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Calculate Indian Overseas 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
  • 7.05%
  • ₹0
  • 30
Updated:

Indian Overseas Bank Home Loan EMI Calculator Details

Indian Overseas Bank is a reputed bank that has made history in the banking system and the Indian economy in general. It was established in 1937 and has ever since served innumerable overseas and foreign customers. 

The IOB Bank Home Loan interest rate of 7.05%. Therefore, it has become relatively easy for individuals to take home loans from banks.

Taking home loans can be stressful for many people. It comes with a huge responsibility. A lot of research has to be done before taking a home loan. Pre-planning the entire repaying procedure can eventually help you a lot in the long run. A processing fee of 0.53% is charged during the loan taking procedure.

With the help of the IOB Home Loan EMI Calculator, the monthly EMI can be calculated as well. It is an easy online tool that helps customers calculate their EMI amounts only with a few clicks.

All the details regarding the EMI Calculator and its functions have been described in this article. If you are wondering how you can use an EMI calculator for calculating your EMI, here is everything that you need to know.

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

How to use IOB Bank Home Loan EMI Calculator?

If you are interested in Taking a Home Loan from the IOB Bank soon, do not forget to figure out your EMI rates beforehand by using the IOB home loan EMI calculator.

The calculator helps you get a precise amount of how much you will have to pay after you take the loan. Compare and analyse different combinations of EMI rates and then go for the one that suits you the best.

Here are the three easy steps that you need to follow in order to use the IOB bank home loan EMI calculator:

  • The calculator needs three major things to give you the ultimate result. For the first step, select the entire loan amount that you intend to take from the bank.
  • You have to select the Rate of interest that you are willing to pay on a monthly basis after you take a home loan from the bank.
  • After these two steps, you will be asked to select a tenure, i.e. the duration you will be repaying the loan for.

After successfully following these three steps, the result will pop up on your screen. Make sure you try different combinations to understand which plan suits your demands the Best.

Additional Info: How to get Pradhan Mantri Awas Yojana

IOB Bank Home Loan Interest Calculator Formula

The EMI Calculator uses the formula P*r*(1+r)^n/([1+r)^n]-1). P stands for the entire loan amount, N stands for tenure, and R stands for Rate of interest that is paid on a monthly basis.

The loan amount is added to the interest rate while determining the entire amount that you need to pay by the end of the tenure. 

The higher the tenure is, the more amount you will have to pay by the end. However, the monthly amount decreases when the tenure increases. 

For instance, if you Take a Home Loan of 50 Lakh from the bank for a tenure of 20 years, you will have to pay around 38,915/- as the monthly EMI. It depends on the interest rate. IOB offers an interest rate of 7.05% onwards. It varies from one bank to the other.

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

Benefits of IOB Bank Home Loan EMI Calculator

The most prominent benefit that you can get by using an IOB bank home loan EMI calculator is that it gives you clarity and accuracy while determining the EMI amount. Within a few seconds, you will get the exact amount that you will have to pay by the end of every month during the tenure.

Any Home Loan EMI Calculator also helps you determine the proper tenure before you take a home loan. Taking an unnecessarily long tenure can turn out to be useless in the long run. On the other hand, a very short tenure can be extremely stressful for some people due to financial issues. Therefore, choosing the right plan is extremely important before taking a home loan from any bank. 

You can also analyse and compare different EMI rates of different banks by using an EMI calculator.

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

Why should you use IOB Bank Home Loan EMI Calculator?

Before you choose any loan plan from any bank, it is very important to choose the right plan according to your affordability and financial status.

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 IOB 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 IOB 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.
  • Comparing and analysing the EMI amount with other leading banks EMI rates before you take a home loan from the IOB bank is extremely important, which is made possible by the IOB 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 EMI calculator helps the customers to stay within their repayment limits, and hence, the procedure becomes default risk-free.

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

Comparison of IOB Home Loan EMI with other Popular Banks

Taking a home loan is a significant decision. It is a huge amount that you have to pay along with an interest rate on a monthly basis. Therefore, It would be wise to analyse your EMI rates and compare them with other contemporary leading banks before choosing any loan plan from any bank.

For instance, the IOB bank offers an Home Loan Interest Rate of 7.05%, while other banks offer higher or lower interest rates for the same and different tenures.

Take a look at the chart to understand the difference of several EMI rates from popular contemporary banks in India.

