IDBI Bank Home Loan EMI Calculator
The three important things you must be aware of are
- Loan amount, required
- Rate of interest payable and
- The period (in years) for which the loan is required.
With the facility of online home loan calculators one can easily find out the EMI under his budget by applying all combinations between the Loan amount and tenure (period) of repayment.
Once you click on the calculate button you will get the following result: –
- Total amount along with interest rate charged
- Flat rate of interest per month
- Flat rate of interest per year
- Total interest amount
As per your convince EMI can be of two types: EMI in advance and EMI in arrears.
EMI in advance: In this option EMI is payable in beginning of each month. Simply known as Front loaded EMI.
EMI in arrears: In this option EMI is payable at the end of every month. This is also called Rear-Ended EMI.
In case of EMI the interest rate is calculated on the outstanding balance on month-to-month basis at 1/12 of the annual rate of interest.
Guide to use the IDBI Bank home loan calculator
- Step 1. Feed in the amount of loan you want to borrow in the ‘LOAN AMOUNT REQUIRED’ section of the calculator.
- Step 2. After that feed the duration for which you want to acquire the loan in ‘REPAYMENT TERM REQUIRED’ section.
- Step 3. Then enter then rate of interest you opt for to repay the loan in the ‘INTEREST RATE’ section.
- Step 4. Now click the ‘CALCULATE’ button and you will get the amount of EMI you will have to cough up to pay off your loan.