Indiabulls Home Loan EMI Calculator

Indiabulls Home Loans EMI Calculator

India bulls Housing Finance LTD. is among the top 3 money lending companies in India, founded in 2005 Indiabulls has presence in over 100 towns and cities across the country with more than 200 branches with well-qualified staff & easily accessible services for the residents. It also has branches in London and Dubai focusing the NRI and PIOs making it a multi-national housing finance company. IBHFL has served more than 1 million customers till date and has disbursed more than $2.5 trillion in housing loans. 

Home Loans EMI Calculator

A Home Loan EMI calculator is a very advanced tool that will help any Loan applicant understand their Total payable amount, interest amount and Principal amount. It shows the monthly installment that has to be paid and for how long it’s to be paid. Basically providing all the data to understand the loan details and plan with best strategies.

An EMI calculator is designed to understand the underlying mathematics of the Loan, Tenure and Interest rate and to provide the most accurate pieces of information to make a decision that leaves negligible room for misunderstanding and discomfort to the applicant in future. The Calculator provides any empty piece of data considering the applicant has other variables fixed in mind as per their needs. The tool shows the Monthly reducing balance explaining how the Principal value is decreasing over time and the applicant ends up paying less interest with time, although the EMI amount remains unchanged. The whole purpose is to filter out the unprecedented events leaving loan applicants amazed due to incomprehensive decision making because of not calculating the correct set of information before availing the Loan. Fortunately, The EMI calculator exists!

To provide an example on how the EMI calculator works let’s suppose Vaibhav is looking to take a loan of 50 lakh and wants to check the details.

The EMI calculator consists of three fields.

1.Loan Amount
2.Tenure (Number of Years)
3.Interest Rate

Now the Loan amount is decided by the applicant as per their needs and purposes, coming to Tenure, it is the number of years you require to repay the Loan amount, if Vaibhav earns 1.5 lakh per month and can give 50,000 per month as Equated monthly Installment to repay the loan and considering the typical interest rate of 8.7% offered by Indiabulls it would take him 15 years to completely repay the loan amount including interest amount.

Example: 1

Loan Amount: 50 Lakh
Interest Rate: 8.7%
EMI: 50,000

In this particular transaction the total amount payable by Vaibhav is Rs 9,021,600 over the course of 15 years and the interest amount is Rs 4,021,600.

However, these are rough numbers and the actual numbers can vary depending on the interest rate offered by the company or bank at that particular moment in time depending on various other factors including the most prominent one that is RBI increasing or decreasing the interest rate. 

In the above example Vaibhav can also increase the loan tenure by decreasing the EMI amount. Let’s suppose the Vaibhav cannot afford to give away 50,000 every month due to the ample amount of other responsibilities he has and is agreeing to offer 40,000 per month and wants to know the Loan details.

Example: 2

Loan Amount: 50 Lakh
Interest Rate: 8.7%
EMI: 40,000

So as per the EMI calculator and the maximum available loan term which is 30 years, Vaibhav will have to pay 39,513 every month for 30 years amounting to total sum of 14,224,680 and he will be paying Rs 9,224,680 as interest amount till the complete loan amount has been cleared.

In the above example one can notice that as the EMI amount decreases the interest rate paid over time increases significantly and on the other hand if you would like to decrease the interest amount then the EMI needs to be a really high amount. Hence, the EMI calculator is a really helpful tool to identify what is the best loan tenure and EMI amount before going ahead with the Loan application.

Any individual who has a high income and few expenses can go for a very big EMI amount and own the Home within a short period of time and more importantly with a relatively low interest rate. On the contrary if the person has a mediocre income generation option and more responsibilities then he will have to with the longest tenure available that is 30 years and pay a very low EMI amount but an alarming interest amount in the complete process.

Depending on the EMI and Interest amount the EMI calculator also enlightens the importance of thoughtful investing. By calculating the total interest payable and the person’s capacity for the EMI can provide more clarity on which type of property and in which specific location one can opt for. It also helps us understand the outcome if the floating interest rate has taken a big shift in numbers.

Types of home loans by Indiabulls

Home Loan Balance Transfer

Loan balance transfer is one of the best features available in the modern day banking system where one can benefit from a better loan offer or a better interest rate compared to the current loan options anyone has in place. Home loan balance transfer is to basically switch lenders with much better options like a better interest rate or a more flexible tenure and repayment option.

Suppose one has taken a Home loan at let’s say 15% a couple years ago and now Indiabulls offers a home loan for about 9% for a similar loan application with much better repayment and tenure option, then one can approach Indiabulls for a loan balance transfer service where the principle would be paid by the new lender to the previous lender and the individual would get a better deal with Indiabulls depending on the terms and conditions of the whole transaction. A better deal could be a lower interest rate or a more flexible EMI option or a better repayment option or partial payments.

Maximum tenure for Home loan repayment offered by the company is 30 years. This tenure is defined by certain parameters such as profile and age of the Customer and age of property at the time of loan maturity.

Loan Against Property

Loan against property is another fantastic loan option available at Indiabulls which gives the maximum possible amount for the property being used as a collateral. The way LAP works is one has to use their existing property as a collateral to avail loan from any bank and after validating and verifying all the necessary paperwork, basis terms and conditions depending on multiple factors bank will facilitate the loan amount with available features and value proposition.

