# IDBI 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

• Keep a check on your future payments with loan EMI calculator.
• Track your EMIs for IDBI Bank home loan.

Whenever you apply for a home loan , you want the rate to be as low as it can be. You would also desire that the lender can give you a higher loan amount so that you can use the fund for varied purposes. The EMI you pay is dependent on:

• The rate of interest,
• Tenure on the loan, and
• Loan amount.

At IDBI Bank, you get the chance to choose the tenure but the loan amount and interest rate are offered to you by keeping into account your repayment capacity. In this article, you can learn how to use an online home EMI calculator, like the one offered by Wishfin, to get an idea about your monthly repayment.

## How to Use Wishfin IDBI Bank Home Loan EMI Calculator?

The Wishfin Home Loan EMI Calculator is an online tool that lets you calculate your EMI payments conveniently from anywhere, at any time. Like similar loan calculators, it requires basic loan information: the amount you want to borrow, the interest rate, and the loan term. Once you input these details, the calculator quickly works out your monthly EMIs, the total interest you'll pay, and the total amount you will repay, along with other important information.

Below is an example of a default value (interest rate, tenure, and loan amount) on a home loan just to give you an idea of how you can calculate EMIs according to these three details. Later in this article, you will know the formula that is used to calculate EMI.

### Which Formula is 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

Consider a situation where a borrower obtains a loan of  ₹35,00,000 with an annual interest rate of 8.50% for a period of 20 years. Here’s the detailed breakdown of the calculation:

• Principal Amount (P): ₹35,00,000
• Interest Rate (R): 8.50% per year, equating to 0.00708 per month
• Loan Tenure (n): 20 years, or 240 months

Using the EMI calculation formula:
[35,00,000 x 0.00708 x (1 + 0.00708) ^ 240]/[(1+0.00708 ^240 -1] = 30,374

This calculation yields a monthly EMI of ₹30,374.

## IDBI Bank Home Loan Amortisation Schedule

Let us assume that Ramesh is one of the applicants at IDBI Bank who wants a home loan. He desires to get approval for the loan amount of ₹20 lakhs and the lowest rate possible. The tenure he has chosen is 25 years and now he wants to know the EMIs he will have to pay so that he can be prepared for it. Below is the table representing the EMI, total interest outgo, and total repayment (interest + principal). You would further notice an amortization table which shows the balance amount at the end of each year for the whole tenure.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 20,00,000 8.35% 1 ₹ 1,74,301 ₹ 91,608 ₹ 20,91,608
₹ 20,00,000 8.35% 2 ₹ 90,774 ₹ 1,78,580 ₹ 21,78,580
₹ 20,00,000 8.35% 3 ₹ 62,996 ₹ 2,67,862 ₹ 22,67,862
₹ 20,00,000 8.35% 4 ₹ 49,155 ₹ 3,59,444 ₹ 23,59,444
₹ 20,00,000 8.35% 5 ₹ 40,889 ₹ 4,53,318 ₹ 24,53,318
₹ 20,00,000 8.35% 6 ₹ 35,409 ₹ 5,49,467 ₹ 25,49,467
₹ 20,00,000 8.35% 7 ₹ 31,522 ₹ 6,47,875 ₹ 26,47,875
₹ 20,00,000 8.35% 8 ₹ 28,630 ₹ 7,48,522 ₹ 27,48,522
₹ 20,00,000 8.35% 9 ₹ 26,402 ₹ 8,51,384 ₹ 28,51,384
₹ 20,00,000 8.35% 10 ₹ 24,637 ₹ 9,56,437 ₹ 29,56,437
₹ 20,00,000 8.35% 11 ₹ 23,209 ₹ 10,63,652 ₹ 30,63,652
₹ 20,00,000 8.35% 12 ₹ 22,035 ₹ 11,72,998 ₹ 31,72,998
₹ 20,00,000 8.35% 13 ₹ 21,054 ₹ 12,84,442 ₹ 32,84,442
₹ 20,00,000 8.35% 14 ₹ 20,226 ₹ 13,97,948 ₹ 33,97,948
₹ 20,00,000 8.35% 15 ₹ 19,519 ₹ 15,13,480 ₹ 35,13,480
₹ 20,00,000 8.35% 16 ₹ 18,911 ₹ 16,30,999 ₹ 36,30,999
₹ 20,00,000 8.35% 17 ₹ 18,385 ₹ 17,50,462 ₹ 37,50,462
₹ 20,00,000 8.35% 18 ₹ 17,925 ₹ 18,71,829 ₹ 38,71,829
₹ 20,00,000 8.35% 19 ₹ 17,522 ₹ 19,95,055 ₹ 39,95,055
₹ 20,00,000 8.35% 20 ₹ 17,167 ₹ 21,20,094 ₹ 41,20,094
₹ 20,00,000 8.35% 21 ₹ 16,853 ₹ 22,46,902 ₹ 42,46,902
₹ 20,00,000 8.35% 22 ₹ 16,574 ₹ 23,75,431 ₹ 43,75,431
₹ 20,00,000 8.35% 23 ₹ 16,325 ₹ 25,05,633 ₹ 45,05,633
₹ 20,00,000 8.35% 24 ₹ 16,102 ₹ 26,37,460 ₹ 46,37,460
₹ 20,00,000 8.35% 25 ₹ 15,903 ₹ 27,70,864 ₹ 47,70,864

