Jana Bank Home Loan EMI Calculator

Established in 1999, Jana Small Finance Bank Limited is one of India's first urban microfinance companies serving clients across India with 771 banking outlets. Over the years, Jana Bank has contributed significantly to serving the needs of customers embarking on the journey of acquiring a home. Although getting a home loan is easy, it is necessary to plan your budget for smooth payment of your home loan monthly EMI. To do so, you can use the Jana Bank home loan EMI calculator. The Jana Bank EMI calculator is a user-friendly online tool that helps applicants conveniently estimate their monthly EMI. 

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

How to Calculate Jana Bank Home Loan EMI?

Home loans support people on their home-buying journey. If you are pursuing one such dream with a Jana Bank home loan, it is important to calculate the monthly EMI using the Jana Bank Home Loan EMI calculator. Your online home loan EMI calculator is the best tool to get the most precise and error-free calculations of your EMI. To calculate the EMI, you can simply fill in the tool with details like the principal amount, interest rate, and the loan tenure.

Jana Bank Home Loan EMI Calculator Formula

There is a simple formula that estimates the monthly EMI of your home loan that you are required to pay to the bank every month. This EMI can be calculated using the Jana Bank home loan calculator online. This calculation helps in evaluating the monthly expenses of the borrower. Below is the Jana Bank Home loan calculation formula:

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

Here,
P connotes Principal Amount
R connotes the Rate of Interest, and
N connotes the Total Monthly Repayment Installments 

Factors Affecting Jana Bank Home Loan EMI

If you are planning to avail a home loan from Jana Bank, you must be aware of the Jana Bank home loan criteria that influence the monthly installments of your home loan. A large number of factors influence your home loan EMI. However, we are discussing some key factors here:  

Principal Amount: The principal amount or the loan amount is one of the primary factors considered for calculating the EMI of your home loan. The principal amount is the money that a bank lends to the borrower. Generally, the EMI depends on the principal amount. So, if the principal amount is high, the EMI would be higher, and vice versa.

Tenure: Tenure is the duration of the loan or the period for which a home loan is offered. This is another very significant factor that determines the home loan EMI. If you opt for short-tenured loans, your EMIs would be higher. Similarly, if your loan duration is longer, the EMIs will be lower.

Interest Rate: Interest rate is another significant factor to consider in a home loan. A higher rate of interest increases the amount of monthly installments or EMIS. Hence, it is better to try to avail of home loans at a lower interest rate.

Benefits of Using Jana Bank Home Loan Calculator

Using the Jana Bank home loan calculator online allows the borrower to benefit in numerous ways. This online tool is quick and easy and is a valuable device for potential loan applicants to know the precise monthly EMIs to be paid. Below are the key benefits of the Jana Bank Home Loan EMI calculator:

Accurate results: The first and the most important benefit of using an online EMI calculator is the assurance of getting a 100% accurate result. Being an online tool, it is guaranteed to provide error-free results as compared to manual calculations. 

Smooth Calculations: Utilizing an online EMI calculator streamlines the entire process, allowing you to easily estimate the monthly installment you'll need to pay without any inconvenience. All you can do is simply visit https://www.basichomeloan.com/em, the official portal of BASIC Home Loan, to use the calculator online.

Multiple use: This is another remarkable benefit of home loan EMI calculators. These tools can be used multiple times by the loan applicant/borrower. You can apply several variations to the calculator to find out the preferred amount of EMI that you would be able to pay every month comfortably.  

Jana Bank Home Loan Interest Calculator Formula

Jana Bank home loan interest rate calculator uses a simple formula to evaluate the monthly home loan EMI. Principal amount, Loan tenure, and interest rate are the three components that are considered in the formula as mentioned below:

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

Here, 

P means Principal Amount
R means the Rate of Interest 
T means the number of monthly installments

Jana Bank Home Loan Eligibility Criteria

While the process of seeking a home loan is easy and hassle-free, you have to prove your eligibility to get your home loan approved. To check your eligibility status or to qualify for a Jana Bank home loan, you can use the Jana Bank home loan eligibility calculator. The home loan online calculator evaluates the loan eligibility of the borrower or applicant by considering factors like age, income, credit score, and employment status.

