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Calculate Indian 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
  • 6.8%
  • ₹0
  • 30
Updated:

Indian Bank Home Loan EMI Calculator Details

Calculating your interest rates depending on your tenure is extremely important when it comes to Home Loans. Home loans are considerable amounts that the banks provide to help you make your home. Do not forget to figure out exactly how much interest you need to pay for the amount you take as a loan before you choose any loan plan from any bank. Indian Bank Home Loan EMI calculator gives you the final amount that you pay every month. It also tells you the entire amount that you need to pay by the end of your selected tenure. It consists of the interest rates along with the loan amount.

If you are someone who is wondering how you can calculate your EMI rates using the Indian bank home loan EMI calculator, here is all that you need to know regarding the same.

Additional Info: Also Check DDA Housing Scheme

How to use Indian Bank Home Loan EMI Calculator?

Following a few easy steps, you can easily Calculate your EMI Rates. Your EMI rates directly depend on the tenure period that you decide to repay your loan for.

These are the main steps that you need to follow in order to calculate your EMI rates using the Indian bank home loan EMI calculator:

  • The first thing that you need to put on the calculator is the entire loan amount that you will take from the bank.
  • After that, your interest rate needs to be put in the next space after your loan amount.
  • Your EMI rate primarily depends on the tenure period that you choose. After selecting your loan amount along with the interest rate, you will need to put the loan duration, which can be anything between 3 years to 30 years.
  • The exact total amount that you need to pay will pop up on the screen and give you an idea about your EMI rates.

Depending on the result, you can decide whether or not to go for the plan. If you do not find the plan suitable for your needs, try different combinations of tenure and interest rates.

Additional Info: How to get Pradhan Mantri Awas Yojana

Indian Bank Home Loan Interest Calculator Formula

The calculator plays a considerable role in helping you understand the entire EMI amount that you need to pay as well as the Home Loan Interest Rates that you have to pay on a monthly basis after you take a home loan. 

The interest counting formula is quite simple when it comes to calculating your EMI and interest rates before you take a home loan.

For instance, if you take a loan of Rs. 25 Lakhs and select a 15 years tenure period, the interest rate comes across around Rs. 22,192 per month. 

This amount varies from one bank to the other. As long as the Indian bank of India is concerned, usually a 6.80% interest rate is applied to take a home loan. Therefore, with more extended tenure periods, the interest rate also decreases. If you decide to pay your EMI for 30 years, you have to pay around Rs.16,298 as interest per month.

Your EMI rate is therefore determined solely by your interest rate and your selected tenure period.

Technically, the formula that the Indian Bank Home Loan EMI Calculator follows is p*r*(1+r)^n/([1+r)^n]-1).

Here, P stands for the entire loan amount, N stands for tenure, and R stands for the rate of interest that is paid on a monthly basis.

Additional Info: Also Apply Home Renovation Loan

Benefits of Indian Bank Home Loan EMI Calculator

There are several benefits that you can expect by using the Indian Bank Home Loan EMI calculator before taking a home loan from the bank.

  • It tells you exactly how much you need to pay when your tenure gets over. It also gives you the monthly rate that needs to be paid.
  • It helps you compare and analyse several plans with several tenures. You can eventually explore and choose the perfect plan for you at your convenience. If you find a five-year tenure period feasible, go for it instead of going for a more extended period if you can afford it.
  • An EMI calculator Also helps you analyse the EMI rates of different contemporary banks so that you can take a home loan with the best possible EMI rates in the market.
  • It is the fastest possible way to calculate and figure out your EMI rates before taking a home loan from a bank. The Indian bank home loan interest rate EMI calculator gives you the same interest and EMI rate in a few seconds.

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

Why should you use Indian Bank Home Loan EMI Calculator?

EMI calculators are beneficial. The primary reason why you should use the Indian bank home loan EMI calculator before taking a home loan is that it gives clarity about the entire procedure. It can save you a lot of time and give you the precise amount that you need to pay.

Taking home loans can be intimidating at several points. The Indian bank Home Loan EMI Calculator makes your life easier by telling you exactly how much you will have to pay by the end of your tenure period.

  • The home loan Indian bank EMI calculator gives you the accurate amount of your EMI in a few seconds.
  • You can easily select different tenures to figure out which one can be the best plan for you in the long run.
  • You can also get the division of your total EMIs into principal repayment and interest throughout the loan tenure.

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

Comparison of Bank of India Home Loan EMI with other Popular Banks

EMI rates are different when it comes to other banks in India. Some banks come up with plans that make the customers pay more interest rates for their benefit, while some banks are more on the affordable side.

For the same home loan amount, different banks charge differently. 

Go through the chart to compare and analyse the EMI Interest Rates of the Indian Bank and some of the leading contemporary banks in India and then go for the appropriate plan that suits your demands and is easily affordable for you.

