# Federal Bank 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

### Highlights

• Know your EMIs in advance with home loan EMI calculator.
• Manage your finances according to your EMI payments on home loans.

A loan calculator is an invaluable tool for anyone considering a loan. This free, online resource is easily accessible, making it convenient for all users. At Federal Bank, you have the flexibility to select a loan tenure that suits your needs, ensuring you can comfortably manage your EMIs throughout the loan period. Additionally, if you have an existing home loan with another bank, you can transfer the balance to Federal Bank and benefit from lower EMIs. Below is a graphical representation of the EMI calculations, illustrating how the tool functions. Feel free to adjust the values based on your specific requirements.

## How to Use the Wishfin Federal Bank Home Loan EMI Calculator?

In the EMI calculator by Wishfin, you have to mention the basic details such as the loan amount, tenure, and the rate of interest. On the basis of these details, the calculator shows the result for EMI, total interest outgo and the total repayment amount, which is the sum of the principal and the interest. Below is an example for your basic understanding.

### What is the formula used for EMI calculation?

The calculation in the EMI calculator is done through the below-given formula:
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

Imagine a borrower securing a home loan of ₹65,00,000 at an annual interest rate of 10.5% for a term of 30 years. Here’s a detailed breakdown of the calculation:

Principal Amount (P): ₹65,00,000

Interest Rate (R): 10.5% per year, which translates to 10.5/12/100 = 0.00875 per month

Loan Tenure (n): 30 years, or 360 months

Here’s how the calculation would look:

[65,00,000 x 0.00875 x (1 + 0.00875) ^ 360]/[(1+0.00875) ^360 -1] = 59,458

As a result, the monthly EMI that needs to be paid is ₹ 59,458.

## Federal Bank Home Loan Amortisation Schedule

Suppose Aman Gupta, a 28-year-old SEO manager, is seeking a home loan of INR 20 Lakh to build a beautiful house in Gurgaon. He has applied for the loan, and Federal Bank has approved it with an interest rate of 9.50% per annum for a tenure of 15 years. However, Aman is unsure if the EMIs will be manageable within his budget. To clarify, he used the home loan EMI Calculator. Let's determine the EMI and total interest payable in Aman's case.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 20,00,000 9.50% 1 ₹ 1,75,367 ₹ 1,04,404 ₹ 21,04,404
₹ 20,00,000 9.50% 2 ₹ 91,829 ₹ 2,03,896 ₹ 22,03,896
₹ 20,00,000 9.50% 3 ₹ 64,066 ₹ 3,06,372 ₹ 23,06,372
₹ 20,00,000 9.50% 4 ₹ 50,246 ₹ 4,11,821 ₹ 24,11,821
₹ 20,00,000 9.50% 5 ₹ 42,004 ₹ 5,20,223 ₹ 25,20,223
₹ 20,00,000 9.50% 6 ₹ 36,549 ₹ 6,31,555 ₹ 26,31,555
₹ 20,00,000 9.50% 7 ₹ 32,688 ₹ 7,45,789 ₹ 27,45,789
₹ 20,00,000 9.50% 8 ₹ 29,822 ₹ 8,62,890 ₹ 28,62,890
₹ 20,00,000 9.50% 9 ₹ 27,619 ₹ 9,82,822 ₹ 29,82,822
₹ 20,00,000 9.50% 10 ₹ 25,880 ₹ 11,05,541 ₹ 31,05,541
₹ 20,00,000 9.50% 11 ₹ 24,477 ₹ 12,31,002 ₹ 32,31,002
₹ 20,00,000 9.50% 12 ₹ 23,327 ₹ 13,59,155 ₹ 33,59,155
₹ 20,00,000 9.50% 13 ₹ 22,371 ₹ 14,89,945 ₹ 34,89,945
₹ 20,00,000 9.50% 14 ₹ 21,567 ₹ 16,23,316 ₹ 36,23,316
₹ 20,00,000 9.50% 15 ₹ 20,884 ₹ 17,59,209 ₹ 37,59,209

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

Year Principal Interest Balance Amount
1 ₹ 63,324 ₹ 1,87,290 ₹ 19,36,675
2 ₹ 69,608 ₹ 1,81,005 ₹ 18,67,067
3 ₹ 76,517 ₹ 1,74,097 ₹ 17,90,549
4 ₹ 84,111 ₹ 1,66,502 ₹ 17,06,438
5 ₹ 92,459 ₹ 1,58,155 ₹ 16,13,978
6 ₹ 1,01,635 ₹ 1,48,978 ₹ 15,12,343
7 ₹ 1,11,722 ₹ 1,38,891 ₹ 14,00,620
8 ₹ 1,22,811 ₹ 1,27,803 ₹ 12,77,809
9 ₹ 1,34,999 ₹ 1,15,614 ₹ 11,42,809
10 ₹ 1,48,398 ₹ 1,02,216 ₹ 9,94,411
11 ₹ 1,63,126 ₹ 87,488 ₹ 8,31,285
12 ₹ 1,79,316 ₹ 71,298 ₹ 6,51,969
13 ₹ 1,97,112 ₹ 53,501 ₹ 4,54,856
14 ₹ 2,16,675 ₹ 33,938 ₹ 2,38,180
15 ₹ 2,38,344 ₹ 12,434 ₹ 0

## The Lowest EMI Offered by Federal Bank on Home Loans

Here are the monthly EMIs for different home loan amounts from Federal Bank, calculated at interest rates of 8.80% p.a. and 9.20% p.a. over a term of 25 years:

Interest Rate of 8.80%

I nterest Rate of 9.20%

10 lakh loan amount - ₹8,255 p.m.

