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Sundaram BNP Paribas Home Finance EMI Calculator

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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
  • 8.6%
  • ₹0
  • 30
Updated:

Sundaram BNP Paribas Home Finance Details

Sundaram BNP Paribas Home Finance Ltd is a subsidiary of Sundaram Finance Limited, a reputed NBFC based in Tamil Nadu. Sundaram Home Finance was established on July 2, 1999, for catering to the Home Loan business of Sundaram Finance Limited. The company obtained the requisite Certificate of Registration from National Housing Bank to carry on the business of home financing in India. The company entered into a JV agreement with BNP Paribas Personal Finance on May 09, 2007. With UCB, a wholly-owned subsidiary of BNP Paribas France acquiring 49.9% shareholding in the joint venture, the company was renamed as Sundaram BNP Paribas Home Finance Limited.

Now, Sundaram Finance Limited has acquired the shares held by BNP Paribas Personal Finance on September 30, 2019. The company, Sundaram BNP Paribas Home Finance Limited thus, becomes a wholly-owned subsidiary of Sundaram Finance Limited. The company is now awaiting the clearance for changing its name to Sundaram Home Finance Limited.

You can also Apply for 20 Lakh Home Loan

About Sundaram BNP Paribas Home Finance Home Loan

This company has a network of 116 branches situated across India. However, it retains a strong presence in the southern state of Tamil Nadu. The company offers Home Loans to meet all requirements of housing such as:

  • Purchase or construction of houses/flats/apartments
  • Purchase land and construct house thereon
  • Balance transfer from other banks and NBFCs
  • Top up loans
  • Affordable Home Loans under PMAY

The best aspect of Sundaram BNP Paribas Home Finance Home Loans is the attractive rate of interest and easy processing formalities.

Product NameRate of InterestTenureProcessing feeIdeal for
Regular Home Loan8.60% onwardsFlexible tenures extending to up to 20 years0.5% onwardsSalaried and self-employed individuals
Affordable Home Loans under PMAY8.60% onwards20 years0.5% onwardsAs per eligibility norms of PMAY

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

Sundaram BNP Paribas Home Finance Home Loan Interest

  • Sundaram BNP Paribas Home Finance offers floating rates of interest on Home Loans. These rates are linked to the Sundaram Home PLR. The current SH-PLR is 15.55%.
  • With effect from August 12, 2019, the rates of interest on Home Loans are as follows:
    • Salaried Persons - 8.60% onwards
    • Self- employed persons - 9.50% onwards
  • Sundaram BNP Paribas Home Finance charges interest on the monthly reducing balance basis
  • The ideal mode of repayment of Sundaram BNP Paribas Home Loan is the EMI

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

Sundaram BNP Paribas Home Finance EMI Concept

EMI stands for Equated Monthly Instalment. As the name suggests, EMI remains fixed and spreads out through the entire tenure of the loan. EMI depends on three variable factors:

  • The Home Loan amount
  • The rate of interest
  • The loan repayment period

Thus, the EMI remains fixed for a specific loan amount, rate of interest (ROI), and repayment tenure. A variation in any of these figures can change the EMI.

EMI comprises of two constituents, the principal repayment portion and the interest component. In the initial stages of the Home Loan, the interest component is high as compared to the principal repayment portion. As you keep repaying the loan instalments, the principal repayment improves.

EMI commences one month after the date of full disbursement of the loan.

Additional Info: Also check HDFC Home Loan EMI Calculator

Sundaram BNP Paribas Home Finance Pre-EMI Interest Concept

Sundaram BNP Paribas Home Finance offers Home Loans for constructing your homes. Under such circumstances, the company does not disburse the investment in a single instalment. It spreads its disbursement schedule according to your requirements. It entails providing a holiday period or moratorium to the borrower. The payment of the EMI will not commence immediately. Hence, the concept of pre-EMI interest comes into the equation. The interest debited to the loan account before the commencement of EMI is pre-EMI interest. Sundaram BNP Paribas Home Finance insists on the servicing of pre-EMI interest every month.

