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Allahabad Bank Home Loan EMI Calculator

Allahabad Bank Home Loan Calculator

Last Updated 08th Feb 2021

  • Allahabad Bank home loan EMI per ₹ 1 Lakh is ₹ 852, which is one of the lowest EMI offered by banks.
  • Housing loan EMI in Allahabad Bank is calculated based on loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for Allahabad Bank home loan before applying. For this you can use, home loan emi calculator Allahabad Bank. Check Best Offers
  • Check Allahabad Bank home loan EMI for different tenures at current Allahabad Bank home loan interest rate of 8.25%
  • Loan Amount10 Year Loan15 Year loan20 Year loan
    ₹ 20 Lakh₹ 24,531₹ 19,403₹ 17,041
    ₹ 30 Lakh₹ 36,796₹ 29,104₹ 25,562
    ₹ 50 Lakh₹ 61,326₹ 48,507₹ 42,603

    Allahabad Bank has merged into Indian Bank on April 1, 2020. The interest rates of Indian Bank will now be applicable on Allahabad Bank Home Loan.

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Allahabad Bank Home Loan EMI Calculator Online

When you take a home loan from Allahabad Bank you have to pay an Equal Monthly Installment (EMI) against the borrowed loan amount, to repay the loan and the interest to the bank. Every month, the EMI is due on a fixed day of the month till your loan is fully paid back.

To calculate your Allahabad Bank housing loan EMI you can use a home loan calculator Allahabad Bank online to check how much you will have to pay every month. The Allahabad Bank home loan EMI calculator is an online tool that functions on a mathematical algorithm to give accurate results based on loan requirements that you enter, such as loan amount, tenure and rate. You can easily calculate EMI online and get reliable results without any hassle.

Allahabad Bank Housing Loan EMI Calculator at Different Tenures

Allahabad Bank home loan EMI for different Loan amounts and tenures @ 8.25% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 24,254 ₹ 21,302 ₹ 18,782
₹ 50 Lakh ₹ 48,507 ₹ 42,603 ₹ 37,563
₹ 75 Lakh ₹ 72,761 ₹ 63,905 ₹ 56,345
₹ 1 Cr ₹ 97,014 ₹ 85,207 ₹ 75,127
  • As you can see in the above table, for various loan amounts taken at the lowest rate of interest as offered by Allahabad Bank, EMI differs by loan tenure at 15, 20 and 30. Your EMI is higher when you take a loan for a shorter tenure of 15 years and it is lower when you apply for a higher tenure of 30years.
  • Your EMI consists of both interest payment and principal repayment. Though the Allahabad Bank home loan EMI amount will remain constant, every month the proportion of interest payment and principal repaid within each EMI is different. With every EMI, the proportion of principal repayment in EMI keeps increasing and the interest component in EMI keeps reducing.You can check this based on your requirement using Allahabad Bank housing loan emi calculator.

How can Allahabad Bank Home Loan EMI Calculator be Beneficial?

  • Allahabad Bank Home Loan EMI calculator is a quick and straightforward solution to pre-plan and balance your inflow and outflow of money so that you don’t run short of money at any point of time. It is an online device to compute the home loan EMI payments.
  • Emi calculator home loan Allahabad Bank is easily accessible and can be availed without bearing any cost. It is user friendly and calculates the EMIs in a matter of seconds and thus helps in saving time.
  • As the Allahabad Bank home loan generally involves a long tenure and high amount you need to be extra cautious in the selection of home loan. The Allahabad Bank emi calculator provides you with an option to change the various factors of the home loan like tenure, rate of interest and loan amount.
  • The accuracy of the home loan calculator is 100%, and it can also be helpful in computing the interest amount and EMIs in case of Allahabad Bank home loan prepayment.

Factors Affecting Allahabad Bank Home Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from Allahabad Bank. If you apply for a higher loan amount, your EMI will be high. Allahabad Bank gives a minimum home loan of ₹ 15,00,000 upto an amount of ₹ 10,00,00,000.
  • Interest rate - Interest rates is the rate charged by Allahabad Bank on your home loan. Higher interest rate increases your housing loan EMI which will increase the total cost of the loan. Allahabad Bank current home loan interest rate starts at 8.25%. Do a complete market research and compare rates and calculate EMI online using Allahabad Bank home loan calculator before you apply for a home loan.
  • Loan tenure – This is the period in which you can repay your home loan in Allahabad Bank. Longer loan tenure means lower housing loan EMI. Loan term can be determined by your age at the time of loan sanctioning and your retirement age. Generally, Allahabad Bank offers house loans for a maximum tenure of 30 years.

