RBL Bank Home Loan Calculator
RBL Home loan calculator uses a simple technique to calculate the EMI that you will need to pay for home loans. RBL Home Loan EMI calculator uses basic information like the total loan principle amount, time period of the loan and the interest rate. This RBL Housing loan EMI calculator can help you to compare the EMI amount with other banks. Also, RBL bank home loan calculator comes without any charges and is very easy to use.
RBL Bank Home Loan Calculator Overview
The RBL Bank Home Loan Calculator is an online tool that will assist you in calculating your house loan EMI (Equated Monthly Payment) and loan repayment plan. The calculator will estimate your monthly instalment amount depending on your loan amount, tenure, and interest rate. It also includes a detailed amortisation plan that breaks down each EMI into principal and interest components and the outstanding loan balance after each payment. A home loan calculator will assist you in better planning your budget and making an informed decision regarding your house loan. In addition, it helps you manage your loan repayment by indicating how much you need to pay each month.
Calculate Your RBL Bank Home Loan EMI Online
To calculate your RBL Bank Home Loan EMI online, follow these steps:
- In the 'Loan Amount' section, enter the loan amount you want.
- In the 'Loan Tenure' field, enter the loan tenure in years.
- Enter the bank's interest rate in the 'Interest Rate' field.
- To calculate the EMI, click the 'Calculate' option.
What is RBL Bank Home Loans EMI Calculator?
The RBL Bank Home Loans EMI Calculator is an online tool that assists you in calculating the Equated Monthly Installment (EMI) amount you must pay on your house loan. It is a simple and useful application that helps you to calculate your monthly EMI payments, which can help you better plan your money.
You must enter the following information into the RBL Bank Home Loans EMI Calculator:
- Loan Amount: The entire amount you wish to borrow from RBL Bank.
- Loan Tenure: When you wish to take out the loan. It is commonly represented in terms of years.
- Interest Rate: The rate at which the bank will charge you for the loan. It is usually expressed as an annual percentage rate (APR).
Once you enter these facts, the EMI calculator will calculate and display your monthly EMI amount on the screen. It will also display a detailed amortisation plan that illustrates how your EMI payments will be divided between principal and interest over the life of the loan.
Key Features and Benefits of the RBL Bank EMI Home Loan
The following are the main advantages and benefits of utilising the RBL Bank Home Loans EMI Calculator:
- Accuracy: Calculations are accurate and dependable because the RBL Bank Home Loans EMI Calculator uses a standard formula to compute monthly EMI payments.
- Simple to Use: The EMI Calculator is simple and requires no specific skills or knowledge. Anyone can use it to calculate their monthly EMI payments.
- Saves Time: The EMI Calculator allows you to easily calculate your monthly EMI payments, saving you time and effort.
- Aids in Financial Planning: The EMI Calculator aids in financial planning by providing an estimate of how much you will have to pay each month towards your home loan.
- Enables for Comparison: The EMI Calculator allows for comparison.
- Allows for Comparison: The EMI Calculator enables you to compare various loan amounts, tenures, and interest rates, allowing you to make an informed decision regarding your home loan.
- Detailed Amortisation Schedule: The EMI Calculator also includes a thorough amortisation schedule that illustrates how your EMI payments will be split between principal and interest over the life of the loan.
- The RBL Bank Home Loans EMI Calculator is versatile and may be used to calculate the EMI for various house loans, including fixed-rate and adjustable-rate loans.
How RBL Bank Home Loan Calculator Works & Formula?
The RBL Bank Home Loan Calculator uses the following formula:
EMI = [P x R x (1+R)^N] /[(1+R)^N-1]
- P = loan amount.
- R = Interest Rate (per month)
- N = Loan Duration (in months)
The RBL Bank Home Loan Calculator inputs loan amount, loan tenure, and interest rate and computes the monthly EMI payments. It also displays the amortisation schedule, which details each EMI paid's main and interest components.
The calculator calculates interest using the declining balance technique, meaning interest is computed on the outstanding principal amount at the start of each month. The main amount decreases when you pay each EMI, as does the interest paid.
How does EMI calculation help in planning the home purchase?
The EMI estimate can aid in planning a home purchase in various ways:
- Budgeting: Understanding the monthly EMI payment amount might help you better manage and organise your finances. Before applying for a home loan, you can estimate the monthly EMI payment and see if it fits within your monthly budget.
- Affordability: You can use the EMI calculator to determine how much loan you can afford depending on your monthly income and expenses. This will allow you to discover the maximum loan amount available and plan your house purchase accordingly.
- Interest Rates: EMI calculations can also assist you in comparing home loan possibilities based on the interest rates offered by various lenders. The consequence will be a decreased interest rate.
- Tenure: By calculating EMI payments for several loan terms, you can select the term that best fits your repayment capacity and budget. A shorter loan term means larger EMI payments, but you will pay less interest throughout the life of the loan. A longer loan term, on the other hand, will result in lower EMI payments, but you will pay more interest throughout the life of the loan.
- Prepayments: The EMI calculator can also determine the impact of prepayments on your loan. You can reduce the outstanding principal amount by making prepayments, resulting in lower interest payments and a shorter loan term.
Factors Affecting RBL Bank Home Loan
Several factors can influence the RBL Bank Home Loan, including:
- Credit Score: To get approved for a house loan, you must have a decent credit score. A borrower's credit score represents their creditworthiness, and a higher score enhances the likelihood of loan approval and favourable interest rates.
