Indiabulls Home Loan EMI Calculator

Indiabulls Home Loans is the second largest housing finance company (HFC) in the country and also the most preferred housing loan partner for many Home Loan seekers. Indiabulls' tagline for their Home Loans, "ab ghar aa jao," explains itself about the dreams that are attached to one's house. The housing finance products offered by Indiabulls are designed in order to meet the varied housing-related requirements of their customers, like home purchase/ construction, plot purchase, renovation, improvement, and extension.

Indiabulls Home Loan EMI Calculator is an online tool that helps you to find out the equated monthly instalment (EMI) to be paid against the Home Loan repayment. EMI is calculated on the basis of three Home Loan parameters, like the amount of the loan, the tenure of the loan, and the rate of interest applicable. You can also try different combinations of the loan parameters to get the best EMI that suits your requirements.

Indiabulls provides a Home Loan with a maximum tenure of 30 years and the lowest EMI of Rs. 826 for a loan amount of loan. The rate of interest starts at as low as 8.75% (as on 21.05.2023) and one can enjoy affordable EMI payments without facing any financial crunch.

Results of the Indiabulls Home Loan EMI Calculator at different tenures and amounts at an 8.75% interest rate

• The above table shows that for different Home Loan amounts that are taken at the lowest interest rate, the EMI also varies as the loan tenure changes.
• The EMI is a combination of both the interest component and the principal repayment. Even though the EMI stays stable, the proportion of interest paid and the loan repaid differs every month. As the EMI keeps increasing, the interest component keeps decreasing.

Below table gives you the complete amortization schedule using MyMoneyMantra Home Loan EMI Calculator for a 1 Lakh loan amount at the lowest 8.75% interest rate for different tenures.

The table displayed above shows that the longer the period of the Home Loan, the lower the EMI. For example, in case you take a Home Loan of Rs. 1 Lakh for a duration of 30 years, then you pay the lowest EMI, which is Rs. 826, and the interest component is Rs. 1,97,468.

In the other scenario, when you borrow a loan of Rs. 1 Lakh for a duration of 5 years at the same home loan interest rate, then you tend to pay a higher EMI of Rs. 2,090, and the interest component payable is Rs. 25,426, which is much less than what you paid for a 30-year loan period. Thus, it is always a better choice to calculate and find out the right EMI that suits your requirements as well as your budget.

The purpose of taking a loan from Indiabulls Home Loans can be for purchasing/constructing a house, buying a plot to construct a house thereon, or repairing/renovating/expanding an existing house.

Key features:

• This Home Loan is available for salaried as well as self-employed individuals
• There is a special discount on the interest rate for women borrowers
• The security for the Home Loan is the mortgage of the property that you are planning to buy or construct.
• The rate of interest varies from 8.75% to 12% (as on 21.03.2023)
• The age limit to avail the Home Loan ranges between 21 years (at the time of application) and 65 years (at loan maturity).
• The maximum Loan to Value Ratio (LTV) is up to 90%
• The Home Loan repayment duration ranges from 5 to 30 years
• The Lowest EMI per lakh of the loan amount is Rs. 826

Processing fees: Indiabulls charges the following processing fees on Home Loan:

• For Home Loan amount up to 30 Lakhs: A maximum of 10,000
• For Home Loan amount between 30.01 Lakhs to 3 Crores: Up to 0.50% of the sanctioned loan amount.
• For Home Loan amount of more than 3 Crores: 0.50% - 1% of the sanctioned loan amount.
• Charges for Legal Opinion, SRO Search, ROC Search, Technical Valuation, and Non-Encumbrance Certificate from SRO are included in the processing fee.

Special schemes: Indiabulls offers the following variants of Home Loans to its customers:

• Home Loans
• Home Loans for NRIs
• Rural Home Loans
• Plot Loans
• Pradhan Mantri Awas Yojana
• Home Loan Balance Transfer

The formula used by the EMI Calculator is P*r* (1+r)^n/([(1+r)^n]-1)

Here, for Indiabulls Home Loans:

• P = Loan amount, which can go up to 10 Crores
• r = Rate of interest/month, which starts at 8.75% at present and is linked to the Indiabulls PLR
• n = tenure in months, which can be a maximum of 360 months for Indiabulls Home Loans

• Loan amount: It is the principal amount of funds that you decide to borrow from the lender. The higher is the amount of the loan, the higher will be the EMIs.
• Rate of interest: The rate of interest charged on a Home Loan affects the EMI amount. The interest rates for Indiabulls Home Loans start at 8.75% as on 21.03.2023 and may go up to 12% p.a.
• Type of Home Loan: The monthly EMI also changes on the basis of the type of Home Loan that is availed, as the interest rates may vary for different schemes.
• Loan tenure: It is the duration under which you need to repay your loan completely. Longer loan tenure means lower EMI. Indiabulls Bank offers a Home Loan at a maximum loan duration of 30 years.

• When you wish to buy a house of your own or even construct a house, the first thing you should do is to plan the right amount of loan that you need to borrow. You can make use of the Home Loan Eligibility Calculator and EMI Calculator tools available online to do the same.
• Evaluate your current expenses, running EMIs, and future expenses to know the right amount of EMI as per your monthly budget, so that you will not feel the financial crunch.
• Know your eligibility for the loan before applying for it.
• Calculate the fixed income to obligation ratio (FOIR) before applying for the loan. Indiabulls requires a maximum FOIR of 0.65 for a Home Loan.

• When it comes to EMIs, it stays unchanged and stable until the borrower requests a change in the same. The EMI change request is approved by Indiabulls, subject to its eligibility guidelines. There will be nominal charges levied for the same request.
• When the floating interest rate on the Home Loan increases, Indiabulls will keep the EMI stable, but it will increase the loan tenure. When the interest rates increase to an extent that the revised Home Loan tenure is higher than the maximum permissible period by Indiabulls, then it may increase the monthly EMI amount.
• When partly disbursed Home Loans are availed under a tranched EMI offer, then the Home Loan EMI will be higher with every disbursement.
• The principal amount of the loan that is outstanding reduces when the loan is prepaid, and in such cases, you can choose to keep the EMI stable and decrease the loan period, or you can reduce the EMI and keep the loan duration stable. It is actually beneficial to keep the EMI stable and reduce the tenure of the Home Loan that is borrowed.

When you wish to borrow a Home Loan from Indiabulls, the first thing that you should do is to calculate the EMI that you would be paying every month till the end of your Home Loan tenure. Some of the benefits of computing the EMI for Indiabulls Home Loan are:

• When the calculated EMI is higher than your planned monthly budget, you can choose a reduced loan amount that suits your monthly budget and makes the EMI payment easy and affordable.
• Based on the EMI amount, you can also choose to prepay your housing loan in the future when you have additional funds.
• It is always better to know the amount of EMI you have to pay each month towards the Home Loan repayment so that you can plan the monthly budget accordingly.

There are so many advantages of using the EMI Calculator of MyMoneyMantra, such as

• Anytime free access
• Accurate results
• Saves time and effort needed to do complex calculations
• Helps in financial planning
• The single online EMI Calculator can be used for every loan