Indian Overseas Bank, or IOB, was founded in 1937 to help with international and foreign exchange banking. This bank has established numerous standards for the Indian financial industry and economy over the years. Additionally, it was the first bank to ever foray into personal lending.
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Are you planning to buy a home and looking for a hassle-free home loan repayment process? Indian Overseas Bank- IOB Home Loan EMI Calculator is here to help you. In this blog, you will learn why using a home loan EMI calculator is crucial, how it helps in purchasing a home, and the benefits of using IOB’s calculator. Read on to simplify your home loan repayment process.
Why You should use IOB Home Loan EMI Calculator?
IOB Home Loan EMI Calculator is a user-friendly tool that provides you with an estimated monthly instalment amount you need to pay to repay your home loan. By using this calculator, you can get a clear understanding of your home loan repayment plan and budget accordingly.
Read: How to View & Download State Bank of India Home Loan Interest Certificate Online
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The calculator takes into account various factors such as loan amount, interest rate, and loan tenure to give you a rough estimate of your monthly instalment. You can also use it to compare different loan options and choose the one that suits you best. The calculator is available online and can be used for free.
How does EMI Calculation help in Purchasing a Home?
EMI (Equated Monthly Installment) calculation helps you understand the amount you need to pay each month to repay your home loan. By using the IOB Home Loan EMI Calculator, you can get a rough estimate of the monthly instalment and budget accordingly.
The calculator takes into account various factors such as loan amount, interest rate, and loan tenure to give you an estimate of the monthly instalment. This helps you in making an informed decision about purchasing a home. You can also use the calculator to compare different loan options and choose the one that suits you best.
How to use the IOB Home Loan EMI Calculator?
The IOB Home loan EMI calculator is fairly straightforward to use and easily accessible.
- Head over to the Indian Overseas Bank website to access the IOB home loan calculator.
- At the EMI Calculator section, fill in the details required such as loan amount, repayment duration in months and rate of interest.
- Click on “submit” to view the EMI payable.
Once you’ve submitted the required information you will be able to view the EMI, interest and the total amount payable.
Comparison of IOB Home Loan EMI Using the IOB Home Loan EMI Calculator
Let’s take a look at the EMI payable on different amounts of loan over a repayment period of 30 years at an interest rate of 8.75% p.a.
| Loan Amount | EMI Payable | Interest Payable | Total Payable |
| ₹10,00,000 | ₹7,867 | ₹18,32,120 | ₹28,32,120 |
| ₹20,00,000 | ₹15,734 | ₹36,64,240 | ₹56,64,240 |
| ₹30,00,000 | ₹23,601 | ₹54,96,360 | ₹84,96,360 |
| ₹40,00,000 | ₹31,468 | ₹73,28,480 | ₹1,13,28,480 |
| ₹50,00,000 | ₹39,335 | ₹91,60,600 | ₹1,41,60,600 |
| ₹1,00,00,000 | ₹78,670 | ₹1,83,21,200 | ₹2,83,21,200 |
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
IOB Home Loan EMI Calculation Formula
You can calculate the EMI for your home loan manually by using the following formula-
Read: 1.5 Crore Home Loan EMI With Calculator And Interest Rates 2024
EMI=PR[(1+R)N-1](1+R)N
Here-
- P = Loan Amount
- R = Rate of Interest
- N = Loan Tenure
What is Loan Amortization and How does Loan Amortization Schedule Help in Paying EMI?
Loan Amortization is the process of repaying a loan over a specified period of time through regular payments. The Indian Overseas Bank Home Loan EMI Calculator provides you with a loan amortization schedule that shows the breakup of your monthly installment into principal and interest components.
The loan amortization schedule helps you in understanding the amount you need to pay each month to repay your home loan. It also shows you how the loan balance reduces with each payment and the amount of interest you pay over the loan tenure. With the help of this schedule, you can budget your monthly expenses and make timely payments to avoid any late payment charges.
Comparison of IOB Home Loan with Other Banks’ Home Loans
Indian Overseas Bank (IOB) offers competitive home loan interest rates to its customers. But, it is always advisable to compare the home loan options of different banks before applying for a loan.
Home loans are an essential tool for people looking to buy a home, and choosing the right lender and loan type is crucial to ensure you get the best deal. In this blog, we’ll compare the IOB Home Loan with other banks’ home loans to help you make an informed decision.
- Interest Rates: IOB Home Loan offers competitive interest rates compared to other banks. This can result in lower EMI (Equated Monthly Instalments) and lower overall loan cost. However, it’s important to note that interest rates are subject to change and can vary depending on various factors such as the loan amount, loan tenure, and the borrower’s credit score.
- Loan Amount: IOB Home Loan provides a loan amount of up to ₹5 crore, which is competitive with other banks. However, the actual loan amount will depend on factors such as the borrower’s income, repayment capacity, and credit score.
- Loan Tenure: IOB Home Loan provides a loan tenure of up to 30 years, which is similar to other banks. Longer loan tenure results in lower EMIs but higher overall loan cost.
- Processing Fees: IOB Home Loan charges a processing fee of up to 1% of the loan amount, which is in line with other banks. It’s important to note that this fee is non-refundable and can be added to the loan amount.
- Pre-payment Charges: IOB Home Loan does not charge any prepayment penalties, making it a good option for borrowers who want the flexibility to prepay their loans. Other banks, on the other hand, may charge prepayment penalties, so it’s important to check before applying.
