In 1964, the Reserve Bank of India established the Industrial Development Bank of India (IDBI) as a subsidiary to act as a financier for India’s developing businesses. Notably, IDBI played a pivotal role in the establishment of several national organisations, including NSE, NSDL, EXIM Bank, and SIBBI.
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The IDBI Bank offers an AI tool, the IDBI Bank Home Loan EMI Calculator, which helps determine the monthly EMI payable for a house loan. Using this tool, applicants can input details about the loan, including the loan amount, interest rate, and loan period. The site will then display the monthly EMI payable in various formats, such as a loan calculator graph, a summary of the loan payment, an annual loan amortisation schedule, and a monthly loan amortisation schedule.
Why You Should Use the IDBI Bank Home Loan Calculator?
Repaying a house loan’s EMI can be a significant burden, which can be challenging to manage over an extended period. Unexpected, unplanned expenses during the repayment period can make it difficult to pay the EMI, leading to a negative impact on your reputation.
To avoid such a situation, it is advisable to determine an affordable EMI to service the debt quickly. The EMI Calculator plays a vital role in assessing the EMI, providing accurate results of up to 100 per cent. The IDBI Home Loan EMI Calculator can assist you in the following ways:
- You can estimate the increased strain on your monthly income and reduce unnecessary spending to make room for the EMI.
- With the help of the amortisation schedule, you may comprehend the essentials of the loan. This will allow you to determine when the prepayments must be made and allow you to manage your budget correctly.
- You can develop the discipline of budgeting your money to pay the EMI on time every month and avoid the consequences of missing an EMI payment.
Note: To obtain more details on the repayment of principal for a housing loan, please visit the IDBI website.
5 Benefits of Using the IDBI Home EMI Loan Calculator
After taking all factors into account, it is essential to determine the amount of money available to pay the proposed loan’s EMI. It is important to note that the net take-home income should be at least 40% to 50% of the gross revenue after paying the EMI.
It would be best if you had a reasonable EMI prepared to make all these adjustments before approaching the bank about a loan. It is feasible to calculate this using the IDBI Bank Home Loan EMI Calculator. The IDBI Home Loan Calculator also has several other advantages.
Hence, it is important that you make the necessary adjustments in your budget planning to accommodate the home loan EMIs. The IDBI Bank Home Loan EMI Calculator helps in efficiently planning your upcoming home loan EMIs. The home loan calculator has several benefits such as
- It is freely accessible to everyone.
- The IDBI Home Loan EMI Calculator can be used by anyone, regardless of ability level.
- The EMI Calculator for home loan offered by IDBI is accessible to layman without technical training.
- An internet connection is the only prerequisite for using the IDBI bank home loan interest rate EMI calculator.
- The budget-friendly EMI calculator will give you an estimate of the loan amount you qualify for. This will make it easier for you to use your money to hunt for a property.
Factors that Affect Your Home Loan EMI Payments
The IDBI Home Loan’s three main determinants of EMI are as follows:
Loan Amount: IDBI Bank offers housing loans of up to 90% of the value of the property as long as other requirements, such as credit score and income are met. The loan amount has a crucial role in determining the EMI i.e. the EMI and loan amount are directly proportional.
Home loan tenure: The EMI will be the lowest if you choose the an extended repayment tenure, but this may impact the overall cost of the loan. If you initially chose a longer home loan tenure, you can shorten in later stages by making prepayments and terminating the account before maturity to increase your eligibility.
Interest rate: The EMI will change depending on the current rate of interest offered by the bank. When the loan is taken out at a variable interest rate, you may benefit from lower interest rates, resulting in a lower cost of borrowing. However, in a flat-rate interest technique, the interest rate is applied to the entire loan amount, and the borrower is not able to benefit from lower interest rates. Making prepayments on the loan can help to reduce the amount of principal still owed.
How Loan Amortisation Schedule Calculator Helps Paying EMI
A loan amortisation schedule is a table that shows the breakdown of each periodic loan payment into principal and interest until the loan is fully repaid. Initially, most of the payment goes towards interest, but over time it is allocated to the remaining principal.
You can create your own EMI amortisation schedule, and use tools like Excel templates to see how making extra payments or receiving a windfall affects the loan’s maturity date and total interest paid.