Indiabulls Loan against property gives the best in market interest rate for the property and makes it the perfect solution for those who have finance needs for personal expenses or emergency financial needs. LAP is also a best in class solution for established businesses, entrepreneurs looking to start their journey or for those who are looking for business expansions. The capital gains available in the business of real-estate or any property in general makes it the most lucrative option to provide it as collateral and get the working capital for various business/personal requirements.

General overview of the Fees and charges for Loan against Property:

To find in detail information on fees and charges or visit Indiabullshomeloans.com

Home Loan for NRIs

Indiabulls offers an exclusive suite of loan products for the Non-Residential Indians living overseas and have always had the dream to settle down in India and have a dream house of their own. The exhilaration and energy that is put in by the individuals to ultimately get back to India is invaluable and so is the customized NRI loan service offered by iBHFL. 

Rural Home Loans

Rural Home loan service is drafted to target the Rural or Semi-Urban segment of the society and is a tailor-made solution available for seasonal workers, farmers and such whose requirements are a little different from the traditional loan requirements that banks typically receive. Indiabulls have gone through extensive and in-depth research trying to understand the needs and financial structure of this sector and have come up with some excellent facilities explicitly suitable for Rural loan applications. Instant Sanction, Easy Documentation, Flexible Repayment and Tenure options, Minimal Interest Rates are some of the available value added features in this Loan category.

Pradhan Mantri Awas Yojana (PMAY)

PMAY is a Credit Linked Subsidy Scheme (CLSS) provided by the Central Government of India where loan applicants will get subsidy in the Interest rate based on which income slab their earning lies into. PMAY is a remarkable initiative taken by the Government to ensure housing for all income class citizens. It was nothing more than wishful thinking for the low income generating sector to afford a house of their own but with the subsidy and other features available with this scheme that dream is developing into a reality.

EWS: Economically Weaker Section

LIG: Low Income Group

MIG: Middle Income Group 

Home Extension Loans

The 21st century has brought human beings to the pinnacle of technological developments and with which comes the need for a structural change in the living standards. A home that was large enough for a family of 5 people to live in 10 years ago is not even sufficient in 2021, due to the monumental increase in the home appliances, utensils and equipment that a modern home requires. It is common for anyone to look up to the idea of Home extension. A big garage, separate space for work from home equipment and e-learning for kids, appropriate Home size to ensure smart appliances operation is a must today. Indiabulls is presenting a perfect loan service for this need and has come up with the utmost beneficial options and features for one to select and customize it as per their requirements. However, all the owners of the property have to be co-applicants in the loan.

Home Improvement/Renovation Loans

Home Renovation is the most basic requirement that the home itself craves for gradually, whether it is to paint complete house or to fix new cabins in the kitchen and bedrooms, or to simply buy smart appliances to improve overall living standard, every house needs improvements from time to time and that is where the Home Renovation Loan offered by Indiabulls is an excellent choice as it fulfils the purpose without giving a dent to the multiyear savings. All owners of the property have to be co-applicants for the loan. Maximum available loan term is 15 years.

A perfect deal would be to be able to renovate home and save money at the same time while clearing the principal amount gradually over the span of years as per applicant’s choice of tenure and coming with the best in the market interest rate where one is not worried about the added cost building up with an improvement plan.

How to Apply for Indiabulls Home Loan

There are various options for loan application to IndiaBulls and based on applicants convenience they can choose from the below specified methods.

1. 1. IndiaBulls has a get a call feature where customers can go to https://www.indiabulls.com/contact and click on “Get a Call” and submit the required details to get a consultant to call them and proceed with the process.
   2. Loan applicants either new or existing can also email IBHFL at (homeloans@indiabulls.com) or (lap@indiabulls.com) and continue with the application or get their enquiries addressed.
   3. Consumers can also go for telephonic assistance by dialing the IBHFL Helpline (1800-572-7777) available from Monday to Saturday, Timings are 9AM-6PM, except for 2nd and 3rd Saturdays and Public Holidays.
   4. If one wants to have an in person interaction with the well qualified staff then they can also find the nearest branch in their town by going to Indiabulls website and using the branch locator tool and visit the office to apply for the loan.

FAQs

What is the maximum eligibility age for Loan Against Property?

The maximum eligibility age for Loan Against Property is 65 years.

What is the benefit of a Monthly Interest rate with a reduced balance?

A monthly Interest rate is when the interest is charged on a monthly basis and the installments includes the total amount and the interest. Gradually the principal amount decreases significantly over time saving a huge sum of money in the long term perspective.

What is EMI and what role does it play in the Home loan?

EMI (Equated Monthly Installments) is the monthly installments that the loan applicant has to pay every month until the total Loan amount is cleared. EMIs play a huge role in any kind of Loan as the more the EMIs the higher the interest applicant has to pay. The standard amount set for EMIs is around 30-40% of the monthly income and not more than 70%.

How much is the Loan to Value for Loan against property?

LTV calculated based on many factors including the location, age of the property and the loan amount. To get the accurate LTV one can reach out to Indiabulls by the above listed options and get the information.

What is a fixed and floating interest rate?

Fixed Interest rate is where the interest rate is fixed for the whole Loan term, but on the other hand the floating interest rate changes and is in accordance with what the Bank/Company is offering at that moment in time in relation to market and economic conditions.

What is the maximum Loan Tenure available?

Maxi Loan tenure is 30 years but one cannot cross 65 years of age.