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Comparison of Jana Bank Home Loan EMI with Other Popular Banks

Comparing the home loan EMI of Jana Bank with the EMI of other lenders is advisable before applying for a home loan. This will inform you of the rates available with competitors in the market and help you make an informed decision. The table below compares the Jana Bank Home Loan EMI with 5 prominent banks and NBFCs for a 10-year tenure:

Bank Name Rate of Interest Rs. 10 lakhs Rs. 20 lakhs Rs. 30 lakhs Rs. 40 lakhs Rs. 50 lakhs
Jana Bank 9.75% p.a. onwards Rs. 13,077 Rs. 26,154 Rs. 39,231 Rs. 52,308 Rs. 65,385
DCB Bank 9.75% p.a. onwards Rs. 13,077 Rs. 26,154 Rs. 39,231 Rs. 52,308 Rs. 65,385
Shubham Housing Finance 9.90% p.a. onwards Rs. 13,160 Rs. 26,320 Rs. 39,479 Rs. 52,639 Rs. 65,799
India Shelter Home Loan 11.00% p.a. onwards Rs. 13,493 Rs. 26,987 Rs. 40,480 Rs. 53,974 Rs. 67,467
Piramal Housing Finance 11.00% p.a. onwards Rs. 13,775 Rs. 27,550 Rs. 41,325 Rs. 55,100 Rs. 68,875
Aadhar Bank 11.75% p.a. onwards Rs. 14,203 Rs. 28,406 Rs. 42,609 Rs. 56,812 Rs. 71,015
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Jana Bank Home Loan Amortization Schedule

Now that you have seen the comparison of Jana Bank Home Loan EMI with other banks, you may also be interested in knowing the amortization schedule of Jana Bank to understand the systematic breakdown of your loan repayment. The amortization schedule helps the borrower know the distribution of components like interest and principal over the loan tenure for financial clarity during the loan repayment period. Let's look at the steps to estimate the amortized interest of a Jana Bank home loan.

Steps to Calculate Jana Bank Home Loan Amortized Interest

Step 1: Begin by dividing your Jana Bank home loan's interest rate by the number of EMIs you'll pay annually. For example, with an annual interest rate of 9.75% and monthly payments, you would calculate 9.75% divided by 12, resulting in 0.008125.

Step 2: Take the figure obtained in Step 1 and multiply it by your current loan balance to find the monthly interest amount. For instance, if your loan amount stands at Rs. 5,000,000, the interest for the first month would be 5,000,000 x 0.008125 = Rs. 40,625.

Step 3: Subtract the monthly interest figured out in Step 2 from your predetermined EMI to determine the principal amount due for the first month. For example, if your set monthly EMI is Rs. 52,968, then Rs. 52,968 - Rs. 40,625 = Rs. 12,343 would be allocated towards the principal, reducing your total loan amount for the next calculation.

Step 4: Apply these steps sequentially to figure out the interest, principal payment, and remaining loan balance month by month.

The table displayed below will give you an idea of Jana Bank Home Loan Amortization Schedule 2024:
Year/Month Principal Amount Interest Loan EMI
2024 Rs. 154917.52 Rs. 480698.48 Rs. 5,000,000.00 Rs. 635,616
1st Month Rs. 12343.00 Rs. 40625.00 Rs. 5,000,000.00 Rs. 52,968
2nd Month Rs. 12443.29 Rs. 40524.71 Rs. 4,987,657.00 Rs. 52,968
3rd Month Rs. 12544.39 Rs. 40423.61 Rs. 4,975,213.71 Rs. 52,968
4th Month Rs. 12646.31 Rs. 40321.69 Rs. 4,962,669.32 Rs. 52,968
5th Month Rs. 12749.06 Rs. 40218.94 Rs. 4,950,023.01 Rs. 52,968
6th Month Rs. 12852.65 Rs. 40115.35 Rs.4,937,273.95 Rs. 52,968
7th Month Rs. 12957.08 Rs. 40010.92 Rs. 4,924,421.30 Rs. 52,968
8th Month Rs. 13062.35 Rs. 39905.65 Rs. 4,911,464.22 Rs. 52,968
9th Month Rs. 13168.48 Rs. 39799.52 Rs. 4,898,401.87 Rs. 52,968
10th Month Rs. 13275.48 Rs. 39692.52 Rs. 4,885,233.39 Rs. 52,968
11th Month Rs. 13383.34 Rs. 39584.66 Rs. 4,871,957.91 Rs. 52,968
12th Month Rs. 13492.08 Rs. 39475.92 Rs. 4,858,574.56 Rs. 52,968
Disclaimer: The table shown above is just to give you an approximate idea of the monthly EMI for a loan amount of Rs. 5,000,000 availed at an interest rate of 9.75% p.a., for a loan tenure of 15 years. The EMI is subject to variation depending on various factors such as interest rate, loan tenure, and repayment capacity of the borrower.

FAQs

Yes, the Jana Bank home loan EMI calculator is a free-of-charge tool available online. 

The starting interest rate value on Jana Small Finance Bank is from 9.75% p.a. onwards.

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

The three main details required to use the Jana Bank EMI calculator are principal amount, loan tenure, and interest rate to calculate the Jana Bank home loan EMI. 

Although Jana Bank offers group loan facilities to women, it does not offer any concessions in home loan rates to individual women.

Yes, this calculator can be used for calculating the EMI of other loans as well.

You can use the Jana Bank home loan calculator as many times as you want without paying any charges.