Home Loan EMI Comparison with Other Banks
You can refer to the IDBI home loan interest rate calculator to determine if it’s feasible for you and here is a comparison of home loan rates of different banks.
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.60% – 9.50% | 8.60% – 9.40% | 8.60% – 9.40% |
| HDFC | 8.65% – 10.35% | 8.65% – 10.60% | 8.65% – 10.70% |
| LIC Housing Finance | 8.65% – 10.10% | 8.65% – 10.30% | 8.65% – 10.50% |
| ICICI Bank | 8.75% – 9.85% | 8.75% – 9.85% | 8.75% – 9.85% |
| Kotak Mahindra Bank | 8.65% onwards | 8.65% onwards | 8.65% onwards |
| PNB Housing Finance | 8.75% – 14.50% | 8.75% – 13.00% | 8.85%-10.85% |
| Punjab National Bank | 8.60% – 9.35% | 8.55% – 9.25% | 8.55% – 9.25% |
| Bank of Baroda | 8.60%-10.35% | 8.60%-10.35% | 8.60%-10.60% |
| Union Bank of India | 8.60% – 10.50% | 8.60% – 10.70% | 8.60% – 10.70% |
| IDFC First Bank | 8.60% onwards | 8.60% onwards | 8.60% onwards |
IDBI Bank Home Loan EMI Calculator for Different Loan Amounts
IDBI Bank Home Loan for:
Read: Corporation Bank Home Loan Interest Rate April 2024
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- INR 10 lakhs: A home loan EMI for 10 lakhs repayable after 20 years at an interest rate of 8.75% pa is repaid at INR 8837 per month.
- INR 20 lakhs: A home loan EMI for 20 lakhs repayable after 20 years at an interest rate of 8.75% pa is repaid at INR 17,674 per month.
- INR 30 lakhs: An EMI on home loan of 30 lakhs repayable after 20 years at an interest rate of 8.75% pa is INR 26,511 per month.
- INR 40 lakhs: A home loan worth INR 40 lakhs repayable after 20 years at an interest rate of 8.75% pa is repaid at an EMI of INR 35,348 per month.
- INR 50 lakhs: An EMI on 50 lakhs home loan repayable after 20 years at an interest rate of 8.75% pa is INR 44,186 per month.
- INR 1 crore: An EMI on home loan of 1 crore payable after 20 years at an interest rate of 8.75% pa is repaid at an EMI of INR 88,371 per month.
How can NoBroker Help?
Buying a property will undoubtedly be the most expensive purchase you will ever make. You must determine the EMI that your monthly income can support along with the existing commitments and liabilities. It is also important to set aside a portion of your monthly income to prepare for any future financial emergencies. So it would help if you had expert advice before making a decision.
NoBroker can compare the interest rates offered by different lenders and help you find the lowest rate that fits your needs. We can provide guidance and advice on the best type of mortgage product for your needs and how to improve your chances of securing a low-interest rate. By using the IDBI home loan EMI calculator, you can figure out the best way to pay the lowest interest rate on a home loan.
Top Indian Bank Home Loan Intrest Rates
Frequently Asked Questions
1. What is the eligibility for IDBI home loan?
When determining your loan eligibility, IDBI considers a number of factors, including your age, monthly income, the number of co-applicants, employment stability, credit score, and any outstanding debts, if any.
Read: Home Loan for Pensioners in India: Schemes, Eligibility & Interest Rates
2. How much money can I borrow in total?
Housing loans up to Rs. 10 crores are available from IDBI Bank to qualified borrowers at low interest rates.
3. What is the formula to calculate EMI for a home loan?
EMI = [P x R x (1+R)^N]/[(1+R)^N-1] is the home loan EMI formula for IDBI.
4. Can I use the IDBI home loan EMI calculator to check for numerous loan amounts?
You may indeed view the EMI due for different loan amounts with different interest rates and terms. Use our calculator to enter various loan amounts and mortgage interest rates.
5. What information is needed to use the IDBI Bank home loan calculator to determine the EMI amount?
The loan amount, interest rate, and term must all be entered into the EMI calculator. Before using the equivalent monthly instalment (EMI) calculator, confirm the most recent interest rates with the lender.
