IndusInd Bank Home Loan EMI Calculator
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Highlights
- Know your payments in advance with loan EMI calculator.
- Apply for home loans with easy EMI option.
A loan EMI calculator can help you check the payments in advance and manage your home loan in a smoother way. The maximum tenure at IndusInd Bank for home loans is 30 years, and if you match the eligibility criteria set by the bank, you can get a low rate of interest, which will allow the EMI to be within your budget. The calculation of EMI thus helps in making the right decision in terms of payments. In this article, we will guide you on using an online home loan EMI calculator to get an idea of your monthly repayments.
How to Use Wishfin IndusInd Bank Home Loan Calculator?
The Wishfin Home Loan EMI Calculator is an easy-to-use online tool that lets you calculate your EMI payments from anywhere at any time. Just enter how much you want to borrow, the interest rate, and how long you want the loan to last. The calculator quickly figures out your monthly EMI, the total interest you will pay, and the amount you need to repay.
You can also adjust the sliders to set your desired loan amount, tenure, and interest rate. Plus, it shows you an amortization table to see how your loan payments will go over time.
The Formula Used for IndusInd Bank EMI Calculation
The calculation in the EMI calculator is done through the below-mentioned 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
Let’s take an example. A borrower obtains a loan of ₹25,00,000 with an annual interest rate of 8.67% for a period of 20 years. Here’s the detailed breakdown of the calculation:
- Principal Amount (P): ₹25,00,000
- Interest Rate (R): 8.67% per year, (which is equal to 0.00722 per month)
- Loan Tenure (n): 20 years, or 240 months
Using the EMI calculation formula:
[25,00,000 x 0.00722 x (1 + 0.00722) ^ 240]/[(1+0.00722 ^240 -1] = 21,965
This calculation yields a monthly EMI of ₹21,965.
IndusInd Bank Home Loan Amortisation Schedule
Below is an example of a home loan payment with default values. You can change the value as per your requirement and see the difference.
Suppose you apply for a home loan at IndusInd Bank and the bank approves your requirements, you would want to know the monthly installments so that you can be prepared accordingly. Look at the EMI table and amortization schedule for the home loan you may get.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 30,00,000 | 8.35% | 1 | ₹ 2,61,451 | ₹ 1,37,412 | ₹ 31,37,412 |
| ₹ 30,00,000 | 8.35% | 2 | ₹ 1,36,161 | ₹ 2,67,870 | ₹ 32,67,870 |
| ₹ 30,00,000 | 8.35% | 3 | ₹ 94,494 | ₹ 4,01,792 | ₹ 34,01,792 |
| ₹ 30,00,000 | 8.35% | 4 | ₹ 73,733 | ₹ 5,39,167 | ₹ 35,39,167 |
| ₹ 30,00,000 | 8.35% | 5 | ₹ 61,333 | ₹ 6,79,976 | ₹ 36,79,976 |
| ₹ 30,00,000 | 8.35% | 6 | ₹ 53,114 | ₹ 8,24,200 | ₹ 38,24,200 |
| ₹ 30,00,000 | 8.35% | 7 | ₹ 47,283 | ₹ 9,71,812 | ₹ 39,71,812 |
| ₹ 30,00,000 | 8.35% | 8 | ₹ 42,946 | ₹ 11,22,783 | ₹ 41,22,783 |
| ₹ 30,00,000 | 8.35% | 9 | ₹ 39,603 | ₹ 12,77,077 | ₹ 42,77,077 |
| ₹ 30,00,000 | 8.35% | 10 | ₹ 36,955 | ₹ 14,34,656 | ₹ 44,34,656 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 2,00,524 | ₹ 2,42,941 | ₹ 27,99,475 |
| 2 | ₹ 2,17,924 | ₹ 2,25,541 | ₹ 25,81,551 |
| 3 | ₹ 2,36,833 | ₹ 2,06,632 | ₹ 23,44,717 |
| 4 | ₹ 2,57,384 | ₹ 1,86,082 | ₹ 20,87,333 |
| 5 | ₹ 2,79,717 | ₹ 1,63,748 | ₹ 18,07,615 |
| 6 | ₹ 3,03,988 | ₹ 1,39,477 | ₹ 15,03,627 |
| 7 | ₹ 3,30,366 | ₹ 1,13,099 | ₹ 11,73,260 |
| 8 | ₹ 3,59,032 | ₹ 84,433 | ₹ 8,14,228 |
| 9 | ₹ 3,90,185 | ₹ 53,280 | ₹ 4,24,042 |
| 10 | ₹ 4,24,298 | ₹ 19,423 | ₹ 0 |
The Minimum EMI Offered by IndusInd Bank on Home Loans
Below are the monthly EMIs for various home loan amounts from ICICI Bank, calculated using annual interest rates of 8.35% and 9.75% over a 15-year term:
|
Interest Rate of 8.35% |
Interest Rate of 9.75% |
|---|---|
|
10 lakh loan amount - ₹9,760 p.m. |
10 lakh loan amount - ₹10,594 p.m. |
|
12 lakh loan amount - ₹11,712 p.m. |
12 lakh loan amount - ₹12,712 p.m. |
|
15 lakh loan amount - ₹14,640 p.m. |
15 lakh loan amount - ₹15,890 p.m. |
|
17 lakh loan amount - ₹16,591 p.m. |
17 lakh loan amount - ₹18,009 p.m. |
|
20 lakh loan amount - ₹19,519 p.m. |
20 lakh loan amount - ₹21,187 p.m. |
Why Using the IndusInd Bank Home Loan EMI Calculator is Beneficial?
