Hello,

Guest!

Calculate Abhyudaya Co-Operative Bank Home Loan EMI

50000020000000
120
130
Total Payments-

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 6.9%
  • ₹0
  • 30
Updated:

Abhyudaya Co-Operative Bank Home Loan EMI Calculator

Abhyudaya Co-Operative Bank was established in 1965. Headquartered in Mumbai, it is one of the leading urban co-operative banks in the country. Floated with a small share capital of  5000 in 1965, the bank today has paid-up capital and reserves of almost 1300 crore. Abhyudaya Co-Operative Bank has slowly but surely ventured into every domain of banking and is reckoned as a major banking leader, especially in Maharashtra.

Additional Info: Apply SBI MaxGain Home Loan @6.70%

Abhyudaya Co-Operative Bank Home Loan

Abhyudaya Co-Operative Bank home loans issues different purposes and therefore divided into different schemes. Customers can choose the most appropriate home loan scheme depending upon their home loan requirement.

Product NameInterest RateTenureMaximum Loan AmountIdeal For
Abhyudaya Co-Operative Bank-Housing Loan6.90% p.a. - 7.15% p.a.20 years70 lakhPurchase and construction
Abhyudaya Co-Operative Bank-Home Improvement Loan10% p.a. - 10.50% p.a.7 years10 lakhRepair and renovation of existing residential property
Abhyudaya Co-Operative Bank-Commercial Improvement Loan10.50% p.a.10 yearsNo upper ceiling limitRepair and renovation of existing commercial property

You can also Apply for 50 Lakh Home Loan

Features of Abhyudaya Co-Operative Bank Home Loans

  • Abhyudaya Co-Operative Bank home loans can be availed by salaried employees and self-employed professionals.
  • Maximum home improvement loan amount offered by Abhyudaya Co-Operative Bank is 70 lakh.
  • Maximum loan repayment tenure is 20 years.
  • Loan eligibility is up to 90% of property value for loans less than 28 lakh.
  • Loan eligibility is up to 80% of property value for loan amount between 28 lakh to 70 lakh.
  • Borrowers enjoy 1 month moratorium period.
  • For home loans availed for purchase of under-construction flats, the moratorium period can go up to 18 months, subject to loan maturity within 20 years.
  • Rate of interest for loan up to 28 lakh is 6.90% p.a.
  • Rate of interest for loan value between 28 lakh - 70 lakh is 6.90% p.a. However women applicants can avail home loan @ 7.15% p.a.
  • The lowest EMI is 769 calculated at 6.90% p.a. for a 20 year loan.

Additional Info: Also check Rs. 1 Crore Home Loan EMI

Features of Abhyudaya Co-Operative Bank Home Improvement Loans

  • Abhyudaya Co-Operative Bank home loans can be availed by individuals, proprietorship firm and partnership firms
  • Maximum home improvement loan amount is 10 lakh for residential property. There is no maximum loan limit for repair and renovation of shop and commercial spaces.
  • Maximum loan repayment tenure is 7 years for residential property.
  • Maximum loan repayment tenure is 10 years for commercial property.
  • Abhyudaya Co-Operative Bank funds up to 75% of the repair cost in case of commercial projects.
  • Rate of interest for improvement loan for residential property is 10.50% p.a.
  • Rate of interest for improvement loan for commercial property is 12% p.a.

Additional Info: Also check 75 Lakh Home Loan EMI

What is EMI?

EMI is the Equated Monthly Installment that is paid every month in order to repay a loan. EMI can be for a home loan or any other loan or advance sought from any lending institution. It is the fixed monthly outflow and is debited automatically from the bank account on a pre-determined date. The EMI is a build-up of two components - principal and interest.

Additional Info: Best Home Loan Interest Rates @6.70%

Abhyudaya Co-Operative Bank Home Loan EMI Table

The EMI schedule is the tabular representation of the loan along with the monthly EMI installment. It makes the customer aware of the EMI amount that would be incurred every month. It also shows the break-up between the interest and portion of every EMI installment paid.

Listed below is the EMI schedule of the Abhyudaya Co-Operative Bank. The table depicts the amount of EMI that will be paid corresponding to loan amount and loan tenure. The table is prepared at different rate of interest 6.90% p.a. and 7.15% p.a. as charged by the bank for loan amount below and above 28 lakh respectively.

Loan AmountRate of InterestLoan Tenure
  10 years15 years20 years
 28,00,0006.90%Rs. 32,366Rs. 25,011Rs. 21,541
 50,00,0007.15%Rs. 58,442Rs. 45,362Rs. 39,216
70,00,0007.15%Rs. 81,818Rs. 63,506Rs. 54,903

The above table shows that loan tenure is crucial in determining the EMI amount. The loan term and EMI are inversely related. As the loan tenure increases, the EMI amount reduces even though the home loan principal amount remains the same.

Opting for the lowest EMI is ideal when applying for a home loan. But it is important that the applicant clearly understands the EMI schedule which highlights the break-up of every EMI into the principal and interest part. Ironically, the longer the term of the loan, higher will be the interest payout, making the loan most expensive.

Mentioned below is the EMI break-up table of Abhyudaya Co-Operative Bank. The table highlights the EMI break-up proportion. The table is based upon a home loan amount of 1 lakh at the rate of interest of 6.90% p.a.

 10 years15 years20 years
EMI per lakhRs. 1,156Rs. 893Rs. 769
Total amount repayable to bank (P+I)Rs. 1,48,783Rs. 1,60,784Rs. 1,84,634
Total interest paid over the loan tenureRs. 38,712Rs. 60,784Rs. 84,634
Principal to Interest Break-Up67.2 : 32.856.4 : 43.648 : 52

The above table shows the break-up into principal and interest part for home loan of 1 lakh. As the term of the home loan increases, the quantum of interest charged thereon also increases manifold, even though the principal amount remains the same. This makes the home loan expensive.

