Hello,

Guest!

Calculate Dhanlaxmi 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
  • 7.85%
  • ₹0
  • 30
Updated:

Dhanlaxmi Bank Home Loan

Home loans are provided to enable people to purchase their dream houses by providing easy payment plans. Dhanlaxmi bank offers a variety of Home Loans and services to its customers. Dhanlaxmi bank offers home loans for purposes like purchase of house, construction of house, purchase of plot of land and even home loan for expansion and refurbishing of property. Dhanlaxmi bank also offers loan transfer facility to and from the bank and offers financial assistance for any other kind of home-related expense.

Additional Info: Also check SBI Home Loan EMI Calculator

Features of Dhanlaxmi Bank Home Loan.

Dhanllaxmi bank provides a wide variety of services and products to its customers. Dhanlaxmi bank provides customized home loan products for every individual requirement and also offers an easy balance transfer facility for existing home loans to and from the bank. Dhanlaxmi Below are some salient features of Dhanlaxmi Bank Home Loan.

PurposeDhanlaxmi bank offers home loan for purchase of property/plot of land and construction of property. Home loan balance
Loam amountUp to 2.5 Cr is the max loan amount offered by Dhanlaxmi bank
Available forBoth salaried and self-employed individuals are eligible for this home loan. NRI's and PIO's can also avail home loan in Dhanlaxmi bank.
Interest rateThe rate of Interest starts from 7.85%
Tenure offeredThe max tenure offered by Dhanlaxmi bank is 20 years
Processing FeeThe processing fee for the home loan application is up to 1% of the loan amount.
Lowest EMI offeredLowest possible EMI is Rs. 827 INR per lakh amount every month.

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

Dhanlaxmi Bank Home Loan EMI Details

Dhanlaxmi bank offers home loans with rate of Interest starting from 7.85% The rate of Interest differs as per the purpose of the loan, the tenure, your eligibility, credit score etc. Dhanlaxmi Bank offers different ways of EMI payment like ECS, PDC's and SI. The EMI amount depends on the loan amount, tenure and rate of interest. Below is a table showing how each of the factors affects home loan EMI.

Additional Info: You can also check Best Home Loan Interest Rates

Loan amountTenure
5 years10 years15 years20 years
Rs. 25,00,000Rs. 50,512Rs. 30,134Rs. 23,675Rs. 20,678
Rs. 50,00,000Rs. 1,01,023Rs. 60,268Rs. 47,351Rs. 41,356
Rs. 1,00,00,000Rs. 2,02,047Rs. 1,20,536Rs. 94,701Rs. 82,713
Rs. 5,00,00,000Rs. 10,10,234Rs. 6,02,682Rs. 4,73,506Rs. 4,13,564

As you can seen the EMI amount decreases with increase in tenure. It is also very likely, that your Home Loan rate of Interest also increases as per the increase in tenure. You can calculate your own EMI amount based on the amount, tenure and rate of Interest offered to check if the EMI amount is suitable for you.

Additional Info: Looking for 10 Lakh Home Loan? Check EMI & Apply.

What is EMI Calculator?

Your EMI amount depends on the home loan amount(principal amount), rate of interest and tenure. The Interest amount is calculated as per your home loan amount. The entire amount is then divided by the tenure. Naturally, the higher your tenure, the lower your EMI amount and the more time you get to repay the home loan. However, an increase in tenure can also mean an increase in the rate of Interest and while, it will still lower your EMI amount, the overall Interest to be said to the bank increases. Below is the calculation for the EMI amount.

Additional Info: How to get Bajaj Finserv Home Loan

E = P*r* (1+r)^n/([(1+r)^n]-1)

Where E = EMI amount

p = Total amount of loan availed can be up to 5 Cr

r = Rate of Interest

n = Tenure in months (can be up to 240 months)

You can see from the above equation that calculating your EMI amount yourself can be a complicated process, particularly if you are not a mathematically inclined person. For this reason, a tool called EMI calculator was devised to help you calculate your EMI easily so that you can have a fair idea of the amount that you will be paying every month if you go for that particular home loan package.

Additional Info: Also check HDFC Home Loan EMI Calculator

Benefits of using an EMI calculator before taking a Dhanlaxmi Bank home loan

As already mentioned above, EMI calculation is a very important step of your home loan application. It isn?t possible for you to do such complicated calculations yourself, that is why EMI calculators were devised to make your job easier. EMI calculators are free to use and widely available with most banks and services. The only thing you need to do to use the EMI calculator is to enter your home loan amount, rate of Interest and tenure and the tool will do the job for you.

Below are some benefits of using EMI calculator:

  • Basic and easy to use service/tool available to everyone.
  • Figure out the EMI amount to ensure that it falls within your income level.
  • Quick Calculation response to user-entered details
  • Change the tenure and rate of Interest and re-calculate until you find the most appropriate interest-tenure ratio.

Using the EMI calculator, you can accurately fix the loan amount and tenure that you will need to approach the bank for. You can confidently apply for your home loan with the knowledge that the EMI will not be a burden on your income and you will be able to pay it off comfortably for a long duration.

Additional Info: Also Apply Home Renovation Loan

Factors that Can Impact Your EMI Amount.

The three main factors that impact your home loan EMI is your home loan amount, rate of interest and tenure. Your EMI amount is calculated based on all these factors and hence, whatever impacts any of these in indirectly a factor affecting your EMI.

Additional Info: You can also avail Navi Home Loan

Home loan amount :

The most important factor for your EMI is your home loan amount as this is the principal amount for the Interest calculation as well and both the principal and interest will be paid for through your EMI. Your home loan depends on the property you have selected and the amount of down payment you have provided. Naturally, the higher down payment you provide, the lower your EMI amount.

