Monthly EMI | ₹ |
Principal amount | ₹ |
Total interest | ₹ |
Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
Owning a home is now a step closer with IDBI Bank home loans. IDBI provides housing finance at affordable interest rates, starting from 7.40% p.a. Individuals can also check several EMI options with the help of the IDBI home loan calculator and select the right one as per their repayment potential.
IDBI or the Industrial Development Bank of India was set up in 1964 as an ancillary of the Reserve Bank of India. Initially, it started working as a financier to the emerging industries in the Indian economy. Several national organisations like NSE, NSDL, EXIM Bank and SIBBI can find their origin in IDBI.
On 21st January 2019, LIC of India also acquired a 51% stake in IDBI. The RBI later clarified IDBI’s re-classification as a private financial organisation for regulatory purposes.
When opting for a housing loan, applicants must ensure that they can make timely repayment before applying for it. Therefore, they need to check whether the EMI amount for the selected loan value is feasible for them or not. Here, an EMI calculator can be helpful.
A home loan calculator is a handy computing tool available online. It assists individuals in estimating their monthly instalment based on the credit value, tenure and rate of interest. With an IDBI home loan EMI calculator, applicants can tweak these elemental values to arrive at a suitable EMI amount.
The home loan calculator IDBI bank based on the following formula –
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
In this,
Given below is an example to help you understand the calculation –
Rajan applied for housing financing with IDBI bank. The lender is ready to sanction a principal amount of Rs. 45,00,000 at an interest rate of 9% per annum. Now, Rajan wishes to pay off this debt within 15 years.
So, the valued provided to the calculator will be –
Principal | Rs. 45,00,000 |
Interest rate | 9% |
Tenure | 15 years or 180 months |
As per the formula mentioned above, the estimated EMI would be –
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
= [45,00,000 X 9% X (1+9%)^180] / [(1+9)^180-1]
= 45,642
Therefore, before confirming this tenure and advance amount, Rajan can assess that his EMIs would be Rs. 45,642. If he considers this amount expensive, he can change either the tenure or principal value in the IDBI home loan calculator 2022 for an affordable option.
An IDBI home loan calculator thus aids users in deciding their EMI amount without any hassles. Once individuals are aware of this fixed monthly liability, they can make their other financial decisions accordingly.