Indian Bank Home Loan
EMI Calculator
Indian Bank, a prominent public sector bank, has been serving eligible applicants with a number of financial services. One such service the bank caters to is a home loan starting at an affordable 8.40% per annum interest rate. Eligible borrowers can use the Indian Bank EMI calculator to understand the Equated Monthly Installments (EMIs) for repayment of a home loan taken from the bank. Anyone can use the online Indian Bank Home Loan EMI Calculator, which is completely free of cost and can be used multiple times for any combination of tenure, loan amount, and interest rate. Join us to understand all about the Indian Bank home loan calculator.
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
Indian Bank Home Loan EMI Calculator Formula
The Indian Bank home loan EMI calculator online is the most convenient way of checking how much Equated Monthly Installment you are expected to pay each month for your home loan repayment.
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 Indian Bank Home Loan EMI
Principal Loan Amount: Also known as the loan amount, this is the money you get as a home loan from the lender. As a thumb rule, the higher the loan amount, the higher would be its EMI.
Type of Interest Rate: Home loans can have fixed or floater interest rates. Fixed plans have constant interest rates throughout the tenure, while floater plans are subject to change per market conditions.
Loan Duration or Tenure: The total time period for which a home loan is availed is known as the loan tenure. It acts as a crucial factor that impacts your EMI. The shorter tenures mean higher Equated Monthly Installments but overall lower interest payments and vice-versa.
Benefits of Using the Indian Bank Home Loan Calculator
Using an EMI online calculator offers several benefits to a borrower.
Quick Results: The ultimate benefit of using an online home loan EMI calculator is that it offers quick results.
Accurate EMI Calculation: Secondly, using an online tool to calculate the home loan EMI means determining the most accurate EMI each month. Doing it manually means leaving some scope for errors in the EMI calculation, but the online Equated Monthly Installment calculator is 100% accurate.
Interest Outlay Estimation: Another benefit of using an EMI calculator online is that it provides a breakdown of the interest and the principal components of each EMI. This allows borrowers to understand the interest outlay over the loan tenure.
Indian Bank Home Loan Interest Calculator Formula
The Indian Bank housing loan interest rate calculator formula is an easy mathematical calculator that is done by using three main components of the housing loan: principal amount, rate of interest, and loan tenure.
Total Interest = (P x R x T) / 100
P: Principal amount
R: Rate of interest
T: Time or tenure in terms of monthly installments
Indian Bank Home Loan Eligibility Criteria
Comparison of Indian 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 |
|---|---|---|---|---|---|---|
Indian Bank | 8.40% p.a. onwards | Rs. 12,345 | Rs. 24,690 | Rs. 37,035 | Rs. 49,381 | Rs. 61,726 |
Bank of India | 8.40% p.a. onwards | Rs. 12,345 | Rs. 24,690 | Rs. 37,035 | Rs. 49,381 | Rs. 61,726 |
LIC | 8.5% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
Tata Capital | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
Federal Bank | 8.80% p.a. onwards | Rs. 12,560 | Rs. 25,119 | Rs. 37,679 | Rs. 50,238 | Rs. 62,798 |
ICICI Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
Indian Bank Home Loan Amortization Schedule
It is always a great idea to use the Indian Bank Home Loan Amortization Schedule to understand your home loan repayment plan over the loan tenure.
Steps to Calculate Indian Bank Home Loan Amortized Interest:
1. The first step to calculate the housing loan amortized interest is to divide your Indian Bank home loan interest rate by the total EMIs you plan to pay in a year. For example, if your housing loan rate of interest is 9.40% p.a. and you choose monthly EMIs, then divide 8.40% by 12 0.007
2. Up next, multiply the figure you just derived with your loan outstanding, and the answer will be your payable monthly interest. For example, if your home loan balance is Rs. 4,500,000, then 4,500,000 x 0.007 Rs. 31,500 will be your 1st month's interest
3. In the third step, you have to reduce the monthly interest you just calculated from your EMI to know the loan principal payable in the first month. For example, if your Equated Monthly Installment is Rs. 38,768, you will pay Rs. 38,768 - Rs. 31,500 Rs. 7,268 as the principal loan amount, and the same amount will be reduced from your remaining loan to calculate the remaining loan balance for the upcoming month.
4. Feel free to repeal all these steps to calculate the principal, interest, and outstanding loan balance for each month
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 90,653.41 | Rs. 374,562.59 | Rs. 4,500,000.00 | Rs. 465,216 |
| 1st Month | Rs.7,268.00 | Rs. 31,500.00 | Rs. 4,500,000.00 | Rs. 38,768 |
| 2nd Month | Rs. 7,318.88 | Rs. 31,449.12 | Rs. 4,492,732.00 | Rs. 38,768 |
| 3rd Month | Rs. 7,370.11 | Rs. 31,397.89 | Rs. 4,485,413.12 | Rs. 38,768 |
| 4th Month | Rs. 7,421.70 | Rs. 31,346.30 | Rs. 4,478,043.02 | Rs. 38,768 |
| 5th Month | Rs. 7,473.65 | Rs. 31,294.35 | Rs. 4,470,621.32 | Rs. 38,768 |
| 6th Month | Rs. 7,525.97 | Rs. 31,242.03 | Rs. 4,463,147.67 | Rs. 38,768 |
| 7th Month | Rs. 7,578.65 | Rs. 31,189.35 | Rs. 4,455,621.70 | Rs. 38,768 |
| 8th Month | Rs. 7,631.70 | Rs. 31,136.30 | Rs. 4,448,043.05 | Rs. 38,768 |
| 9th Month | Rs. 7,685.12 | Rs. 31,082.88 | Rs. 4,440,411.35 | Rs. 38,768 |
| 10th Month | Rs. 7,738.92 | Rs. 31,029.08 | Rs. 4,432,726.23 | Rs. 38,768 |
| 11th Month | Rs. 7,793.09 | Rs. 30,974.91 | Rs. 4,424,987.32 | Rs. 38,768 |
| 12th Month | Rs. 7,847.64 | Rs. 30,920.36 | Rs. 4,417,194.23 | Rs. 38,768 |
Frequently Asked Questions
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