10 lakh loan amount -  ₹8,529 p.m.

12 lakh loan amount - ₹9,907 p.m.

12 lakh loan amount -  ₹10,235 p.m.

15 lakh loan amount - ₹12,383 p.m.

15 lakh loan amount -  ₹12,794 p.m.

17 lakh loan amount - ₹14,034 p.m.

17 lakh loan amount - ₹14,500 p.m.

20 lakh loan amount - ₹16,511 p.m.

20 lakh loan amount -  ₹17,059 p.m.

## The Key Advantages of Utilizing Federal Bank Home Loan EMI Calculator

Using the Federal Bank Home Loan EMI Calculator offers numerous benefits that can aid in your financial planning and loan management. Here are the key advantages:

• Quick Calculations: Obtain instant EMI estimates without manual computations, saving time and effort.
• Accurate Budgeting: Plan your finances more effectively by knowing your monthly EMI in advance, helping you manage other expenses alongside loan repayments.
• Comparative Analysis: Compare different loan amounts, tenures, and interest rates to find the best loan option that suits your financial situation.
• Transparency: Understand the breakdown of your EMI into principal and interest components, providing clarity on your repayment schedule.
• No Charges: The calculator is a free tool available on the Federal Bank's website, making it accessible to all potential borrowers.
• Ease of Use: The user-friendly interface makes it simple for anyone to use the calculator, regardless of their financial expertise.

## Federal Bank Home Loan Eligibility

Federal Bank offers home loans to Indian residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs). The bank has not specified the home loan eligibility criteria for Indian residents publicly, but potential applicants can look up the criteria used by other major banks and housing finance companies to get an idea of what might be required.

For NRIs:

• The applicant should be no older than 55 years at the time the loan is paid off.
• The applicant must have a minimum monthly income of Rs 55,000

For PIOs:

• The applicant must have a valid PIO card and a valid foreign passport.
• A close relative living in India must co-sign the home loan.
• The loan must be secured by property in India, owned by the PIO.

## Factors that Impact Federal Bank Home Loan EMIs

Let’s dive into the factors that play a crucial role in determining the EMIs of Federal Bank home loans:

• Loan Amount: This is the total amount of money you borrow from the bank. Higher loan amounts typically result in higher EMIs.
• Loan Tenure: This is the duration over which you agree to repay the loan. Longer loan terms mean lower EMIs, as the repayment is spread out over more months. However, longer tenures also mean paying more interest over time.
• Credit Score : A higher credit score can help you secure lower interest rates, which can reduce your EMIs. A lower credit score, on the other hand, might result in higher interest rates, increasing your monthly payments.
• Repayment Strategy : Your chosen repayment plan can also affect your EMIs. Some plans allow for smaller payments initially, which then increase over time (step-up plans), or larger payments early on that decrease later (step-down plans).
• Additional Fees and Charges : Processing fees, administrative fees, and other charges that come with the loan agreement can indirectly affect your EMIs by adding to the overall cost of the loan.

## Fees and Charges of Federal Bank Home Loans

Here are the charges and fees associated with Federal Bank home loans:

Particulars

Charges

0.50% (Rs 10,000- Rs 2 lakh)

Prepayment/Foreclosure Charges

Floating Rate Loans:

• Individuals: No prepayment penalty.
• Non-Individuals, Fixed-Rate Loans, Overdrafts: A prepayment penalty of 3% applies to either the balance outstanding or the drawing power (DP), whichever is higher.

Hybrid Loans:

• During Fixed Rate Period: A prepayment penalty of 3% is charged on either the balance outstanding or the drawing power (DP), whichever is higher.
• During Floating Rate Period:
• Term Loans to Individuals: No prepayment penalty.
• Non-Individuals, Overdraft Loans: A prepayment penalty of 3% applies to either the balance outstanding or the DP, whichever is higher.

Penalty for Delayed Repayment

A penalty interest of 2% per month is charged on any overdue amount. Additional penal interest is applicable for accounts categorized as Special Mention Accounts (SMA).

Fees for converting loans from fixed to floating rates or vice-versa

0.25% of the outstanding balance or drawing power, whichever is greater.

## Limitations of Using Federal Bank Home Loan EMI Calculator

Using the Federal Bank Home Loan EMI Calculator is a convenient way to estimate your monthly loan payments, but there are several limitations to be aware of:

• Excludes Additional Costs: The calculator provides an estimate based solely on the principal amount, interest rate, and loan tenure. It does not account for other possible charges such as processing fees, administrative fees, or legal charges, which can affect the total cost of the loan.
• Interest Rate Fluctuations: The Federal Bank EMI calculator assumes a fixed interest rate for simplicity, even if you choose a floating rate loan. Therefore, the actual EMIs can vary if the interest rates change according to market conditions.
• Credit Score Impact: The tool does not consider the borrower's credit score, which can significantly influence the interest rate offered by the bank. A higher or lower rate than the one used in the calculator 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.

Frequently Asked Questions (FAQs)