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.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate Federal Bank Home Loan EMI?
Curious to know how to calculate home loan EMI? Leave all your worries aside and simply access the online Federal Bank Home Loan EMI calculator. By inputting details such as the loan amount, tenure, and interest rate, you can easily calculate the housing loan Equated Monthly Installment within a fraction of a second.
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]
Here,
P means the Principal Loan Amount
R means the Rate of Interest
N means the No. of Monthly Installments
Factors Affecting Federal Bank Bank Home Loan EMI
The three basic factors that may impact the EMI for your housing loan are loan tenure, interest rate, and principal amount. Continue reading to see how these three Federal Bank home loan criteria might affect your 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 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. For your understanding, we are now giving the detailed formula to calculate the Federal Bank home loan:
Total Interest = (P X R X T) / 100
Here,
P means Principal Loan Amount
R means Rate of Interest
T means Tenure to pay the monthly installments
Federal Bank Home Loan Eligibility Criteria
Who will tell you whether you are eligible or not to get a home loan from a respective bank? When it comes to applying for a home loan from Federal Bank, things are pretty sorted. You can access the Federal Bank home loan eligibility calculator to analyze whether or not you qualify for a housing loan from Federal Bank HFC. Just enter specific inputs like the monthly salary or income, loan amount, age, total work experience, and credit score.
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Comparison of Federal Bank Home Loan EMI with other Popular Banks
You are already on the right track if you have chosen a Federal Bank Home Loan, but a little comparison is always wise. Have a look at the table given below to compare Federal Bank Housing Loan Equated Monthly Installments (EMI) with the EMI of other five leading banks and housing finance companies for a tenure of 10 years:
| 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 |
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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
Step 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
Step 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
Step 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
Step 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 |
FAQs
Yes, you can easily apply online for a Federal Bank home loan after using the online EMI calculator.
The main details required to use the Federal Bank EMI calculator to calculate the EMI amount are the loan interest rate, loan amount, and loan tenure.
Yes, a user may try using the Federal Bank home loan EMI calculator as many times as required for a different set of home loan details absolutely free of cost.
The rate of interest value on the Federal Bank EMI calculator starts with 0%, meaning you can enter any value between 0 to 100 to use this tool.
Yes, it always helps to have a good credit score of at least 700 to avail of a home loan from the Federal Bank.
An amortization schedule helps a borrower in:
- Comparing loan options
- Making better decisions for refinancing
- Planning a proper budget
- Understanding the clarity of monthly payments