Bank NameLoan Amount 30 LakhLoan Amount 50 LakhInterest rate
Indian BankRs. 19,558/-Rs.32,596/-6.80%
HDFC BankRs.19,358/-Rs.32,264/-6.70%
Axis BankRs.19,259/-Rs.32,098/-6.65%
ICICI BankRs.19,358/-Rs.32,264/-6.70%

Indian Bank Home Loan EMI Calculator to Estimate the EMI That Fits Your Budget

In order to figure out your ideal EMI rate, you must select different tenures keeping the loan amount the same. It will give you several results accordingly. Go for the ideal plan that will be affordable for you and will not take much time to repay after you take the loan. 

One of the biggest advantages that the Indian bank home loan EMI calculator gives you is the flexibility of trying different combinations to see what home loan plan you want to go for. Do not make the mistake of not analysing different combinations before taking a home loan from the Indian Bank or any other bank in general. Make sure the plan you go for is easily affordable for you so that you do not have to face any financial issues during the selected tenure.

Take a look at the chart to understand how much interest you have to pay for different loan amounts depending on various tenures.

Loan AmountLoan Tenure of 15 Years
25 LakhRs. 22,192/-
50 LakhRs. 44,384/-
1 crRs. 88,768/-
Loan AmountTenure of 20 years
25 LakhRs. 19.083/-
50 LakhRs. 38.167/-
1 crRs. 76,334/-

The interest rate, therefore, keeps changing based on the tenure period. Compare and analyse different plans before finally taking a home loan from the bank so that it can be beneficial for you in the long run.

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

Factors affecting the Indian Bank Home Loan EMI

The major factors that affect the Indian bank home loan EMI are mentioned below.

  • 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. Indian bank keeps its interest rate at 6.80% for all its customers. Before taking a home loan, go through all their plans to determine which plan is the ideal one for you.
  • The entire loan amount also has a huge role to play in calculating your EMI amount. You can take a home loan of anything between 15,00,00 and 50,00,00 when it comes to the Indian bank. EMI automatically increases when the loan amount is larger. Interest rates also increase when the loan amount is on the bigger side.
  • The tenure period that you select before taking a home loan also plays a major role in determining how much you will have to pay by the end of the plan.

The Indian bank home loan interest rate EMI calculator depends on these three major things to determine your EMI amount.

Additional Info: Looking for 20 Lakh Home Loan? Check EMI & Apply.

What the Home  Loan EMI calculator cannot tell you

An EMI calculator is undoubtedly one of the most feasible options to figure out your EMI and interest rates when you take a home loan. Home loans can be intimidating and tricky at times. Fully understanding the conditions and rates is extremely important before you take a home loan.

However, there are certain things that cannot be determined even by an EMI calculator.

  • A home loan hardly brings profits to you. Home loans are huge. Interest rates add up to it and make them even bigger. While you pay the EMI after your tenure gets over, you may lose out on many opportunities due to your financial condition. An EMI calculator cannot tell you that beforehand. 
  • 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 interest cannot be determined by an EMI calculator either.
  • The Indian bank home loan EMI calculator only requires your interest, tenure, and loan amount. It also requires your personal and professional details to determine whether or not you are eligible to take a home loan from the bank. Different banks have different Home Loan Eligibility Criteria when it comes to home loans. At times, EMI calculators fail to determine your full eligibility. You can be underage or have less Credit Score or multiple dependants. These factors cannot be determined by an EMI calculator.

Amortization Table

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

FAQs

✅ What is the minimum loan amount that I can take from the Indian bank?

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The minimum loan amount that you have to take from the bank is 15 lakhs.

✅ Can I pay EMI for more than 20 years at the Indian bank?

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Yes. The Indian bank allows you to pay your EMI for as long as 30 years.

✅ What will happen if the Indian bank interest rate increases or decreases?

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Since the Indian bank offers floating home loans only, your interest rate will go up and down accordingly.

✅ Can I pay the Indian bank home loan EMI online?

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Yes. In order to pay your home loan EMI online, simply login to the net banking account and pay the required amount on time from the comfort of your home. 

✅ What is the EMI for a 20,00,00 home loan in an Indian bank?

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If you take a loan of 20 lakh, an interest rate of 6.80% will be applied according to your tenure. If you choose a 10-year tenure, you will have to pay around Rs. 23,016 per month. In case you choose 20-year tenure, you will have to pay around Rs. 15,267 per month. 

✅ Who is eligible to take a home loan from the Indian bank?

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Any self-employed or salaried individual is allowed to take a home loan from the bank.

✅ Can I apply for a home loan if I am under 18?

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No. People belonging to the age group of 18 to 60 can apply for a home loan in the Indian bank.

✅ Is any special rate offered to anyone by the bank?

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NRI borrowers, senior citizens, and women are offered special rates.