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Indian Bank Home Loan EMI Calculator

You are Eligible for EMI Amount
₹56,409
Principal Amount
₹6,500,000
Interest Amount
₹7,038,042
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  • Lowest Interest Rate
  • Highest Loan Value
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₹8,000,000
8.5%
20 p.a

You are Eligible for EMI Amount

₹69,426
Principal Amount
₹8,000,000
Interest Amount
₹8,662,206
Why Suganta for Home Loan?
  • Offers from 34+ Banks
  • Lowest Interest Rate
  • Highest Loan Value

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Your Repayment Details

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balances
January ₹650000 ₹5620 ₹1043 ₹4577 ₹648957
February ₹648957 ₹5620 ₹1051 ₹4570 ₹647906
March ₹647906 ₹5620 ₹1058 ₹4562 ₹646848
April ₹646848 ₹5620 ₹1065 ₹4555 ₹645783
May ₹645783 ₹5620 ₹1073 ₹4547 ₹644710
June ₹644710 ₹5620 ₹1080 ₹4540 ₹643629
July ₹643629 ₹5620 ₹1088 ₹4532 ₹642541
August ₹642541 ₹5620 ₹1096 ₹4525 ₹641446
September ₹641446 ₹5620 ₹1103 ₹4517 ₹640342
October ₹640342 ₹5620 ₹1111 ₹4509 ₹639231
November ₹639231 ₹5620 ₹1119 ₹4501 ₹638112
December ₹638112 ₹5620 ₹1127 ₹4493 ₹636985
Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balances
January ₹6525000 ₹5620 ₹1654773 ₹4452 ₹648957
February ₹648957 ₹5620 ₹1051 ₹46540 ₹647906
March ₹647906 ₹5620 ₹1058 ₹4656 ₹646848
April ₹646848 ₹5620 ₹15555 ₹4555 ₹645783
May ₹645783 ₹56550 ₹1073 ₹4547 ₹644710
June ₹644710 ₹5620 ₹10330 ₹4540 ₹643629
July ₹643629 ₹563430 ₹1088 ₹4532 ₹642541
August ₹642541 ₹5620 ₹1046 ₹4525 ₹641446
September ₹6341446 ₹5620 ₹1103 ₹4517 ₹640342
October ₹644342 ₹5620 ₹1111 ₹4509 ₹639231
November ₹639231 ₹5620 ₹1119 ₹4501 ₹638112
December ₹638112 ₹5620 ₹1127 ₹4493 ₹636985

Indian Bank Home Loan EMI Calculator

Founded in 1907, Indian Bank stands as one of India’s leading public sector banks. Following its merger with Allahabad Bank on April 1, 2020, Indian Bank now ranks as the seventh-largest bank in India, offering a range of financial products, including popular home loan options. As of November 2024, Indian Bank home loan interest rates range from 8.40% to 10.30% per annum, making it a competitive choice for prospective homeowners.

With the Indian Bank Home Loan EMI Calculator, borrowers can efficiently plan their monthly EMI payments. This easy-to-use calculator helps individuals align their financial goals by providing accurate insights into EMI amounts, ensuring manageable repayments and supporting informed financial planning.

Benefits of Indian Bank Home Loan Calculator

  • Quick EMI Estimation: Instantly calculate your monthly EMI, saving time and reducing calculation errors.
  • Enhanced Financial Planning: Gain a clear overview of monthly payments, allowing for better budgeting and financial planning.
  • Flexible Adjustments: Customize inputs like loan amount, interest rate, and tenure to explore various repayment scenarios that fit your budget.
  • Detailed Amortization Insights: Understand the breakdown between principal and interest over time, which helps in assessing long-term financial impact.
  • Comparison Tool: Compare loan options by adjusting variables, helping you choose the most affordable and suitable loan structure.