Bank NameInterest RateLoan amount of 10 LakhLoan amount of 50 Lakh
IOB Bank7.05%6687/-33434/-
HDFC Bank6.70%6453/-32264/-
ICICI Bank6.70%6453/-32264/-
SBI Bank6.65%6420/-32098/-
Axis Bank6.65%6420/-32098/-

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

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

In order to calculate your EMI that is ideal according to your affordability, put different loan rates and tenure. See the difference in the EMI rates, and then go for the ideal plan that suits you the best. Take a look at the below-mentioned charts to understand which plan fits your demands the best before taking a home loan from the IOB Bank.

Additional Info: Also check Pan Number for Banks

Loan AmountLoan Tenure of 15 Years
25 LakhRs. 22541/-
50 LakhRs. 45081/-
1 crRs. 90163/-
Loan AmountTenure of 20 years
25 LakhRs. 19458/-
50 LakhRs. 38915/-
1 crRs. 77830/-

If you select a 30 years tenure, you will be able to decrease the monthly EMI amount. You will have to pay around Rs. 16,717 in that case. However, the entire amount automatically increases when you choose a higher tenure.

Additional Info: Also check SBI Home Loan EMI Calculator

Factors affecting IOB Bank Home Loan EMI

There are several factors that affect your EMI rate. It depends on a combination of three major things that are mentioned below.

  • The tenure usually has a huge impact on the final EMI amount that is calculated by the calculator. If you select a short tenure of 5 to 8 or 10 years, your monthly EMI will be on the higher side. On the other hand, if you select a longer tenure of 20- 30 years, your monthly EMI will decrease accordingly.
  • The entire loan amount plays a big role in calculating your final EMI account. While using the IOB bank home loan EMI calculator, try experimenting with different loan amounts to understand the difference in the EMI rate by the end.
  • Interest rate also plays a major role when you calculate the EMI amount using the IOB NRI home loan EMI calculator. If you keep the interest rate high, the monthly EMI increases by the end of your tenure. The IOB bank offers an interest rate of 7.05%.

These are the three determining factors that affect your EMI amount. Therefore, before choosing a home loan plan, try experimenting with different combinations to understand which plan will suit your demands the best.

Additional Info: Also check HDFC Home Loan EMI Calculator

What the Home  Loan EMI calculator cannot tell you

Although the EMI calculator is one of the most feasible ways to calculate your EMI amount, there are certain things that cannot be determined by an EMI calculator.

The IOB home loan EMI calculator cannot judge whether or not you are Eligible for applying for a Home Loan in the first place. It only requires the entire loan amount, interest rate, and tenure period. It cannot guarantee that you are eligible to get a home loan.

During the process of repaying the entire amount along with the monthly EMIs, you may miss out on a plethora of opportunities due to financial issues. This is something that the EMI calculator cannot tell beforehand.

Therefore, you have to be smart enough to understand whether or not the predicted EMI amount is affordable for you.

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

✅ Why should I calculate EMI before taking a home loan?

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Calculating your EMI will give you a better understanding of how you will manage your home loan in the future. Comparing different loan plans with different tenures and loan amounts will help you choose the ideal plan for you.

✅ Will the interest amount remain the same at IOB Bank till the end of the tenure?

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If you choose a floating rate loan, then there is a possibility that the interest can either go up or down in the future. Since IOB offers floating loans only, your EMI can most certainly change during the tenure according to the floating Rate.

✅ Can I take a fixed rate home loan at the IOB Bank?

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The IOB Bank only offers floating rate loans. Try looking for other alternatives that will offer fixed-rate loans at your convenience.

✅ Does the IOB home loan EMI Calculator give an accurate result?

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The EMI calculator follows the P*r*(1+r)^n/([1+r)^n]-1) method. The R stands for interest rate, the N stands for the number of instalments, and the P stands for the principal amount. Therefore, it gives an accurate result after evaluation.

✅ How old should I be to apply for a home loan at the IOB Bank?

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The IOB Bank gives home loans to people between 21 to 60 years.

✅ What is the maximum tenure of the IOB Bank plans?

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The IOB Bank allows the customers to repay the loans for a maximum of 30 years.

✅ How can I apply for a home loan?

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Visit the official site of the IOB Bank to apply for a home loan online. It is the easiest method which takes a few minutes. You can also visit your nearest IOB branch and apply for a home loan offline if you want.

✅ How can I add a family member as a co-guarantor?

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Your family member needs to apply for a joint IOB home loan so that you can add them as a co-guarantor.

✅ What will happen if I fail to pay the EMI for a few months?

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The bank may impose penalty charges from the following months to balance the amount you are supposed to pay.