Monthly EMI | ₹ |
Principal amount | ₹ |
Total interest | ₹ |
Total amount | ₹ |
The IndusInd Bank is known to be a new generation Indian Bank. Along with its commercial transactions facilities, electronic banking, and more, the bank also offers its customers home loans that they can easily apply for online or even offline. These home loans they later return through an EMI. The EMI amount is fixed each month and needs to be paid on a specific date.
Also, it's important to remember that the EMI amount consists of the principal amount and interest amount each month. If you want to know how much your EMI would be before you could possibly get the loan, you can simply use the IndusInd Bank Home Loan EMI Calculator.
The IndusInd Bank Home Loan Interest Rate Calculator is an online calculator that you can use from anywhere and at any time. This Home Loan EMI Calculator IndusInd Bank has the following features:
The people who use the Home Loan Eligibility Calculator IndusInd Bank will have the benefit any knowing how much EMI they will need to pay each month even before they can apply for the loan. This will ensure that they are making the right choice and that they can afford to pay the EMI each month.
This will also make sure that you can plan around your monthly budget and let you know if this is the right moment to take out the house loan for yourself.
Other than these factors, there are several other attributes that make using the IndusInd Bank Housing Loan Calculator merit, and they are:
There are only three simple steps to use the IndusInd Bank Home Loan calculator, and they are:
Step 1
You will have to drag your cursor along the line of the principal amount to the amount that you want as a home loan from the bank.
Step 2
You will now choose the tenure for which you want to repay the loan.
Step 3
Finally, you can enter the rate of interest that IndusInd Bank is giving you for the specific home loan.
The calculator works on a preprogrammed formula that is designed to calculate the amount of EMI and interest instantly. The formula that is used is -
The formula expanded:
P = The Principal Amount
R = The Rate of Interest
N = The tenure of the loan
This formula can also be explained or elaborated through a detailed example.
Ms Ramya wants to take a home loan from the IndusInd Bank in July 2022. She wants a housing loan for reconstruction, and the amount is Rs. 35 lakhs. The bank is offering her an interest rate of 9%. She chooses to repay the loan amount at the tenure of 12 years. Therefore, the calculation of her loan is as follows:
Principal Amount = Rs. 35 lakhs
Tenure = 12 Years
Rate = 9%
EMI = Rs. 39,831
Based on the example that has been mentioned above, here is a table that shows us the break-even of the home loan over a period of time.
Year |
Interest |
Principal |
Total Payment |
Outstanding Loan |
2022 |
1,55,957 |
83,030 |
2,38,987 |
34,16,970 |
2023 |
3,00,317 |
1,77,656 |
4,77,973 |
32,39,315 |
2024 |
2,83,653 |
1,94,321 |
4,77,974 |
30,44,995 |
2025 |
2,65,424 |
2,12,549 |
4,77,973 |
28,32,445 |
2026 |
2,45,483 |
2,32,489 |
4,77,972 |
25,99,958 |
2027 |
2,23,676 |
2,54,297 |
4,77,973 |
23,45,661 |
2028 |
1,99,822 |
2,78,151 |
4,77,973 |
20,67,510 |
2029 |
1,73,728 |
3,04,245 |
4,77,973 |
17,63,266 |
2030 |
1,45,189 |
3,32,785 |
4,77,974 |
14,30,482 |
2031 |
1,13,972 |
3,64,001 |
4,77,973 |
10,66,480 |
2032 |
79,826 |
3,98,146 |
4,77,972 |
6,68,333 |
2033 |
42,475 |
4,35,497 |
4,77,972 |
2,32,836 |
2034 |
6,151 |
2,32,835 |
2,38,986 |
0 |
You will not be asked to have any technical skills in order to use this tool.
No, it is free of cost, and all that you have to do is visit the portal of Groww.
No, you can apply for a home loan, irrespective of whether you are a customer or not.
You can use the IndusInd Bank home loan calculator as many times as you want, and there are no restrictions.
The bank offers different types of home loans, and you have to check with each different scheme to know if you are eligible.