Step-up loan :

A step-up loan is usually offered to younger individuals or individuals who don't have. A lot of experience and draw a lesser salary. In case of step-up loans, the bank offers a lower EMI amount at the beginning and the EMI amount increases with an increase in the salary of the individual/after a fixed tenure.

Type of loan:

In case you have gone for a fixed rate home loan, your EMI amount will remain the same as it was when you applied for it. However, in case of a floating state home loan, the EMI amount might change as per the increase in market lending rates.

Additional Info: Also check Pan Number for Banks

Tips to Decide the Right Amount of EMI.

The EMI amount is very important for you to decide the most comfortable loan amount and tenure that you will need to ensure a comfortable financial future. It naturally takes quite a bit of time and research to figure out the most appropriate home loan package for your needs. Below are some tips that you can follow to decide the right amount of EMI.

Additional Info: You can also avail Canfin Home Loan

Go for a financial assessment :

If possible, go for a professional assessment of your finances. That will help you to determine your current financial standing and strength. It will also give you an idea of your liabilities and dependents and hive you a fair idea of the income that you are left with. It is also wise to leave a little room in your income for emergencies and other needs.

Fix a home loan amount :

If you have a property already scouted out, try and fix on a loan amount by checking how much down payment you would be able to give. Once you have a home loan amount fixed, it is just a matter of tweaking the tenure to see what EMI you get with different tenures and which would be suitable for you. If you don't have a property scouted, you can go for a pre-approved loan which will give you a loan amount without a property.

Verify your credit history and credit score :

Even if you have a fair idea of your finances, it is also your credit history and score that can determine the rate of interest in your home loan. You need to ensure that your history is trustworthy and your credit score is accepted by the bank so that your rate of Interest will be as per your calculations and the bank doesn?t increase it.

Additional Info: Also check ICICI Home Loan EMI Calculator

Change in EMI with a change in Interest rates

In case of floating rate home loans, the rate of interest on your home loan application will change as per the change in market lending rates. In this case, the bank will try to keep the EMI amount same by changing/increasing the tenure. This means that you will be paying the same amount of EMI, just for a longer duration. However, in case your loan tenure is already the max allowed by the bank, or if you cross the bank's eligible age criteria, your EMI amount will have to be increased.

Additional Info: Also Check Plot Loan

How to use MyMoneyMantra EMI calculator?

Third-party vendors like MyMoneyMantra are there to assist people who are unsure of their financial future and need guidance on the right kind of product for their requirements. MyMoneyMantra provides guidance for people who want to avail a home loan and helps them through the entire process. MyMoneyMantra also provides an Home Loan EMI Calculator tool that helps the client?s estimate the EMI that they will have to pay if they go for that home loan product. Below are the steps you can follow to use the MyMoneyMantra EMI calculator.

Additional Info: Also Check HDFC Plot Loan

  • Go to the MyMoneyMantra website and click on the home loan icon, which takes you to the home loan section of the website.
  • You will have to enter some details like your gender, your location, purpose of your loan and you?re the city where you want to purchase a property
  • After entering the above details, you can scroll down and click on the EMI calculator tab at the bottom of the page. This will open up the EMI calculator tool.
  • Just enter the rate of interest, loan amount and tenure in the input fields and click on calculate. The calculated EMI amount will be returned immediately.
  • If the EMI amount is not comfortable, you can change the tenure and rate of Interest and check if the EMI becomes suitable

Additional Info: Also Check SBI Plot Loan

Amortization Table

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

FAQs

✅ How does a home loan work?

image

A home loan is a concept developed to help people purchase their dream houses. In case of a home loan, the amount of money required to purchase a house is provided by the bank(or lender) to the seller. This loaned amount will be repaid to the bank(or lender) with a certain amount of Interest in convenient monthly instalment. This helps put less pressure on the borrowers to pay for their houses.

✅ How can I reduce my rate of Interest on my home loan?

image

Your rate of interest depends on a lot of factors like your age, eligibility, tenure etc. The rate of Interest also differs as per the purpose of your home loan like purchase of property, loan against property, loan extension etc. A higher credit score and good credit history also means a reduction in the rate of interest.

✅ How does the bank calculate my EMI?

image

The bank will use your loan amount, rate of Interest and tenure(in months ) to calculate your EMI. This is the formula that the bank will use to determine your EMI amount.

           E = P*r* (1+r)^n/([(1+r)^n]-1)

✅ How can I make sure that my EMI is suitable for me?

image

To make sure that you choose the most ideal EMI, you need to ensure that the EMI amount is something that you can pay every month. This amount will have to fit within your income after satisfying all your eligibilities and dependent obligations.

✅ How can I access the EMI calculator?

image

The EMI calculator is a free tool that is available for use by anyone across the world. The EMI calculator is available on the bank's website as well as MyMoneyMantra's website. You may find it listed under the home loan section or you can search for it via the search bar.

✅ What are the tax benefits available for home loan?

image

Home loans are encouraged for people to be able to purchase their own house, which is why many tax benefits are available on them. Under Section 24, a total of 2 lakh can be claimed under tax rebate for total Intrest paid on the home loan. Under Section 80, up to 1.5 lakh can be claimed under tax rebate every year on the principal amount repaid.

✅ How does the EMI calculator work?

image

The EMI calculator uses the formula mentioned in this document to calculate your EMI. It will take loan amount, rate of Interest and tenure from the user to return the value of EMI calculated.