About Lakshmi Vilas Bank Home Loan EMI Calculator

A home loan runs for a period as long as 20-30 years and so, one must get an idea of the repayment ahead. It even applies to Lakshmi Vilas Bank which offers a home loan for a maximum of 20 years. The word ‘repayment’ brings EMI, which is calculated based on the loan amount, interest rate and tenure, into the equation. Let’s explore the function of the calculator here.

What are the Details Required to Use Lakshmi Vilas Home Loan EMI Calculator?

As we told you that EMI Calculation is an important part of the home loan repayment as it helps you in managing your finances in a better way. To use this amazing tool, you will need three basic details – Home Loan Amount, Rate of Interest, and Tenure. We are telling you about all three of them in detail below. Have a look!

Loan Amount

To use the Lakshmi Vilas Home Loan EMI Calculator, you should know the loan amount that you require to purchase your home. But the loan amount is contingent on the value of the property plus the likely EMI/NMI ratio. Lakshmi Vilas Bank provides home loan amount upto 80% of the total project cost if the loan is for construction or purchase of the new house or flat. However, for Old House and approved residential plots, the maximum loan amount is fixed at 75% of the overall cost. The loan amount is also ascertained keeping in mind the proposed Equated Monthly Installment (EMI) remains within 60% of your Net Monthly Income (NMI). If you can do with a loan that can reduce the said EMI/NMI ratio further, don’t hesitate to do that. This will only ease the repayment burden for you.

Rate of Interest

The second thing that you will need to feed to the calculator is the rate of interest at which you will get the loan. Lakshmi Vilas Bank Home Loan Interest Rate is fixed at 8.25% Onwards which is pretty affordable with regards to the current market standards. Your repayment amount will be automatically lower if you manage to get the loan amount at lower interest rates.

Tenure

This is the number of years for which you will need to repay the loan amount. With Lakshmi Vilas Bank Home Loan, you can get a maximum of 20 years when it comes to taking a loan for the purchase of a home. While it can be a maximum of 5 years if the loan is sanctioned for repairs, renovation, or purchase of the residential plot. Choose the tenure according to your repayment capacity.

As soon as you put all these details into the calculator, you will get the EMI amount, interest outgo, and total amount payable within seconds.

What is EMI?

An EMI, as you would know, combines both principal and interest repayment portions of a loan. The home loan EMI, in particular, can have a huge bearing on one’s finances owing to a long repayment tenure. In lieu of a longer tenure, it is necessary to keep a lid on unnecessary spends so as to repay the EMI comfortably.

Formula to Calculate the EMI

To calculate the EMI, you can use the formula as shown below.

E = P x R x (1+R)^N/((1+R)^N – 1)

Where E = EMI

P = Principal Loan Amount

R = Rate of Interest

N = Monthly Loan Tenure

If you find it difficult to calculate the EMI from the above formula, the below example will at least give you an idea of the repayment likely to happen.

Example – Shashi Singh wants to apply for a home loan worth INR 60 lakh to purchase a flat at Lakshmi Vilas Bank. How much EMI and interest is he going to pay over a 20 year loan at 8.25% Onwards interest rate? The below table has an answer. Take a look.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount	Interest Rate	Tenure	Monthly Instalment	Total Interest Amount	Total Amount
₹ 60,00,000	8.95%	1	₹ 5,24,570	₹ 2,94,837	₹ 62,94,837
₹ 60,00,000	8.95%	2	₹ 2,73,971	₹ 5,75,300	₹ 65,75,300
₹ 60,00,000	8.95%	3	₹ 1,90,659	₹ 8,63,717	₹ 68,63,717
₹ 60,00,000	8.95%	4	₹ 1,49,168	₹ 11,60,057	₹ 71,60,057
₹ 60,00,000	8.95%	5	₹ 1,24,405	₹ 14,64,275	₹ 74,64,275
₹ 60,00,000	8.95%	6	₹ 1,08,004	₹ 17,76,316	₹ 77,76,316
₹ 60,00,000	8.95%	7	₹ 96,382	₹ 20,96,112	₹ 80,96,112
₹ 60,00,000	8.95%	8	₹ 87,746	₹ 24,23,584	₹ 84,23,584
₹ 60,00,000	8.95%	9	₹ 81,099	₹ 27,58,642	₹ 87,58,642
₹ 60,00,000	8.95%	10	₹ 75,843	₹ 31,01,184	₹ 91,01,184
₹ 60,00,000	8.95%	11	₹ 71,599	₹ 34,51,101	₹ 94,51,101
₹ 60,00,000	8.95%	12	₹ 68,113	₹ 38,08,271	₹ 98,08,271
₹ 60,00,000	8.95%	13	₹ 65,209	₹ 41,72,567	₹ 1,01,72,567
₹ 60,00,000	8.95%	14	₹ 62,761	₹ 45,43,851	₹ 1,05,43,851
₹ 60,00,000	8.95%	15	₹ 60,678	₹ 49,21,979	₹ 1,09,21,979
₹ 60,00,000	8.95%	16	₹ 58,890	₹ 53,06,799	₹ 1,13,06,799
₹ 60,00,000	8.95%	17	₹ 57,344	₹ 56,98,155	₹ 1,16,98,155
₹ 60,00,000	8.95%	18	₹ 55,999	₹ 60,95,883	₹ 1,20,95,883
₹ 60,00,000	8.95%	19	₹ 54,824	₹ 64,99,817	₹ 1,24,99,817
₹ 60,00,000	8.95%	20	₹ 53,791	₹ 69,09,784	₹ 1,29,09,784

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

Year	Principal	Interest	Balance Amount
1	₹ 1,13,052	₹ 5,32,437	₹ 58,86,947
2	₹ 1,23,595	₹ 5,21,893	₹ 57,63,352
3	₹ 1,35,122	₹ 5,10,366	₹ 56,28,229
4	₹ 1,47,724	₹ 4,97,764	₹ 54,80,504
5	₹ 1,61,502	₹ 4,83,987	₹ 53,19,002
6	₹ 1,76,564	₹ 4,68,924	₹ 51,42,437
7	₹ 1,93,031	₹ 4,52,457	₹ 49,49,405
8	₹ 2,11,034	₹ 4,34,454	₹ 47,38,370
9	₹ 2,30,716	₹ 4,14,772	₹ 45,07,653
10	₹ 2,52,234	₹ 3,93,255	₹ 42,55,419
11	₹ 2,75,758	₹ 3,69,730	₹ 39,79,660
12	₹ 3,01,477	₹ 3,44,012	₹ 36,78,182
13	₹ 3,29,594	₹ 3,15,895	₹ 33,48,588
14	₹ 3,60,333	₹ 2,85,155	₹ 29,88,254
15	₹ 3,93,940	₹ 2,51,549	₹ 25,94,314
16	₹ 4,30,680	₹ 2,14,809	₹ 21,63,633
17	₹ 4,70,847	₹ 1,74,642	₹ 16,92,786
18	₹ 5,14,760	₹ 1,30,728	₹ 11,78,025
19	₹ 5,62,769	₹ 82,720	₹ 6,15,255
20	₹ 6,15,653	₹ 30,233	₹ 0