Allahabad Bank Home Loan EMI Calculator Formula

Allahabad Bank Home Loan Calculator calculates EMI based on the following formula.

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Allahabad Bank Home Loan EMI calculator formulates EMI:

In above formula,

  • P = Loan amount. Allahabad Bank home loan amount can range from ₹ 15,00,000 to ₹ 10,00,00,000
  • r = Rate of interest per month. Current Allahabad Bank housing loan rate 8.25%.
  • n = tenure in month. For Allahabad Bank, maximum home loan tenure is 360 months

Tips to Decide the Right Amount of Allahabad Bank Home Loan EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Allahabad Bank for a loan, you are aware of the loan amount you need to borrow. House loan is a long term loan, and hence it is advisable to minimise your loan amount to the extent possible.
  • Review your current obligations: Before taking a home loan from Allahabad Bank it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably.
  • Calculate your Allahabad Bank home loan eligibility: Your home loan eligibilityis a function of the value of the property and assessment of your repayment capacity based on your monthly income. Allahabad Bank provides a LTV upto 90% and expects the borrower to fund the remaining value of the property by their own money. For example, at its lowest LTV 90%, Allahabad Bank would expect its borrowers to provide margin money of 10%.
  • Allahabad Bank will also estimate your Fixed Income to Obligations Ratio to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations.Allahabad Bank’s assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.

Allahabad Bank Home Loan Details

  • Purpose of Loan: Allahabad Bank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Allahabad Bank Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 90%.
    • Loan Tenure can range from 5 to 30 Years years.
    • Interest rates in the range of 8.25% to 8.85%.
    • Allahabad Bank home loan EMI per lakh starts from ₹ 852. However, you can calculate your home loan EMI using Allahabad Bank home loan calculator 2021.
  • Processing Fees: 0.40% of loan amount Maximum ₹ 50,000
  • Special schemes: Allahabad Bank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of Allahabad Bank are:
    • AB Aashiana Loan
    • Housing Loan for Networth Individuals
    • Loan for NRIs
    • Housing Loan for Furnishing

Allahabad Bank Home Loan Amortization Calculator

The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

Illustration: How to read an amortization schedule

Suppose you borrow a Home Loan of ₹ 25 Lakh from Allahabad Bank for 25 years at an interest rate of 8.25%, the EMI calculated for this loan amount would be ₹ 19,711 and the total annual EMIs to be paid annually is ₹ 2,36,535. The Allahabad Bank Home Loan EMI schedule for 25 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 25 Lakh over the 25 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 1,19,944 ₹ 18,035 ₹ 1,37,979 ₹ 24,81,965
2022 ₹ 2,03,533 ₹ 33,002 ₹ 2,36,535 ₹ 24,48,963
2023 ₹ 2,00,705 ₹ 35,830 ₹ 2,36,535 ₹ 24,13,133
2024 ₹ 1,97,634 ₹ 38,901 ₹ 2,36,535 ₹ 23,74,232
2025 ₹ 1,94,301 ₹ 42,234 ₹ 2,36,535 ₹ 23,31,998
2026 ₹ 1,90,682 ₹ 45,853 ₹ 2,36,535 ₹ 22,86,144
2027 ₹ 1,86,752 ₹ 49,783 ₹ 2,36,535 ₹ 22,36,362
2028 ₹ 1,82,486 ₹ 54,049 ₹ 2,36,535 ₹ 21,82,313
2029 ₹ 1,77,855 ₹ 58,680 ₹ 2,36,535 ₹ 21,23,633
2030 ₹ 1,72,827 ₹ 63,709 ₹ 2,36,535 ₹ 20,59,924
2031 ₹ 1,67,367 ₹ 69,168 ₹ 2,36,535 ₹ 19,90,757
2032 ₹ 1,61,440 ₹ 75,095 ₹ 2,36,535 ₹ 19,15,662
2033 ₹ 1,55,005 ₹ 81,530 ₹ 2,36,535 ₹ 18,34,132
2034 ₹ 1,48,019 ₹ 88,517 ₹ 2,36,535 ₹ 17,45,615
2035 ₹ 1,40,433 ₹ 96,102 ₹ 2,36,535 ₹ 16,49,513
2036 ₹ 1,32,198 ₹ 1,04,337 ₹ 2,36,535 ₹ 15,45,176
2037 ₹ 1,23,257 ₹ 1,13,278 ₹ 2,36,535 ₹ 14,31,899
2038 ₹ 1,13,550 ₹ 1,22,985 ₹ 2,36,535 ₹ 13,08,914
2039 ₹ 1,03,011 ₹ 1,33,524 ₹ 2,36,535 ₹ 11,75,390
2040 ₹ 91,570 ₹ 1,44,965 ₹ 2,36,535 ₹ 10,30,425
2041 ₹ 79,147 ₹ 1,57,388 ₹ 2,36,535 ₹ 8,73,037
2042 ₹ 65,660 ₹ 1,70,875 ₹ 2,36,535 ₹ 7,02,162
2043 ₹ 51,018 ₹ 1,85,517 ₹ 2,36,535 ₹ 5,16,645
2044 ₹ 35,120 ₹ 2,01,415 ₹ 2,36,535 ₹ 3,15,230
2045 ₹ 17,861 ₹ 2,18,674 ₹ 2,36,535 ₹ 96,556
2046 ₹ 2,001 ₹ 96,556 ₹ 98,556 -₹ 0

