How to use Home Loan Calculator IDBI to have an estimate about your EMI?

How to use Home Loan Calculator IDBI to have an estimate about your EMI?

There is one factor that holds a pretty important role in the times when you’re looking for a home loan to achieve your dream home. This factor is known as the interest rate which directly affects the monthly installments that you’ll pay for your home loan. Talking about home loan, there are several banks and housing finance companies that let needy individuals opt for the home loan facility at an affordable rate of interest. IDBI Bank is one of the premier private sector banks of India that provide the housing loan facility and also, a brilliant tool named Home Loan Calculator IDBI by which you can have an estimate of your EMI amount before opting for a home loan.

Why it is important to have an estimate of your EMI with the Home Loan Calculator IDBI?

When someone looks to opt for a ​home loan​, there are many factors that an individual needs to check. The most prominent one is your financial capability which can be gauged by your monthly income. Suppose that your monthly income is INR 50,000, and you have an already existing EMI of INR 8,000 to pay. So leave aside all the expenses, there is a definite amount that you can set aside for your home loan EMI otherwise you may find the EMI payment a bit difficult. When you will have an estimate about the EMI, you could manage your finances in a better way and save yourself from making irregular payments.

You must also remember that irregularities in EMI payment can have a huge impact on your CIBIL score, and estimation by ​Home Loan Calculator IDBI saves you from this. When you will have an accurate EMI amount, you can set aside that particular amount every month in order to maintain a smooth payment.

What are the details to use the Home Loan Calculator IDBI?

Now, you’ve known about the importance of home loan calculator IDBI, you must want to know about the details that you will need to use this amazing tool by IDBI Bank. Don’t worry a bit, we will also be telling this. There are mainly three details that you will need to have close to you so that you can fill them in the calculator. These are loan amount, IDBI home loan rate of

interest, and a number of months. As soon as you will fill all these details into the home loan calculator IDBI, you will get the EMI amount.

You can have a detailed look at all of them below.

Required Loan Amount:​ Your dream home must have a definite cost and you would have also chosen a home that had fitted with your financial capability. A home must match with your repayment capability. It would be illogical to choose a home worth of INR 2 crore when your monthly salary is insufficient to pay the hefty EMI for such amount. So choose wisely and fill the amount that you want to borrow from the bank.

IDBI Home Loan Rate of Interest: ​Available to both salaried and self-employed individuals, the interest rate on IDBI home loan ranges from 8.25% to 8.80% per annum. Besides, this also depends on various factors such as the loan amount, property value, employment type, and your CIBIL Score.

You can move the scroller to fill the desired rate of interest.

Required Tenure:​ The third and last thing that you will have to fill in the home loan calculator is the number of months within which you will repay the loan amount. The maximum tenure can be of 25 years for an IDBI Home Loan.

After getting the EMI amount, if you don’t satisfy with the result, you can use it for as many times as you want with different values till the time you get a suitable EMI amount for you.