IDBI Bank Home Loan EMI Calculator
Started in 1964, the Industrial Development Bank of India, IDBI has been helping thousands of people buy their dream homes with affordable and hassle-free home loans starting at 8.40% per annum. Individuals interested in applying for a housing loan can check their monthly repayment installments using the online IDBI Bank Home Loan EMI calculator. All they need is to enter the right loan amount, tenure, and rate of interest to use the IDBI Bank EMI calculator for instant results. This post aims to acquaint you with all about using the online IDBI EMI calculator and the factors that might affect your home loan EMI calculations.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate IDBI Bank Home Loan EMI?
Feel free to calculate home loan EMI in the easiest way using the online EMI tool. It is a user-friendly tool that not only helps save money and effort, but also provides you with precise results every time you enter the right combination of tenure, amount, and interest rate.
IDBI Bank Home Loan EMI Calculator Formula
Understanding the financial commitment involved during a home loan journey is crucial and one of the key aspects to consider is the Equated Monthly Installment (EMI). Using the IDBI Bank home loan calculation formula given below can help you calculate your EMI and plan your budget effectively.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Here,
P refers to the Principal Loan Amount
R refers to the Rate of Interest
N refers to the No. of installments
Factors affecting IDBI Bank Home Loan EMI
Your IDBI housing loan EMI is largely impacted by three main factors. Worry not, if you are not aware of these, you will learn about these three IDBI Bank home loan criteria and how they impact the home loan EMI now:
Interest Rate: The first main loan criteria to impact the EMI is the interest rate on which the home loan is taken. The higher the interest rate, the higher would be the EMI, and the lower the rate of interest, the lower would be the EMI.
Loan Amount: The amount a borrower receives as a home loan has a lot to do with deciding the EMI payable every month. The higher the loan amount you seek, the higher the EMI you are obliged to pay as repayment.
Tenure: Last of all, the loan tenure or the duration for how long you choose to retain the loan amount has a direct impact on the loan EMI. Generally, short loan durations mean higher EMIs and longer loan durations mean lower EMIs.
Benefits of Using IDBI Bank Home Loan Calculator
Learning about the top benefits of the IDBI Bank home loan Equated Monthly Installments calculator will encourage you to use it. So, here are the main three advantages of using the IDBI EMI calculator:
Free and Accurate: The prime reason for a borrower to use the online housing loan EMI tool is to get free and accurate results for different combinations of tenure, amounts, and rates of interest.
Saves Time and Efforts: Why waste time in your busy life schedule to calculate the home loan EMI manually, when you can easily use the online EMI tool like the one available at the BASIC Home Loan website: https://www.basichomeloan.com/em and save your time as well as efforts.
Variation Comparison Analysis: Another benefit of using the online home loan EMI tool is that it helps borrowers compare the loan EMI for various loan combinations instantly.
IDBI Bank Home Loan Interest Calculator Formula
Interest borrowers can use the online IDBI Bank home loan interest rate calculator to calculate the interest on home loans without stressing themselves to do manual calculations. The IDBI home loan rate of interest calculator formula is explained below for a better understanding:
Total Interest = (P X R X T) / 100
Here,
P refers to the Principal Loan Amount
R refers to the Rate of Interest
T refers to the Tenure
IDBI Bank Home Loan Eligibility Criteria
Lenders like IDBI Bank have set their eligibility criteria and grant housing loans only to those who are found eligible on these grounds. You can access the online IDBI Bank home loan eligibility calculator, a tool that asks for information like your age, salary or income, credit score, nationality, and any other loan details to determine whether or not you qualify for a housing loan from IDBI Bank.
