The EMI calculator for home loans is a straightforward tool that computes your Equated Monthly Instalment (EMI), monthly interest, and decreasing balance. It utilises key inputs like the principal amount, loan tenure, and interest rate to deliver precise financial calculations.
The EMI, or Equated Monthly Instalment, is the regular payment made by the borrower for loan repayment, encompassing both the principal amount and accrued interest. Utilising an EMI calculator streamlines the process of determining monthly loan obligations. By inputting critical loan variables such as principal amount, tenure, and interest rate, the calculator promptly produces an accurate result for the EMI.
IOB Home Loans, the leading Mortgage Lender in India, has been a cornerstone in realising homeownership dreams for over 30 lakh families. Noteworthy features encompass:
- Customised benefit packages
- Competitive interest rates calculated on a daily reducing balance
- Home Loan structured as an overdraft, allowing optimal utilisation of surplus funds
- Minimal processing charges with complete transparency and no hidden costs
- No Prepayment penalties, providing borrowers the flexibility to reduce their interest burden through timely repayments.
While choosing and applying for various loans is easy, possessing a clear idea of the needed loan amount can prevent payment defaults. Timely EMI payments are essential for a strong financial record, underscoring the need to determine an instalment amount that fits your financial capability. Using an EMI calculator proves invaluable in this context, providing an online tool to evaluate monthly payment obligations that match your ability to repay the loan
Benefits of Utilising IOB EMI Calculator
The main benefit of an EMI calculator for borrowers is that they know how much money they will need to pay towards their loan each month so that they do not end up straining themselves financially and in financial distress. The loan EMI calculator helps the borrower decide on an EMI amount that can be comfortably repaid over the tenure of the loan
IOB's website features a sophisticated EMI calculator. By inputting desired loan details, clients gain access to detailed calculations accompanied by informative charts, enhancing clarity and understanding of the financial intricacies.
The loan amortisation schedule serves as a comprehensive roadmap for the loan repayment journey, methodically showcasing how each EMI is divided into principal and interest components. While ensuring the simultaneous servicing of both aspects, the distribution towards the principal amount undergoes variation. Initially, a substantial portion caters to the interest, with a gradual shift as the loan matures. Unlike an EMI calculator providing approximations, crafting an amortisation schedule involves intricate mathematical computations, empowering borrowers to make informed decisions on pre-payment or refinancing. Additionally, it furnishes interest details crucial for potential tax exemptions.
For a home loan from IOB, with the interest rate set at 8.85% and tenure set at 30 years, the EMI for varying amounts would be as follows-
Loan Amount (Principal) | Monthly EMI (approx) |
20,00,000 | 15,877 |
30,00,000 | 23,816 |
40,00,000 | 31,754 |
50,00,000 | 39,693 |
60,00,000 | 47,631 |
70,00,000 | 55,570 |
80,00,000 | 63,508 |
90,00,000 | 71,447 |
1,00,00,000 | 79,385 |
1,50,00,000 | 119,078 |
2,00,00,000 | 158,771 |
2,50,00,000 | 198,463 |
3,00,00,000 | 238,156 |
For a home loan from IOB, with the interest rate set at 8.85% and tenure set at 30 years, the EMI for varying amounts would be as follows-
Want help finding the right IOB home loan to fund your dream home? Contact NoBroker Home Loan services through our website or give us a call at +918045643485.