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IDBI Home Loan Calculator

₹
%
Yr
Total amount₹ 11,73,960
Principal amount₹ 10,00,000
Total interest₹ 1,73,960
Monthly EMI₹ 19,566
Principal amountInterest amount

The IDBI home loan EMI calculator helps you put in different loan amounts, interest rates, and tenure to arrive at the EMI with which you are comfortable. The calculator helps you calculate the EMIs you have to pay the lender each month until the loan is fully paid.

A home loan is an advance given by the bank to the borrower to buy a residential house or to construct a home on a residential piece of land. Home loan is repayable with interest which a borrower can pay through EMI. This makes buying a house easy and affordable.

An equated monthly installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are applied to both interest and principal each month so that over a specified number of years, the loan is paid off in full.

How Does The IDBI Home Loan EMI Calculator Work?

The IDBI home loan EMI calculator works based on the following formula.

Home Loan EMI, E or EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]

Where,

P is the principal home loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

You are thinking about taking a home loan for ₹62 lakhs. The lender is offering you the loan at an interest rate of 9%. The repayment tenure of the housing loan is 30 years. We can calculate the EMI amount of the loan by using the above formula.

EMI = 62,00,000 x 0.09/12 x (1 + 0.09/12)^360 / [(1 + 0.09/12)^360 - 1]
EMI = 62,00,000 x 0.0075 x (14.73057) / (13.73057)
EMI = 6,84,971.505 / 13.73057
EMI = ₹49,887

So, if you take a housing loan for ₹62 lakhs at an interest rate of 9% per annum for a loan tenure of 30 years, you would have to pay an EMI amount of nearly ₹50,000 every month.

How Should You Use The IDBI Home Loan EMI Calculator?

Being an online tool, the IDBI home loan EMI calculator can be accessed from a computer or smartphone anytime, anywhere. Here's a step-by-step guide to using this home loan EMI calculator:

  • Enter the loan amount manually in the box.
  • Type in the yearly interest amount.
  • Key in the duration of repayment or the loan tenure.

When you have entered all the details, the calculator will show you the total principal amount, interest to be paid, and the monthly EMI amount.

Example:

Mr. Felix is planning to take a house loan for ₹28 lakhs at an interest rate of 11.3% per annum. The repayment period of the loan is 25 years. Using the calculator formula, we can calculate the monthly EMI amount.

EMI = 28,00,000 x 0.113/12 x (1 + 0.113/12)^300 / [(1 + 0.113/12)^300 - 1]
EMI = 28,00,000 x 0.0094167 x (16.63970) / (15.63970)
EMI = 4,38,734.976372 / 15.63970
EMI = ₹28,053

So, if Mr. Felix is looking to take a loan for ₹28 lakhs at an interest rate of 11.3%, he has to pay an EMI amount of around ₹28,000 every month over a repayment period of 25 years.

Benefits Of Using The IDBI Home Loan EMI Calculator

  • The home loan EMI calculator helps you get an accurate estimate of your EMI.
  • The calculator can help you check the prevailing interest rate for loans offered. This can help you find the lowest prevailing interest rate.
  • The calculator helps you save time by completing calculations in a matter of seconds.

IDBI - Frequently Asked Questions (FAQs)

Is there any cost involved in using the home loan EMI calculator?
No. The personal home loan EMI calculator is free to use.
When are my monthly EMI payments due?
EMI payments are due every month and you need to make the payments throughout the chosen loan tenure. You have to make the payment on a specific day that was established at the time of loan disbursal.
What is the impact of part payments on your EMI?
Part payments towards your loan reduce the outstanding loan amount. This, in turn, reduces the amount of interest due. Your EMI remains unchanged even after you have made a part payment but the proportion of the EMI utilized for the repayment of the principal and the interest changes. The amount going towards repaying the principal component in the EMI increases. This helps you to repay your loans quickly.