Indiabulls Home Loan EMI Calculator

If you apply for a home loan with Indiabulls, now known as Sammaan Capital, you can leverage their EMI calculator to guide your decision on the most suitable monthly payment plan. The calculator is free to use and shows accurate results instantly. There is no limitation on how many values you can put in the calculator. For a general understanding, below is an example of how a home loan calculator works

Indiabulls Home Loan EMI Calculator 2024

A home loan EMI calculator takes into account basic details such as the loan amount, interest rate and tenure. When you mention these in the tool, you get the equated monthly installment (EMI) for the select tenure. Other than this, you get to see the total interest outgo and total repayment amount. Knowing these details is important as you accordingly prepare yourself for the repayment throughout the tenure. If the payments suit your budget, you proceed otherwise you think of decreasing the loan amount or increasing the tenure. Look at an example showing EMI and payments for the present lowest interest rate offered by Indiabulls on a home loan.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Indiabulls Home Loan EMI Calculator Formula

Below is the formula used to calculate the monthly installment, total interest outgo and total repayment amount of a home loan.

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 understand with an example. Suppose Mr. Mehta takes out a home loan of ₹28,00,000 with a 20-year term at an annual interest rate of 8.5%. Using the following formula:

• Principal Amount (P): ₹28,00,000
• Interest Rate (R): 8.5% per annum (which translates to 0.00708 per month)
• Loan Tenure (n): 20 years, or 240 months

Let’s see how it works:

[28,00,000 x 0.00708 x (1 + 0.00708) ^ 240]/[(1+0.00708) ^240 -1] = 24,299

The EMIs you will be required to pay is ₹ 24,299

Conclusion

The Indiabulls home loan EMI calculator, now part of Sammaan Capital, is a helpful tool for potential borrowers. It provides a quick and easy way to figure out monthly payments. This calculator gives accurate and instant results, helping users make smart choices and manage their money well as they plan to buy their dream home.