A pioneer in India’s public banking sector since its founding in 1907, Indian Bank is a behemoth in the industry. Upon the completion of its merger with Allahabad Bank on April 1, 2020, it will become the seventh-largest bank in India.
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Additionally, with over 100 million satisfied clients, it’s no wonder that many would-be homeowners choose Indian Bank when looking for a mortgage. Home loans are among the most sought-after services offered by banks.
However, using this financing option calls for careful budgeting on your part. It could become a burden on the borrower’s finances otherwise. Prospective homeowners can figure out their monthly payments for a house loan from a bank with the help of the Indian bank home loan EMI calculator.
5 Reasons to Use Indian Bank Home Loan EMI Calculator
1. Accurate EMI Calculation
Indian Bank Home Loan EMI calculator helps you to calculate the accurate monthly EMI (Equated Monthly Instalment) amount for your home loan. This helps you to plan your finances better and avoid any surprises later.
2. Easy to Use
The Indian Bank Home Loan interest rate calculator is a user-friendly tool that can be accessed online. You only need to enter the loan amount, home loan tenure and interest rate to get an instant EMI calculation.
3. Time-Saving
The Indian Bank Home Loan interest rate calculator saves your time in manual calculations. It is an instant tool that provides you with accurate results without the need for any manual calculations.
4. Different Home Loan Options
With the help of the Indian Bank Home Loan Calculator, you can compare the EMI for different home loan options available in the market. This helps you to make an informed decision and choose the best option that suits your budget.
5. Accurate Repayment Schedule
EMI calculator home loan Indian bank gives you a clear picture of the repayment schedule. It shows the monthly instalment amount, interest paid and the outstanding loan balance. This helps you to plan your finances and manage your budget efficiently.
3 Key Factors That Affect the Home Loan EMI
- The interest rate is a crucial role in establishing the EMI amount. When interest rates are expected to remain elevated for the duration of the loan, the EMI will rise gradually until its final payment. The interest rate offered by an Indian bank has remained unchanged at 6.80% since it was founded. Explore all of their options before committing to a mortgage loan so you can pick the right one.
- The total loan amounts heavily influence your EMI. The Indian bank will provide housing loans between Rs. 15,000 and Rs. 50,000. Monthly payments increase mechanically as the loan balance does. You might expect to pay a higher interest rate when taking out a larger loan.
- When calculating how much you’ll owe on a home loan, the term you choose at the outset also matters greatly.
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Read: IDFC Bank Home Loan EMI Calculator
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Benefits of Using Indian Bank Home EMI Calculator
1. Flexibility in Calculation
it allows you to adjust the loan amount, home loan tenure, and interest rate per your preference. This provides flexibility in calculating the EMI amount based on changing financial circumstances. A proper home loan EMI formula is followed mentioned later in this article.
2. Avoids Over-Borrowing
The Calculator helps you determine the loan amount you can afford based on your income and expenses. This prevents you from over-borrowing and falling into a debt trap.
4. Easy Comparison of Loan Options
The Calculator allows you to compare various loan options provided by Indian Bank. It provides a clear picture of the EMI amount and helps you choose the best option that suits your financial needs.
5. Helps in Financial Planning
It helps you plan your finances better by giving you a clear picture of the housing loan principal repayment schedule. This helps you manage your budget efficiently and avoid any financial stress.
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
How Loan Amortisation Schedule Helps Paying EMIs Quicker?
A loan EMI amortisation schedule is a table that shows the breakdown of your loan payments over the loan’s term. It provides details of each EMI payment, including the principal amount, interest, and outstanding balance. The loan amortisation schedule calculator is an essential tool that helps in paying EMI.
Read: 80 Lakh Home Loan EMI With Calculator And Interest Rates 2024
Firstly, the loan amortisation schedule gives a clear picture of the EMI amount and the portion of it that goes towards the principal and interest. This helps in planning your finances and understanding how much of your monthly payment goes towards paying off the loan’s principal amount. Secondly, the loan amortisation schedule helps manage your finances by showing the total interest paid over the loan’s term. It helps in understanding the amount of money you will be paying in interest and can help you decide between paying off the loan early.
Comparison Of Home Loan Rates of Bajaj Finance, IDFC, HDFC, Kotak Mahindra & Other Banks
DHFL currently offers its clients home loans with interest rates starting at 6.8%. Below is the home loan EMI comparison 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 |
Indian Bank Housing Loan EMI Calculator for Different Amounts
Indian Bank Home Loan for:
- INR 10 lakhs: A home loan EMI for 10 lakhs repayable after 20 years at an interest rate of 6.8% pa is repaid at INR 7,633 per month.
- INR 20 lakhs: A home loan EMI for 20 lakhs repayable after 20 years at an interest rate of 6.8% pa is repaid at INR 15,267 per month.
- INR 30 lakhs: An EMI on home loan of 30 lakhs repayable after 20 years at an interest rate of 6.8% pa is INR 22,900 per month.
- INR 40 lakhs: A home loan worth INR 40 lakhs repayable after 20 years at an interest rate of 6.8% pa is repaid at an EMI of INR 30534 per month.
- INR 50 lakhs: An EMI on 50 lakhs home loan repayable after 20 years at an interest rate of 6.8% pa is INR 38,167 per month.
- INR 1 crore: An EMI on home loan of 1 crore payable after 20 years at an interest rate of 6.8% pa is repaid at an EMI of INR 76,334 per month.
NOTE : If you wish to know what is the formula to calculate EMI for home loan, then here it is: [P x R x (1+R)^N]/[(1+R)^N-1].
How can NoBroker Help in Home Loan Application and Loan Guidance?
Mortgage-related information and services are extensive on NoBroker, a real estate website. Their straightforward layout and features make figuring out your home loan EMI easy. Entering the loan amount, interest rate, and term length into the platform will give you an accurate monthly repayment estimate.
Additionally, NoBroker home loan EMI calculator can help you compare multiple loan offers from various lenders to make a well-informed decision. With their guidance, you can rest assured that you’re getting the best possible rate on your home loan. If you need a loan, NoBroker can help you apply for a home loan seamlessly, saving you time and energy. You can use the Indian bank home loan EMI calculator to understand the future interest payment schedule.
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
FAQs
1. How do I use the Indian Bank Home Loan EMI Calculator?
You can access the Calculator online. Enter the loan amount, tenure, and interest rate for an instant EMI calculation.
2. Can the Home Loan EMI Calculator be used to calculate other banks’ EMI?
No, the EMI Calculator is specifically designed for Indian Bank home loans. You may need to use other bank calculators for other banks.
3. Is the EMI amount calculated by the EMI Calculator accurate?
The Indian Bank Home Loan EMI Calculator provides accurate EMI calculations based on the loan amount, tenure, and interest rate.
4. Can I change the loan amount, tenure, and interest rate on the Indian Bank Home Loan EMI Calculator?
Yes, the Indian bank home loan interest rate EMI calculator allows changing the loan amount, tenure, and interest rate to calculate the EMI amount.
5. How can I use the home loan Indian bank EMI calculator to plan my finances?
The Indian Bank Home Loan EMI Calculator clearly shows the EMI amount, interest paid, and outstanding loan balance. This helps in planning your finances and managing your budget efficiently. You can use the Calculator to compare different home loan options and choose the one that suits your budget.
