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Allahabad Bank Home Loan Calculator

Allahabad Bank Housing Loan EMI Calculator

Last Updated 15th Nov 2021

  • Allahabad Bank home loan EMI per ₹ 1 Lakh is ₹ 852, which is one of the lowest EMI offered by banks. Check Best Offers
  • 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. Use an online Allahabad Bank loan EMI calculator to estimate your EMI.
  • Check Allahabad Bank home loan EMI for different tenures at the current Allahabad Bank home loan interest rate of 8.25%
  • Loan Amount10 Year Loan15 Year loan20 Year loan
    ₹ 10 Lakh₹ 12,265₹ 9,701₹ 8,521
    ₹ 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

Allahabad Bank Home Loan EMI is the fixed amount that you need to pay on a fixed date of the month till the end of repayment tenure. The amount is based on your loan amount, tenure and interest rate. You can calculate your Allahabad Bank housing loan EMI in advance to plan your loan payments and expenses using a Allahabad Bank home loan calculator. Allahabad Bank home loan EMI calculator is an online tool that functions on a mathematical algorithm and gives accurate results without hassle.

Why should you use Allahabad Bank Home Loan EMI Calculator?

  • Calculate the EMI at Different Tenures: Allahabad Bank offers the lowest EMI per lakh at . To get the lowest EMI on your home loan, you can compare the EMIs with a different loan amount and tenure. However, it is advisable to check with the bank to know the interest rate you will be eligible for Allahabad Bank home loan.
  • Compare Allahabad Bank Home Loan EMI: With Allahabad Bank home loan EMI Calculator, you can also estimate EMI on your home loan from Allahabad Bank with other leading banks in India at the same loan amount and tenure at varying interest rates.
  • Get Detailed Amortisation Schedule: You can calculate the division of total EMIs into interest and principal repayment on your loan at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance: Finally, you can also calculate the remaining loan tenure for the outstanding balance at any period of the loan tenure. If you want to reduce your home loan tenure, you can always consider a home loan balance transfer because other banks may allow you to pay your home loan at low rates.

Allahabad Bank Home Loan EMI Calculator to estimate the EMI that fits your budget

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on Allahabad Bank Home Loan EMI calculator. The below-mentioned table shows the calculation of Allahabad Bank Home Loan at the various combinations of loan amount and years at the lowest rate of 8.25%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right Allahabad Bank Home loan plan for you.

Allahabad Bank home loan EMI is calculated for different loan amounts and tenures at 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

Benefits of using Allahabad Bank Home Loan EMI Calculator

Allahabad Bank Home Loan Calculator is online and gives instant results with 100% accuracy. The best part is that you can calculate and compare multiple EMIs on different combinations of loan amount, interest rate and tenure. Thus, using Allahabad Bank Home Loan EMI Calculator helps you to choose the right amount of EMI that is affordable and also decide on the right loan amount and loan tenure. Further, if you use the MyLoanCare Allahabad Bank Home Loan Calculator, you have the option to receive calculated EMIs and amortization schedules for each calculation by mail which can be referred to at a later stage when you are making the final decision to take a loan.

Factors Affecting Allahabad Bank Home Loan EMI

Home Loan EMI can be calculated using an online Home Loan Calculator which takes into account factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI Allahabad Bank gives a minimum home loan of ₹ 15,00,000 upto a maximum amount of ₹ 10,00,00,000.

Interest Rate

Higher interest rate increases your Allahabad Bank 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. Your EMI will be lower if you take a 0 years loan from Allahabad Bank as compared to a loan taken for 5 years. For a longer period, you get to pay a smaller EMI and vice-versa.

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

Comparison of Allahabad Bank Home Loan EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
Allahabad Bank 8.25% ₹ 7,513 ₹ 22,538 ₹ 37,563
HDFC 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264
ICICI Bank 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264
SBI 6.65% ₹ 6,420 ₹ 19,259 ₹ 32,098
LIC Housing Finance 6.66% ₹ 6,426 ₹ 19,279 ₹ 32,131
Axis Bank 6.65% ₹ 6,420 ₹ 19,259 ₹ 32,098

Allahabad Bank Home Loan Amortization Calculator

Allahabad Bank Home Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Allahabad Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Home Loan of ₹ 30 Lakh for 15 years from Allahabad Bank at an interest rate of 8.25%. EMI calculated for this loan amount is ₹ 29,104 and the total annual EMIs to be paid annually is ₹ 3,49,251. The EMI schedule of loan for 15 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 30 Lakh over the 15 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 20,625 ₹ 8,479 ₹ 29,104 ₹ 29,91,521
2022 ₹ 2,42,836 ₹ 1,06,414 ₹ 3,49,251 ₹ 28,85,107
2023 ₹ 2,33,718 ₹ 1,15,533 ₹ 3,49,251 ₹ 27,69,574
2024 ₹ 2,23,817 ₹ 1,25,433 ₹ 3,49,251 ₹ 26,44,140
2025 ₹ 2,13,069 ₹ 1,36,182 ₹ 3,49,251 ₹ 25,07,959
2026 ₹ 2,01,399 ₹ 1,47,852 ₹ 3,49,251 ₹ 23,60,107
2027 ₹ 1,88,729 ₹ 1,60,521 ₹ 3,49,251 ₹ 21,99,586
2028 ₹ 1,74,974 ₹ 1,74,277 ₹ 3,49,251 ₹ 20,25,309
2029 ₹ 1,60,040 ₹ 1,89,211 ₹ 3,49,251 ₹ 18,36,098
2030 ₹ 1,43,826 ₹ 2,05,425 ₹ 3,49,251 ₹ 16,30,673
2031 ₹ 1,26,222 ₹ 2,23,028 ₹ 3,49,251 ₹ 14,07,645
2032 ₹ 1,07,111 ₹ 2,42,140 ₹ 3,49,251 ₹ 11,65,505
2033 ₹ 86,361 ₹ 2,62,889 ₹ 3,49,251 ₹ 9,02,616
2034 ₹ 63,834 ₹ 2,85,417 ₹ 3,49,251 ₹ 6,17,199
2035 ₹ 39,376 ₹ 3,09,875 ₹ 3,49,251 ₹ 3,07,324
2036 ₹ 12,822 ₹ 3,07,324 ₹ 3,20,146 -₹ 0

