# Nainital 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

• Use EMI Calculator to know the repayment ahead
• EMI Calculator gives a clue of interest & principal repayments

Checking the EMI calculator is essential for planning a successful home loan repayment strategy. Every lender, including Nainital Bank, provides a calculator on their website. This tool helps you estimate the monthly EMI and interest amounts for your loan. Since the calculator also offers a detailed break-up of the interest and principal amounts for each year, it's wise to review this information to ensure a smooth home loan experience with Nainital Bank.

## What is EMI?

The EMI forms portions of both interest and principal repayments each month. So to calculate the same, you need to use the Nainital Bank Home Loan EMI Calculator available online. All that the calculator needs to compute are loan amount, interest rate, and tenure. The moment you enter all three in the calculator, the indicative installment amount and the total interest outgo will flash on the screen.

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

The Wishfin Nainital Bank loan calculator is straightforward and free to use. Simply enter the loan amount you have borrowed, the interest rate (monthly), and the maximum loan tenure. Keep in mind that the interest rate provided by the bank is an annual figure; the EMI calculator converts this rate to a monthly basis for accurate computations. Not only will you receive details about your monthly installments, but you can also view the repayment schedule and the remaining balance for each year of the loan.

### EMI Calculation Formula

Keen to test your mathematical acumen developed in your school days to compute the EMI through a formula? Then do that as the formula is written right below.

E = P x R x (1+R)^N/((1+R)^N – 1)

E = EMI
P = Principal Loan Amount
R = Rate of Interest
N = Monthly Loan Tenure

Here’s an example to understand the working of the home loan EMI calculator.

Ravi Sharma applies for a home loan worth ₹50 lakh at Nainital Bank for a 20-year tenure. The interest rate offered is 8.45% based on his eligibility. Now, what will be the EMI in his case? Let’s find out now.

• Principal Amount (P): ₹50,00,000
• Interest Rate (R): 8.45% per year, (which is equal to 8.45/12/100 = 0.00704 per month)
• Loan Tenure (n): 20 years, or 240 months

Using the EMI calculation formula:

[50,00,000 x 0.00704 x (1 + 0.00704) ^ 240]/[(1+0.00704 ^240 -1] = 43,233

This calculation yields a monthly EMI of ₹43,233

## Nainital Bank Home Loan Amortisation Schedule

Check out the EMI table and amortization schedule provided below to see the monthly payments for your home loan, as illustrated in the previous example.

Number of Months

Principal Paid

Interest Charged

Total Payment

Balance

1

₹8,024.73

₹35,208.33

₹43,233.06

₹49,91,975.27

2

₹8,081.24

₹35,151.83

₹43,233.06

₹49,83,894.03

3

₹8,138.14

₹35,094.92

₹43,233.06

₹49,75,755.89

4

₹8,195.45

₹35,037.61

₹43,233.06

₹49,67,560.44

5

₹8,253.16

₹34,979.90

₹43,233.06

₹49,59,307.28

6

₹8,311.27

₹34,921.79

₹43,233.06

₹49,50,996.01

7

₹8,369.80

₹34,863.26

₹43,233.06

₹49,42,626.21

8

₹8,428.74

₹34,804.33

₹43,233.06

₹49,34,197.47

9

₹8,488.09

₹34,744.97

₹43,233.06

₹49,25,709.39

10

₹8,547.86

₹34,685.20

₹43,233.06

₹49,17,161.53

11

₹8,608.05

₹34,625.01

₹43,233.06

₹49,08,553.48

12

₹8,668.67

₹34,564.40

₹43,233.06

₹48,99,884.81

13

₹8,729.71

₹34,503.36

₹43,233.06

₹48,91,155.10

14

₹8,791.18

₹34,441.88

₹43,233.06

₹48,82,363.92

15

₹8,853.08

₹34,379.98

₹43,233.06

₹48,73,510.84

## The Minimum EMI Offered by Nainital Bank on Home Loans

Nainital Bank provides home loans with interest rates starting at 8.40%, which can go up to 11% depending on the borrower’s income and credit profile.

