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Calculate Federal 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:

Federal Bank Home Loan EMI Calculator Details

Buying a house of one's own is a big dream that almost all of us have in our life. Being in a safe environment amid a comforting ambience is a dream. However, buying a house comes with its own hurdles. 

Taking a home loan to make that dream come true is another hassle to start with. It is a lot of responsibility that requires a lot of research and a long-term financial and emotional commitment.

The entire process can be extremely difficult at times due to the complexity it comes with. It is always a smart idea to plan your future expenses and investments beforehand. It helps you stay organised and make informed decisions for the future.

Now you can easily use the Federal bank home loan EMI calculator to figure out your monthly instalments before Applying for a Home Loan at the bank. It gives you an accurate result in a few seconds that helps you sort your expenses out for the future.

Here is everything that you need to know regarding the online EMI calculator that will help you stay organised for a very long time in the future.

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

How to use Federal Bank Home Loan EMI Calculator?

Only by following a few steps can you easily access the EMI Calculator and figure out the monthly instalments that you will have to pay after you apply for a home loan at the bank.

  • Head on to the official website of the federal bank. The Federal Bank home loan EMI calculator will appear on the screen as soon as you enter.
  • The calculator will ask you to select three amounts to give you the result. First, you need to select the principal amount that you intend to take from the bank as a loan. It will directly affect your monthly instalments. The more the amount is, your monthly instalments will be on the higher side. It can be anything between 25 lakh to 3cr.
  • After selecting your desired loan amount, you will be asked to select an interest rate that will eventually affect your monthly instalments. The current interest rate that they offer is 7.65%.
  • Select a tenure that suits your demands. The longer the tenure is, your monthly EMI will be on the lesser side and vice versa. It can be anything between 10 years to 30 years, depending on your comfort.

After selecting all the information correctly, the result will pop up on your screen in a few seconds. If you are not happy with the EMI amount, you can always try different combinations to figure out which plant you want to go for.

 Additional Reading:  CIBIL Score Required for Home Loan

Benefits of Federal Bank Home Loan EMI Calculator

Calculating your EMI before applying for a home loan is a smart idea that will help you stay organised in the long run. Here are the benefits that you will get if you use the Federal bank home loan EMI calculator before taking a home loan from the bank.

  • You will not have to visit the bank to know your monthly instalments before applying for a home loan. It is a completely online tool that you can use from anywhere.
  • It gives you an instant result that is 100% accurate. You can completely rely on it and make sure you make informed decisions during the tenure.
  • If the first result does not seem comfortable, you can always try different combinations and see for yourself which combination suits your budget.
  • Even after you take the loan from the bank, you can still use the calculator to check your status and figure out how much you have to pay for the rest of your tenure.

Why should you use the Federal Bank Home Loan EMI Calculator?

Before you choose any loan plan from any bank, it is extremely important to choose the right plan according to your affordability and financial background. Home loans are huge amounts that can often be intimidating for people due to several reasons. Doing the proper research before taking a home loan is extremely important.

Here is why you should use Federal Bank Home Loan Calculator:

  • It gives you an accurate result in a few steps. There is no complexity. Only by entering the necessaries, the EMI amount is calculated.
  • The EMI calculator allows you to choose different combinations to see which tenure and exactly what plan suits your affordability the best.
  • The EMI calculator helps the customers to stay within their repayment limits, and hence, the procedure becomes default risk-free.
  • Comparing and analysing the EMI amount with other leading banks EMI rates before you take a home loan from the Federal bank is extremely important, which is made possible by the Federal EMI calculator. 
  • You can also use the EMI calculator to track the balance at any period of the loan tenure. It can help you understand your financial status in a better way. It will also help you plan the rest of your repayment procedure accordingly.
  • The Federal Bank home loan EMI calculator gives you the exact EMI amount that you need to pay monthly. If it seems too much, try increasing the tenure. If the EMI amount seems less than what you can afford, try decreasing the tenure.

Federal Bank Home Loan Interest Calculator Formula

Similar to the other leading banks of India, Federal Bank follows the same method to calculate your interests. It depends entirely on the tenure that you select, the entire loan amount that you take from the bank, and the interest rate that you select. The formula that is followed is 

p*r*(1+r)^n/([1+r)^n]-1).

The P here stands for the principal amount, i.e. the entire loan amount. 

R stands for interest rate, and N stands for the tenure period that you select.

If you choose a shorter tenure of 5 years to 15 years, the monthly EMI will increase along with the entire payable amount. If you select a relatively long tenure of 30 years, your monthly EMI will decrease. However, your entire payable amount will increase along with your tenure.

The formula gives a 100% accurate result and makes sure you have an organised EMI routine planned for you.

Additional Reading: Top Credit rating agencies in India

Comparison of Federal Bank Home Loan EMI with other Popular Banks

Before you Apply for a Home Loan in Federal Bank, go through the interest rates of other leading banks as well to get an idea of the overall EMI picture of India.

Make sure you choose the right plan and apply for it. 

