Hello,

Guest!

Calculate IDBI 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
  • 6.75%
  • ₹0
  • 30
Updated:

IDBI Home Loan EMI Calculator Details

IDBI was established in 1964 and operated as a subsidiary of RBI initially. In 1976 it was taken over by the Government of India from the RBI. The main purpose of IDBI bank was to provide funding for the Industrial Sector. IDBI entered the banking business in 2004 when RBI incorporated IDBI as a scheduled bank. From then onwards, IDBI stepped into retail banking as well and began providing Personal Loans, auto loans, home loans etc., among other loans.

Additional Info: Also check Rs. 80 Lakh Home Loan EMI

How to use IDBI Bank Home Loan EMI Calculator?

On Availing of a Home Loan from IDBI Bank, you will have to make repayments in equated monthly instalments, i.e. EMI. This will be an extended commitment that will have to be honoured promptly throughout the repayment tenure. Since the amount involved in a home loan is huge, you should be cautious while making a commitment that can eventually turn out to be a burden on your monthly income. To avoid such an outcome, you will have to calculate the EMI for the amount you aspire to borrow and check if it is within your disposable income. To use the IDBI Bank Home Loan EMI Calculator, you should follow the steps given below.

  • Access the IDBI Home Loan EMI Calculator.
  • There will be input boxes and output fields. You should provide the loan amount, the rate of interest and the tenure in the input boxes and the EMI will be displayed in the output field on hitting the calculate button.
  • You can arrive at the EMI that fits into your budget by doing the calculations with various loan amounts and tenure.
  • If you intend to compare the EMI of various banks, you can check the EMI with the rate of interest of the respective bank and come to an informed conclusion about the loan. 

Additional Info: How to get Pradhan Mantri Awas Yojana

IDBI Home Loan Interest Calculator Formula

The IDBI Home Loan EMI Calculator Excel will give you an idea of the overall interest that will be payable at the end of the tenure. This will help you to evaluate the interest cost of the loan you are about to avail of. To calculate the interest, the formula applied is 

EMI = [P x (R/100) x {1+(R/100)}^N]/[{1+(R/100)}^(N-1)]

P is the principal

R is the rate of interest

N is the tenure.

For a given EMI, the overall interest that is payable will be arrived at with the formula. If you intend to cut down on the interest cost, you can either reduce the loan amount or reduce the tenure if you can afford a higher EMI. 

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

Benefits of IDBI Bank Home Loan EMI Calculator

If the repayment of the Home Loan has to be made without a break throughout the tenure, you will have to assess the EMI that your monthly income can accommodate, along with the existing obligations and liabilities. You will also have to put aside a buffer amount out of the monthly income to provide for any emergencies in the future. Considering all this, you will have to arrive at the amount that is at your disposal to service the EMI of the proposed loan. You should not forget the fact that after providing for the EMI, the net take-home should be a minimum of 40% to 50% of the gross income. To make all these adjustments before approaching the loan for a bank, you will have to have the affordable EMI ready. IDBI Bank Home Loan EMI Calculator makes this calculation possible. Besides this, there are several other benefits of the IDBI Home Loan Calculator.

  • It is available to one and all free of cost.
  • There is no particular skill required to use the IDBI Home Loan EMI Calculator. Any layman with no technical background will be able to use the home loan EMI Calculator.
  • The only requirement to use the EMI Calculator is an internet connection.
  • You will get an idea about the loan amount you are eligible for with the EMI that fits your budget. This will help you to look for a property with the available funds.
  • Else, you will get an idea about the down payment you will have to make if you have to invest in a particular property of your choice.
  • The EMI calculator will also give a break up of the principal and interest months so that you can plan your prepayments at a stage that will bring down the cost of the loan.
  • EMI calculation will be made easy and will be error-free. You can vouch for a 100% accurate value.

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

Why should you use IDBI Home Loan EMI Calculator?

A home loan EMI is a huge responsibility and very difficult to manage for such a long term. In between the repayment period, if there are any unforeseen expenses that are unavoidable, you will not be able to manage the EMI, and your credibility will suffer. To avoid such a circumstance, it is advised to evaluate the affordable EMI to service the loan promptly. The Home Loan EMI Calculator plays a vital role in calculating the EMI and giving 100% accurate results. You will benefit in the following ways by using the IDBI Home Loan EMI Calculator.

  • You can get an idea about the additional burden on your monthly income and curtail unwanted expenses to accommodate the EMI.
  • You can understand the fundamentals of the loan with the amortisation schedule. It is a chart that gives the break-up of the principal and interest apportionment month on month till the end of the tenure. With this, you will be able to understand at what stage the prepayments have to be made, and you can plan your finances accordingly.
  • You can inculcate the discipline of managing your finances to provide for the EMI every month without fail and avoid repercussions of EMI missouts.
  • You can use the IDBI Home Loan Calculator Excel several times to compare the EMI with different rates and choose the best deal.

Additional Info: You can also Check Banglarbhumi West Bengal Land Record

Comparison of IDBI Home Loan EMI with other Popular Banks

Name of the BankRate of InterestRs. 1.00 lakhRs. 25.00 lakhsRs. 40.00 lakhs
IDBI Bank6.75%Rs. 649Rs. 16215Rs. 25944
Bank of Baroda6.50%Rs. 632Rs. 15802Rs. 25283
Punjab National Bank6.60%Rs. 639Rs. 15966Rs. 25546
Canara Bank6.90%Rs. 659Rs. 16465Rs. 26344
HDFC6.70%Rs. 645Rs. 16132Rs. 25811
HSBC6.45%Rs. 629Rs. 15720Rs. 25151
ICICI6.70%Rs. 645Rs. 16132Rs. 25811

From the above chart, you can see how the EMI varies with the Home Loan Rate of Interest and amount. The rate of interest mentioned in the chart is the starting rate, i.e., the best rate offered for applicants who have a good Credit Score, high income, are employed with reputed institutions and are assured of a regular income. If you should know the eligible rate of interest applicable to your credentials, you will have to visit the nearest bank branch to get the information. Compare the interest rates and other charges before you decide to avail of the home loan.

