IndusInd Bank Home Loan EMI Calculator

IndusInd Bank is a prominent bank in India offering various financial services to eligible applicants. One such service the bank proudly offers is the IndusInd Bank Home Loan, which starts at a rate of interest of 8.50% per annum. Borrowers can quickly and accurately use the IndusInd EMI calculator to calculate the home loan EMI they are expected to pay with a particular loan amount and tenure on a home loan. The online IndusInd Home Loan EMI Calculator can be used multiple times by the user for any amount, rate of interest, and loan tenure. Let us acquaint you with the main features, benefits, and formula for using the IndusInd Bank home loan EMI calculator.

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

How to Calculate IndusInd Bank Home Loan EMI?

The IndusInd Bank EMI calculator is a free-to-use and simple tool with which borrowers can plan their monthly expenses more efficiently. The home loan EMI calculator uses a simple mathematical formula with factors like the interest rate, the number of repayment installments, and the principal loan amount.

IndusInd Bank Home Loan EMI Calculator Formula

Access the IndusInd home loan calculator online to check the loan EMI for various loan amounts and loan tenures. This will help you check your home loan affordability for better monthly budget planning with a home loan. Proceed further to understand the IndusInd home loan calculation formula that helps you get an estimated monthly EMI:

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

Here,

P denotes the Principal Loan Amount
R denotes Rate of Interest 
N denotes the Number of monthly installments

Factors Affecting IndusInd Bank Home Loan EMI

There are several factors that can have a direct impact on your home loan EMI. Have a look at the prime IndusInd Bank home loan criteria that can influence your monthly installments:

Interest Rate: The first main factor or home loan criteria to impact the home loan EMI is the rate of interest on which the home loan was taken. The higher the interest rate on the loan, the higher the Equated Monthly Installment would be.

Loan Tenure: The loan tenure or the duration for which a home loan is taken has a direct connection with the EMI amount. Longer tenures incur lower EMIs, and shorter tenures will generate higher EMIs for the borrower. 

Principal Loan Amount: The third crucial factor to determine the home loan EMI is the amount for which the home loan is availed from the bank. If this amount is higher, naturally, the EMI amount will be higher, too, and vice versa. 

Benefits of Using IndusInd Bank Home Loan Calculator

Undoubtedly, using the IndusInd Housing Loan EMI Calculator provides several benefits to borrowers. If you are not aware, worry not; continue reading to  understand the main benefits of the IndusInd home loan EMI calculator:

Instant Results: The main advantage of using a housing loan EMI calculator is that it gives instant and quick results. Access the online Equated Monthly Installment calculator provided at the BASIC Home Loan official website: EMI for the quickest and most reliable EMI calculations on housing loans.

Accurate and Precise: The online housing loan EMI calculator eliminates the need for manual calculations and reduces the risk of human errors. In short, use the EMI calculator online to get accurate and precise information for your housing loan EMIs.

Better Financial Planning: Using the housing loan Equated Monthly Installment calculator helps the potential home loan borrower plan the monthly budget in a better way. He/she can check the home loan affordability and plan the monthly budget. 

IndusInd Bank Home Loan Interest Calculator Formula

The IndusInd Bank home loan interest rate calculator formula allows you to calculate the home loan interest rate so that you can make an informed decision. Have a look at the IndusInd Bank home loan calculator formula described below for your reference:

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

Here,

P denotes the Principal Loan Amount
R denotes Rate of Interest 
T denotes Tenure for loan repayment

IndusInd Bank Home Loan Eligibility Criteria

The IndusInd home loan eligibility calculator is a smart online tool that can help you check whether or not you qualify for a housing loan from the bank. It will ask you for simple details to check your credibility as a reliable borrower, such as age, income or salary, work experience, nationality, and credit score. By inputting these details, the borrower can determine the loan amount they can qualify for with the bank. 

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Comparison of IndusInd Bank Home Loan EMI with other Popular Banks

If you have already shortlisted IndusInd Bank for a housing loan, then you are already on the right track. But to boost your confidence in this selection, we recommend you to check the table given below that displays the comparison between the IndusInd Bank EMI with five popular banks and NBFCs for a time period of 10 years:

Bank Name Rate of Interest Rs. 10 lakhs Rs. 20 lakhs Rs. 30 lakhs Rs. 40 lakhs Rs. 50 lakhs
IndusInd Bank 8.50% 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
YES Bank 9.40% p.a. onwards Rs. 12,885 Rs. 25,770 Rs. 38,655 Rs. 51,540 Rs. 64,425
Shriram Housing Finance 9.50% p.a. onwards Rs. 12,940 Rs. 25,880 Rs. 38,819 Rs. 51,759 Rs. 64,699
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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IndusInd Bank Home Loan Amortization Schedule

For those of you who are not aware of what an amortization schedule is, here is the definition in simple terms. IndusInd Bank Amortization Schedule is a table detailing each periodic payment of the loan. With this schedule, the borrower gets a comprehensive view of the loan’s repayment over time. 

