IDBI Home Loan EMI Calculator
When taking out a home loan, one of the most important things to consider is your repayment plan. You’ll need to make sure that you can afford your monthly repayments and that you’re comfortable with the repayment schedule.
One way to work out your monthly repayments is to use a home loan EMI calculator. This tool lets you input various information about your loan, including the loan amount, interest rate, and repayment tenure. The calculator will then give you an estimate of your monthly repayments.
This blog post will look at the IDBI home loan EMI calculator. We’ll explore why you should use this calculator, how it can help you repay your home loan, and what other features it offers.
Why You Should Use IDBI Bank Home Loan Calculator?
When taking out a home loan, you must know exactly how much you’ll need to repay each month. This is where a home loan calculator comes in handy. The IDBI bank home loan calculator is a great tool to help you work out your monthly repayments. Here’s why you should use it.
- It’s quick and easy to use.
- It’s accurate.
- It’s free of cost.
- It can help you compare different home loan options.
- It can help you budget for your home loan.
How EMI Calculation Helps in Purchasing Home?
EMI calculation is important when purchasing a home because it allows buyers to understand what they can afford and plan their budget. It is also a good way to compare different home loan options.
When you are purchasing a home, the below steps will help you take out a loan.
- How much you can Afford–This will help you know what kind of mortgage you can take out and how much your monthly repayments will be.
- Different Home Loan Options–There are many types of home loans available, and choosing one that suits your needs and budget is important. An IDBI bank home loan calculator can help you compare different loans side by side to make an informed decision about which is right for you.
- Budget for your Monthly Repayments–Inputting your income and expenses will give you an accurate picture of how much money you have left over each month after making your repayment. This is useful information to avoid defaulting on your loan or falling behind on your repayments.
How Loan Amortisation Schedule Helps Paying EMI
A loan amortisation schedule shows the periodic payments on a loan and how those payments are applied to both the principal balance and the interest owed. This information can be helpful in budgeting for future payments and making extra payments to save on interest and pay off the loan faster.
The EMI Amortisation Schedule for a loan amount of Rs 5,00,000 for 5 years at an interest rate of 7.5% is given below.
Year Beginning Loan Balance EMI*12 Interest Paid Yearly Principal Paid Yearly Outstanding Balance 1 5,00,000 1,20,228 34,597 85,631 4,14,369 2 4,14,369 1,20,228 27,949 92,279 3,22,090 3 3,22,090 1,20,228 20,784 99,444 2,22,646 4 2,22,646 1,20,228 13,067 1,07,161 1,15,482 5 1,15,482 1,20,228 4,746 1,15,482 0 Comparison of Home Loans with Other Bank
If you’re looking for a home loan, you’ll want to compare IDBI bank with other leading banks in India. Here’s a quick comparison of IDBI bank home loans with other popular banks in India.
Bank Interest Rate Processing Fees IDBI Bank 9.65% – 10.15% Up to 0.50% of the loan amount HDFC Bank 9.60% – 10.00% Up to 0.50% of the loan amount ICICI Bank 9.50% – 10.00% Up to 1.00% of the loan amount Axis Bank 9.40% – 9.90% Up to 0.50% of the loan amount As you can see, IDBI bank offers competitive interest rates and processing fees. Therefore, IDBI bank should be your first choice if you’re looking for a home loan.
Factors Affecting Home Loan EMI
Regarding a home loan, IDBI Bank is one of the most popular options amongst borrowers. This is because the bank offers a wide range of home loan products at competitive interest rates. In addition, IDBI Bank also provides several value-added services to its home loan customers.
However, it is always advisable to compare home loan products from different banks before availing one. This will help you in getting the best deal possible. Some factors that affect the home loan EMI are interest rates, processing fees, loan tenure, etc.
- Interest Rates– IDBI Bank offers home loans starting from 8.25% per annum.
- Processing Fees– The processing fee charged by IDBI Bank is 0.50% of the loan amount plus GST.
- Loan Tenure– IDBI Bank provides home loans for a tenure of up to 30 years.
- Prepayment Charges– IDBI Bank charges a prepayment penalty of 2% of the outstanding loan amount if the loan is repaid within 1 year from the loan’s date.
Benefits Of Using IDBI Loan Calculator
An online home loan EMI calculator is a very useful tool for anyone applying for a home loan. There are many benefits of using an online EMI calculator, and we will discuss some of them here.
Computing your home loan EMI manually can be a tedious task. On the other hand, the EMI calculator can provide an answer in less than a minute and simplify the entire process. With this information, you can take an educated decision regarding the loan amount, tenure and interest rate. In addition, it helps you to negotiate a better interest rate with the lender.
Unlike manual calculation, the result from an online EMI calculator is precise and speedy. With this tool, you can acquire results for various loan amounts, tenure and interest rates.
IDBI Bank Home Loan EMI Calculator for Different Loan Amounts
The IDBI Home Loan EMI amount (monthly) is calculated based on an 8.90% interest rate.
Loan Amount/ Tenure Years 10 Years 15 Years 20 Years 10 Lacs 12,613 10,083 8,933 20 Lacs 25,277 20,166 17,866 30 Lacs 37,840 30,250 26,799 40 Lacs 50,454 40,333 35,732 50 Lacs 63,068 50,416 44,665 1 Crore 1,26,135 1,00,833 89,330 A house loan EMI calculator can calculate the estimated monthly payments when taking out a mortgage. The IDBI Bank Home Loan Calculator is quick and simple and can help you compare loan possibilities. It is also free. When buying a home,
EMI calculations are crucial since they enable purchasers to assess their financial situation and weigh their loan possibilities. In addition, an amortisation schedule for a loan aids in planning future payments and enables extra payments to reduce interest and accelerate loan repayment.
NoBroker can help you to get the best deal on your IDBI home loan by providing you with a platform to compare loans from different lenders with NoBroker home loan services. It can also help you to negotiate for a lower interest rate.