Utilizing the IndusInd Bank Home Loan EMI Calculator offers multiple advantages:
-
The online EMI calculator provides quick estimates of your monthly EMI payments. This aids in effective budget management and financial organization.
-
The calculator is available online. It allows you to compute EMIs from any location at any time, eliminating the need to visit a branch.
-
You can easily adjust variables such as loan amount, repayment period, and interest rate. This offers the ability to test different financial scenarios.
-
It delivers rapid calculations. This frees you from the complexity of manual EMI computation.
- The tool displays an amortization chart. This chart shows how each payment is divided between principal and interest. It helps you track your loan repayment progress.
IndusInd Bank Home Loan Eligibility
In order to know about the eligibility criteria set by the bank to avail a home loan, just go through the table below.
|
Eligibility Criteria |
Salaried |
Self-employed |
|---|---|---|
|
Minimum age |
24 Years |
24 Years |
|
Maximum age |
60 Years |
70 Years |
|
Current Experience |
3 years of current job stability |
3 years of current business stability |
|
Loan Value Ratio |
90% of the Agreement Value |
90% of the Agreement Value |
Factors that Affect IndusInd Bank Home Loan EMIs
Several factors influence the Equated Monthly Installments (EMIs) for an IndusInd Bank home loan:
-
Loan Amount
: The total sum borrowed impacts the EMI; more substantial loan amounts result in higher EMIs.
-
Interest Rate
: The percentage charged on the loan affects the EMI. Higher rates increase the EMI, while lower rates decrease it.
-
Loan Tenure
: The repayment period also affects the EMI. Longer tenures spread the repayment, reducing the monthly amount, whereas shorter tenures increase it.
-
Credit Score
: A better credit score can secure lower interest rates, reducing the EMI, while a lower score might lead to higher rates.
-
Type of Interest Rate
: Fixed rates mean consistent EMIs throughout the loan period. Floating rates can change, affecting EMI amounts based on market conditions.
- Repayment Options : Different repayment schemes like step-up or step-down payments can influence the EMI calculations.
IndusInd Bank Home Loan Fees and Charges
Here are the fees and charges related to IndusInd Bank home loan:
|
Particulars |
Details |
|---|---|
|
Processing charges (non-refundable) |
1% of the loan amount or ₹10,000 whichever is higher, Initial Money Deposit – ₹2,500 |
|
Foreclosure/part prepayment charges |
NIL (for floating-rate home loans) |
|
Late payment charges |
2% per month on the overdue amount |
|
Bounce Charges (Cheque/SI/ECS/ACH etc.) |
₹750 per instance |
|
Swapping charges (Cheque/SI/ECS/ACH etc.) |
₹500 per swap instance |
|
Loan Cancellation Charges |
₹2,000(additional franking or stamping norms as per actuals) |
Drawbacks of Using IndusInd Bank Home Loan EMI Calculator
The IndusInd Bank Home Loan EMI Calculator is a useful tool for initial loan planning, yet it has certain shortcomings:
-
The calculator does not account for additional costs such as processing fees, legal expenses, or insurance premiums, which can significantly increase the total cost of financing.
-
It does not consider how a borrower's credit score might influence the offered interest rates, which can lead to inaccurate EMI estimations.
-
The calculator lacks the functionality to incorporate the effects of lump-sum prepayments on reducing both the loan term and the interest accrued.
-
The home loan EMI calculator uses simplified financial assumptions that may not accurately mirror the complex calculations involved in real-world lending scenarios.
- It offers only approximate values that may differ significantly from the actual loan terms due to its inability to incorporate detailed personal financial data.
How do you choose the perfect EMI?
As mentioned above, the monthly installment would depend on the tenure, loan amount, and interest rate. The tenure is your choice but the loan amount and rate of interest would be approved by IndusInd Bank depending on your repayment capacity. So, if you can choose the tenure that can help you pay the EMIs smoothly, it would result in the desired EMI!
Frequently Asked Questions (FAQs)
How is EMI calculated for an IndusInd Bank home loan?
How can I pay my IndusInd Bank home loan EMI online?
Can I use the IndusInd Bank calculator to calculate EMIs for different loan durations?
Does the IndusInd Bank EMI calculator account for processing fees and other charges?
Does the IndusInd Bank EMI calculator provide the exact repayment amounts?
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