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

Year Principal Interest Balance Amount
1 ₹ 24,768 ₹ 1,66,066 ₹ 19,75,231
2 ₹ 26,917 ₹ 1,63,917 ₹ 19,48,314
3 ₹ 29,253 ₹ 1,61,582 ₹ 19,19,061
4 ₹ 31,791 ₹ 1,59,043 ₹ 18,87,270
5 ₹ 34,549 ₹ 1,56,285 ₹ 18,52,720
6 ₹ 37,547 ₹ 1,53,287 ₹ 18,15,172
7 ₹ 40,805 ₹ 1,50,029 ₹ 17,74,366
8 ₹ 44,346 ₹ 1,46,488 ₹ 17,30,019
9 ₹ 48,194 ₹ 1,42,640 ₹ 16,81,825
10 ₹ 52,376 ₹ 1,38,458 ₹ 16,29,448
11 ₹ 56,921 ₹ 1,33,913 ₹ 15,72,527
12 ₹ 61,860 ₹ 1,28,974 ₹ 15,10,667
13 ₹ 67,228 ₹ 1,23,606 ₹ 14,43,439
14 ₹ 73,061 ₹ 1,17,773 ₹ 13,70,377
15 ₹ 79,401 ₹ 1,11,433 ₹ 12,90,976
16 ₹ 86,290 ₹ 1,04,544 ₹ 12,04,685
17 ₹ 93,778 ₹ 97,056 ₹ 11,10,907
18 ₹ 1,01,915 ₹ 88,919 ₹ 10,08,991
19 ₹ 1,10,758 ₹ 80,076 ₹ 8,98,232
20 ₹ 1,20,369 ₹ 70,465 ₹ 7,77,863
21 ₹ 1,30,814 ₹ 60,020 ₹ 6,47,049
22 ₹ 1,42,164 ₹ 48,670 ₹ 5,04,884
23 ₹ 1,54,500 ₹ 36,334 ₹ 3,50,383
24 ₹ 1,67,906 ₹ 22,928 ₹ 1,82,476
25 ₹ 1,82,586 ₹ 8358 ₹ 0

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

Below are the monthly EMIs for various home loan amounts from IDBI Bank, calculated using annual interest rates of 8.45% and 12.25% over a 25-year term:

Interest Rate of 8.45%

I nterest Rate of 12.25%

10 lakh loan amount - ₹8,019 p.m.

10 lakh loan amount -  ₹10,717 p.m.

