IOB Home Loan EMI Calculator

IOB Home Loan EMI Calculator

The IOB Home Loan EMI Calculator is a helpful online tool that estimates your monthly loan repayments for a home loan from the Indian Overseas Bank (IOB). Whether you’re purchasing a new home, constructing one, or refinancing an existing property, this calculator helps you understand your monthly financial commitment based on the loan amount, interest rate, and tenure.

How the IOB Home Loan EMI Calculator Works

This calculator computes your Equated Monthly Instalment (EMI) using a standard formula based on three key inputs:

Key Inputs

• Loan Amount: The principal you plan to borrow from IOB
• Interest Rate: The applicable home loan interest rate.
  As of Q1 FY 2024–25, IOB home loan interest rates start from 9.10% p.a.
• Loan Tenure: The duration of the loan repayment is typically in months or years (up to 30 years)

EMI Formula

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

• P: Principal loan amount
• R: Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
• N: Loan tenure in months

Example Calculation

If you take a ₹30 lakh home loan from IOB at 9.10% interest for 20 years (240 months):

• Monthly EMI: ₹27,180 (approx)
• Total Interest Payable: ₹35.2 lakh
• Total Repayment: ₹65.2 lakh

Benefits of Using the IOB Home Loan EMI Calculator

• Quick and Accurate: Get instant results without manual computation
• Helps Compare Scenarios: Test different loan amounts, tenures, and rates
• Informs Budgeting: Understand your monthly outflow and plan finances effectively
• No Registration Required: Use the tool freely anytime

Disclaimer : The results given by the above calculator are for illustration purpose only. They are often based on a number of assumptions. The results given are in no way any guarantee of the returns that will be given. Investments in stock markets and securities markets are subject to market risks and other risks. There is no guarantee of the return that will be actually given. Investment in other financial products may also be subject to market risks and other risks. There is no guarantee of the returns that will be given by them. The calculator also does not make any recommendation directly or indirectly. Please consult a registered Financial Advisor before taking any investment decision.