Additional Info: Bandhan Bank Home Loan at 6.40% p.a. Apply Now

IDBI Bank Home Loan EMI Calculator to Estimate the EMI that fits your budget

The understanding goes that the eligibility of a home loan depends on the income, credit score, relationship with the lender and the value of the property. But in reality, the loan amount and tenure depend on the EMI that fits your budget. The definition of the budget is the disposable income after providing for the existing mandatory obligations and liabilities. Is it possible to estimate the EMI manually? Yes, it is. But the estimation of the EMI applying the complicated mathematical formula manually is tiresome and prone to errors. The easiest way to calculate the EMI to fit your budget is by using the IDBI Home Loan EMI Calculator Excel. The calculation is done within the blink of an eye and is 100% accurate. You can also do the calculation as many times as required until you arrive at the EMI that fits your budget.

Additional Info: Looking for 50 Lakh Home Loan? Check EMI & Apply

Factors affecting IDBI Home Loan EMI

The three major factors that influence the EMI of IDBI Home Loan are:

Loan Amount: IDBI bank provides a home loan up to 90% of the property value provided the other factors like the credit score and income are as per the eligibility. Even if you are eligible for a higher amount as per the parameters required to decide the eligibility, you should have enough disposable income to provide for the EMI that is required to service the eligible loan amount. The loan amount is a crucial factor to decide the EMI. The higher the loan amount, the higher will be the EMI.

Additional Info: Also check SBI Home Loan EMI Calculator

Rate of Interest: The EMI will vary as per the applicable rate of interest. If availed on a floating rate of interest, the EMI will be lower if the interest is low and will be higher if the rate of interest is high. It technically depends on the method of interest application. In a flat rate interest method, the rate of interest will be applied on the originally sanctioned loan and not on reducing the balance. Prepayment, if made, will reduce the principal outstanding but will not reduce the cost of the loan as the interest is applied on the original amount, and the EMI will remain constant. Whereas if the reducing balance method is applied for interest calculation, prepayments can reduce the cost of the loan, and the EMI can be rescheduled if desired.

Tenure: Tenure is another crucial factor. If you opt for the maximum repayment period, the EMI will be the lowest but will increase the cost of the loan. To increase your eligibility, if you have opted for a higher tenure initially, you can reduce the tenure by making prepayments and closing the account before maturity.

Additional Info: Also check HDFC Home Loan EMI Calculator

What the Home  Loan EMI calculator cannot tell you

Other charges like processing charges, prepayment charges, delay penalty, EMI dishonour charges also add up to the cost of the loan. If you want to make your loan less expensive, you should make a comparison of these charges as well before applying for the loan. The EMI calculator can give an inkling of the cost of the loan by providing the total interest payable for the tenure opted. But what the EMI calculator cannot tell you is about the other charges that are collected in addition to the interest. For information regarding the other charges for comparison, you should either contact the customer care of the bank or visit the nearest bank branch and get the information.

Additional Info: You can also Check AnyRoR Gujarat Land Record

Amortization Table

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

FAQs

✅ What are the probable charges that I will have to pay if a home loan EMI is missed out?

image

You will have to pay the following charges for missout of a home loan EMI

NACH/SI/Cheque bounce charges: This is not a variable charge. It is a fixed charge that is payable when a standing instruction or cheque bounces due to insufficient funds in the account or on account of the closure of the account to which the EMI has to be debited.

Late payment charges: The charges depend on the EMI amount with a minimum and maximum limit. The charges vary from lender to lender.

Penalty interest: It is normally 2% over and above the regular interest for the overdue amount for the overdue period.

✅ What are the events that lead to a change in the EMI?

image

Generally, the EMI is fixed except in the following cases.

  • When you have chosen a step-up or step-down EMI, the EMI will be lower initially, and then when the income improves, the EMI will go up in the case of step-up EMI. In the case of step-down EMI initially, the EMI will be lower, and as the tenure proceeds, the EMI will decrease.
  • In the event of interest fluctuation, the EMI will either be lower or higher depending on the interest rate trend. If the interest is lower, the EMI will be lower, and if it is higher, the EMI will be higher.
  • When prepayments are made to the loan account, the EMI can be rescheduled to make it lower.

✅ Why do you need to estimate your EMI before applying for a home loan?

image

Since a home loan, EMI is a long term commitment; it is better to know the additional liability on your monthly income beforehand to assess your ability to make continuous payments till the end of the tenure without even a single miss out. 

✅ What is pre-EMI, and how does it help?

image

A pre-EMI option is given for a home loan to avoid cumulative interest. In the case of a home loan availed for the construction of a house, a repayment holiday till the construction is complete will be given. The EMI will commence only after the completion of construction or after the repayment holiday fixed, whichever is earlier. During the holiday period, in order to avoid the accumulation of interest, the option is given to pay only the interest as and when due. Otherwise, the interest will be capitalised and will be added to the outstanding principal, and interest will be charged on the accumulated interest as well. If you are making periodical repayment of interest as and when due can avoid cumulative interest and will bring down the cost of the loan.

✅ What is the input required to calculate the EMI using the IDBI Home Loan EMI Calculator?

image

You need the loan amount, rate of interest and tenure to calculate the Home Loan EMI.