Federal Bank Home Loan
EMI Calculator
Counted amongst the oldest private sector banks in India, Federal Bank provides a range of banking and financial services, and one such top service it provides is a home loan. Federal Bank Home Loan interest rate starts at 8.80% per annum. Do not hesitate to use the online Federal Bank EMI calculator to get better clarity to plan your monthly budget where you already have or are about to apply for a home loan. The free-to-use online Federal Bank Home Loan EMI Calculator can be assessed from anywhere, anytime, and as often by inputting details like loan amount, loan tenure, and rate of interest. Continue reading to grasp useful information about the Federal Bank housing loan EMI calculator, its uses, and its formula.
Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
Federal Bank Home Loan EMI Calculator
Federal Bank Home Loan EMI Calculator Formula
By now, you know the Federal Bank home loan calculator online has been widely accepted as the best and the easiest way to calculate the monthly repayment Equated Monthly Installment. Do not worry, if you do not know the Federal Bank home loan calculation formula because we have described it below:
EMI = P x R x (1+R)N / (1+R)N − 1
P: Principal amount
R: Rate of interest
N: Number of monthly repayment installments
Factors Affecting Federal Bank Home Loan EMI
Loan Tenure: Call it loan repayment duration or loan tenure; it is one of the factors that can directly affect your home loan EMI. Go for longer tenures to save on the EMI, but remember it will incur more interest for the entire tenure.
Interest Rate: It is the second important element of a housing loan that impacts the monthly repayments. Not just the rate of interest at which you got a home loan but also the type of interest rate matters when paying the EMI. If the interest rate is high, it means paying a higher amount than EMI.
Principal Loan Amount: The total loan amount you get from the lender also matters. The more you get as a home loan will need to be repaid in more significant EMI amounts. So, in short, if the principal amount is higher, its repayment EMI will also be higher.
Benefits of Using the Federal Bank Home Loan Calculator
Wondering why to use the online home loan calculator for EMI calculations? It means you are not yet aware of the various benefits of the Federal Bank housing loan EMI calculator, so check a few right away:
Accurate and Precise Calculations: The most common reason why any borrower uses the online EMI calculator is because it provides them with the most accurate and precise EMI calculations freeing them of any stress of errors during manual calculations for the same.
Free and Fast Results: The ultimate benefit of using the EMI calculator available online is that it gives fast results within seconds of entering the loan details. This is not all; it is free to use and can be used multiple times for any combination of figures, such as the loan tenure, loan amount, and interest rate.
Transparent Understanding for Loan Repayment: Another advantage of using the Federal Bank Home Loan EMI Calculator is that it provides a transparent understanding of loan repayment to the borrower. He/ she gets to understand how much interest will be expected in the home loan EMI through this calculator.
Federal Bank Home Loan Interest Calculator Formula
A borrower can easily calculate the interest paid on a home loan using the Federal Bank housing loan interest rate calculator formula. This formula enables a borrower to calculate the interest paid on a housing loan.
Total Interest = (P x R x T) / 100
P: Principal amount
R: Rate of interest
T: Time or tenure in terms of monthly installments
Federal Bank Home Loan Eligibility Criteria
Comparison of Federal Bank Home Loan EMI with Other Popular Banks
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
Federal Bank | 8.80% p.a. onwards | Rs. 12,560 | Rs. 25,119 | Rs. 37,679 | Rs. 50,238 | Rs. 62,798 |
Aditya Birla Housing Finance | 8.85% p.a. onwards | Rs. 12,587 | Rs. 25,173 | Rs. 37,760 | Rs. 50,346 | Rs. 62,933 |
ICICI Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
YES Bank | 9.40% p.a. onwards | Rs. 12,885 | Rs. 25,770 | Rs. 38,655 | Rs. 51,540 | Rs. 64,425 |
Piramal Housing Finance | 11.00% p.a. onwards | Rs. 13,775 | Rs. 27,550 | Rs. 41,325 | Rs. 55,100 | Rs. 68,875 |
Motilal Oswal Housing Finance | 11.75% p.a. onwards | Rs. 14,203 | Rs. 28,406 | Rs. 42,609 | Rs. 56,812 | Rs. 71,015 |
Federal Bank Home Loan Amortization Schedule
Till now, you have been reading about home loan EMI calculators, but there is one thing similar to this tool that can help you get more clarity in planning your monthly budget with a home loan repayment. It is called the Federal Bank Amortization Schedule, which outlines the periodic payments, interests, outstanding loan balance, and repayment.
Steps to Calculate Federal Bank Home Loan Amortized Interest:
1. Start by dividing the Federal Bank home loan rate of interest by the no. of EMIs in a year. For example, if the rate of interest is 8.80% p.a. and you make payments every month, then divide 8.80% by 12 0.0073
2. Proceed further by multiplying the figure you just calculated with your remaining loan amount, and the result will be your payable monthly interest. For example, if your housing loan balance is Rs. 6,000,000, then the first month's interest will be calculated as 6,000,000 x 0.0073 Rs. 43,800
3. Now, subtract this calculated monthly interest from your EMI to figure out the principal that you are expected to pay in the 1st month. For example, if your Equated Monthly Installment is Rs. 53,210, you will have to pay Rs. 53,210 - Rs. 44,000 Rs. 9,410 as your principal loan amount, and now subtract this amount from your remaining loan amount to calculate the remaining loan balance for the next month
4. Follow these steps again for calculating the principal, interest, and outstanding housing loan amount balance for each month
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 115,088.42 | Rs. 523,431.58 | Rs. 6,000,000.00 | Rs. 638,520 |
| 1st Month | Rs. 9,210.00 | Rs. 44,000.00 | Rs. 6,000,000.00 | Rs. 53,210 |
| 2nd Month | Rs. 9,277.54 | Rs. 43,932.46 | Rs. 5,990,790.00 | Rs. 53,210 |
| 3rd Month | Rs. 9,345.58 | Rs. 43,864.42 | Rs. 5,981,512.46 | Rs. 53,210 |
| 4th Month | Rs. 9,414.11 | Rs. 43,795.89 | Rs. 5,972,166.88 | Rs. 53,210 |
| 5th Month | Rs. 9,483.15 | Rs. 43,726.85 | Rs. 5,962,752.78 | Rs. 53,210 |
| 6th Month | Rs. 9,552.69 | Rs. 43,657.31 | Rs. 5,953,269.63 | Rs. 53,210 |
| 7th Month | Rs. 9,622.74 | Rs. 43,587.26 | Rs. 5,943,716.94 | Rs. 53,210 |
| 8th Month | Rs. 9,693.31 | Rs. 43,516.69 | Rs. 5,934,094.20 | Rs. 53,210 |
| 9th Month | Rs. 9,764.39 | Rs. 43,445.61 | Rs. 5,924,400.89 | Rs. 53,210 |
| 10th Month | Rs. 9,836.00 | Rs. 43,374.00 | Rs. 5,914,636.49 | Rs. 53,210 |
| 11th Month | Rs. 9,908.13 | Rs. 43,301.87 | Rs. 5,904,800.50 | Rs. 53,210 |
| 12th Month | Rs. 9,980.79 | Rs. 43,229.21 | Rs. 5,894,892.37 | Rs. 53,210 |
Frequently Asked Questions
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