For example, for a home loan of 1 lakh the borrower will repay a total amount of 1,48,783 with a term of 10 years. With the increase in loan tenure the amount to be repaid increases to 1,77,253 for 15 years and to 2,08,278 in 20 years. The loan amount and Abhyudaya Cooperative Bank Home Loan Interest Rate remain the same. Therefore, it is very important to choose the loan tenure which balances the EMI installment with the overall interest expense.

Additional Info: Also check Pan Number for Banks

What is EMI Calculator?

EMI Calculator is a mathematical formula that gives the user a fair idea about the EMI payable against different loan amounts and duration of loan. It processes results using three variables -  loan quantum, interest rate and loan tenure.

The mathematical formula used to calculate a home loan EMI is:

 [PxRx(1+R)^N]/[(1+R)^N-1]

Where;

P = Principal loan amount

R = Rate of interest

N = Loan tenure in months

For Abhyudaya Co-Operative Bank the values for each are:

P = maximum of 70 lakh

R = 8.50% p.a. for loan amounts less than 28 lakh and 6.90% for loan amount between 28 lakhs nd 70 lakhs.

N = the maximum loan tenure is 20 years i.e. 240 months

Additional Info: Also check ICICI Home Loan EMI Calculator

Factors Affecting Home Loan EMIs

No single factor determines the home loan EMI. There are many factors that have an influence on the home loan EMI as listed below. 

  • Loan amount- The amount borrowed is one of the most important factors that determine the EMI. The EMI is high for high principal values.
  • Interest rate- The home loan interest rate levied by the bank has a major impact on EMI amount. The rate of interest is linked to the repo rate of the RBI. The EMI amount increases with an increase in the rate of interest.
  • Loan Term- There is an inverse relation between loan term and EMI. If the tenure is long, the EMI amount decreases and vice versa.
  • Occupation of the Applicant- The employment status of the home loan applicant has a bearing on the EMI. An applicant with a stable job with regular cash inflows will be able to get a loan at lower rate of interest as compared to an applicant with unpredictable earnings.
  • Credit Score- Applicants who enjoy a high credit score are most sought after by lenders. Thus, these individuals have more bargaining power and can negotiate rate of interest and processing charges and can get a better deal and thus enjoy lower EMI.
  • Existing bank customers- Any lender would like to extend a business relationship with an existing customer who has a good repayment history. Such customers can avail certain loyalty benefits and get a lower home loan EMI.

Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.

Tips to Decide the Right Amount of EMI

EMI payment is an expense that is to be incurred for the entire tenure of the home loan which invariably runs into years. Therefore, the EMI amount should be a figure that poses no financial stress. To reach the ideal EMI amount:

  • Reconsider Principal Value- It is the principal amount that attracts interest, so one should go in for the lowest home loan principal. For high value property it is prudent to merge small properties than relying entirely on home loan to finance the high cost.
  • Reconsider Financial Status- Be sure that your inflows can accommodate the current expenses and additional financial liabilities comfortably. Opt for an EMI amount that does not prove to be financially stressful.
  • Reconsider The Term- The home loan tenure helps in determining the interest portion, which is the cost of availing a home loan. While the longest will result in the lowest EMI, it will attract highest interest, making the loan expensive.
  • Check eligibility- Home loans are sanctioned depending upon the applicant profile. A home loan eligibility calculator enables the applicant to know the maximum amount of loan eligibility he/she is eligible for.
  • Assess your FOIR ratio- FOIR (Fixed Income to Obligations Ratio) suggests the repayment capacity of the applicant. Based on current income and expenses, an FOIR of more than 50% of the inflows is accepted by Abhyudaya Co-Operative Bank.

Additional Info: Also check SBI Home Loan EMI Calculator

Change in EMI with a Change in Interest Rates

The home loan EMI is fixed at the start of the home loan and remains fixed for the entire term. However, the following cases may lead to a change in the EMI.

The floating rate of interest makes the total home loan payout to change. The change in the total payout is adjusted against the home loan tenure, keeping the EMI same.  However, when the tenure of the home loan is already at the maximum and cannot be increased further, any increase in the total home loan payout is accommodating by increasing the EMI.

Home loans wherein the principal part is disbursed in parts and phases (trenched EMI scheme), the EMI will increase upon every disbursement of principal amount.

Additional Info: Also check Banglarbhumi West Bengal Land Record

Change in EMI with Prepayment

Abhyudaya Co-Operative Bank allows its customers to prepay the home loan whenever possible. Every prepayment of lump sum amount is adjusted against outstanding principal amount. The customer then has the option to continue with the balance loan with the same EMI to be paid over a reduced term period or go in for an EMI recalculation and pay the changed EMI without changing the loan tenure.

Additional Info: Also check Pradhan Mantri Awas Yojana

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

Abhyudaya Bank Home Loan EMI Calculator FAQs

✅ What is the maximum home loan amount offered by Abhyudaya Co-Operative Bank?

image

Abhyudaya Co-Operative Bank offers a maximum home loan up to  70 lakh.

✅ What is the maximum loan margin money amount for Abhyudaya Co-Operative Bank home loan?

image

The margin money for Abhyudaya Co-Operative Bank home loan varies depending upon the cost of the property. Applicants can avail up to 90% of property value for loans less than  28 lakh and up to 80% of property value for loan amount between  28 lakh to  70 lakh.

✅ How is the interest rate for Abhyudaya Co-Operative Bank home loan?

image

Abhyudaya Co-Operative Bank home loan interest rate varies with the purpose of the home loan. Housing loan start from 6.90% p.a. whereas home improvement loan start from 11% p.a.