IndusInd Bank Home Loan Calculator

Thinking of buying a home but don’t know how much your monthly payments will be? Well, IndusInd Bank makes it easy for you to calculate your home loan EMI and lets you know the estimated amount before you finalize a loan. The home loan calculator from IndusInd bank is a one-stop solution to your home loan EMI calculations, it makes the complicated calculation simple and error-free for you.

By entering the main details like tenure, rate of interest, and loan amount, the IndusInd bank calculator gives you a clear breakdown of your monthly payments in no time. The calculator will also let you include the processing fee and pre-payment amount to give you the most accurate estimate. The calculator gives you a clear picture of the financial situation and lets you prepare in advance without facing any surprises later when it comes to payments.

What is the interest rate of an IndusInd Bank home loan?

Interest rate is the most important thing when it comes to home loans, it can make or break a loan. When you apply for a loan with IndusInd Bank you are looking at an interest ranging from 8.60% to 10.00% per annum. The interest rate depends on your credit history and creditworthiness.

What are the types of IndusInd Bank home loans?

IndusInd bank offers a wide range of loan options for applicants to choose from and make the right decision as per their needs.

• Plot Plus Construction Loan
• Home Loans for NRIs
• Home Renovation/Extension Loan
• Approved Project Home Loan

These options cater to everyone who is looking to buy a new home, construct a new home, or even renovate a place.

What are the Key features of IndusInd Bank Home Loan?

If you are wondering which bank to choose for your home loan, here are the reasons that make the IndusInd Bank stand out:

• Attractive interest rates: The interest rate starts at just 8.6 % per annum, which makes it a competitive rate.
• Flexible Eligibility: The bank offers loans to both salaried and self-employed individuals.
• Convenient Loan Tenures: You can choose a repayment tenure depending on your financial situation.

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

Ready to move on? Head back to the; top of the page and follow the steps below:

• Enter the Loan Amount: Input the loan amount you want to borrow
• Enter the Interest Rates: Enter the interest rate applicable to your loan amount
• Enter Loan Tenure: Input the period over which you plan to repay the loan.
• Add Pre-Payment amount (if applicable): if you are going to pre-pay any amount, you have to add it here.
• Add Processing Fee Amount: Include the processing fee applicable to your loan
• Calculate Your EMI: Click on the calculate EMI button

Once you click on the EMI button, the calculator will give you a breakdown of the entire loan as below:

• Monthly EMI:
• Principal Amount
• Total Interest Payable
• Applicable Pre-Payment
• Total Payment
• Loan Paid to Date

The calculator allows you to experiment with different loan amounts and tenures to repay it, giving you a different monthly EMI estimate and letting you decide which one is the most comfortable option for you.

How to Calculate IndusInd 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): ₹30,00,000
• Annual Interest Rate: 8.6%
• Loan Tenure: 30 years

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

Step 2: Convert the loan tenure to months:

n = 30 × 12 = 360

Step 3: Plug these values into the formula:

Step 4: Calculate the EMI:

So, the monthly EMI for a loan amount of ₹30,00,000 at an 8.60% annual interest rate over 30 years would be approximately ₹23,280.

Benefits of Using IndusInd Bank Home Loan EMI Calculator?

Using the IndusInd Bank home loan calculator has its benefits, here is why you should make it your go-to tool:

• Diverse Loan Options: It lets you compare different loan options, to help you find the perfectly suitable one for you.
• Doorstep Service: IndusInd Bank offers you a representative service to walk you through the whole loan process.
• Transparent Fees: IndusInd Bank has no hidden charges, the process is completely transparent, and you know what you are signing up for.
• Simplified Documentation: IndusInd Bank offers simple paperwork. Less paperwork means less stress on your loan journey.
• Balance Transfer Options: IndusInd Bank allows you to transfer your balance amount from the loan if you get a better interest rate down the line.
• Flexible Tenure: IndusInd Bank allows you to pick a repayment period anywhere from a minimum of 1 year to a maximum of 30 years.

How to Apply for IndusInd Bank Home Loan?

If you are thinking about applying for a home loan with IndusInd Bank you can go to the bank's website and fill out the form for the loan, attach the required documents, and submit the documents. The IndusInd bank representatives will take it from there and get your loan approved. You can also go to the nearest branch and apply for a loan from the branch as well.

Eligibility Criteria for IndusInd Bank Home Loan

If you are looking to apply for a home loan with IndusInd Bank there is an eligibility criterion you need to pass, as follows:

• IndusInd offers loans to both Indians and NRIs.
• If you are a salaried individual applying for a home loan, you need to be between 24 to 60 years of age, working with a reputable organization for at least 3 years.
• If you are a self-employed individual like an engineer, CA, CSS, or doctor between the ages of 24 to 70 years with a 3-year work experience, you can apply for a loan.
• You can also apply for a loan if you are a self-employed non-professional who has been filing ITRs for at least 3 years and is in the age group between 24 to 65 years.

Home financial management is simpler with the IndusInd bank home loan calculator. You can customize your loan plan as per your needs by calculating different EMI options here and choosing the one that suits your needs. Taking the first step towards your dream home is now as easy as a few clicks.

FAQs

What is the maximum loan term that I can avail of?

IndusInd Bank offers loan terms of up to 30 years, giving you the flexibility to choose a term that suits your needs.

What is the maximum quantum of home loans that IndusInd Bank can provide?

The bank can finance up to 80% of the property’s value, depending on factors like property location and borrower profile.

Can I avail of IndusInd Bank Home Loans if I do not have an account with IndusInd Bank?

Not at all! Both new and existing customers are welcome to apply, provided they meet the eligibility requirements.

How long will it take to process my home loan?

IndusInd Bank strives to process applications within three days. However, the full timeline depends on how quickly you submit documents and the time taken for property verification.