Below, you’ll find the minimum and maximum monthly EMIs for different home loan amounts, calculated using annual interest rates of 8.40% and 11% over a 25-year term:

Interest Rate of 8.40%

Interest Rate of 11%

10 lakh loan amount - ₹7,985 p.m.

10 lakh loan amount -  ₹9,801 p.m.

12 lakh loan amount - ₹9,582 p.m.

12 lakh loan amount -  ₹11,761 p.m.

15 lakh loan amount - ₹11,977 p.m.

15 lakh loan amount -  ₹14,702 p.m.

17 lakh loan amount - ₹13,574 p.m.

17 lakh loan amount - ₹16,662 p.m.

20 lakh loan amount - ₹15,970 p.m.

20 lakh loan amount - ₹19,602 p.m.

## The Main Advantages of Using Nainital Bank Home Loan Calculator

Here are the key benefits of using a home loan EMI calculator of Nainital Bank:

• Quick and Accurate Calculations: The online EMI calculator gives precise results instantly. This saves time and avoids the errors that come with manual calculations. You can get reliable EMI estimates in seconds to help make informed decisions.
• Easy Comparison: By changing the input values like loan amount, interest rate, and tenure, you can easily compare different loan scenarios and EMIs. This helps you find the best option for your financial situation and repayment capacity.
• Helps in Financial Planning: The calculator shows the loan's financial impact, including the total interest payable and overall cost. This transparency helps with budgeting, cash flow management, and long-term financial planning. You can plan your EMIs in advance to ensure timely repayments.
• Determines Loan Affordability: By calculating the EMI for different combinations of loan amount, interest rate, and tenure, you can assess your repayment capacity and choose an affordable loan structure. This prevents over-borrowing and ensures you don't take on an EMI burden that may strain your finances.
• Experiment with Different Scenarios: The interactive tool lets you change parameters and see how the EMI changes in real time. This helps you find the best loan configuration for your needs and repayment abilities.

## Eligibility to Apply for Nainital Bank Home Loan

The eligibility criteria for a home loan from Nainital Bank are as follows:

• Minimum Age: 21 years for the applicant and 18 years for the co-applicant.
• Maximum Age: 70 years for salaried individuals and 75 years for self-employed individuals.
• Property Ownership: Loan applicants must own the land where the house will be built. The construction plan must be approved by the relevant authority. If the land is jointly owned, all owners must be co-borrowers.
• Eligibility for Specific Groups: Members of registered group housing societies and farmers/agriculturists are also eligible for this home loan scheme.

## Fees and Charges on Nainital Bank Home Loans

The home loan fees and other charges for Nainital Bank Home Loan are as follows:

Fee Type

Details

Processing Fees

For loan amounts up to ₹5 lakh: No charge.

For loan amounts over ₹5 lakh and up to ₹10 lakh: ₹1,000.

For loan amounts over Rs 10 lakh and up to Rs 20 lakh: Rs 2,000.

For loan amounts over Rs 20 lakh and up to Rs 30 lakh: Rs 3,000.

For loan amounts over Rs 30 lakh and up to Rs 50 lakh: Rs 4,000.

For loan amounts exceeding Rs 50 lakh: Rs 5,000.

Prepayment charges

1% on the outstanding balance is charged for full or partial prepayment made from personal funds.

No prepayment charges apply to floating rate home loans granted to individual borrowers.

Penal charges (for late payment of EMI

2% on unpaid EMI

## Limitations of Using Nainital Bank Home Loan EMI Calculator

Let’s dive into the main challenges that you may encounter while calculating your EMIs using the online calculator:

• The EMI calculator provides approximate figures and may not reflect the exact EMI due to varying processing fees, insurance, and other charges.
• It does not account for future changes in interest rates, which can affect the EMI amount over the loan tenure.
• It often does not include other costs like administrative fees, prepayment charges, or penalties, leading to an incomplete financial picture.
• The calculator uses simple input fields and may not consider specific terms and conditions of different loan agreements.
• It does not factor in your credit score, which can influence the interest rate offered by the bank.

Frequently Asked Questions (FAQs)