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  • Indiabulls Home Loan EMI Calculator

    Calculating your Equated Monthly Instalments (EMIs) is one of the most integral part when deciding on a home loan. One of the easiest and simplest ways to do so is using an online home loan EMI calculator. BankBazaar's home loan EMI calculator is one such tool which is extremely helpful in calculating the monthly instalments to be made against your housing loan. The automized system provides both the EMI and the amortization schedule for your loan. The amortization schedule is a table indicating how much of your monthly instalments are being contributed towards the principal and interest component of your home.

    Indiabulls Home Loan Interest Rates

    As of 23 Apr 2019, the rate of interest applicable to Indiabulls home loans ranges between 8.70% p.a. and 11.20% p.a. depending on the type of home loan you are opting for. While the interest rate associated with fixed rate home loans ranges from 9.25% p.a. to 11.20% p.a., the effective rate of interest for floating rate home loans falls between 8.70% p.a. and 11.00% p.a. While the rate of interest associated with Indiabulls floating rate housing loans for others ranges between 8.75% p.a. and 11.00% p.a., women borrowers can avail the same at reduced rates ranging from 8.70% to 10.95%.

    Indiabulls Home Loan Processing Fees

    The processing fee associated with Indiabulls home loans as of 23 Apr 2019 is as follows:

    Loan Slab Processing Fee
    Up to Rs.30 lakh Up to Rs.10,000*
    Above Rs.30.01 lakh and up to Rs.3 crore Up to 0.50%*
    Above Rs.3 crore 0.50% to 1.00%*

    The above fees are exclusive of taxes and any surcharges applicable will be added.

    Indiabulls Home Loan Amount and Tenure

    You can avail an Indiabulls home loan starting from Rs.2 lakh and up to Rs.3 crore for a maximum loan tenure of 30 years.

    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 9.00% 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.16,092. The break-up of the total amount payable during the entire loan tenure will be:

    Category Amount
    Loan amount Rs.20,00,000
    Total interest due Rs.37,93,283
    Processing fee Rs.20,000
    Total Amount Payable Rs.58,13,283

    The amortization schedule illustrating your debt repayments over a period of 30 years from March 2019 to February 2049 will look something like this.

    Year Principal Amount Paid (A) Interest Amount Paid (B) Total Amount Paid (A + B) Outstanding Loan Balance
    2019 Rs.11,296 Rs.1,49,624 Rs.1,60,920 Rs.19,88,704
    2020 Rs.14,719 Rs.1,78,385 Rs.1,93,104 Rs.19,73,986
    2021 Rs.16,097 Rs.1,77,007 Rs.1,93,104 Rs.19,57,887
    2022 Rs.17,608 Rs.1,75,496 Rs.1,93,104 Rs.19,40,279
    2023 Rs.19,262 Rs.1,73,842 Rs.1,93,104 Rs.19,21,018
    2024 Rs.21,068 Rs.1,72,036 Rs.1,93,104 Rs.18,99,951
    2025 Rs.23,043 Rs.1,70,061 Rs.1,93,104 Rs.18,76,907
    2026 Rs.25,205 Rs.1,67,899 Rs.1,93,104 Rs.18,51,702
    2027 Rs.27,569 Rs.1,65,535 Rs.1,93,104 Rs.18,24,132
    2028 Rs.30,157 Rs.1,62,947 Rs.1,93,104 Rs.17,93,977
    2029 Rs.32,986 Rs.1,60,118 Rs.1,93,104 Rs.17,60,992
    2030 Rs.36,078 Rs.1,57,026 Rs.1,93,104 Rs.17,24,913
    2031 Rs.39,465 Rs.1,53,639 Rs.1,93,104 Rs.16,85,450
    2032 Rs.43,165 Rs.1,49,939 Rs.1,93,104 Rs.16,42,284
    2033 Rs.47,214 Rs.1,45,890 Rs.1,93,104 Rs.15,95,070
    2034 Rs.51,643 Rs.1,41,461 Rs.1,93,104 Rs.15,43,426
    2035 Rs.56,487 Rs.1,36,617 Rs.1,93,104 Rs.14,86,938
    2036 Rs.61,786 Rs.1,31,318 Rs.1,93,104 Rs.14,25,151
    2037 Rs.67,583 Rs.1,25,521 Rs.1,93,104 Rs.13,57,568
    2038 Rs.73,923 Rs.1,19,181 Rs.1,93,104 Rs.12,83,645
    2039 Rs.80,857 Rs.1,12,247 Rs.1,93,104 Rs.12,02,788
    2040 Rs.88,443 Rs.1,04,661 Rs.1,93,104 Rs.11,14,346
    2041 Rs.96,738 Rs.96,366 Rs.1,93,104 Rs.10,17,607
    2042 Rs.1,05,813 Rs.87,291 Rs.1,93,104 Rs.9,11,794
    2043 Rs.1,15,739 Rs.77,365 Rs.1,93,104 Rs.7,96,054
    2044 Rs.1,26,599 Rs.66,505 Rs.1,93,104 Rs.6,69,457
    2045 Rs.1,38,473 Rs.54,631 Rs.1,93,104 Rs.5,30,985
    2046 Rs.1,51,463 Rs.41,641 Rs.1,93,104 Rs.3,79,523
    2047 Rs.1,65,670 Rs.27,434 Rs.1,93,104 Rs.2,13,853
    2048 Rs.1,81,212 Rs.11,892 Rs.1,93,104 Rs.32,641
    2049 Rs.32,641 Rs.371 Rs.33,012 Rs.0

    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 an amortization schedule which illustrates how much of your EMI is being put into the interest and principal components of your home loan.

    Factors Affecting Indiabulls Home Loan EMI

    • Interest Rate: The EMIs you pay against your home loan is directly proportional to the rate of interest applicable on the loan. With most home loan products being linked to floating rates, fluctuations in the rates of interest will result in your home loans EMIs changing accordingly.
    • Principal: The principal is nothing but the amount you initially borrow from the bank/lender. Your EMIs is directly proportional to the principal amount, meaning the higher your principal, the higher your EMIs will be
    • Loan Tenure: Another important factor that helps home loan lenders decide your EMIs is the tenure you have opted for. Short-term loans attract higher interest rates compared to the long-term home loans, which will result in paying higher EMIs during the tenure. On the other hand, interest rates associated with long-term home loans are comparatively lower. In such cases, you will be paying lower EMIs but over a longer period.

    Indiabulls Home Loan EMI Calculator FAQs

    1. What is the function of a Home Loan EMI Calculator?

    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.

    2. How is Home Loan EMI calculated?

    In order to calculate the EMI on the home loan, you should know the rate of interest, loan tenure and the principal amount being borrowed.

    The formula to calculate EMIs on home loans is:

    Home Loan EMI Calculation formula

    Where,
    r: The rate of interest applicable on your home loan
    n: Number of monthly instalments
    P: Principal

    3. What is Home Loan Amortisation Table?

    The Amortization Schedule or Table is a detailed table illustrating how your Equated Monthly Instalments (EMIs) are being made towards your home loan. The table also shows how much of EMIs are being lined up towards the interest component and principal component on an annual as well as monthly basis.

    4. Can I make partial prepayments on Home Loan EMIs?

    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.

    5. Can I avail tax benefits by getting home loan on EMI?

    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.

    6. What is Pre-EMI?

    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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