South Indian Bank Home Loan EMI Calculator
South Indian Bank Home Loan Calculator
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South Indian Bank Housing Loan EMI Calculator
South Indian 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 South Indian Bank housing loan EMI in advance to plan your loan payments and expenses using a South Indian Bank home loan calculator. South Indian 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 South Indian Bank Home Loan EMI Calculator?
How to Calculate EMI for Home Loan in South Indian Bank?
To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the South Indian Bank Home Loan EMI calculator. The below-mentioned table shows the calculation of South Indian Bank Home Loan at the various combinations of loan amount and years at the lowest rate of 8.05%. 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 South Indian Bank Home loan plan for you.
To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the South Indian Bank Home Loan EMI calculator. The below-mentioned table shows the calculation of South Indian Bank Home Loan at the various combinations of loan amount and years at the lowest rate of 8.05%. 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 South Indian Bank Home loan plan for you.
South Indian Bank home loan EMI is calculated for different loan amounts and tenures at 8.05% interest rate| Loan Tenure | |||
|---|---|---|---|
| Loan Amount (Rs.) | 15 years | 20 years | 30 years |
| ₹ 25 Lakh | ₹ 23,964 | ₹ 20,989 | ₹ 18,431 |
| ₹ 50 Lakh | ₹ 47,927 | ₹ 41,978 | ₹ 36,863 |
| ₹ 75 Lakh | ₹ 71,891 | ₹ 62,967 | ₹ 55,294 |
| ₹ 1 Cr | ₹ 95,854 | ₹ 83,955 | ₹ 73,725 |
Benefits of using South Indian Bank Home Loan EMI Calculator
South Indian Bank Home Loan interest 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 the South Indian 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 South Indian 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 South Indian 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.
If you apply for a higher loan amount, you will have to pay a higher EMI South Indian Bank gives a minimum home loan of ₹ 15,00,000 upto a maximum amount of ₹ 5,00,00,000.
Higher interest rate increases your South Indian Bank housing loan EMI which will increase the total cost of the loan. South Indian Bank current home loan interest rate starts at 8.05%. Do a complete market research and compare rates and calculate EMI online using the South Indian Bank home loan calculator before you apply for a home loan.
This is the period in which you can repay your home loan in South Indian Bank. Your EMI will be lower if you take a 0 years loan from South Indian Bank as compared to a loan taken for 5 years. For a longer period, you get to pay a smaller EMI and vice-versa.
South Indian Bank Home Loan EMI Calculator Formula
South Indian 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 South Indian Bank Home Loan EMI calculator formulates EMI:
In above formula,
Comparison of South Indian 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 |
|---|---|---|---|---|
| South Indian Bank | 8.05% | ₹ 7,373 | ₹ 22,118 | ₹ 36,863 |
| HDFC | 7.00% | ₹ 6,653 | ₹ 19,959 | ₹ 33,265 |
| ICICI Bank | 6.90% | ₹ 6,586 | ₹ 19,758 | ₹ 32,930 |
| SBI | 6.65% | ₹ 6,420 | ₹ 19,259 | ₹ 32,098 |
| LIC Housing Finance | 6.95% | ₹ 6,619 | ₹ 19,858 | ₹ 33,097 |
| Axis Bank | 6.70% | ₹ 6,453 | ₹ 19,358 | ₹ 32,264 |
South Indian Bank Home Loan Amortization Calculator
South Indian Bank Home Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. South Indian 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 ₹ 35 Lakh for 15 years from South Indian Bank at an interest rate of 8.05%. EMI calculated for this loan amount is ₹ 33,549 and the total annual EMIs to be paid annually is ₹ 4,02,587. The EMI schedule of loan for 15 years is explained below in the table –
Amortization Schedule for a Home Loan of ₹ 35 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 |
|---|---|---|---|---|
| 2022 | ₹ 1,85,916 | ₹ 82,475 | ₹ 2,68,391 | ₹ 34,17,525 |
| 2023 | ₹ 2,70,301 | ₹ 1,32,287 | ₹ 4,02,587 | ₹ 32,85,238 |
| 2024 | ₹ 2,59,250 | ₹ 1,43,337 | ₹ 4,02,587 | ₹ 31,41,901 |
| 2025 | ₹ 2,47,276 | ₹ 1,55,311 | ₹ 4,02,587 | ₹ 29,86,589 |
| 2026 | ₹ 2,34,301 | ₹ 1,68,286 | ₹ 4,02,587 | ₹ 28,18,304 |
| 2027 | ₹ 2,20,243 | ₹ 1,82,344 | ₹ 4,02,587 | ₹ 26,35,960 |
| 2028 | ₹ 2,05,011 | ₹ 1,97,577 | ₹ 4,02,587 | ₹ 24,38,383 |
| 2029 | ₹ 1,88,506 | ₹ 2,14,082 | ₹ 4,02,587 | ₹ 22,24,302 |
| 2030 | ₹ 1,70,622 | ₹ 2,31,965 | ₹ 4,02,587 | ₹ 19,92,336 |
| 2031 | ₹ 1,51,244 | ₹ 2,51,343 | ₹ 4,02,587 | ₹ 17,40,993 |
| 2032 | ₹ 1,30,247 | ₹ 2,72,340 | ₹ 4,02,587 | ₹ 14,68,653 |
| 2033 | ₹ 1,07,497 | ₹ 2,95,090 | ₹ 4,02,587 | ₹ 11,73,562 |
| 2034 | ₹ 82,846 | ₹ 3,19,742 | ₹ 4,02,587 | ₹ 8,53,821 |
| 2035 | ₹ 56,135 | ₹ 3,46,452 | ₹ 4,02,587 | ₹ 5,07,369 |
| 2036 | ₹ 27,193 | ₹ 3,75,394 | ₹ 4,02,587 | ₹ 1,31,975 |
| 2037 | ₹ 2,221 | ₹ 1,31,975 | ₹ 1,34,196 | -₹ 0 |
In the above illustration, on a South Indian Bank Home Loan of₹ 35 Lakh, taken at the lowest interest rate of 8.05, EMI paid is ₹ 33,549 and an annual total of EMIs is ₹ 4,02,587, the interest component is ₹ 2,77,190 while the principal component is ₹ 1,25,397 in year 1 of loan disbursement. You repay only 3.58% of the total principal after paying 12 EMIs during the first year.
