# Central Bank of India Home Loan EMI Calculator

₹ 50k ₹ 5Cr
6.0% 30.0%
1 years 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Years)

Total Amount

## 2044

Imagine a tool that makes figuring out your home loan payments quick and easy. That's exactly what the Central Bank of India home loan EMI calculator does. It's designed to help you effortlessly understand your monthly obligations, ensuring your journey to owning a home is as smooth and stress-free as possible. This friendly online calculator allows you to plan financially with confidence and makes your path to a home loan much easier.

## How to Use Wishfin Central Bank of India Home Loan EMI Calculator?

Wishfin offers a smart home loan EMI calculator that helps you calculate your monthly repayments with ease. To use the calculator, you need to enter the following details:

• Loan Amount
• Tenure
• Interest Rate

Soon after you feed these credentials into the device, it starts to function and gives you the exact and accurate results of your EMI, interest outgo, and the total amount payable in just a few seconds. It is absolutely easy and simple to use this online tool anytime to know the exact calculations of your monthly installments.

## Central Bank of India Home Loan EMI Calculation Formula

The calculator uses the below formula to calculate an EMI.

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

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

For instance, suppose a borrower secures a home loan of ₹45,00,000 for a period of 25 years at an interest rate of 9.5% per annum.

Here's the breakdown:
Principal Amount (P): ₹45,00,000
Interest Rate (R): 9.5% per year (which translates to 9.5/12/100 = 0.0079 per month) Loan Tenure (n): 25 years, or 300 months

Here’s how the formula works:

[45,00,000 x 0.0079 x (1 + 0.0079) ^ 300]/[(1+0.0079) ^300 -1] = 37,838

Hence, you will be required to pay EMI of ₹37,838

## Central Bank of India Home Loan Amortisation Schedule

In order to have a better understanding of the same, let’s just take the help from an example below.

Suppose, Rajat Verma, a 28-year-old, PHP Developer by profession is looking for a home loan of INR 30 Lakh. And, in order to avail the same loan amount, Rajat has applied in the Central Bank of India. After evaluating his profile, the lender has agreed to offer the said loan amount at an interest rate of 8.30% per annum for a tenure of 30 years. But before availing the loan, Rajat wants to be fully sure about the EMI and Interest Outgo. He wants to be fully sure, whether his monthly installments are going to be affordable or not. So, let’s just find out the same by looking at the table below.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 30,00,000 8.30% 1 ₹ 2,61,382 ₹ 1,36,579 ₹ 31,36,579
₹ 30,00,000 8.30% 2 ₹ 1,36,093 ₹ 2,66,225 ₹ 32,66,225
₹ 30,00,000 8.30% 3 ₹ 94,425 ₹ 3,99,294 ₹ 33,99,294
₹ 30,00,000 8.30% 4 ₹ 73,662 ₹ 5,35,774 ₹ 35,35,774
₹ 30,00,000 8.30% 5 ₹ 61,261 ₹ 6,75,649 ₹ 36,75,649
₹ 30,00,000 8.30% 6 ₹ 53,040 ₹ 8,18,898 ₹ 38,18,898
₹ 30,00,000 8.30% 7 ₹ 47,208 ₹ 9,65,497 ₹ 39,65,497
₹ 30,00,000 8.30% 8 ₹ 42,869 ₹ 11,15,414 ₹ 41,15,414
₹ 30,00,000 8.30% 9 ₹ 39,524 ₹ 12,68,618 ₹ 42,68,618
₹ 30,00,000 8.30% 10 ₹ 36,876 ₹ 14,25,069 ₹ 44,25,069
₹ 30,00,000 8.30% 11 ₹ 34,733 ₹ 15,84,728 ₹ 45,84,728
₹ 30,00,000 8.30% 12 ₹ 32,969 ₹ 17,47,548 ₹ 47,47,548
₹ 30,00,000 8.30% 13 ₹ 31,497 ₹ 19,13,481 ₹ 49,13,481
₹ 30,00,000 8.30% 14 ₹ 30,253 ₹ 20,82,476 ₹ 50,82,476
₹ 30,00,000 8.30% 15 ₹ 29,192 ₹ 22,54,477 ₹ 52,54,477
₹ 30,00,000 8.30% 16 ₹ 28,278 ₹ 24,29,428 ₹ 54,29,428
₹ 30,00,000 8.30% 17 ₹ 27,487 ₹ 26,07,267 ₹ 56,07,267
₹ 30,00,000 8.30% 18 ₹ 26,796 ₹ 27,87,934 ₹ 57,87,934
₹ 30,00,000 8.30% 19 ₹ 26,190 ₹ 29,71,363 ₹ 59,71,363
₹ 30,00,000 8.30% 20 ₹ 25,656 ₹ 31,57,488 ₹ 61,57,488
₹ 30,00,000 8.30% 21 ₹ 25,183 ₹ 33,46,242 ₹ 63,46,242
₹ 30,00,000 8.30% 22 ₹ 24,763 ₹ 35,37,555 ₹ 65,37,555
₹ 30,00,000 8.30% 23 ₹ 24,389 ₹ 37,31,358 ₹ 67,31,358
₹ 30,00,000 8.30% 24 ₹ 24,054 ₹ 39,27,579 ₹ 69,27,579
₹ 30,00,000 8.30% 25 ₹ 23,754 ₹ 41,26,148 ₹ 71,26,148
₹ 30,00,000 8.30% 26 ₹ 23,484 ₹ 43,26,991 ₹ 73,26,991
₹ 30,00,000 8.30% 27 ₹ 23,241 ₹ 45,30,037 ₹ 75,30,037
₹ 30,00,000 8.30% 28 ₹ 23,021 ₹ 47,35,214 ₹ 77,35,214
₹ 30,00,000 8.30% 29 ₹ 22,823 ₹ 49,42,450 ₹ 79,42,450
₹ 30,00,000 8.30% 30 ₹ 22,644 ₹ 51,51,673 ₹ 81,51,673