Additional Info: Also Apply Home Renovation Loan

Sundaram BNP Paribas Home Finance EMI Calculation

The Home Loan EMI calculation can be a complex one. The formula for calculating the Home Loan EMI is as follows:

EMI = [PR(1+R)^N] / [(1+R)^N-1] where:

  • P - Loan amount availed by the borrower
  • R - Rate of interest applicable on the Home Loan
  • N - Number of monthly instalments

The manual calculation of the Home Loan EMI can be tedious. The Home Loan EMI Calculator is the ideal solution. Sundaram BNP Paribas Home Finance offers facilities to calculate Home Loan EMI on their website.

This calculation requires customers to provide the following information.

  • The loan amount approved by the company or the amount you are looking for
  • The applicable rate of interest
  • The loan repayment tenure you can afford

Providing correct information gets you accurate results.

Loan AmountRate of InterestLoan TenureEMI
 10 Lakhs8.60%20 years 8,742

Factors Affecting the EMI Calculation

EMI depends on three variable components:

  • The loan amount varies in direct proportion to the EMI
  • As the ROI varies, the EMI changes accordingly
  • The more extended the loan tenure, the lower is the EMI
 Rate of Interest = 8.60%Rate of interest = 9%
  10 Lakhs 20 Lakhs 10 Lakhs 20 Lakhs
10 yearsRs. 12,452Rs. 24,904Rs. 12,668Rs. 25,335
15 yearsRs. 9,906Rs. 19,812Rs. 10,143Rs. 20,285
20 yearsRs. 8,742Rs. 17,483Rs. 8,997Rs. 17,995

Additional Info: Also check Pan Number for Banks

Sundaram BNP Paribas Home Finance Home Loan EMI Calculator Benefits

  • This calculator helps customers calculate their Home Loan EMIs in advance. It enables borrowers to understand the concept and affordability. Knowing the affordability helps them to determine their home loan eligibility.
  • It becomes easy for the customers to manage their budgets when they are aware of their Home Loan repayment obligations.
  • Knowing the prospective EMI ensures that the borrowers select the appropriate property depending on their affordability.

Additional Info: Also check ICICI Home Loan EMI Calculator

Sundaram BNP Paribas Home Finance Home Loan EMI Calculator Alternatives

The Sundaram BNP Paribas Home Finance Home Loan EMI Calculator is a convenient tool to estimate your Home Loan EMI. However, alternatives are available on the internet.

MS Excel formula

Using MS Excel tables to calculate the Home Loan EMI is a popular mode of EMI calculation. The formula is as follows:

EMI = PMT(rate,nper,pv) where,

  1. PMT - MS Excel function for EMI
  2. Rate - ROI
  3. NPER - Number of instalments
  4. PV - Principal loan amount

MyMoneyMantra

The EMI Calculator available on the MyMoneyMantra.com website is similar to the Sundaram BNP Paribas Home Finance Home Loan EMI Calculator. Providing the necessary information enables customers to calculate the EMI instantly. Apart from the EMI, this calculator provides information about the interest payable by the customer over the full loan tenure.

Additional Info: Also check SBI Home Loan EMI Calculator

Factors That Affect the EMI of the Home Loan

Any change in the Home Loan amount, rate of interest, and loan tenure affect the EMI. The following external factors are responsible for affecting these variable components:

Interest rate fluctuations

Sundaram BNP Paribas Home Finance offers floating rates of interest on Home Loans. The Home Loan interest rates are linked to the SH-PLR. The SH-PLR links to market-related rates. Hence, any fluctuation in the market rates can cause a change in the effective Home Loan interest rate. The floating rate concept entails that the Home Loan interest rates can move up or down anytime. It brings about a corresponding variation in the EMI.

Prepayment of Home Loan

The prepayment of a Home Loan affects the Home Loan principal amount. The objective behind the prepayment of the Home Loan is to liquidate the liability quickly. Therefore, customers usually do not approach the financing institution to restructure their EMI. However, customers do have this option. Any substantial prepayment in the Home Loan account can cause future EMIs to decrease.

PMAY subsidy credit

The concept of PMAY subsidy credit is similar to part prepayment. All PMAY beneficiaries get concessions in the form of an upfront interest subsidy. The principal loan amount reduces considerably on the credit of the interest subsidy amount. Hence, there is a restructuring of the EMI. Depending on the category to which they belong, customers can benefit by more than 2,300 per month because of a reduction in the EMI.

