Indiabulls Home Loan EMI Calculator
A home loan EMI calculator considers basic information such as loan amount, interest rate, and tenure. When you enter these into the tool, you will be given the equated monthly instalment (EMI) for the chosen tenure. Aside from that, you can see the total interest paid and the total repayment amount.
Knowing these details is critical as you prepare for housing loan principal repayment throughout the term. If the payments are within your budget, you proceed; otherwise, you consider reducing the loan amount or lengthening the repayment period.
Indiabulls Home Loan EMI Calculator Formula
The home loan’s EMI formula, total interest outgo, and the full repayment amount is shown below.
[P x R x (1+R)^N]/[(1+R)^N-1]
Home loans are becoming increasingly popular. Personal loans have grown significantly for lenders. The loan allows debtors to quickly and easily create funds during financial hardship. Any financial choice, including a home loan, should be carefully considered. This includes loan terms, creditworthiness, interest rates, and more. Home loans might affect your lifestyle. As a result, before applying for a home loan, you should sort your finances using the Indiabulls Housing Finance Home loan Calculator.
Ways EMI Calculation Help in Efficient Home Loan Repayment
When choosing a home loan, EMI is a crucial factor to consider. As a result, estimating EMIs ahead of time with an online calculator aids you in home loan planning. EMI calculator Indiabulls home loan is advantageous in the following ways-
- Your monthly spending will determine your borrowing limit. The EMI calculator lets you estimate monthly loan payments by entering interest rates and loan tenure. Thus, you can budget for EMI. The calculator calculates the exact EMI amount you must set aside so you may arrange your budget to avoid affecting other essential monthly expenses.
- Plan home loan repayment to meet EMI deadlines.
- Compare mortgage rates. Loan rates vary per lender. Even a 0.02% difference can lower EMIs and other loan expenses. The EMI calculator simplifies mortgage rate comparisons between lenders.
- It shows financial costs accurately. An EMI calculator can help you calculate your home loan’s interest, processing fees, stamp duty, and other taxes. Lenders present these sums as a percentage of your principal loan amount because they are usually significant. Knowing the loan is worth fewer interest payments can help you set terms accordingly.
How Does the Loan Amortisation Schedule Help Pay EMI?
The EMI amortisation schedule reduces debt over time by making regular principal and interest payments. For example, if you make a monthly loan payment, a part of that payment goes towards interest and the remainder towards the principal.
Typically, a large percentage of each payment at the start of the loan term goes towards interest, with a smaller portion going towards principal reduction. Assuming regular payments, plenty of each subsequent payment goes towards principal reduction. This gradual debt reduction is known as amortisation.
Factors That Affect the Home Loan EMI
The amount of your home loan EMI is determined by several factors. Once you are confident of your mortgage loan eligibility, you can plan to organise housing finance and realise your dream of home ownership. However, keep in mind the top five factors that will affect your home loan EMI:
1. Interest Rate
Interest rate changes affect housing loan EMIs the most. A fluctuating interest rate might increase or decrease your housing loan EMI. If your income fluctuates, a floating rate is better. When bank rates fall, it might be lucrative. The RBI and the worldwide market affect home loan interest rates.
2. Tenure
The actual figure of the EMI is determined by the loan’s tenure period. Even minor changes in the tenure can impact the equated monthly instalment (EMI). Although the EMI decreases as the loan term lengthens, the overall interest burden rises, making the loan more pricey. You can reduce your EMI or your total borrowing cost by altering the length of your loan.
3. Prepayment
Loan prepayment affects EMI value. Many firms have foreclosure or prepayment penalties. However, it lowers the outstanding amount, EMI, and interest. Prepayment is best if you have additional money and your mortgage interest is higher than your preferred investment. Before getting a house loan, understand prepayment penalties and other restrictions.
4. Down Payment
You will pay a certain amount as a down payment for a specific value of the flat or home. Your EMI would be cheaper, and your loan amount would be smaller if you put down a larger down payment. There are norms such as paying 20% of the purchase price as a down payment, but if you can pay a more significant amount upfront, your monthly responsibility will be lower.
4 Benefits of using Indiabulls Home Loan EMI calculator
There are numerous benefits to using an online Indiabulls EMI calculator.
- It allows you to consider your monthly EMI payment before using the loan. This will enable you to effectively manage your investments and ensure that your EMI transfers are completed on time.
- The Indiabulls EMI calculator is available for free download at any time of day. Furthermore, you can use it as often as you want to compare EMI amounts for personal loan offers from various lenders.
- It saves you the time and effort of measuring EMI dues by hand. Once you’ve determined the loan amount, term, and interest rate, you’ll receive instant results for the home loan EMI number.
- As a result, you can access a reliable method for calculating EMI amounts to compare different loan offers. The calculator frequently provides instant and accurate statistics.
Comparison of Home Loan Rates of Different Banks
Indiabulls currently offers its clients home loans with interest rates starting at 7.6%. 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 Indiabulls Loan EMI Calculator for Different Amounts
Indiabulls Home loan for:
- INR 10 lakhs: A home loan EMI for 10 lakhs repayable after 20 years at an interest rate of 7.6% pa is repaid at INR 8117 per month.
- INR 20 lakhs: A home loan EMI for 20 lakhs repayable after 20 years at an interest rate of 7.6% pa is repaid at INR 16234 per month.
- INR 30 lakhs: An EMI on home loan of 30 lakhs repayable after 20 years at an interest rate of 7.6% pa is INR 24352 per month.
- INR 40 lakhs: A home loan worth INR 40 lakhs repayable after 20 years at an interest rate of 7.6% pa is repaid at an EMI of INR 32469 per month.
- INR 50 lakhs: An EMI on 50 lakhs home loan repayable after 20 years at an interest rate of 7.6% pa is INR 40586 per month.
- INR 1 crore: An EMI on home loan of 1 crore payable after 20 years at an interest rate of 7.6% pa is repaid at an EMI of INR 81172 per month.
How can NoBroker Help?
Purchasing a home is a significant decision in your life. It will undoubtedly be the most expensive purchase you ever make. When searching for a loan, consider all the costs of home ownership to make an informed decision. You can use the Indiabulls Bank EMI home loan calculator to compare repayment options and choose a plan that fits your budget.
If you need assistance getting a home loan, NoBroker can help you find the best interest rate on the market. Begin by determining your qualifications using the link provided below. If you have any queries, please leave them in the comments section below, and we will respond as soon as possible.
