Allahabad Bank Home Loan EMI Calculator

Allahabad Bank Home Loan - Lowest EMI is Rs. 929 per lakh

Last Updated 08th Dec 2016
  • Get monthly EMI as low as Rs. 929 per lakh with Allahabad Bank now offering home loans with loan tenure upto 20 years.
  • Lowest home loan interest rate currently offered by Allahabad Bank is 9.45%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,041 for a 15 year loan and Rs. 929 for a 20 year loan. Check the EMI for other tenures using the Allahabad Bank home loan EMI calculator on this page.

Home Loan EMI Calculator Allahabad Bank

Allahabad Bank Home Loan EMI Calculator
X

Allahabad Bank Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Allahabad Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Allahabad Bank offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 929 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Allahabad Bank on Home Loan is 9.45%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 26,03023,22220,930
    5,000,000 52,06046,44341,860
    7,500,000 78,09169,66562,791
    10,000,000 104,12192,88783,721
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Allahabad Bank Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Allahabad Bank Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 50,000,000
r = Rate of interest per month. Current rate is 9.45%, which is linked to Allahabad Bank 1 Year MCLR, which is currently 9.45%. Last revised on 10th Oct 16
n = tenure in month. For Allahabad Bank, this can be 360 months

Will the Allahabad Bank home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Allahabad Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, Allahabad Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Allahabad Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • Allahabad Bank allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
Allahabad Bank Home Loan EMI Calculator News - Dec 2016
06th Jun 16 Allahabad Bank gains most from revaluation of real estate assets
As per the latest results, Allahabad Bank has turned out to be the biggest gainer with addition of around Rs 1802 crore from its revalued commercial and residential real estate investments. The bank owns several expansive properties in the central business districts of Kolkata. UCO Bank credited nearly Rs 1,737 crore as gains from revaluation of real estate investments. In the case of United Bank of India, the revaluation gain was vetted at Rs 347 crore at the end of FY16.
13th May 16 Allahabad Bank posts Q4FY16 net loss of Rs 581 cr
As per the results of Q4FY16, Allahabad Bank reported a net loss of Rs.581.13 Crore as the bank had to provide for higher provisions for bad loans and taxes. The loss was registered due to a tax write-back of Rs.1,032.77 crore in the March quarter, compared with a tax expense of Rs.175.05 crore in the year ago period. Asset Quality showed signs of deterioration during the March quarter as Gross NPAs were 9.76 percent as on quarter ending 31st March 2016 as compared with 6.4 percent in the previous quarter. Net NPAs were at 6.76 percent in the March quarter against 4.23 percent in the previous quarter and 3.99 percent in the same quarter last year. Provisions and contingencies also increased by 294 percent to Rs.2,487.15 crore when compared on yoy basis.The Net interest income (NII) declined by 12.5 percent to Rs.1,273.70 Crore when compared on a yoy basis. Non Interest Income also reduced by 2 percent to Rs.554.73 Crore.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.