Is the IDBI Home Loan EMI Calculator helpful?

Managing home loan EMIs can be very tricky, sometimes. This generally happens when you are not aware about how much EMI you have to pay. Home loan EMIs take away a major chunk of you salary. So, it is very important to know how much your EMI is going to be basis which you can plan out your expenses and savings per month. Home loan monthly installments are affected mainly by three factors: the loan amount you desire, interest rates and repayment tenure of the loan. Any movement in these factors can increase or decrease your monthly payments. Keeping in mind these three variables, IDBI has developed a home loan calculator that helps a borrower determine the EMI they’ll have to pay. Before we discuss how this home loan calculator works, let’s explore how the above mentioned factors affect your EMIs.

What are the factors that affect the IDBI Home Loan EMIs?

Loan amount: If you desire a higher loan amount for constructing or purchasing your house, your EMIs are going to be high. There is a direct correlation between these two variables. Home loan amount offered by IDBI ranges between INR 5 lakh to INR 10 crore. Say, if your home loan amount is closer to INR 5 lakh, your EMIs will be less in comparison to the opposite way around.

Rate of Interest: IDBI offers home loans at interest rate between 8.75% to 9.10%. The rate of interest rate you get determines whether your EMIs are going to be high or low. Higher the interest rate bagged by you, the higher is the EMI. In order to pay low EMIs, make sure to get the lowest rate possible. You can do the same by keeping a good credit score.


Repayment Tenure: This is basically the time period under which you’re obligated to pay the loan. Longer repayment tenure, lower is the equated monthly installment for you. The period that you’ll get is determined by IDBI based on your age at the time loan sanction and your retirement age. IDBI is known to give away home loan for long tenure periods, going upto 30 years.

How can the IDBI Home Loan EMI Calculator help you?

IDBI home loan emi calculator was built with the idea to help you. It lets you know how much EMI you have to pay every month so that you can plan well-in-advance. It cuts down the efforts that you would have to make by getting into complex calculations. By just adjusting a few sliders present in the IDBI home loan emi calculator, you can have the result on your screen within milliseconds.

How to use the IDBI Home Loan EMI Calculator?

It is no rocket science. It was designed for the convenience of the customer. Thus, very easy to use. First, decide the loan amount you want and then, enter the same on the EMI calculator by moving the slider. Second, choose the interest rate you desire by adjusting the slider. Lastly, choose a comfortable tenure period for you by which you’ll be able to pay the loan. And boom, you’ll have the result in front of your screen.

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