Bandhan Bank Home Loan Calculator

Are you dreaming of your own home? A place you can call your sanctuary, feel the most comfortable, and enjoy your time with your family. It is a big decision to buy your own home but with Bandhan Bank’s home loan options, buying your dream home is no longer, just a dream. Bandhan Bank home loan calculator is an online tool designed to help you calculate your monthly EMI and take control of your finances. With this calculator, you can decide what loan option to go for and plan your finances before you sign the papers.

What is Bandhan Bank home loan EMI calculator?

When you take a home loan, you pay a monthly installment, which over time pays back the borrowed amount. The Bandhan Bank home loan calculator helps you calculate this EMI amount before you sign loan papers, depending on the amount you are planning to borrow, the time you are planning to borrow it for and the rate of interest applied to it.  You can enter different loan amounts, figure out which one is suitable for you, and apply accordingly.

What is the interest rate of a Bandhan Bank home loan?

Interest rate is what helps people decide whether they want to take a loan or not. Very high interest rates, make the EMI higher, and they eventually make the total amount to be repaid higher as well. Bandhan Bank offers competitive rates that range between 9.16% and 15.00% per annum. The rate of interest applicable on your home loan depends on your credit score and creditworthiness. If you have a higher credit score, your interest rate will be lower, so it is advisable to keep your credit history good.

What are the types of Bandhan Bank home loans?

• Suraksha Home Loan
• Sajavat Home Loan
• Su-awas / Su-awas Saral / Suniwas Home Loan
• Suvidha Home Loan

What are the Key features of Bandhan Bank Home Loan?

Here a some of the features that make the Bandhan Bank home loan stand out:

• Bandhan Bank allows you to apply for a loan for purchasing, constructing, or even extending a house.
• Bandhan Bank requires formal income proof from your end to prove that the loan is manageable.
• Bandhan Bank allows loan financing up to 90% of the property cost, including land and construction.
• Bandhan Bank allows flexible repayment tenures of up to 30 years.

How to Use Bandhan Bank Home Loan Interest Rate EMI Calculator?

Now that we know about the Bandhan Bank EMI calculator, let’s understand how it works. You can go to the top of the page and enter the following details:

• Enter the loan amount – Enter the amount you are thinking of borrowing
• Enter the applicable interest rate- You need to input the interest rate that applies to your loan.
• Enter the tenure- Enter the period over which you want to repay your loan
• Add prepayment amount if applicable – If you are planning to pre-pay a certain amount to reduce your loan, enter the amount here.
• Add the processing fee amount – Enter the processing fee applicable to your loan
• Calculate your EMI – click on the calculate button, to get your monthly EMI amount.

You can now review your results as:

• Monthly EMI – The monthly installment you will be paying
• Principal Amount – This is the total loan amount you will be borrowing
• Total interest payable – This is the total interest you are paying on the amount you are going to borrow.
• Pre-payment – Any amount you have prepaid towards the loan, will show here.
• Total Payment (Principal + Interest + Pre-payment)- The amount that is to be paid by the end of the tenure.
• Loan paid to date – this shows the amount repaid, if applicable

How to Calculate Bandhan Bank Home Loan EMI?

For those who prefer a hands-on approach, you can calculate your EMI using the following formula:

The EMI calculation is based on a standard mathematical formula:

Where:

• PPP is the principal loan amount
• r is the monthly interest rate (annual interest rate divided by 12 and then by 100)
• n is the loan tenure in months (loan tenure in years multiplied by 12)

Explanation with an Example Let’s consider an example to illustrate the calculation:

• Loan Amount (P): ₹25,00,000
• Annual Interest Rate: 9.16%
• Loan Tenure: 20 years

Step 1: Convert the annual interest rate to a monthly rate:

Step 2: Convert the loan tenure to months:

n = 20 × 12 = 240

Step 3: Plug these values into the formula:

Step 4: Calculate the EMI:

So, the monthly EMI for a loan amount of ₹25,00,000 at an 9.16% annual interest rate over 20 years would be approximately ₹22,686.

Benefits of Using Bandhan Bank Home Loan EMI Calculator?

If you are still wondering why the Bandhan Bank home loan calculator is worth it, here are some of its benefits.

• Saves Time: The Bandhan Bank home loan calculator helps you save time on the manual calculation that you will be doing without its assistance.
• Financial Planning: Knowing in advance the monthly EMI you will have to be paying; helps you budget out your finances smartly.
• Accuracy: The Bandhan Bank home loan calculator easily avoids the mistakes of manual calculations, and gives you precise figures.
• Easier Comparisons: The Bandhan Bank home loan calculator being an online tool, lets you enter different loan amounts and tenures and decide which monthly EMI is comfortable for you.

How to Apply for a Bandhan Bank Home Loan?

If you are ready to apply for a home loan at the Bandhan Bank, there are two ways to do so.

• Online: You can go to the home loan section on the bank’s website and fill out the home loan application there, attach the documents asked for, and submit your application.
• In person: The other option is to go to your nearest Bandhan Bank branch and speak with a representative. They will guide you through the process and help you fill out the form. You can attach the required documents and submit your application at the branch itself.

Eligibility Criteria for Bandhan Bank Housing Loan

You need to be able to match the eligibility criteria to apply for a housing loan at Bandhan Bank.

Age: Applicants should be a minimum of 21 years of age and a maximum of 75 years at the time of loan maturity or retirement, whichever is earlier.

Monthly Income: You need to have a steady, disposable income to be able to repay the loan successfully.

The financial aspect of buying a home loan does not have to be complicated with the Bandhan Bank’s home loan calculator. You can make smart decisions about your finances well in advance by knowing the accurate amount to be paid every month. Whether you are looking at buying a home, building a new one, or just renovating your space, Bandhan Bank makes it achievable for you.

FAQs

What's the maximum loan tenure?

The maximum loan term for a Bandhan Bank home loan is 15 years, giving you flexibility to choose a duration that suits your financial situation.

Is it necessary to insure the property?

Yes, it’s required to keep the property insured against risks or unforeseeable events for the loan term, protecting you and the bank.

Can I transfer my existing loan to Bandhan Bank Home Loans?

Absolutely. Bandhan Bank offers a balance transfer facility, enabling you to move your existing home loan to Bandhan Bank. If you find a lower interest rate or better terms here, this option could help you save on EMIs.

How will the bank check my eligibility?

Your monthly income, credit score, and existing debt obligations will be assessed by the bank to determine how much financing you can qualify for.

Can I get a top-up on my loan?

Yes, Bandhan Bank provides top-up loans through its balance transfer facility. Contact the bank to find out the top-up amount for which you may be eligible.

Are there any part-payment or foreclosure charges?

No, Bandhan Bank doesn’t charge for part-payments or foreclosure, giving you added flexibility in paying off your loan early.