Bandhan Bank Home Loan EMI Calculator
The Bandhan Bank Home Loan Calculator is designed to streamline your home financing process. This intuitive tool allows you to easily calculate your monthly EMIs based on your loan amount, interest rate, and tenure. By providing a clear picture of your repayment structure, it helps you plan your budget more effectively and make informed financial decisions. Whether you're purchasing a new home or refinancing an existing loan, our calculator offers accurate and quick results to support your home loan journey. Learn how to use it today to take the first step toward your dream home.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate Bandhan Bank Home Loan EMI?
One can easily calculate Bandhan Bank home loan EMI using the principal loan amount, the interest rate, and the loan tenure in a simple mathematical formula. Alternatively, Bandhan Bank’s online EMI calculator provides instant and accurate EMI estimates based on your given loan details.
Bandhan Bank Home Loan EMI Calculator Formula
The Bandhan home loan calculation formula helps determine the Equated Monthly Installment (EMI), taking into account three key elements: the principal (P), the monthly interest rate (R), and the loan tenure in months (N). This formula provides an accurate estimate of the monthly repayment amount, assisting borrowers with effective budgeting and informed decision-making when evaluating home loans from Bandhan Bank or any other lender.
The formula for calculating the EMI is:
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]
Factors Affecting Bandhan Bank Home Loan EMI
Bandhan Bank housing loan EMI is subject to vary depending on certain factors such as the loan amount, tenure, and interest rate. Hence, it is crucial to understand these Bandhan Bank Home Loan criteria for an informed decision before committing to a home loan with the Bandhan Bank.
Loan Amount: The first factor to affect the housing loan installment per month is the principal amount borrowed. Remember larger loan amounts lead to higher EMIs, as the repayment period is extended.
Interest Rate: Secondly, the rate of interest directly impacts your housing loan EMI amount. A higher interest rate results in higher EMIs, while a lower rate reduces your monthly payments.
Loan Tenure: The duration over which the loan is repaid affects the EMI. Shorter tenures result in higher EMIs but less overall interest paid, while longer tenures reduce the EMI but increase the total interest cost.
Benefits of Using Bandhan Bank Home Loan Calculator
Using the Bandhan Bank home loan calculator simplifies the process of determining your monthly EMI by providing quick and accurate estimates. Besides, there are several other benefits of Bandhan Bank Home Loan calculator that are listed below:
Free To Use and Time-Saving Tool: Designed for ease of use, the Bandhan Bank home loan calculator requires no complex calculations or financial expertise, making it accessible to all users. It is a free-to-use and time-saving online EMI tool available at the BASIC home loan website: EMI.
Instant and Accurate Results: With the calculator, you receive immediate results without the need for manual calculations, saving time and ensuring you have up-to-date information for your financial planning.
Customized Financial Planning: The online EMI tool allows you to adjust loan parameters to see how changes in the amount, interest rate, or tenure affect your EMI, helping you choose the most suitable loan option.
Bandhan Bank Home Loan Interest Calculator Formula
The Bandhan Bank Home Loan Interest Rate Calculator is a vital tool for effective financial planning, helping borrowers estimate their Equated Monthly Installments (EMIs) by applying specific loan parameters. This mathematical formula offers a transparent view of repayment commitments, facilitating better financial decisions and budget control. Below is the formula used to calculate the interest on a home loan:
Total Interest = (P × R × T) / 100
Where:
P stands for the Principal Loan Amount
R denotes the Rate of Interest
T represents the Tenure
Bandhan Bank Home Loan Eligibility Criteria
Bandhan Bank’s home loan eligibility criteria are designed to ensure that applicants meet financial and credit standards. Generally, you must be an Indian resident aged between 21 and 65 years with a stable source of income. The bank assesses your credit score, income level, employment status, and existing financial obligations to determine eligibility. You can check the same using the easy-to-use Bandhan Bank Home Loan eligibility calculator.