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 23,607 ₹ 2,48,115 ₹ 29,76,392
2 ₹ 25,642 ₹ 2,46,080 ₹ 29,50,750
3 ₹ 27,853 ₹ 2,43,868 ₹ 29,22,896
4 ₹ 30,255 ₹ 2,41,467 ₹ 28,92,640
5 ₹ 32,864 ₹ 2,38,858 ₹ 28,59,775
6 ₹ 35,698 ₹ 2,36,024 ₹ 28,24,076
7 ₹ 38,777 ₹ 2,32,945 ₹ 27,85,299
8 ₹ 42,121 ₹ 2,29,601 ₹ 27,43,178
9 ₹ 45,753 ₹ 2,25,969 ₹ 26,97,425
10 ₹ 49,698 ₹ 2,22,024 ₹ 26,47,726
11 ₹ 53,984 ₹ 2,17,738 ₹ 25,93,742
12 ₹ 58,639 ₹ 2,13,083 ₹ 25,35,103
13 ₹ 63,695 ₹ 2,08,027 ₹ 24,71,407
14 ₹ 69,188 ₹ 2,02,534 ₹ 24,02,219
15 ₹ 75,154 ₹ 1,96,568 ₹ 23,27,064
16 ₹ 81,635 ₹ 1,90,087 ₹ 22,45,429
17 ₹ 88,674 ₹ 1,83,048 ₹ 21,56,755
18 ₹ 96,321 ₹ 1,75,401 ₹ 20,60,433
19 ₹ 1,04,627 ₹ 1,67,095 ₹ 19,55,806
20 ₹ 1,13,649 ₹ 1,58,073 ₹ 18,42,157
21 ₹ 1,23,449 ₹ 1,48,273 ₹ 17,18,707
22 ₹ 1,34,094 ₹ 1,37,628 ₹ 15,84,613
23 ₹ 1,45,657 ₹ 1,26,065 ₹ 14,38,955
24 ₹ 1,58,218 ₹ 1,13,504 ₹ 12,80,736
25 ₹ 1,71,861 ₹ 99,861 ₹ 11,08,875
26 ₹ 1,86,681 ₹ 85,041 ₹ 9,22,194
27 ₹ 2,02,779 ₹ 68,943 ₹ 7,19,414
28 ₹ 2,20,265 ₹ 51,457 ₹ 4,99,149
29 ₹ 2,39,258 ₹ 32,464 ₹ 2,59,890
30 ₹ 2,60,046 ₹ 11,832 ₹ 0

## The Lowest EMI Offered by Central Bank of India on Home Loans

The minimum monthly payments for Central Bank of India home loans, calculated over a 25-year term and based on both the maximum and minimum interest rates, are outlined below:

Interest Rate of 8.50%

I nterest Rate of 9.50%

10 lakh loan amount - ₹8,052 p.m.

10 lakh loan amount -  ₹8,737 p.m.

12 lakh loan amount - ₹9,663 p.m.

12 lakh loan amount -  ₹10,484 p.m.