Each Allahabad Bank Home Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

As you assess the amortization table, you will find that by the end of 1st year 13.3% of your EMI has been used to repay the principal amount. This means that the remaining 86.7% of the EMI went into interest payment. Thus, you end up paying only 1.26% of the loan amount of ₹ 25 Lakh after paying 12 EMIs in the first year to Allahabad Bank.

In year 25, the interest component of Allahabad Bank EMI is around 4.33%, while the principal component is around 95.67%. Upto 25 years, you have cumulatively repaid 100% of your total Allahabad Bank Home Loan.

Allahabad Bank Home Loan Interest Rate Calculator

EMI calculator home loan Allahabad Bank can also be used as an Allahabad Bank interest rate calculator to determine the total interest you will pay on a housing loan at different loan tenure.

Home Loan EMI for ₹ 1 Lakh loan amount at lowest 8.25% interest rate offered by Allahabad Bank for different tenures
Calculated Results for Allahabad Bank Home Loan EMI 5 years 10 years 15 years 30 Years years
Allahabad Bank EMI for a loan amount ₹ 1 lakh at 8.25% ₹ 2,040 ₹ 1,227 ₹ 970 ₹ 751
Total amount you pay back to the bank including principal and interest ₹ 1.22 Lakh ₹ 1.47 Lakh ₹ 1.75 Lakh ₹ 2.70 Lakh
Interest you have to pay during the loan tenure ₹ 22,400 ₹ 47,240 ₹ 74,600 ₹ 1.70 Lakh

The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan for a period of 30, you pay the lowest EMI of ₹ 751 . However, you pay an interest of ₹ 1,70,360 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Allahabad Bank at the lowest loan rate offered for a period of 15 years, you pay a higher home loan EMI of ₹ 2,040 and pay an interest of only ₹ 22,400 which is less than half of what you paid in a 30 Years years loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses. Calculation of Allahabad Bank name home loan interest payout can be done using emi calculator home loan Allahabad Bank

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Will the Allahabad Bank home loan EMI remain constant or change in future?

Typically, the home loan EMI remains unchanged unless you request for a change in tenure or prepay your loan amount. This however is subjected to approval by the bank. Allahabad Bank home loan emi can also change in case you opt for a floating rate of interests.

What happens in case of increase or decrease in Allahabad Bank interest rate?

In case the floating rate of interest on your home loan increases, the EMI will increase as per the reset frequency of your Allahabad Bank home loan. For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement. You can plan your EMIs with Allahabad Bank Home loan EMI calculator 2021.

Will Allahabad Bank home loan EMI change in case of prepayment?

Allahabad Bank allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your Allahabad Bank home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure the same (that is paying a lesser amount every month). It is beneficial to keep the Allahabad Bank home loan EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using Allahabad Bank home loan calculator.

Why should I calculate Allahabad Bank loan EMI before taking a loan?

It is advised to calculate Allahabad Bank home loan EMI before taking a home loan. There are several benefits of calculating your Allahabad Bank housing loan EMI which can be done using Allahabad Bank loan calculator Allahabad Bank housing loan EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make Allahabad Bank EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator Allahabad Bank.

What is the EMI for home loan in Allahabad Bank?