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Comparison of Bandhan Bank Home Loan EMI with Other Popular Banks
Comparing Bandhan Bank Home Loan EMIs with those from other popular banks is crucial for identifying the most cost-effective financing option. This comparison helps borrowers understand the competitive rates and terms offered by various institutions, allowing them to choose a loan that best fits their financial situation. Additionally, evaluating different EMI structures can reveal potential savings and better repayment plans. Keeping this purpose in mind, we are now comparing Bandhan home loan EMI and the payable EMI for other competitors for the duration of a 10-year loan term:
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
| Bandhan Bank | 9.16% p.a. onwards | Rs. 12,754 | Rs. 25,509 | Rs. 38,263 | Rs. 51,017 | Rs. 63,772 |
| HDFC Bank | 8.50% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
| Shriram Housing Finance | 9.50% p.a. onwards | Rs. 12,940 | Rs. 25,880 | Rs. 38,819 | Rs. 51,759 | Rs. 64,699 |
| Jana Bank | 9.75% p.a. onwards | Rs. 13,077 | Rs. 26,154 | Rs. 39,231 | Rs. 52,308 | Rs. 65,385 |
| Shubham Housing Finance | 9.90% p.a. onwards | Rs. 13,160 | Rs. 26,320 | Rs. 39,479 | Rs. 52,639 | Rs. 65,799 |
| Motilal Oswal Housing Finance | 11.75% p.a. onwards | Rs. 14,203 | Rs. 28,406 | Rs. 42,609 | Rs. 56,812 | Rs. 71,015 |
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Bandhan Bank Home Loan Amortization Schedule
Bandhan Bank Home Loan Amortization Schedule offers a comprehensive view of how each payment is divided between principal and interest throughout the loan period. This schedule breaks down every installment, showing how the loan balance decreases over time and how much of each payment goes toward reducing the principal versus paying off interest. By examining this schedule, borrowers gain valuable insights into their repayment progress, allowing for more informed financial planning and budgeting.
Steps to Calculate Bandhan Home Loan Amortized Interest
Step 1: Begin by determining the monthly interest rate. Divide your annual interest rate by the number of EMIs you plan to make each year. For instance, with an annual rate of 9.16% and monthly payments, divide 9.16% by 12 to get a monthly rate of 0.0076.
Step 2: Next, calculate the monthly interest payable. Multiply the monthly interest rate by your outstanding loan amount. For example, if your loan balance is Rs. 5,000,000, the interest for the first month would be Rs. 5,000,000 × 0.0076 = Rs. 38,166.
Step 3: To find out the principal repayment for the first month, subtract the monthly interest from your EMI. If your EMI is Rs. 51,190, then your principal repayment for the first month would be Rs. 51,190 - Rs. 38,166 = Rs. 13,023. This principal amount is then deducted from your remaining loan balance for subsequent calculations.
Step 4: Repeat these calculations for each month to determine the remaining loan balance, monthly interest, and principal repayment. This will help you keep track of your payments and loan progress.
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 1,63,011.00 | Rs. 451,269.00 | Rs. 5,000,000.00 | Rs. 614,280.00 |
| 1st Month | Rs. 13,023.33 | Rs. 38,166.67 | Rs. 5,000,000.00 | Rs. 51,190.00 |
| 2nd Month | Rs. 13,122.74 | Rs. 38,067.26 | Rs. 4,986,976.67 | Rs. 51,190.00 |
| 3rd Month | Rs. 13,222.92 | Rs. 37,967.08 | Rs. 4,973,853.92 | Rs. 51,190.00 |
| 4th Month | Rs. 13,323.85 | Rs. 37,866.15 | Rs. 4,960,631.01 | Rs. 51,190.00 |
| 5th Month | Rs. 13,425.56 | Rs. 37,764.44 | Rs. 4,947,307.16 | Rs. 51,190.00 |
| 6th Month | Rs. 13,528.04 | Rs. 37,661.96 | Rs. 4,933,881.60 | Rs. 51,190.00 |
| 7th Month | Rs. 13,631.30 | Rs. 37,558.70 | Rs. 4,920,353.56 | Rs. 51,190.00 |
| 8th Month | Rs. 13,735.35 | Rs. 37,454.65 | Rs. 4,906,722.26 | Rs. 51,190.00 |
| 9th Month | Rs. 13,840.20 | Rs. 37,349.80 | Rs. 4,892,986.91 | Rs. 51,190.00 |
| 10th Month | Rs. 13,945.85 | Rs. 37,244.15 | Rs. 4,879,146.71 | Rs. 51,190.00 |
| 11th Month | Rs. 14,052.30 | Rs. 37,137.70 | Rs. 4,865,200.86 | Rs. 51,190.00 |
| 12th Month | Rs. 14,159.57 | Rs. 37,030.43 | Rs. 4,851,148.56 | Rs. 51,190.00 |
FAQs
Yes, Bandhan Bank typically offers a pre-EMI option for home loans. This allows you to pay only the interest on the disbursed loan amount during the construction period or before the regular EMI payments begin. Please confirm the availability and terms of this option with Bandhan Bank.
Yes, you may calculate EMIs for different home loan tenures using the calculator as many times as you want, it is absolutely free to use for multiple times.
The Bandhan Bank home loan calculator primarily calculates EMIs based on the principal loan amount, interest rate, and tenure. It typically does not include processing fees or other additional charges.
To use the Bandhan Bank home loan EMI calculator available at the BASIChomeloan website, input the following details: loan amount, interest rate, and loan tenure. The calculator will then provide you with the EMI amount based on these parameters, helping you plan your monthly repayments effectively.