How to Calculate Home Loan EMI

Calculating your home loan EMI doesn’t have to be stressful. SuGanta.com offers a free, easy-to-use EMI Calculator to help prospective borrowers understand their monthly payments instantly. Simply input your loan amount, interest rate, and loan tenure, and the SuGanta EMI Calculator will provide an accurate breakdown of your future EMI payments. This tool not only saves time but also allows you to explore various loan schemes, enabling you to make informed financial decisions for your home financing needs. Use SuGanta.com's EMI Calculator today to simplify your home loan planning.

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  • Axis Bank
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    ₹17,603
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How To Use SuGanta Home Loan EMI Calculator

Calculating your home loan EMI is straightforward with SuGanta's Home Loan EMI Calculator. Follow these steps:

  1. Access the Calculator: Visit the SuGanta Home Loan Calculator.
  2. Enter Loan Amount: Input the desired loan amount you plan to borrow.
  3. Specify Loan Tenure: Select the loan tenure in years.
  4. Input Interest Rate: Enter the applicable interest rate for the loan.
  5. Calculate EMI: Click on the "Calculate Your EMI" button to view your monthly installment.

Home Loan EMI Calculation Formula

If you want to cross-check the EMI amount, use the following standardized formula:
E = P * r * (1 + r)^n / ((1 + r)^n - 1)

Here:

  • P = Principal or Loan amount
  • E = applicable future EMI
  • r = Interest rate applicable
  • n = Number of EMIs or applicable tenure

For example, if a borrower avails a home loan of 45 lakh for 10 years at an 8% interest rate, the applicable EMI will be:

E = 90,00,000 * 0.0075 * (1 + 0.0075)^300 / ((1 + 0.0075)^300 - 1)
E = ₹75,528 per month.

Home Loan Amortization Schedule for Indian Bank

Amortization is breaking down a loan into manageable payments over specified intervals, allowing borrowers to pay off their loan by the end of the term. An amortization schedule provides a detailed roadmap that shows the monthly payment breakdown, indicating the portion allocated to interest and the amount applied toward reducing the principal balance. This structured approach helps borrowers plan finances and stay on track for full repayment. An amortization schedule for a Rs 85 lakh home loan at 9% annual interest over a 10-year period would look like this:

If any borrower has availed of a Rs 85 lakh home loan at 9% annual interest over a 10-year tenure, the applicable amortization schedule will look like this
Year Opening Balance EMI * 12 Interest Paid Yearly Principal Paid Yearly Closing Balance
1 85,00,000 12,92,093 7,42,705 5,49,388 79,50,612
2 79,50,612 12,92,093 6,91,168 6,00,925 73,49,687
3 73,49,687 12,92,093 6,34,797 6,57,296 66,92,391
4 66,92,391 12,92,093 5,73,138 7,18,954 59,73,437
5 59,73,437 12,92,093 5,05,696 7,86,397 51,87,039
6 51,87,039 12,92,093 4,31,922 8,60,171 43,26,867
7 43,26,867 12,92,093 3,51,240 9,40,853 33,86,014
8 33,86,014 12,92,093 2,63,029 10,29,064 23,56,950
9 23,56,950 12,92,093 1,66,633 11,25,460 12,31,490
10 12,31,490 12,92,093 61,404 12,30,689 0

Indian Bank’s home loan options on SuGanta.com offer competitive rates, flexible repayment terms, and tools like EMI calculators for effective financial planning, making homeownership accessible and manageable for borrowers.

 

Home Loan FAQs

+
EMI stands for Equated Monthly Installment. It's the amount you pay each month to repay your home loan, which includes a part of the principal amount and the interest.
+
Home loan EMI is calculated using the formula: EMI = P * r * (1+r)^n / ((1+r)^n - 1), where P is the principal amount, r is the monthly interest rate, and n is the total number of months.
+
The main factors that affect your home loan EMI are the loan amount, interest rate, and loan tenure. A higher loan amount or interest rate will increase your EMI, while a longer tenure will decrease it.
+
Yes, most lenders allow prepayment of home loans. However, there might be certain terms and conditions, including prepayment charges. It's best to check with your lender for specific details.

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