The Allahabad Bank EMI will vary based on loan amount, tenure, rate of interest and can be calculated using Allahabad Bank home loan calculator. Based on the lowest rate of 8.25% and maximum tenure of 20 years, the Allahabad Bank home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 8,521
₹ 12 Lakh ₹ 10,225
₹ 15 Lakh ₹ 12,781
₹ 30 Lakh ₹ 25,562
₹ 50 Lakh ₹ 42,603

You can compare Allahabad Bank home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a Allahabad Bank Housing Loan EMI calculator?

Online Allahabad Bank housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The Allahabad Bank home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your Allahabad Bank Home loan EMI Online?

To pay the EMI of Allahabad Bank home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is Allahabad Bank home loan EMI calculated?

The Allahabad Bank Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

What is the EMI for ₹ 10 lakhs home loan in Allahabad Bank?

You can use a 10 lakh home loan emi calculator Allahabad Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 8.25% 10 years loan ₹ 12,265
₹ 10 Lakh 8.25% 15 years loan ₹ 11,642
₹ 10 Lakh 8.25% 20 years loan ₹ 12,781

What is the EMI for a 25 lakhs home loan in Allahabad Bank and how is it calculated?

EMI for ₹ 25 lakhs will be as follows for three different tenure, as per 25 lakh home loan emi calculator Allahabad Bank:--

Loan amount Interest rate Tenure EMI
₹ 25 Lakh 8.25% 10 years loan ₹ 30,663
₹ 25 Lakh 8.25% 15 years loan ₹ 24,254
₹ 25 Lakh 8.25% 20 years loan ₹ 21,302

What is the EMI for 12 lakhs home loan in Allahabad Bank?

A borrower will pay ₹ 13,154 if he/she takes loan for 12 years at an interest rate of 8.25%. The 12 lakh home loan emi Allahabad Bank may vary across Allahabad Bank home loan interest rate.

How to check my home loan balance in Allahabad Bank?

To check the home loan balance in Allahabad Bank, a borrower should log in to the Allahabad Bank net banking portal, click on ‘Loans’. Select Know balance or a borrower can use MISSED CALL BANKING or SMS Banking to know the status. You can also contact the Allahabad Bank customer care at 1800-572-2000.

How can I avail income tax benefits on a Allahabad Bank home loan?

You can avail income tax benefits on a Allahabad Bank home loan under Section 24B, you can claim deduction for upto #&8377; 2 Lakh for the accrual and payment of interest on Allahabad Bank housing loan. Under Section 80EEA, you can claim deduction for upto #&8377;1.50 Lakh for the interest payment of home loan availed during the financial year. You can declare all the information in income tax returns form and you will be able to get the benefits.

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Allahabad Bank Home Loan News - Jun 2021
  • 2020-04-01 : Allahabad Bank to merge with Indian Bank
    With effect from 1 April, Allahabad Bank will merge with Indian Bank, creating an entity with over 6,000 branches, 4,800 ATMs, 43,000 employees, 120 million customers and business mix of Rs 8 trillion. The integration offers the bank to provide retail loans like home and personal loan along with business loans.
  • 2020-02-12 : Allahabad Bank posted a Q3 net loss of Rs.1986 crores
    Allahabad Bank net loss jumped manifold to Rs. 1986 crores on the back of an increase in higher bad loans and provisioning. Total income during the quarter ending December rose to Rs. 4860 crores due to an increase in Home loans and Personal loans. Further, the provision for bad loans for the quarter increased to Rs.3,003 crores.
  • 2020-01-15 : Allahabad Bank cut its lending rate by 5 bps
    Allahabad Bank revised its MCLR in effect from 14 January 2020. The overnight and one-month MCLR is 7.80% and 7.85%. The lending rate of 3 months is 8.10% and for six months it is 8.15%. Further MCLR for the long tenor of one year is 8.30%. The revised rates will benefit home loan buyers.
  • 2019-09-19 : Allahabad Bank links loans and deposits with external benchmarks
    In order to fulfill the guidelines set by RBI, Allahabad Bank is set to launch retail and business loan products linked with external benchmarks. The retail and MSME loans will be linked to external benchmarks like RBI repo rate and three-month MIBOR. Apart from that, all savings and long term fixed deposit rates will be linked to RBI’s repo rate.
  • 2019-08-28 : Allahabad bank links home loans and savings account rate with the external benchmark
    With effect from September 1, Allahabad Bank will price its home loan rate at external benchmarks. Also, all savings deposits above Rs 40 lakh will be charged at the same, with effect from October 1, 2019. However, the borrowers will be provided a choice to either borrow funds at MCLR rates of the bank or at external benchmark linked rates.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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