# South Indian Bank Home Loan EMI Calculator

Loan Amount

Interest rate

%

1%

15%

Loan Duration

Yrs

1 Yr

30 Yrs

EMI

0

Principal Amount

Interest

Total Payable

With Zero Brokerage on Equity Delivery

## What Is South Indian Bank Home Loan EMI Calculator?

A home loan is a funding arrangement where you borrow money from a bank to buy a house and repay the amount, along with interest, over an extended period. The repayment structure is such that the principal and interest are distributed in equated monthly instalments that you must repay over the loan tenure. Therefore, it is essential to know the monthly commitment and the total interest applicable before signing up for a loan. A home loan EMI calculator is an important tool to help with these calculations. Angel One offers a wide range of bank-specific EMI calculators that you can use to evaluate loans and affordability. Among them is the South Indian Bank Home Loan EMI Calculator. It is a handy tool that helps you to calculate the instalment you need to pay to the bank for a loan.

By allowing you to determine which combination of tenure and principal is affordable for you based on the EMI, the South Indian Bank Home Loan EMI calculator helps you make informed decisions and secure your financial future.

## How Does a Home Loan EMI Calculator Work?

A South Indian Bank home loan EMI Calculator is a simple online tool that calculates the monthly instalments on a home loan. It takes into account 3 loan variables - principal, duration or tenure, and the rate of interest. A mathematical formula works in the background and processes these inputs to generate the values of EMI, total interest payable and total payable amount.

Adjusting variables in the calculator lets you see which EMI is affordable and thus, which loan to apply for. This ensures that you always stay on top of your loan repayments.

## What Is South Indian Bank Home Loan EMI Calculator Formula?

The South Indian Bank home loan EMI Calculator formula is given below -

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

Here,

P stands for the principal amount of the home loan

R stands for the rate of interest at which the loan has been issued

N stands for the duration of the loan.

## How To Use the South Indian Bank Home Loan EMI Calculator?

The online South Indian Bank Home Loan EMI calculator is user-friendly and easy to use. You can access it online on Angel One website. Follow the steps below to instantly calculate your home loan obligations:

• Step 1: Go to Angel One website and navigate to the South Indian Bank home loan EMI calculator page.
• Step 2: Enter the principal i.e the amount you intend to borrow.
• Step 3: Input the interest rate or adjust the slider based on the rate the lender is charging.
• Step 4: Input the loan tenure you wish to borrow the amount for.

Once you input all these details, the South Indian Bank Home Loan EMI calculator will immediately process the data and give you a near-accurate estimate of the monthly instalment paid throughout the loan tenure. It also computes the total interest payable and the amount you pay across the tenure.

Let’s assume you want to borrow Rs. 25,00,000 as a home loan to purchase a 2 BHK flat. So, the principal amount will be Rs. 25,00,000. The bank charges you a 9% p.a. interest rate, and you hope to repay it in 8 years. Once you input the details, the South Indian Bank home loan EMI calculator will compute the EMI, which amounts to Rs. 36,626. The calculator will also display that you will pay Rs. 10,16,049 as interest, and the total payable amount will be Rs. 35,16,049.

## Benefits Of Using a South Indian Bank Home Loan EMI Calculator

A South Indian Bank home loan calculator plays a vital role in helping you determine and plan your financial resources. Below are some of the benefits of using a home loan EMI calculator:

• Saves time, effort and energy

The home loan EMI calculation formula is complicated. Manually calculating the interest amount requires a lot of time and effort. However, the South Indian Bank home loan EMI Calculator gives you an exact picture just by letting you type in a few inputs easily.

• Facilitates error-free calculations

The online South Indian Bank home loan EMI calculator rules out any chances of human error as the whole process is digitised. It saves you from any wrong impressions that may be unpleasant surprises later.

• Helps with better financial planning

South Indian Bank home loan EMI calculator helps you plan your finances by giving you a clear picture of the amount you will be expected to pay against the home loan. This way, you can budget and plan other expenses accordingly.

• Effective Comparisons

One of the most important benefits of the online South Indian Bank home loan calculator is that it lets you compare different principals, interest rates and tenures and helps you make an informed decision based on your budget.

## Types of Home Loans Offered by ICICI Bank

1. Ready-to-occupy houses or repurchase of houses and flats: Suitable loan options are available for the purchase of houses aged up to 30 years and flats aged up to 20 years.
2. Land purchase and house construction: Loans are provided for customers purchasing land and intending to construct a house with bank finance.
3. Flats and residential units under construction: Financing solutions are offered for the purchase of flats or residential units in housing projects approved by the bank.
4. Additions, alterations, repairs, and reconstruction: Loans are available for renovations and improvements to houses, flats, and residential units, with no restriction on loan amount when supported by estimates, plans, and permits.
5. Expense reimbursement: Reimbursement of expenses is permitted for flats, villas, and individual houses within specified timeframes, such as two years for under-construction properties and one year from handover or completion.
6. Takeover of housing loans: South Indian Bank facilitates the transfer of housing loans from other financial institutions.
Similar Calculators

## FAQs

### What is the South Indian Bank Home Loan EMI calculator?

The South Indian Bank home loan EMI calculator is a digitised tool used to ascertain the loan instalments to be paid back, considering factors such as the principal, loan tenure and interest rate.

### How to use the South Indian Bank home loan EMI calculator?

Enter the loan amount, tenure, and interest rate in the South Indian Bank home loan EMI calculator. The calculator will automatically show you the EMI, interest, and total payable amount.

### Is the South Indian Bank home loan EMI calculator free to use?

The South Indian Bank home loan EMI calculator on the Angel One website can be used for free.

### Is there a penalty on the prepayment or early repayment of the loan?

The prepayment penalty depends upon the loan terms. In the case of adjustable-rate home loans, no charges are likely to be levied. However, in the case of fixed-rate home loans, the bank might charge a prepayment penalty.

### What is the minimum amount of Home loan that needs to be applied for?

The minimum home loan amount is set at Rs.2 lakhs, as of July 2023. However, this amount is subject to change.

Enjoy Zero Brokerage on
Equity Delivery