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.

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

How to Calculate Indian Bank Home Loan EMI?

One can easily calculate the housing loan EMI manually, but we recommend you use the Indian Bank Equated Monthly Installment calculator, the easiest way to calculate home loan EMI. To use this calculator, one has to fill in the accurate details in the form of the home loan rate of interest, loan tenure, and the principal loan amount.

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. Proceed ahead to understand the Indian Bank home loan calculation formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1] 

Here,

P denotes the Principal Loan Amount
R denotes the Rate of Interest
N denotes the Np. of Monthly Installments 

Factors Affecting Indian Bank Home Loan EMI

Before finalizing a home loan, it is important to be aware of Indian Bank home loan criteria that can influence your monthly installments. Although several such factors might affect your housing loan EMI, we will talk about only the main three here:

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. So, the type of interest rate plan you choose for your home loan may impact your EMI. 

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 Indian Bank Home Loan Calculator

Using an EMI online calculator offers several benefits to a borrower. If you are not aware of them, worry not; read on to learn about the top benefits of the Indian Bank home loan EMI calculator:

Quick Results: The ultimate benefit of using an online home loan EMI calculator is that it offers quick results. Do not waste time searching for an EMI online calculator, simply use the one available at BASIC Home Loan website: EMI

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. Worry not; if you are not aware of the Indian Bank home loan interest rate calculation formula, here it is:

Total Interest = (P X R X T) / 100

Here,

P stands for Principal Loan Amount
R stands for the Rate of Interest 
T stands for the Tenure

Indian Bank Home Loan Eligibility Criteria

Although all banks and housing finance companies claim to offer easy home loans, you still have to prove your eligibility to get loan sanctions from them. Use the Indian Bank home loan eligibility calculator to check your eligibility for a home loan from Indian Bank. This online home loan eligibility criteria calculator will ask you to provide details like your age, citizenship or nationality, credit score, salary or income, and employment status to acquaint you with your home loan eligibility.

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Comparison of Indian Bank Home Loan EMI with Other Popular Banks

It is always wise to check out other competitors in the field when opting for a home loan. For this, we will now try to help you with a table allowing you to compare the Indian Bank Equated Monthly Installments with 5 prestigious banks and housing finance companies for a duration of 10 years:

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
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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. For those of you who are unaware of what an amortization schedule is, let us inform you that it is a table that clearly defines different components of a home loan, like the principal loan amount and the interest paid on it for each Equated Monthly Installment. 

Steps to Calculate Indian Bank Home Loan Amortized Interest

Step 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  
Step 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 
Step 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 
Step 4: Feel free to repeal all these steps to calculate the principal, interest, and outstanding loan balance for each month

Have a look at the Indian Bank Home Loan Amortization Schedule 2024 given below for a better understanding of the same:
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
Disclaimer: You just saw the table with an approximate monthly EMI for a loan amount of Rs. 4,500,000 availed at an interest rate of 8.40% p.a., for a loan tenure of 20 years. Please note that the EMI is subject to variation depending on various factors related to the home loan.

FAQs

As such, there is no starting interest rate value on the Indian Bank EMI calculator; a borrower can check for any rate of interest value using this online tool. 

Yes, you can easily check for different loan amounts in the Indian Bank home loan EMI calculator. 

The three main details required for using the Indian Bank EMI calculator are loan amount, loan tenure, and interest rate on which the home loan is to be taken or has been taken. 

Yes, the Indian Bank home loan EMI calculator is completely free of charge. 

Borrowers should use the Indian Bank home loan EMI calculator because it gives instant and accurate information for a variety of combinations. It helps borrowers to make informed decisions regarding the home loan and plan their monthly budget well. 

Yes, you can pay your home loan EMI for more than 20 years at the Indian Bank. The bank offers a maximum tenure of up to 30 years on home loans.