Indian Bank Home Loan EMI Calculator

Features of Indian Bank Home Loan Calculator

The Indian Bank Home Loan Calculator offers the following features to the users: 

• Calculates loan eligibility and the amount of loan you can avail.
• Helps you calculate your EMI (Equated Monthly Installment) amount.
• It provides an idea about the interest rate applicable on loans.
• Gives you an estimate of the total costs associated with the loan.
• Offers you the flexibility to choose from different repayment options.
• Allows you to compare different home loan options.

Benefits of Indian Bank Home Loan Calculator

The Indian Bank Home Loan Calculator offers several benefits, including:

• Easy calculation of the EMI amount for loan repayment.
• Easy comparison of different home loan schemes.
• Quick calculation of the total interest amount payable for the loan.
• Accurate calculation of the processing fee and other charges payable for the loan.
• Easy calculation of the total loan amount.
• Quick comparison of various interest rates and loan tenure options.
• Instant calculation of the monthly outgo for loan repayment.

How Indian Bank Home Loan Calculator Works [with Formula]?

The Indian Bank Home Loan Calculator allows customers to make input values on the home loan calculator. The user must mention values such as Loan amount, interest rate, and tenure. And the calculator would compute the EMI value on the home loan almost immediately.

The calculator employs the following formulae to calculate the EMI amount on the Home Loan.

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

Where,

• P is the loan amount, 
• R is the interest rate
• N is the number of months

How does EMI Calculation Help in Planning the House Purchase?

EMI calculation helps plan the home purchase by allowing potential buyers to determine how much they can afford and need to borrow. It also helps determine how much the loan amount will be paid each month, the interest charged, and the total repayment amount. This information helps the buyer plan the home purchase to ensure the repayment amount and interest are within their budget. This can help them plan for other aspects of the purchase, such as the down payment, closing costs and other associated expenses.

Factors Affecting Indian Bank Home Loan Calculator Bank Home Loan EMI 

The following factors impact the Indian Bank Home Loan Interest Rate:

• Loan Amount: The amount of loan taken directly affects the EMI amount. The higher the loan amount, the higher will be the EMI.
• Interest Rate: The bank charges interest rate also affects the EMI amount. The higher the interest rate, the higher will be the EMI amount.
• Loan Tenure: The tenure of the loan also affects the EMI amount. The longer the tenure, the lower the EMI amount and vice versa.
• Processing Fee: The bank charges processing fee also affects the EMI amount. The higher the processing fee, the higher will be the EMI amount.
• Prepayment Charges: The prepayment charges the bank charges also affect the EMI amount. The higher the prepayment charges, the higher will be the EMI amount.

Indian Bank Home Loan Calculator Amortisation Schedule

The following table exhibits the amortisation schedule of an Indian Bank Home Loan. The interest rate for the same is 8.75% per annum. The loan repayment schedule is ten years, and the loan amount is Rs 15 Lakhs.

Year	Opening Balance	Interest	Principal	Ending Balance
2023	1,500,000.00	127,373.16	98,214.96	1,401,785.01
2024	1,401,785.01	118,426.20	107,161.92	1,294,623.05
2025	1,294,623.05	108,664.19	116,923.93	1,177,699.08
2026	1,177,699.08	98,012.92	127,575.20	1,050,123.83
2027	1,050,123.83	86,391.32	139,196.80	910,927.00
2028	910,927.00	73,711.06	151,877.06	759,049.93
2029	759,049.93	59,875.71	165,712.41	593,337.49
2030	593,337.49	44,780.01	180,808.11	412,529.33
2031	412,529.33	28,309.13	197,278.99	215,250.31
2032	215,250.31	10,337.81	215,250.31	0.00