IndusInd Home Loan EMI Calculator

The fact that real estate prices are rising all over the country every second is not new to anyone. It has made affording a house daunting for society’s struggling sections. So, many individuals are looking out for home loans from financial institutions to fulfil their dreams.

Well, if you are applying for a home loan to purchase your dream home, you must use the assistance of the IndusInd Bank home loan EMI calculator. It will help you determine the right loan amount that aligns with your budget and financial goals. 

In this blog, we will discuss how the IndusInd Bank home loan EMI calculator will help you in your loan process so that you do not lose extra funds.

A home loan is a type of secured loan that you can avail from a financial institution to finance the purchase of your dream house. Once the financial institution disburses the loan amount, you must repay the principal and interest amounts within a specified period, usually ranging between 20 and 30 years. 

You must repay the amount in monthly instalments, known as Equated Monthly Instalments (EMIs). After paying the loan amount, the ownership of your house gets transferred to your name. Hence, if you want a home loan with a competitive interest rate, you must avail IndusInd Bank home loan. The bank offers customisable home loans considering your budget and financial goals to help your dream come true. 

Moreover, you must also know the EMI amount you have to pay before opting for a home loan so you can plan your finances accordingly. 

There are several benefits of the IndusInd home loan EMI Calculator that you can unlock while using it. The online financial tool will help you plan your home loan carefully. Here are some benefits of using this online tool:

When it is about planning for your home loan, you must not go wrong with numbers. Manually calculating the home loan details makes it prone to errors. So, it is where the home loan EMI calculator comes into play, as it provides accurate results every time you calculate. 

Manually calculating will take hours to make calculations regarding your home loan details. Nevertheless, you can use the IndusInd Bank home loan EMI calculator to calculate your home loan details within a split second. 

Using a home loan EMI calculator assists you in safeguarding yourself from future financial troubles. Understanding your home loan’s EMI beforehand empowers you to plan your monthly budget more efficiently and choose an amount that aligns with your financial requirements.

When you want to opt for a home loan, you must compare the various home loan offers to choose the one that aligns with your budget. It is when the home loan EMI calculator comes into play. You can use this tool to compare loan offers and understand the total cost of borrowing. It will help you narrow down the best offers and choose the home loan that suits your requirements.

Using the IndusInd Bank home loan EMI calculator requires no personal details. It means you do not have to reveal your details to use this online tool, making it safe to plan your home loan finances. 

After understanding the features of the IndusInd home loan EMI calculator, you must learn how it calculates your monthly instalments. Here is the formula that helps you calculate your online EMI amount seamlessly:

EMI = P x R x (1+R) ^N/[(1+R)^N-1] 

Where:

Let us understand this formula with the help of an example. 

For example, you apply for a Rs. 20,00,000 home loan from IndusInd Bank at an 8% interest rate per annum, and the loan tenure is 36 months (3 years). Then, according to the formula:

EMI = 20,00,000 x 8 x (1x8)^18 / [(1+8)^36-1]

EMI = Rs. 62,673

Hence, for a home loan of Rs. 20,00,000 with an annual interest rate of 8% and tenure of 3 years, you must pay a total interest of Rs. 2,56,218. Moreover, the total payable amount is Rs. 22,56,218. 

Nevertheless, manual calculation can be time-consuming and daunting. In such cases, the IndusInd Bank home loan EMI calculator comes to the rescue, as it calculates accurately within a fraction of a second. 

If you opt for a fixed-interest rate home loan, you must pay a fixed EMI throughout the loan tenure. However, each part of the payment going towards the interest and principal amount will differ. Hence, this process of calculating EMI is called amortisation. 

Here is a table representing the amortisation schedule for the home loan we have mentioned before. 

Owning a home is a dream of many individuals, and availing a home loan is an excellent option to make your dream come true. Nevertheless, you must prepare yourself for unforeseen circumstances in the future, such as what will happen if something happens to you before the end of your loan tenure! In such scenarios, your liabilities will be transferred to your family, creating financial problems. 

Hence, to avoid such situations, you can choose between term insurance and home loan insurance plans. Term insurance covers the family during the policy period. If the policyholder passes away, the family members can use the death benefit to reimburse the remaining loan balance.

On the other hand, if the policyholder passes away during the repayment period, the family members can use the home loan insurance to pay off the remaining debts, safeguarding themselves. 

ACKO IndusInd Bank housing loan EMI calculator has several benefits that you can avail while calculating your home loan EMI details. These advantages are as follows:

ACKO’s IndusInd Bank home loan EMI calculator is easy to use, and you do not require any financial expertise. You can open the webpage of the ACKO EMI calculator and enter your loan details, like loan amount, tenure and interest rate, to determine the EMI for your home loan. 

Furthermore, the ACKO EMI calculator allows you to customise the loan details according to your budget to get the amount that suits your financial requirements. You can also change the details endless times in the calculator to check and compare the EMI that suits your budget. These customisations enable you to determine the right loan amount that perfectly fits your monthly budget and financial goals.

Overall, the ACKO IndusInd Bank home loan EMI calculator is an online financial tool for individuals availing a home loan. The easy-to-use interface helps you to navigate and enter your loan details to determine your monthly instalments.