IOB Home Loan is a competitive option for borrowers looking for a home loan, with competitive IOB home loan interest rates, loan amount, and loan tenure. It’s important to compare multiple options and understand the terms and conditions before making a decision.
By using the IOB Home Loan EMI Calculator, you can compare the home loan options of IOB with other banks and choose the one that suits you best. The calculator takes into account various factors such as loan amount, interest rate, and loan tenure to give you an estimate of the monthly instalment. You can also compare the processing fees, prepayment charges, and other loan terms and conditions before making a decision.
| Bank Name | Home Loan Interest Rate (%) | Processing Fees |
|---|---|---|
| Aditya Birla | 8.50% p.a. onwards | 1% |
| Axis Bank | 8.60% p.a. onwards | ₹10,000 |
| Bandhan Bank | 8.65% p.a. onwards | 1% (₹ 5,000) |
| Bank of Baroda | 8.60% p.a. onwards | – |
| Canara Bank | 8.55% p.a. onwards | 0.50% of loan amount |
| Citibank | 6.80% p.a. onwards | ₹10,000 |
| Federal Bank | 9.90% p.a. onwards | ₹ 3,000 – ₹7,500 |
| HDFC Bank | 8.60% p.a. onwards | 0.5% or ₹3,000 (whichever is higher) |
| HSBC Bank | 8.35% p.a. onwards | 1% (₹ 10,000) |
| IDFC First Bank | 8.75% p.a. onwards | ₹ 5,000 – ₹ 5,000 |
| Indian Overseas Bank | 8.75% p.a. onwards | 0.50% (Max ₹ 20,000) |
| Karnataka Bank | 8.67% p.a. onwards | ₹ 250 |
| Kotak Mahindra Bank | 8.65% p.a. onwards | 0.50% of loan amount |
| LIC Housing Finance | 8.90% p.a. onwards | ₹ 10,000 -₹ 15,000 |
| Punjab National Bank | 8.55% p.a. onwards | 0.35% (Max ₹ 15,000) |
| Standard Chartered Bank | 8.40% p.a. onwards | 1% |
| State Bank of India | 8.75% p.a. onwards | 0.35% onwards |
| UCO Bank | 8.75% p.a. onwards | 0.15% (₹ 1,500 – ₹ 15,000) |
| Union Bank of India | 8.60% p.a. onwards | – |
| Yes Bank | 8.95% p.a. onwards | 1% (₹ 10,000) |
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Factors Affecting IOB Home Loan EMI
There are various factors that affect your home loan EMI. Some of the key factors are loan amount, interest rate, loan tenure, and processing fees. By using the Indian Overseas Bank Home Loan EMI Calculator, you can get a rough estimate of your monthly installment and understand how these factors affect your EMI.
The loan amount and interest rate are the two major factors that determine your EMI. Higher the loan amount and higher the interest rate, the higher your EMI. On the other hand, a longer loan tenure will result in a lower EMI, but a higher overall interest payout.
How can NoBroker Help?
NoBroker can help readers get home loans by simplifying the process. We have partnerships with several banks, including Indian Overseas Bank, that offer attractive home loan packages. Our in-house team of experts can guide you through the documentation process and help you compare the best home loan options based on your requirements and budget. Additionally, we have a home loan EMI calculator that can help you estimate your monthly repayments and plan your finances better. With NoBroker, you can enjoy a seamless and stress-free home loan experience.
The Indian Overseas Bank (IOB) Home Loan EMI Calculator is an online tool that provides a rough estimate of the monthly installment amount needed to repay a home loan. It takes into account the loan amount, interest rate, and loan tenure to calculate the monthly installment. The loan amortization schedule provided by the calculator shows the breakup of the monthly installment into principal and interest components and helps in understanding the loan repayment process.
IOB offers competitive home loan interest rates and provides a loan amount of up to ₹5 crore with a loan tenure of up to 30 years. The processing fee for IOB Home Loan is up to 1% of the loan amount and there is no prepayment penalty. It is advisable to compare home loan options of different banks before applying for a loan.
Make the process of comparing and applying for a home loan easier for yourself with the help of NoBroker Home Loan Services. Compare home loan provision for some of the leading banks in India and make a choice that suits you and your home perfectly.
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
FAQs
1. What is an EMI calculator for a home loan?
An EMI calculator is an online tool that helps you calculate the Equated Monthly Installments (EMI) you will have to pay for your home loan. It takes into consideration the loan amount, interest rate, and loan tenure to give you an estimated EMI amount.
2. How do I use the Indian Overseas Bank home loan EMI calculator?
To use the Indian Overseas Bank home loan EMI calculator, you need to input the loan amount you are looking to borrow, the loan tenure, and the interest rate. Once you input these details, the calculator will calculate your estimated EMI amount.
3. Can I change my loan amount, interest rate, and loan tenure after using the EMI calculator?
Yes, you can change your loan amount, interest rate, and loan tenure in the EMI calculator as many times as you like until you find the perfect combination that suits your budget.
4. Is the EMI calculated by the Indian Overseas Bank home loan EMI calculator accurate?
The EMI calculated by the Indian Overseas Bank home loan EMI calculator is an estimate and may not reflect the exact amount you will have to pay every month. However, it provides a close estimate of the amount you will have to pay and helps you plan your finances accordingly.
5. Can I use the Indian Overseas Bank home loan EMI calculator to compare with other banks’ home loan EMI?
Yes, you can use the Indian Overseas Bank home loan EMI calculator to compare the EMI with other banks by entering the loan amount, interest rate, and loan tenure in each bank’s EMI calculator and comparing the results.