Steps to Calculate IndusInd Bank Home Loan Amortized Interest

Step 1: Start by dividing the IndusInd Bank home loan interest rate by the no. of Equated Monthly Installments you are expected to make per year. For example, if you availed the home loan at an 8.50% p.a. rate of interest, and you choose to pay EMIs every month, then you will divide 8.50% by 12 = 0.007
Step 2: Then, multiply the no. you just calculated your remaining loan balance. This will provide you with the interest payable monthly. For example, if your loan balance is Rs. 5,000,000, your first month's interest would be 5,000,000 x 0.007 = Rs. 35,000
Step 3: Proceed further to subtract the monthly interest you just calculated from your fixed EMI to calculate the principal loan amount payable in the 1st month. For example, if your monthly EMI is Rs. 43,391, you will pay Rs. 43,391 - Rs. 35,000 = Rs. 8,391 as the principal loan amount, and this calculated amount will be subtracted from your remaining loan amount to calculate the remaining loan balance for the subsequent month
Step 4: Repeat these steps in the same sequence to calculate the principal, outstanding home loan balance, and interest for each month

Have a look at the table below to understand the IndusInd Bank Home Loan Amortization Schedule 2024:
Year/Month Principal Amount Interest Loan EMI
2024 Rs. 99,509.44 Rs. 421,182.56 Rs. 5,000,000.00 Rs. 520,692
1st Month Rs. 7,974.33 Rs. 35,416.67 Rs. 5,000,000.00 Rs. 43,391
2nd Month Rs. 8,030.82 Rs. 35,360.18 Rs. 4,992,025.67 Rs. 43,391
3rd Month Rs. 8,087.70 Rs. 35,303.30 Rs. 4,983,994.85 Rs. 43,391
4th Month Rs. 8,144.99 Rs. 35,246.01 Rs. 4,975,907.15 Rs. 43,391
5th Month Rs. 8,202.68 Rs. 35,188.32 Rs. 4,967,762.15 Rs. 43,391
6th Month Rs. 8,260.79 Rs. 35,130.21 Rs. 4,959,559.47 Rs. 43,391
7th Month Rs. 8,319.30 Rs. 35,071.70 Rs. 4,951,298.68 Rs. 43,391
8th Month Rs. 8,378.23 Rs. 35,012.77 Rs. 4,942,979.38 Rs. 43,391
9th Month Rs. 8,437.58 Rs. 34,953.42 Rs. 4,934,601.15 Rs. 43,391
10th Month Rs. 8,497.34 Rs. 34,893.66 Rs. 4,926,163.58 Rs. 43,391
11th Month Rs. 8,557.53 Rs. 34,833.47 Rs. 4,917,666.24 Rs. 43,391
12th Month Rs. 8,618.15 Rs. 34,772.85 Rs. 4,909,108.70 43,391
Disclaimer: The above information gave you an estimated EMI for a loan amount of Rs. 5,000,000 availed at an interest rate of 8.50% p.a., for a loan tenure of 20 years. The EMI will vary depending on the amount, rate of interest, and loan duration you enter into this amortization schedule.

FAQs

A user can use the IndusInd Bank Home Loan Calculator as many times as they wish to use it for different combinations of loan tenure, interest rates, and loan amount. 

Yes, you can use the home loan EMI calculator to calculate the EMI for other loans because it needs basic loan details applicable to all types of loans, such as loan tenure, loan amount, and rate of interest to calculate the EMI.

One can calculate the maximum loan affordability amount using key factors like rate of interest, tenure on the EMI calculator, and other factors such as your monthly gross income and down payment. 

No, the EMI stipulated by IndusInd Bank will be the same as calculated by using the home loan EMI calculator. 

IndusInd Bank calculates the home loan interest by using a simple mathematical formula that is given below: 

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


Yes, you can estimate the EMI after capitalization of the pre-EMI interest using the standard EMI formula, filling in details like principal amount, loan tenure, and rate of interest.