Pre-EMI interest capitalisation

Sundaram BNP Paribas Home Finance stipulates that the borrowers should service the pre-EMI interest monthly. However, specific circumstances might require capitalisation of pre-EMI interest. It results in the accumulation of interest with the principal loan amount. Therefore, the EMI increases accordingly.

Additional Info: Also Check LRD Loan

Sundaram BNP Paribas Home Finance - Other Home Loan Calculators

Besides the Home Loan EMI Calculator, Sundaram BNP Paribas Home Finance offers the facilities of a Home Loan eligibility calculator. This calculator requires the customer to provide information regarding their income and other liabilities. It enables the customer to understand the eligibility level, thereby helping the customer to purchase the appropriate property.

Additional Info: Apply SBI MaxGain Home Loan @6.70%

Amortization Table

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

Sundaram BNP Paribas Home Finance EMI Calculator FAQs

✅ Does the Sundaram BNP Home Finance Home Loan EMI Calculator provide accurate results?

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Sundaram BNP Home Finance Home Loan EMI Calculator works on the tested formula for estimating the EMI. It requires the submission of accurate information like loan amount, ROI, and loan tenure. The calculator delivers accurate results depending on the data you provide.

✅ Can you use the Home Loan EMI Calculator to estimate EMI of other loans like personal loans?

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Yes, the formula for calculating EMI is the same for a Home Loan and personal loans. Therefore, the Home Loan EMI Calculator is useful for determining the EMI of personal loans, as well.

✅ How can interest rate fluctuations affect the EMI calculations?

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The rate of interest is a critical aspect that decides the EMI. Any change in the rate of interest affects the EMI. Sundaram BNP Paribas Home Finance offers a floating rate of interest on Home Loans. As the rate goes up, so does the EMI, and vice versa.

✅ How does Sundaram BNP Paribas Home Finance treat such interest rate fluctuations?

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Ideally, an upward swing in the interest rates should result in the enhancement of the EMI. However, it can affect the budget of the borrower. Therefore, Sundaram BNP Paribas Home Finance prefers to increase the loan repayment tenure by keeping the EMI as constant. It benefits the finance company, as well as the borrower.

✅ Under what circumstances do borrowers seek a restructuring of their Home Loan EMI?

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The borrower could face a reduction in the income, especially when they retire from service. The pension is less than the salary earned by the borrower. Under such circumstances, it can be a challenge for the customer to continue with the existing EMI. They can seek a restructuring of the EMI by prepaying a substantial portion of the Home Loan. Such a prepayment reduces the outstanding Home Loan principal amount. The company accedes to such requests on a case-to-case basis.

✅ Will a delayed payment or default affect the EMI?

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A default in the Home Loan EMI can result in the imposition of penalty by the company. The borrower is expected to clear the default amount along with the penal interest. If they do so, it does not affect the EMI. However, if the borrower allows the penal interest to accumulate, the company could, at some time, increase the EMI to recover the amount.

✅ What is a significant drawback of the Sundaram BNP Paribas Home Loan EMI Calculator?

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The Home Loan EMI Calculator is a useful tool to determine the EMI of a Home Loan. However, the Sundaram BNP Home Finance EMI Calculator does not provide the amortisation schedule to the borrower. It also does not calculate the pre-EMI interest on the Home Loan.

✅ What is the Home Loan amortisation chart?

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The Home Loan amortisation chart is a virtual statement of the Home Loan account. It gives the breakup of interest and principal amount repayment throughout the entire tenure of the Home Loan. Thus, the borrower gets an idea about the bifurcation of interest and principal repayment.

✅ What is the assumption under which the Home Loan EMI Calculators work?

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The Home Loan EMI Calculators work on the assumption that the borrower will repay the Home Loan instalments regularly. Defaults and delayed payments can affect the interest calculation, and thereby the EMI.

✅ Are income tax benefits available on the repayment of Sundaram BNP Paribas Home Loan EMI?

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Yes, income tax benefits are available on the repayment of the Home Loan EMI. The benefits are available for interest and principal repayment components. Sec 80C and Sec 24 deal with the principal amount repayment and interest repayment, respectively.