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Comparison of IDBI Bank Home Loan EMI with Other Popular Banks
So, you have made up your mind to proceed with an IDBI Bank home loan? You can be double assured of your choice by comparing the EMI for this home loan with the EMI payable if you consider some other leading bank or housing finance company. So, for this, we are now showing a table comparing IDBI home loan EMI with the monthly installments for 5 leading financial lenders 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 |
|---|---|---|---|---|---|---|
| IDBI Bank | 8.55% p.a. onwards | Rs. 12,345 | Rs. 24,690 | Rs. 37,035 | Rs. 49,381 | Rs. 61,726 |
| Bajaj Housing Finance | 8.50% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
| Axis 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 |
| DCB Bank | 9.75% p.a. onwards | Rs. 13,077 | Rs. 26,154 | Rs. 39,231 | Rs. 52,308 | Rs. 65,385 |
| Piramal Housing Finance | 11.00% p.a. onwards | Rs. 13,775 | Rs. 27,550 | Rs. 41,325 | Rs. 55,100 | Rs. 68,875 |
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IDBI Bank Home Loan Amortization Schedule
The DCB Home Loan Amortization Schedule is a detailed outline of the repayment for a housing loan and helps the borrower to get a month-by-month breakdown of each payment he/ she makes. This table gives a clear idea of what portion goes towards repaying the principal amount borrowed and which portion covers the interest charged by the bank.
Steps to Calculate IDBI Bank Home Loan Amortized Interest
Step 1: You must start by dividing your IDBI housing loan interest rate by the total number of EMIs you pay annually. Like, if you have an 8.40% p.a. rate of interest and you intend to make monthly payments, then divide 8.40% by 12 = 0.007
Step 2: Your second step would be to multiply the number obtained in the above step with your outstanding loan amount and you will get the monthly interest payable. Like, if your housing loan amount balance is Rs. 5,500,000, the interest for the 1st month would be 5,500,000 x 0.007 = Rs. 38,500
Step 3: In the third step, deduct the monthly interest you obtained in the second step from your fixed EMI to obtain your principal payable in the 1st month. Like, if your monthly EMI is Rs. 53,839, you will pay Rs. 53,839 - Rs. 38,500 = Rs. 15,339 as the loan amount, and the same will be subtracted from your outstanding loan balance for calculating the principal amount payable for the subsequent month
Step 4: Carry on repeating these steps to calculate the outstanding loan amount, principal, and interest for each month
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 19,1322.61 | Rs. 454,745.39 | Rs. 5,500,000.00 | Rs. 646,068.00 |
| 1st Month | Rs. 15,339.00 | Rs. 38,500.00 | Rs. 5,500,000.00 | Rs. 53,839.00 |
| 2nd Month | Rs. 15,446.37 | Rs. 38,392.63 | Rs. 5,484,661.00 | Rs. 53,839.00 |
| 3rd Month | Rs. 15,554.50 | Rs. 38,284.50 | Rs. 5,469,214.63 | Rs. 53,839.00 |
| 4th Month | Rs. 15,663.38 | Rs. 38,175.62 | Rs. 5,453,660.13 | Rs. 53,839.00 |
| 5th Month | Rs. 15,773.02 | Rs. 38,065.98 | Rs. 5,437,996.75 | Rs. 53,839.00 |
| 6th Month | Rs. 15,883.43 | Rs. 37,955.57 | Rs. 5,422,223.73 | Rs. 53,839.00 |
| 7th Month | Rs. 15,994.62 | Rs. 37,844.38 | Rs. 5,406,340.29 | Rs. 53,839.00 |
| 8th Month | Rs. 16,106.58 | Rs. 37,732.42 | Rs. 5,390,345.68 | Rs. 53,839.00 |
| 9th Month | Rs. 16,219.33 | Rs. 37,619.67 | Rs. 5,374,239.10 | Rs. 53,839.00 |
| 10th Month | Rs. 16,332.86 | Rs. 37,506.14 | Rs. 5,358,019.77 | Rs. 53,839.00 |
| 11th Month | Rs. 16,447.19 | Rs. 37,391.81 | Rs. 5,341,686.91 | Rs. 53,839.00 |
| 12th Month | Rs. 16,562.32 | Rs. 37,276.68 | Rs. 5,325,239.72 | Rs. 53,839.00 |
FAQs
The main function of an IDBI Bank home loan EMI calculator is to help the borrower get an estimate of the monthly repayment installment payable for different loan tenures and loan amounts.
Not paying the home loan EMI payments on time means incurring a penalty fee from the lender and lowering your credit score.
The starting interest rate value on the IDBI Bank EMI calculator is 8.40% per annum.
Yes, interested borrowers can easily apply online for an IDBI Bank home loan after using the EMI calculator. They can seek help from the BASIC Home Loan team for the same.
The three main details required for using the IDBI Bank EMI calculator are the loan amount, loan tenure, and rate of interest.