Take a look at the chart to understand if you are choosing the perfect plan for you.

Bank NameLoan amount of 50 LakhLoan Amount of 30 LakhInterest Rate
Federal BankRs. 35,476/-Rs. 21,285/-7.65%
SBI Rs. 32,098/-Rs. 19,259/-6.65%
HDFCRs. 32,264/-Rs. 19,358/-6.70%
ICICIRs. 32,264/-Rs. 19,358/-6.70%
AXISRs. 32,098/-Rs. 19,259/-6.65%

The HDFC Bank and the ICICI Bank offer an interest of 6.70%. The Axis bank offers an interest of 6.65%. Bandhan bank currently offers an Home Loan Interest Rate of 6.40%, which is similar to most of these popular banks. Federal Bank offers an interest rate of 7.65% for home loans to customers. Based on your budget and future affordability, choose the home-loan plan that suits you.

Federal Bank Home Loan EMI Calculator to Estimate the EMI that Fits your Budget

Before making the final call, it is extremely important to try different combinations of tenures, loan amounts and interest rates to understand whether or not you are going for a loan that fits your budget and will not create financial troubles for you in the future.

Loan amount30 years20 years15 years
1 cr70,951/-81,489/-93,556/-
75 lakh53,214/-61,109/-70,167/-
50 lakh35,476/-40,740/-46,778/-
25 lakh17,738/-20,370/-23,389/-

Take a look at the chart and make sure you go through a few different loan plans before deciding which one you will go for.

Additional Info: How to get Bajaj Finserv Home Loan

Factors affecting Federal Home Loan EMI

There are several factors that directly affect your EMI. you should try to alternate these amounts while operating the Home Loan EMI Calculator to figure out which plan suits your budget the most.

  • The tenure period that you select before taking a home loan plays a major role in deciding the amount you will have to pay by the end of the plan. The shorter the tenure is, the more you will have to pay on a monthly basis. The longer the tenure is, the lesser monthly amounts you will have to pay. However, when you select a longer tenure of 20-30 years, the entire payable amount also increases along with it.
  • Interest rate is one of the major determining factors of EMI rates. When the interest rates remain on the higher side, the EMI automatically increases by the end of the tenure. Federal Bank keeps its interest rate at 7.65% for all its customers when it comes to home loans. 
  • The entire loan amount also has a huge role to play in calculating your EMI amount before you take a loan. Your monthly payable EMI amount automatically increases when the loan amount is larger, and the tenure is short. Interest rates also increase when the loan amount is on the bigger side.

Additional Info: Also check HDFC Home Loan EMI Calculator

What the Home  Loan EMI calculator cannot tell you

The Federal Bank home loan EMI Calculator is a good tool to calculate your EMI before applying for a home loan. However, there are certain factors that cannot be pre-determined by the tool.

  • If you have the entire amount to repay the rest of your loan amount in the middle of the tenure, you will be charged around 2%-3% penalty charges for making prepayments as per the policies. The online calculator cannot determine whether or not this will happen during your tenure.
  • Some banks allow their customers to change their interest rates in the middle of a tenure. On the other hand, some banks do not allow that. Whether you can make bigger payments as monthly instalments cannot be determined by an EMI calculator either.
  • The calculator also fails to determine whether or not the interest rate will increase or decrease during the tenure during the process. Banks like the UCO Bank, the SBI, along with other reputed banks like HDFC, Bandhan Bank, Axis Bank, only offer floating rate home loans which means the interest rates can increase during your selected tenure after taking the loan. It can create an inconvenience for some people since the calculator cannot determine the increased interest amount beforehand.

Additional Info: Also check ICICI Home Loan EMI Calculator

Amortization Table

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

FAQs

✅ Does Federal Bank offer fixed-rate home loans?

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No. Federal Bank currently only offers floating rate loans. Your interest rates may increase or decrease during your tenure. 

✅ How much does the Federal Bank charge for prepayments?

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The Federal Bank allows prepayments at nil charges. Therefore, you can repay the entire loan amount in the middle of your tenure without being charged with any penalties.

✅ What is the current interest rate for home loans offered by the Federal Bank?

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Federal Bank currently offers an interest of 7.65% for home loans to all the customers.

✅ What is the EMI for a 30 lakh home loan in Federal Bank?

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Your monthly instalments directly depend on your selected tenure. For a loan of Rs. 30 lakh, your monthly EMI will be around Rs. 21,285/- for a selected tenure of 30 years. For a tenure of 20 years, you will have to pay around Rs. 24,444/- monthly.

✅ What happens if the interest rate goes up or down in Federal Bank?

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Federal Bank offers floating rates only. The interest rate may go up or down during your tenure. In that case, your interest rate will increase in repo rate or decrease in repo rate with a cut accordingly.

✅ Does the Federal Bank Calculator give an accurate result?

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The Federal Bank EMI calculator follows the formula p*r*(1+r)^n/([1+r)^n]-1) to give you a 100% accurate result that you can completely rely upon.