15 lakh loan amount - ₹12,078 p.m.

15 lakh loan amount -  ₹13,105 p.m.

17 lakh loan amount - ₹13,689 p.m.

17 lakh loan amount - ₹14,853 p.m.

20 lakh loan amount - ₹16,105 p.m.

20 lakh loan amount - ₹17,474 p.m.

## The Main Advantages of Using Central Bank of India Home Loan EMI Calculator

Here are the key advantages of utilizing Central Bank of India Home Loan EMI calculator:

• Saves Time: Using the EMI calculator saves considerable time compared to manual calculations. The tool delivers instant results, which allows users to quickly different loan scenarios and make informed decisions.
• Accurate EMI Calculation: The calculator provides precise EMI calculations based on the loan amount, interest rate, and tenure entered by the user. This accuracy helps borrowers understand their monthly repayment obligations without the risk of manual calculation errors.
• Free and Unlimited Use: The Central Bank of India Home Loan EMI Calculator is free to use and can be accessed multiple times. This feature allows users to try different combinations of loan parameters without any restrictions and help them make the best financial decision.
• Detailed Amortization Schedule: Some versions of the calculator provide a detailed amortization schedule, breaking down each EMI into principal and interest components over the loan tenure. This detailed breakdown is crucial for understanding how the loan balance decreases over time.
• No Personal Information Required: The calculator does not require users to input any personal information and ensures privacy and making it a hassle-free tool to use.

## Central Bank of India Home Loan Eligibility

• Individuals over 18 years old with a stable income, including those involved in agriculture and related activities, are eligible.
• If the property owner does not have an independent income, a financially stable close relative can co-sign the loan. Their income will then be considered to determine loan eligibility.

## Factors that Influence Central Bank of India Home Loan EMIs

Here are the factors that can impact your overall EMIs for Central Bank of India home loans:

• Loan Amount: The principal loan amount is a primary factor in determining EMI. Higher loan amounts result in higher EMIs, as the borrower needs to repay a larger sum over the loan tenure.
• Loan Tenure: The duration of the loan, or tenure, affects the EMI amount. Longer tenures result in lower EMIs as the repayment is spread over a more extended period. However, this also means paying more interest over the life of the loan. Conversely, shorter tenures lead to higher EMIs but lower total interest paid.
• Interest Rate: The interest rate applied to the home loan significantly impacts the EMI. The Central Bank of India offers home loans with interest rates starting from 8.50%, but the exact rate can vary based on the borrower's credit profile and market conditions. A higher interest rate increases the EMI, while a lower rate reduces it.
• Credit Score: A higher credit score can lead to lower interest rates, thereby reducing the EMI. On the other hand, a lower credit score might result in higher interest rates and higher EMIs.
• Property Location: T he location of the property can affect the interest rate and, consequently, the EMI. Properties in prime locations might attract lower interest rates due to their higher resale value and lower risk, while properties in less desirable areas might have higher rates.
• Job Profile and Income: The borrower’s job profile and income stability also influence the EMI. Stable and higher income profiles are considered lower risk, potentially leading to better interest rates and lower EMIs.But, less stable income profiles might attract higher rates.

## Fees and Charges Related to Central Bank of India Home Loans

Here are the charges and fees that you must be aware of when applying for a home loan with Central Bank of India:

 Processing Charges 0.50% (max Rs 20,000) -  Waived up to 31.12.2024 Cent Grih Lakshmi- NIL Documentation Charges ₹1,350 + GST   For Top-up loan- ₹450 + GST

## Drawbacks of Using Central Bank of India Home Loan Calculator

Using the home loan EMI calculator can be extremely helpful, but it has certain limitations as well. Here are a few of them:

• Indicative Results Only: The calculator provides indicative results based on the inputs provided by the user. These results may not reflect the actual EMI due to additional factors such as processing fees, insurance costs, and changes in interest rates over time.
• No Consideration for Floating Rates: The calculator might not accurately reflect the impact of floating interest rates, which can change periodically based on the bank's Marginal Cost of Funds based Lending Rate (MCLR) or other benchmarks. This can lead to underestimation or overestimation of future EMIs.
• Credit Score Impact: The home loan calculator does not take into account the borrower's credit score, which can affect the interest rate offered by the bank. A higher or lower rate than the one used in the calculation can result in different EMI amounts.
• Does not Reflect Prepayments: If you plan to make prepayments on your loan, the calculator will not reflect the interest changes or the loan tenure reduction that could result from these payments.