym for Equated Monthly Instalment. It is the fixed amount of money that a borrower repays to a lender each month, with interest, until a loan is fully repaid. The monthly payment includes principal and interest and is typically calculated using a loan amortisation schedule. When you are on the lookout to avail of a home loan, EMI plays a vital role. The factors affecting your EMI are:
Read: Complete Guide to Loan Against Property for 2024
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- The Interest Rate: This is the most important factor, as it will determine how much you pay in interest over the life of your loan. EMIs rise with an increase in interest rates, while EMIs fall with an increase in interest rates.
- The Term of the Loan: The tenure is the length of time over which you will repay your loan. A longer tenure will result in a lower EMI, while a shorter tenure will result in a higher EMI.
- The Sanctioned Loan Amount: The loan amount is the amount of money you borrow from the bank. A higher loan amount will result in a higher EMI, while a lower one will result in a lower one.
Why should You Use Federal Bank’s Home Loan EMI Calculator?
If you’re considering taking out a home loan, one of the first questions you’ll probably ask is, “how much can I afford to borrow?” In addition to your income, your debts, and the type of loan you’re considering, there are many other factors to consider.
One way to estimate how much you can afford to borrow is to use a housing loan EMI calculator. Federal Bank’s home loan EMI calculator is an AI tool with an enhanced user interface that can give you an approximate idea of your monthly repayments.
You can enter different loan amounts and interest rates and see how they affect your monthly repayments. This can be a valuable way to compare home loan deals and ensure you’re getting the best possible deal.
Read: Axis Bank Home Loan Calculator: The Tool You Need to Get the Best Deal
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
What is an Amortisation Schedule? How does it make EMI Payments Easier?
An amortisation schedule is a table that illustrates the monthly payments necessary to repay a debt. Each payment is shown as a percentage of the total loan amount, and the schedule indicates the remaining balance after each payment. The amortisation schedule can be used to compare different loans and to see how the payments change over time.
Read: 70 Lakh Home Loan EMI With Calculator And Interest Rates 2024
Making your loan payments on time is important, but tracking how much you need to pay each month can take time. Your EMI payment comprises two parts: the principal and the interest. With an amortisation schedule, you can see how much of your payment is applied to the principal and how much is applied to the interest.
An amortisation schedule is also useful if you’re considering refinancing your loan. By looking at the schedule, you can see how much of your payment goes toward the principal and how much goes toward interest. It can help you decide if refinancing is right for you.
Comparison of Federal Bank Home Loan with Other Banks
Getting a home loan today is a challenging task. With so many financial institutions offering various products, comparing them in a short time is often impossible. A comparison chart is tabulated below with some of the most popular banks to help you decide which is right.
| Bank Name | Home Loan Interest Rate (%) |
| Federal Bank | 9.90% p.a. onwards |
| Kotak Mahindra Bank | 8.65% p.a. onwards |
| Union Bank of India | 8.60% p.a. onwards |
| State Bank of India | 8.75% p.a. onwards |
| HDFC Bank | 8.60% p.a. onwards |
| LIC Housing Finance | 8.90% p.a. onwards |
| Axis Bank | 8.60% p.a. onwards |
| Punjab National Bank | 8.55% p.a. onwards |
| Yes Bank | 8.95% p.a. onwards |
Federal Bank Home Loan EMI Calculator for Different Amounts
Federal Bank Home Loan for:
- INR 10 lakhs: A home loan worth INR 10 lakhs repayable after 20 years at an interest rate of 9.90% pa is repaid at an EMI of INR 9.584 per month.
- INR 20 lakhs: A home loan worth INR 20 lakhs repayable after 20 years at an interest rate of 9.90% pa is repaid at an EMI of INR 19,168 per month.
- INR 30 lakhs: A home loan worth INR 20 lakhs repayable after 20 years at an interest rate of 9.90% pa is repaid at an EMI of INR 28,752 per month.
- INR 40 lakhs: A home loan worth INR 20 lakhs repayable after 20 years at an interest rate of 9.90% pa is repaid at an EMI of INR 38,336 per month.
- INR 50 lakhs: A home loan worth INR 20 lakhs repayable after 20 years at an interest rate of 9.90% pa is repaid at an EMI of INR 47,920 per month.
- INR 1 crore: A home loan worth INR 20 lakhs repayable after 20 years at an interest rate of 9.90% pa is repaid at an EMI of INR 95,841 per month.
How can NoBroker Help?
Buying your home is an essential decision in your life. Undoubtedly, it will be the biggest purchase you ever make. When you’re looking for a home loan, you should think about all the costs of owning a home so you can make a good choice. With the Federal Bank EMI home loan calculator, you can shop for different repayment options and opt for a plan that suits your budget.
If you need help obtaining a home loan, NoBroker can assist you in obtaining the lowest interest rate in the market. Get started by checking your eligibility using the link below. If you have any questions, drop us a comment below, and we will get back to you.
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
FAQ’s
1. How does an EMI calculator work?
The EMI calculator first calculates the monthly interest you will need to pay. This is based on the interest rate and the outstanding loan balance. The calculator then adds this amount to the amount of the loan’s principal to get the amount of the monthly payment.
2. What happens if I delay my Federal Bank home loan EMI?
If you miss your EMI payment, a penal interest rate of 2%–3% will be charged on the default amount.
3. What are the eligibility criteria for a Federal Bank Home Loan?
Federal Bank offers home loans to both Indian residents and NRIs. The basic eligibility criteria for a home loan with the Federal Bank are a good credit history and a solid financial background.
4. How do I make EMI payments for my Federal Bank home loan?
You can pay using cheques, standing instructions, internet banking, automated payments through ECS, or mobile banking.
5. Is the Federal Bank’s home loan EMI calculator accurate?
The Federal Bank’s home loan EMI calculator is accurate and easy to use, and it can help you budget for your loan repayments. But it’s important to keep in mind that the calculator is just a guide. Your actual repayments may be higher or lower, depending on your financial situation and ability to make payments.
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