Federal Bank Home Loan EMI Calculator

The Federal Bank Home Loan Calculator is a tool that allows you to calculate your monthly mortgage payments based on the loan amount, interest rate, and loan term. To use the calculator, you will need to enter information that includes the loan amount, which is the amount of money you are borrowing to purchase your home, interest rate, which is the annual interest rate on your loan, and loan term, which is the length of time in years that you will be paying off your loan. Once you have entered this information, the calculator will calculate your monthly mortgage payments, including the principal and interest portion of the payment. It will also show you the total interest you will pay over the loan tenure.

What are the Features and Benefits of Using the Federal Bank Home Loans EMI Calculator? 

Some of the key features and benefits of using a Federal Bank Home Loan EMI Calculator are as follows:

• Easy to Use: The Federal Bank Home Loans EMI Calculator is user-friendly and easy to use, allowing customers to calculate their EMI in just a few clicks.
• Accurate Results: The calculator uses advanced algorithms to provide accurate and reliable EMI calculations based on the entered loan amount, interest rate, and loan tenure.
• Customizable: The calculator allows customers to adjust the loan amount, interest rate, and loan tenure to suit their needs and financial situation.
• Amortization Schedule: The calculator provides customers with an amortisation schedule, which shows the breakdown of the EMI payments over the loan tenure.
• Comparison Tool: The calculator also includes a comparison tool, which allows customers to compare different loan options and select the best one for their needs.
• No Obligation: The use of the EMI calculator is free of cost, and customers are under no obligation to take a loan from Federal Bank after using the calculator.
• Convenience: The calculator can be accessed anytime, anywhere, with the help of an internet connection, providing customers with the convenience of calculating their EMI from the comfort of their home.

How Federal Bank Home Loan Calculator Works & Formula?

A Federal Bank home loan calculator is a tool that helps borrowers calculate the estimated monthly instalments and overall interest payable on their home loan. The calculator considers the loan amount, interest rate, and tenure to estimate the EMI and total interest payable.

The formula for calculating the EMI is:

EMI = P x r x (1+r)^n/((1+r)^n-1)

Where,

• P = Loan amount
• r = Interest rate (in decimal form)
• n = Loan tenure (in months)

The formula for calculating the total interest payable is:

Total Interest Payable = (EMI x (n – 1)) – P

To use the Federal Bank home loan calculator, the borrower would need to input the loan amount, interest rate, and loan tenure, and the calculator will automatically calculate the EMI and total interest payable. This allows borrowers to easily compare different loan options and choose the best fit their financial needs and budget.

How Does EMI Calculation Help in Planning the Home Purchase?

EMI (Equated Monthly Installment) calculation helps plan the home purchase by providing an estimate of the monthly payments required to repay the loan. This information is essential for budgeting and determining how much of a home purchase one can afford. The EMI calculation considers the loan amount, interest rate, and loan tenure, allowing buyers to compare different loan options and choose the best suits their needs and budget. The EMI calculation can help buyers plan for future expenses and ensure they have enough money to make their monthly loan payments.

Factors Affecting Federal Bank Home Loan EMI

Several factors can affect the EMI (equated monthly instalment) for a home loan from a federal bank. These include:

• Loan amount: The higher the loan amount, the higher the EMI.
• Interest rate: A higher home loan interest rate will result in a higher EMI, while a lower interest rate will result in a lower EMI.
• Loan tenure: A longer loan tenure will result in lower EMIs, while a shorter loan tenure will result in higher EMIs.
• Processing fees: Some banks may charge processing fees, which can add to the overall cost of the loan and affect the EMI.
• Other charges: Some banks may also charge other fees, such as legal charges, documentation charges, etc., which can also affect the EMI.
• Credit Score: An individual with a higher credit score may be able to negotiate a lower interest rate, which in turn will lower the EMI.

Federal Bank Home Loan Amortisation Schedule?

An amortisation schedule for a home loan from Federal Bank would show the breakdown of payments made over the life of the loan. It would include the following information:

• The loan amount
• The interest rate
• The term of the loan (in months or years)
• The monthly payment amount
• The amount of the payment that goes towards interest and the amount that goes towards the principal
• The remaining balance of the loan after each payment

The amortisation schedule would continue to show the breakdown of payments and the remaining balance for each month until the loan is fully paid off.

The table shows the calculation of EMI using a Federal Bank Home Loan EMI calculator for an amount of INR 25 Lakhs for a tenure of 10 years. The applied interest rate is 10% per annum.

Year	Principal	Interest	Principal + Interest	Balance to be Paid
1	INR 153,355	INR 243,098	INR 396,452	INR 2,346,645
2	INR 169,413	INR 227,039	INR 396,452	INR 2,177,233
3	INR 187,153	INR 209,300	INR 396,452	INR 1,990,080
4	INR 206,750	INR 189,702	INR 396,452	INR 1,783,330
5	INR 228,399	INR 168,053	INR 396,452	INR 1,554,931
6	INR 252,316	INR 144,137	INR 396,452	INR 1,302,615
7	INR 278,736	INR 117,716	INR 396,452	INR 1,023,879
8	INR 307,924	INR 88,528	INR 396,452	INR 715,955
9	INR 340,167	INR 56,285	INR 396,452	INR 375,787
10	INR 375,787	INR 20,665	INR 396,452	0