- Income: The borrower's income significantly impacts the loan amount and interest rate. Higher income may result in a larger loan amount and a lower interest rate, making repayment easier.
- Property Type: The type of property being acquired can also influence the home loan interest rate. For example, properties in prominent locations and established areas may fetch a cheaper interest rate than homes in rural or underdeveloped places.
- Market Conditions: Market factors such as inflation, economic growth, and government policies can all impact home loan interest rates.
- Loan-to-Value (LTV) Ratio: The loan amount sanctioned by the bank is determined by the property's value, and the loan amount cannot exceed the property's value. The Loan-to-Value (LTV) ratio is the loan amount divided by the property's value. A greater LTV ratio may indicate a higher interest rate, whereas a lower LTV ratio may indicate a cheaper interest rate.
- Age: This is another element that influences the home loan interest rate. Younger borrowers may qualify for a cheaper interest rate than older borrowers due to their higher earning potential.
- Employment Status: The borrower's employment situation is also considered when the loan is approved. Lenders prefer borrowers with consistent employment history and income.
RBL Bank Home Loan EMI Amortisation Schedule
Tabulated below is the RBL Home Loan EMI amortisation schedule:
RBL Bank Home Loan EMI for ₹ 10 Lakh
The following table shows the EMI RBL Bank Home Loan Amortization Schedule for a Rs 10 lakh loan over a 10-year term at current yearly interest:
|Year||Opening Balance||EMI||Interest||Principal||Closing Balance|
RBL Bank Home Loan EMI for ₹ 20 Lakh
The following table shows the EMI RBL Bank Home Loan Amortization Schedule for a Rs 20 lakh loan over a 10-year term at current yearly interest:
|Year||Opening Balance||EMI||Interest||Principal||Closing Balance|
RBL Bank Home Loan EMI for ₹ 25 Lakh
The following table shows the EMI RBL Bank Home Loan Amortization Schedule for a Rs 25 lakh loan over a 5-year term at the current year interest rate:
|Year||Starting Balance||Interest||Principal||EMI||Ending Balance|
RBL Bank Home Loan EMI for ₹ 30 Lakh
The EMI RBL Bank Home Loan Amortization Schedule for Rs 30 lakh over a 10-year term at current yearly interest is shown in the table format below:
|Year||Opening Balance||EMI||Interest||Principal||Closing Balance|
RBL Bank Home Loan EMI for ₹ 50 Lakh
The EMI RBL Bank Home Loan Amortization Schedule for Rs 50 lakh over a 10-year term at current yearly interest is shown in the table format below:
|Year||Beginning Balance||EMI||Interest||Principal||Ending Balance|
Comparison of RBL Bank Home Loan EMI with other Banks
Here's a table comparing RBL Bank's Home Loan EMI to that of other banks:
The loan amount is Rs. 30 lakhs.10 years tenure 8.50% interest rate
|Bank||EMI||Interest Rate||Total Interest Payable|
|RBL Bank||Rs. 36,984||7.40%||Rs. 22,38,078|
|HDFC Bank||Rs. 37,164||6.75%||Rs. 22,57,915|
|ICICI Bank||Rs. 37,164||6.75%||Rs. 22,57,915|
|Axis Bank||Rs. 37,164||6.90%||Rs. 22,57,915|
|SBI||Rs. 37,221||6.70%||Rs. 22,61,039|
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Frequently Asked Questions (FAQs)
What happens if RBL bank home loan EMI is missed?
If a borrower fails to make an RBL Bank Home Loan EMI payment, they will need to incur late payment fees, it could also have a negative impact on their credit score, on repeated misses legal action may be taken, especially if collateral is involved. Applicants may also need to pay the penalty on the interest, which could be higher than the standard interest rate.
Can I change my housing loan EMI date for RBL bank?
You can adjust the EMI date on your RBL Bank Home Loan. Many institutions, like RBL Bank, allow borrowers to adjust the EMI date at their discretion.
How does your home loan repayment work in RBL bank?
The EMI is determined by the loan amount, loan term, and interest rate. RBL Bank offers payback terms ranging from one to twenty years, with interest rates determined by parameters such as loan size, credit score, and the loan-to-value ratio. Once the loan has been disbursed, the borrower must repay it through monthly EMIs. The EMI is deducted automatically from the borrower’s bank account via Electronic Clearing Service (ECS) or post-dated checks.
What is the rate of interest on housing loans in RBL Bank?
The interest rate on an RBL Bank housing loan varies depending on several parameters, including loan amount, loan tenure, credit score, and loan-to-value (LTV) ratio. The interest rates for RBL Bank Home Loans begin at 6.75% per annum. It should be noted, however, that interest rates are subject to vary dependent on market conditions and the bank’s policies.
What is the RBL bank home loan processing fee?
For their home loans, RBL Bank imposes a processing fee, a one-time fee paid by the borrower to cover the costs associated with processing the loan application. The processing charge for RBL Bank Home Loans is up to 1% of the loan amount, subject to a minimum of Rs. 10,000 and a maximum of Rs. 25,000 as of my knowledge cutoff in September 2021.
Why should I calculate RBL bank housing loan EMI before taking a loan?
RBL Bank Home Loan Calculator is necessary for numerous reasons before taking out a loan. For example, it helps in budgeting, pinpointing loan affordability, and comparing loans offered by other banks to see which scheme best fits your needs. Calculating the interest rate and tenure with an online calculator is also helpful when applying for a loan.
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