In the above illustration, on a Allahabad Bank Home Loan of₹ 30 Lakh, taken at the lowest interest rate of 8.25, EMI paid is ₹ 29,104 and an annual total of EMIs is ₹ 3,49,251, the interest component is ₹ 2,43,563 while the principal component is ₹ 1,05,688 in year 1 of loan disbursement. You repay only 3.52% of the total principal after paying 12 EMIs during the first year.

Allahabad Bank Home Loan EMI for ₹ 10 Lakh

The following table shows Allahabad Bank Housing Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 8.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 8.25% 5 Years ₹ 20,396
₹ 10,00,000 8.25% 10 Years ₹ 12,265
₹ 10,00,000 8.25% 15 Years ₹ 9,701
₹ 10,00,000 8.25% 20 Years ₹ 8,521
₹ 10,00,000 8.25% 0 Years

Allahabad Bank Home Loan EMI for ₹ 20 Lakh

The following table shows Allahabad Bank Housing Loan EMI for ₹ 20,00,000 for different tenures at an interest rate of 8.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 20,00,000 8.25% 5 Years ₹ 40,792
₹ 20,00,000 8.25% 10 Years ₹ 24,531
₹ 20,00,000 8.25% 15 Years ₹ 19,403
₹ 20,00,000 8.25% 20 Years ₹ 17,041
₹ 20,00,000 8.25% 0 Years

Allahabad Bank Home Loan EMI for ₹ 30 Lakh

The following table shows Allahabad Bank Housing Loan EMI for ₹ 30,00,000 for different tenures at an interest rate of 8.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 8.25% 5 Years ₹ 61,189
₹ 30,00,000 8.25% 10 Years ₹ 36,796
₹ 30,00,000 8.25% 15 Years ₹ 29,104
₹ 30,00,000 8.25% 20 Years ₹ 25,562
₹ 30,00,000 8.25% 0 Years

Allahabad Bank Home Loan EMI for ₹ 50 Lakh

The following table shows Allahabad Bank Housing Loan EMI for ₹ 50,00,000 for different tenures at an interest rate of 8.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 50,00,000 8.25% 5 Years ₹ 1,01,981
₹ 50,00,000 8.25% 10 Years ₹ 61,326
₹ 50,00,000 8.25% 15 Years ₹ 48,507
₹ 50,00,000 8.25% 20 Years ₹ 42,603
₹ 50,00,000 8.25% 0 Years

Other Loan Calculators Offered by MyLoanCare

FAQs

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

No, your Allahabad Bank Home Loan EMI can change if you have taken a floating rate loan and there is a change in the repo rate to which the home loan rate has been benchmarked. However, if it is a fixed rate loan, the Allahabad Bank Home Loan EMI will remain unchanged throughout the loan tenure unless you request for a change in tenure or prepay your loan amount.

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

Allahabad Bank offers floating rate home loans only. If you take a floating rate loan from Allahabad Bank, your interest rate and hence EMI will decrease with a cut in the repo rate and increase with an increase in repo rate on the date of reset. This means that your Allahabad Bank home loan EMI can keep fluctuating during the loan tenure depending on the changes in interest rates.

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 Lakh 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 ₹ 9,701
₹ 10 Lakh 8.25% 20 years loan ₹ 8,521

What is the EMI for ₹ 20 Lakh home loan in Allahabad Bank?

You can use a 20 lakh home loanemi calculator Allahabad Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 20 Lakh 8.25% 10 years loan ₹ 24,531
₹ 20 Lakh 8.25% 15 years loan ₹ 19,403
₹ 20 Lakh 8.25% 20 years loan ₹ 17,041

What is the EMI for ₹ 30 Lakh home loan in Allahabad Bank?

You can use a 30 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
₹ 30 Lakh 8.25% 10 years loan ₹ 36,796
₹ 30 Lakh 8.25% 15 years loan ₹ 29,104
₹ 30 Lakh 8.25% 20 years loan ₹ 25,562

What is the EMI for ₹ 50 Lakh home loan in Allahabad Bank?

You can use a 50 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
₹ 50 Lakh 8.25% 10 years loan ₹ 61,326
₹ 50 Lakh 8.25% 15 years loan ₹ 48,507
₹ 50 Lakh 8.25% 20 years loan ₹ 42,603

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 a 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.

Compare Home Loan EMI of All Banks


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Allahabad Bank Home Loan News - Dec 2021
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 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.
*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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