12 lakh loan amount - ₹9,622 p.m.

12 lakh loan amount -  ₹12,861 p.m.

15 lakh loan amount - ₹12,208 p.m.

15 lakh loan amount -  ₹16,076 p.m.

17 lakh loan amount - ₹13,632 p.m.

17 lakh loan amount - ₹18,220 p.m.

20 lakh loan amount - ₹16,037 p.m.

20 lakh loan amount -  ₹21,435 p.m.

## What are the Main Benefits of Using the IDBI Home Loan EMI Calculator?

Let’s dive into the crucial benefits of utilizing the IDBI home loan EMI calculator:

• Loan Comparison: You can try out different loan amounts, interest rates, and tenure to compare various loan scenarios. This helps you choose a loan structure that best fits your financial situation.
• Easy to Use: The calculator is user-friendly and accessible online. This makes it easy for anyone to use without specialized financial knowledge.
• Time-Saving: It eliminates the need for complex manual calculations, providing quick and reliable results that help you make financial decisions faster .
• Better Decision-making: The detailed breakdown of your loan repayment schedule allows you to understand how much of your payment goes towards the principal versus interest. This, in turn, is useful to make more informed financial decisions.
• Better Finance Management: Knowing your potential EMIs in advance helps you plan other financial aspects of your life accordingly. This ensures you don't overextend your finances.

## IDBI Bank Home Loan Eligibility

For Salaried Individuals:

• Minimum Age: 22 years
• Maximum Age: Must be under 70 years at the time of loan closure, depending on a satisfactory repayment history.

For Self-Employed Professionals and Non-Professionals:

• Minimum Age: 25 years
• Maximum Age: 65 years or the age of retirement, whichever comes first, provided there is proof of ongoing income.

## Factors that Determine IDBI Bank Home Loan EMIs

Let’s discuss the key factors that play a crucial role in determining your home loan EMIs:

• The principal amount of the loan influences the EMI. Generally, the higher the amount borrowed, the higher the monthly payment.
• The percentage at which interest accrues on the loan directly impacts the EMI. Lower interest rates lead to lower monthly payments, and vice versa.
• The length of time over which the loan is repaid affects the EMI. Extending the loan tenure reduces monthly payments by spreading them over more months, while shorter tenures increase the monthly burden.
• A higher credit score often qualifies borrowers for lower interest rates, which can reduce the EMI. However, a lower credit score might result in higher interest rates, increasing the monthly payments.
• The loan repayment structure, whether it’s a uniform amount each month or varies (like in step-up or step-down plans), will impact the EMI calculations. For example, a step-up plan starts with a lower EMI that increases over time.

## IDBI Bank Home Loan Fees & Charges

Here are the fees and charges associated with IDBI Bank home loan:

Fee Type

Details

Foreclosure Charges

Floating Rate Housing Loans - NIL

Fixed Rate Home Loans -

Own Funds:

• Within 6 months of the final disbursement: A fee of 2% is charged on the outstanding loan amount.
• After 6 months from the final disbursement: No charges.

For Balance Transfers:

• A 2% fee is applied to the outstanding loan amount.

Processing Fees

0.50% of the loan amount (Plus applicable taxes)

₹2,500 + taxes applicable to be collected during login and

balance at the time of sanction.

Cheque Return/ECS Return Charges

₹300

Penal Interest charges on overdue

amount for the delayed period

5% Per Annum

## Challenges of Using IDBI Bank Home Loan EMI Calculator

Here are certain disadvantages of using a home loan EMI calculator by IDBI Bank:

• The home loan calculator omits various fees such as processing charges and legal expenses, which could increase the overall cost of the loan.
• It presumes a static interest rate, which may not accurately reflect the payments for loans with variable rates that can change in response to market dynamics.
• It does not account for the financial impact of making additional payments towards the loan principal.
• The tool does not factor in the borrower’s creditworthiness, which can influence the offered interest rates.