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Home > Home Loan > Banking > Bandhan Bank Home Loan EMI Calculator

Bandhan Bank Home Loan EMI Calculator

Taking a home loan is a big decision, and understanding your EMI is crucial. The Bandhan Bank Home Loan EMI Calculator gives you instant clarity on your payments. Credit Dharma ensures a hassle-free experience with expert advice, competitive interest rates, and lifetime assistance.

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Bandhan Bank Home Loan Interest Rates

Home LoanInterest Rate
Suraksha Home Loan9.16% p.a. – 13.33% p.a.
Sajavat Home Loan9.16% p.a. – 13.33% p.a.
Su-awas Home Loan13% p.a. – 15% p.a.
Suvidha Home Loan9.16% p.a. – 13.33% p.a.

How is Bandhan Bank Home Loan EMI Calculated?

The EMI for Bandhan Bank home loan is calculated using the following standard formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]

  • P = Loan Amount
  • R = Monthly Interest Rate (Annual Rate ÷ 12)
  • N = Loan Tenure in Months

Example:

If you borrow ₹50 lakhs at an interest rate of 8.5% p.a. for a tenure of 20 years, the calculation will be:

  • Loan Amount (P) = ₹50,00,000
  • Interest Rate (R) = 8.5%/12 = 0.7083% per month
  • Loan Tenure (N) = 20 years × 12 = 240 months

Using the EMI formula, the monthly EMI will be around ₹43,391.

Pro Tip: If your credit score is low, consider working on it for 3-6 months before applying for a home loan.

Sample EMI Calculations for a Rs 50 Lakh Home Loan @8.40% p.a.

Tenure (Years)Interest RateMonthly EMITotal Interest
208.40%₹43,391₹54,13,840
258.40%₹39,133₹67,39,900
308.40%₹36,829₹82,58,440

Suggested Read: Home Loan EMI For ₹75 lakh

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How to Use Bandhan Bank Home Loan EMI Calculator?

The Bandhan Bank Home Loan EMI Calculator is a useful tool for estimating your monthly EMI, total interest payable, and overall repayment amount with accuracy.

Follow these steps to use the calculator effectively:

  1. Enter the loan amount you wish to borrow in the designated field or use the slider to adjust the value.
  2. Adjust the interest rate field to match the current Bandhan Bank home loan interest rate.
  3. Select the repayment period by entering the desired loan tenure or using the slider.
  4. The calculator will display the monthly EMI, total interest payable, and total loan amount payable.
  5. A visual representation, such as a pie chart, may also be provided to show the proportion of the loan amount and interest payable.

Suggested Read: Investing vs. home loan prepayment

How to Reduce Bandhan Bank Home Loan EMI?

Here are some strategies to reduce your EMI and save money on your home loan:

TipDescription
Make PrepaymentsPay a lump sum to reduce the outstanding principal, which lowers your EMI.
Negotiate for Lower Interest RatesIf your credit score is good, request a lower interest rate.
Choose a Longer TenureOpt for a longer tenure to reduce your monthly EMI, but note that it increases the total interest cost.

Home Loan Interest Rates by Top Banks

BankUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI Bank8.50% p.a. onwards8.5% p.a. onwards8.50% p.a. onwards
HDFC Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
LIC Bank8.50% – 10.35% p.a.8.50% – 10.55% p.a.8.50% – 10.75% p.a.
ICICI Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Kotak Mahindra Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Punjab National Bank8.50% – 11.05% p.a.8.50% – 11.05% p.a.8.50% – 11.05% p.a.
Bank Of Baroda8.40% – 10.65% p.a.8.40% – 10.65% p.a.8.40% – 10.90% p.a.
Bajaj Housing Finance8.50% p.a. onwards8.50% p.a. onwards8.50% p.a. onwards
Axis Bank8.75%-10.30% p.a.8.75%-10.30% p.a.8.75%-10.30% p.a.
Bank of India8.40% p.a onwards8.40% p.a onwards8.40% p.a onwards
TATA Capital8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.

Frequently Asked Questions

What is EMI?

EMI, or Equated Monthly Instalment, refers to the fixed payment amount that a borrower is required to pay to the lender each month until the loan period concludes.

Is the EMI amount fixed ?

The EMI amount remains constant if the home loan is obtained at a fixed interest rate. However, for loans with a floating interest rate, the EMI can fluctuate over the loan tenure. Regardless of the interest type, making partial prepayments can result in lower EMI amounts.

Why use the online EMI calculator?

Utilizing an online EMI calculator is beneficial as it offers precise estimations of your monthly payments swiftly, thereby saving you valuable time in financial planning.

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