With the Indiabulls Home Loan EMI Calculator, you can calculate the monthly repayment amount on your housing loan in a hassle-free way. The minimum EMI per lakh you get with Indiabulls is Rs.804 at an interest rate of 8.99% p.a. over a 30-year tenure.
To use the calculator, you need to know Indiabulls Home Loan interest rates, loan amount, and tenure. Enter the values and you’ll get a full break-up of your monthly and yearly repayments in a detailed repayment table.
Indiabulls COVID-19 Home Loan EMI Moratorium
In adherence with RBI's COVID-19 regulatory measures, Indiabulls is currently offering up to 3 months of moratorium to its existing home loan customers. So, if you are an existing customer with the bank, you can defer your home loan EMIs for up to 3 months. However, note that the interest accrued during the deferred period will be charged later and due to compounding interest, you may end up paying more later on.
You can do your EMI calculations with the help of a home loan EMI calculator to check how much you have to pay after the moratorium period is over. You also have the option to opt out of this facility and continue paying your EMIs as before.
The table below shows you what your EMIs could look like for different loan tenures and amounts:
|Rs.10 Lakh||Rs.20 Lakh||Rs.40 Lakh||Rs.50 Lakh|
Suppose you are applying for a home loan from Indiabulls at an interest rate of 8.99% p.a. and a loan amount of Rs.10 lakh, Rs.20 lakh, Rs.40 lakh, or Rs.50 lakh. Using the BankBazaar Home Loan EMI Calculator, you can find the EMIs, processing fee, and total interest payable on various tenures.
In the above example, we’ve kept the processing fee as 0.50% and selected ‘No’ for pre-payments.
Indiabulls Home Loan Interest Rates: As of 21 Sep 2020, the rate of interest applicable to Indiabulls home loans start at 8.99% p.a.
Example of Indiabulls Home Loan EMI: Let us assume that you are looking to avail a home loan of Rs.20 lakh from Indiabulls Housing Finance Limited spread over a tenure of 30 years. Suppose the interest rate offered by the bank is 8.99% and the processing fee levied on your loan is 1.00% of the principal I.e., Rs.20,000. Once you key in the required inputs on the BankBazaar Home Loan EMI Calculator, click on ‘Calculate’.
The EMI calculated on your home loan is Rs.16,078. The break-up of the total amount payable during the entire loan tenure will be:
|Total interest due||Rs.37,88,103|
|Total Amount Payable||Rs.58,08,103|
The schedule illustrating your debt repayments is as follows
|Year||Principal Paid - A (Rs.)||Interest Paid - B (Rs.)||Total Payment - A+B (Rs.)||Outstanding Loan Balance (Rs.)|
Should You Opt for a Home Loan with a Shorter Tenure or a Longer Tenure: Though choosing a short-term or long-term tenure is ultimately your decision, there are a few important aspects you must consider before opting for one.
Age:One of the important factors that home loan lenders consider while deciding your home loan tenure is your age. The older you are, the shorter home loan tenure you will have to opt for as you will only have a short span of time to repay your home loan before retirement. However, you can always make your son/daughter as a co-applicant who is also the co-owner of the property when you are closing in on your retirement after which the bank/NBFC will consider extending the tenure of your loan based on your child’s age.
On the other hand, if you are in your 20s or 30s, you can always consider opting for longer home loan tenures, as you would have enough time to repay your loan debt without affecting your finances.
Income: Your monthly income is again another important factor on which you can decide on choosing between a short-term or long-term home loan. If you are having a high monthly income with no other ongoing loans, you can consider opting for a home loan with a shorter tenure. You could be able to pay higher Equated Monthly Instalments (EMIs) taking your monthly salary into consideration to get rid of the burden of your home loan sooner. However, it would be wise to ensure that your personal finances before opting for a tenure as the monthly instalments can consume a huge portion of your income if not careful.
Similarly, if you are having a low income, you can consider choosing a home loan with longer tenures as it would ensure that the EMIs do not impact your personal finances during the period.
Rate of Interest: The interest rate associated with your home loan is nothing but cost of credit you would be paying for the loan. The longer your tenure, the higher the rate of interest will be. This will eventually result in you paying higher EMIs during the tenure. This is where an online home loan EMI calculator comes in handy. Not only will the EMI calculator provide the monthly instalments you will have to make against your home loan but also a repayment schedule which illustrates how much of your EMI is being put into the interest and principal components of your home loan.
A Home Loan EMI Calculator computes the monthly instalments you will have to make against the home loan based on various parameters such as the principal, loan tenure and the rate of interest associated with the home loan.
Yes, you can make partial pre-payments on your home loan. Partial payments on your loan will help you in bringing down the outstanding principal amount which in turn will lower your home loan EMIs or the loan tenure.
Yes, you are eligible for tax deductions on your home loan. As per Section 24B of The Income Tax Act, you can avail tax benefits up to Rs.2 lakh on the interest component of your home loan. Similarly, under Section 80C of The Income Tax Act, you can claim tax deductions up to Rs.1.5 lakh on principal repayment of your home loan.
Pre-EMI in the interest paid on the partially disbursed loan amount and prior to the start of the regular EMI. The actual EMI only starts once the entire loan amount is disbursed until which only Pre-EMI is applicable.
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