|
0
|
50L
|
100L
|
150L
|
200L
%
|
5
|
7.5
|
10
|
12.5
|
15
|
17.5
|
20
|
0
|
5
|
10
|
15
|
20
|
25
|
30

49,919

69,80,559

#### Total Payments

1,19,80,559

Break-up of Loan Amount
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Indiabulls Home Loans Limited 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 the 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

Indiabulls Home Loan EMI Calculator is an online tool which 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 amount of the loan, 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 which suits your requirements.

Indiabulls provides a Home Loan with a maximum tenure of 30 years and the lowest EMI of 790 for per one lakh amount of loan. The rate of interest starts at as low as 8.80% (as on 21.05.2019) and one can enjoy affordable EMI payments without facing any financial crunch.

Results of Indiabulls Home Loan EMI Calculator at different tenures and amounts at 8.80% interest rate

 Loan Amount Loan Tenure 15 years 20 years 30 years 25,00,000 25,060 22,172 19,756 50,00,000 50,120 44,345 39,513 75,00,000 75,180 66,517 59,270 1,00,00,000 1,00,240 88,690 79,027
• 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 1 Lakh loan amount at lowest 8.80% interest rate for different tenures.

 5 years 10 years 15 years 30 years EMI when loan amount is 1 Lakh @8.80% interest rate 2,066 1,256 1,002 790 Total amount payable to bank (principal + interest) 1,23,969 1,50,715 1,80,433 2,84,499 Interest payable over the loan tenure 23,969 50,715 80,433 1,84,499

The table displayed above shows that the longer the period of the Home Loan, the lower is the EMI. For example, in case you take a Home Loan of 1 Lakh for a duration of 30 years then you pay the lowest EMI which is 790 and the interest component is 1,84,499.

In the other scenario, when you borrow a loan of 1 Lakh for a duration of 5 years at the same interest rate, then you tend to pay a higher EMI of 2,066 and the interest component payable is 23,969 which is much lesser than what you paid for 30 years loan period. Thus, it is always a better choice to calculate and find out the right EMI which suits your requirements as well as budget.

## Highlights of Indiabulls Home Loan

The purpose of taking the loan: Indiabulls Home Loans can be obtained for purchasing/constructing a house, purchasing a plot to construct a house thereon, repair/ renovate/ expand 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 8.80% to 12% (as on 21.05.2019)
• 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 790

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
• Home Improvement Loans
• Home Extension Loans
• Home Loan Balance Transfer

## Indiabulls EMI Calculator Formula

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 8.80% at present and is linked to the Indiabulls PLR

n = tenure in months, which can be maximum 360 months for Indiabulls Home Loans

## Factors That Affect Indiabulls Home Loan EMI

• Loan amount: It is the principal amount of fund that you decide to borrow from the lender. The higher is the amount of 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 8.80% as on 21.05.2019 and may go up to 12% p.a.
• Type of Home Loan:The monthly EMI also changes on the basis of the type of the 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.

## Tips to Choose the Right Amount of EMI

• When you wish to buy a house of your own or even construct a house, the first thing you should to 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.

## Change in Indiabulls Home Loan EMI

• When it comes to EMIs, it stays unchanged and stable until the borrower requests for the 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, the 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 the Indiabulls, then it may increase the monthly EMI amount.
• When partly disbursed Home Loans are availed under tranched EMI offer, then the Home Loan EMI will be higher with every disbursement.
• The principal amount of 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.

## Importance of Calculating EMI Before Taking Indiabulls Home Loan

When you wish to borrow a Home Loan from Indiabulls then 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.
• On the basis of 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.

## How to Use MyMoneyMantra EMI Calculator to Calculate Indiabulls Home Loan EMI?

MyMoneyMantra's EMI Calculator is an online tool which is very easy to use and simple to understand. You can calculate the Home Loan EMI using this calculator by following the steps mentioned below:

• Firstly, log on to the MyMoneyMantra and then open the EMI Calculator page that is present under the Financial Tools tab.
• On EMI Calculator page, enter the tenure of the loan, the principal amount, and the rate of interest and click on the Calculate button to get the EMI with a complete amortization schedule.

## Benefits of Using MyMoneyMantra's EMI Calculator

There are so many advantages of using an 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

## FAQs on Indiabulls Home Loans

### Which type of interest rate is offered by the Indiabulls on Home Loans?

Indiabulls charges floating and fixed interest rates on its Home Loans.

### What are the stages involved in taking a Home Loan at the Indiabulls?

Availing Indiabulls Home Loan involves the following stages:

• Submission of Home Loan application with documents
• Sanction of loan
• Disbursement

### What are the components of Indiabulls Home Loan EMI?

The EMI for any housing loan comprises of two components, i.e., principal component and an interest component.

### What does the amortization schedule mean?

It is a table that gives a break-up of your loan repayment including EMI, total interest cost, and the total loan cost.

### What does a Housing Loan EMI Calculator do?

Home Loan EMI Calculator calculates your EMI for the proposed Home Loan based on the loan amount, tenure, and interest rate.

### What are the benefits of making partial payments on Home Loan?

Partial payment is repaying a part of your housing loan earlier than scheduled. Doing this helps in reducing your outstanding principal amount and EMI/ tenure of EMI.

### What are the tax benefits of Indiabulls Home Loan?

Under Section 80C and 24B of The Income Tax Act, you can avail a deduction on principal as well as the interest component of your Home Loan repayment. The maximum tax rebate allowed on the principal component is 1.5 Lakhs and up to 2 Lakhs on interest component per year.

## Indiabulls Home Loan - Snippets

### 25.04.2019: Indiabulls Housing Finance Ltd recovers from day's low on Q4 show

Indiabulls Housing Finance Ltd shares gained 4% from its lows on 25th April morning amid mixed views from brokerages post its results for March quarter. The stock was quoted at 752.55, up 3.75, or 0.50% on the BSE, at 10:04 hours IST.

### 24.04.2019: Indiabulls Housing to report tepid earnings

Indiabulls Housing Finance Limited is likely to see a tough March quarter as liquidity squeeze haunted the sector. However, all eyes are fixed on the commentary on the road ahead after it announced the merger with Laxmi Vilas Bank.

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