South Indian Bank Home Loan EMI for ₹ 10 Lakh
The following table shows South Indian Bank Housing Loan EMI for ₹ 10 lakh home loan for different tenures at an interest rate of 8.05%
| Loan Amount | Interest rate | Tenure (Year) | EMI |
|---|---|---|---|
| ₹ 10,00,000 | 8.05% | 5 Years | ₹ 20,300 |
| ₹ 10,00,000 | 8.05% | 10 Years | ₹ 12,159 |
| ₹ 10,00,000 | 8.05% | 15 Years | ₹ 9,585 |
| ₹ 10,00,000 | 8.05% | 20 Years | ₹ 8,396 |
| ₹ 10,00,000 | 8.05% | 0 Years |
South Indian Bank Home Loan EMI for ₹ 20 Lakh
The following table shows South Indian Bank Housing Loan EMI for ₹ 20 lakh home loan for different tenures at an interest rate of 8.05%
| Loan Amount | Interest rate | Tenure (Year) | EMI |
|---|---|---|---|
| ₹ 20,00,000 | 8.05% | 5 Years | ₹ 40,601 |
| ₹ 20,00,000 | 8.05% | 10 Years | ₹ 24,318 |
| ₹ 20,00,000 | 8.05% | 15 Years | ₹ 19,171 |
| ₹ 20,00,000 | 8.05% | 20 Years | ₹ 16,791 |
| ₹ 20,00,000 | 8.05% | 0 Years |
South Indian Bank Home Loan EMI for ₹ 25 Lakh
The table below shows South Indian Bank Housing Loan EMI for ₹ 25 lakh home loan for different tenures at an interest rate of 8.05%
| Loan Amount | Interest rate | Tenure (Year) | EMI |
|---|---|---|---|
| ₹ 25,00,000 | 8.05% | 5 Years | ₹ 50,751 |
| ₹ 25,00,000 | 8.05% | 10 Years | ₹ 30,398 |
| ₹ 25,00,000 | 8.05% | 15 Years | ₹ 23,964 |
| ₹ 25,00,000 | 8.05% | 20 Years | ₹ 20,989 |
| ₹ 25,00,000 | 8.05% | 0 Years |
South Indian Bank Home Loan EMI for ₹ 30 Lakh
The following table shows South Indian Bank Housing Loan EMI for ₹ 30 lakh home loan for different tenures at an interest rate of 8.05%
| Loan Amount | Interest rate | Tenure (Year) | EMI |
|---|---|---|---|
| ₹ 30,00,000 | 8.05% | 5 Years | ₹ 60,901 |
| ₹ 30,00,000 | 8.05% | 10 Years | ₹ 36,478 |
| ₹ 30,00,000 | 8.05% | 15 Years | ₹ 28,756 |
| ₹ 30,00,000 | 8.05% | 20 Years | ₹ 25,187 |
| ₹ 30,00,000 | 8.05% | 0 Years |
South Indian Bank Home Loan EMI for ₹ 50 Lakh
The following table shows South Indian Bank Housing Loan EMI for ₹ 50 lakh home loan for different tenures at an interest rate of 8.05%
| Loan Amount | Interest rate | Tenure (Year) | EMI |
|---|---|---|---|
| ₹ 50,00,000 | 8.05% | 5 Years | ₹ 1,01,502 |
| ₹ 50,00,000 | 8.05% | 10 Years | ₹ 60,796 |
| ₹ 50,00,000 | 8.05% | 15 Years | ₹ 47,927 |
| ₹ 50,00,000 | 8.05% | 20 Years | ₹ 41,978 |
| ₹ 50,00,000 | 8.05% | 0 Years |
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FAQs
✅Will the South Indian Bank home loan EMI remain constant or change in future?
No, your South Indian 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 South Indian 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 South Indian Bank interest rate?
South Indian Bank offers floating rate home loans only. If you take a floating rate loan from South Indian 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 South Indian Bank home loan EMI can keep fluctuating during the loan tenure depending on the changes in interest rates.
✅Will South Indian Bank home loan EMI change in case of prepayment?
South Indian 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 South Indian 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 South Indian 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 South Indian Bank home loan calculator.
✅Why should I calculate South Indian Bank loan EMI before taking a loan?
It is advised to calculate South Indian Bank home loan EMI before taking a home loan. There are several benefits of calculating your South Indian Bank housing loan EMI which can be done using South Indian Bank home EMI calculator as discussed below -
✅What is the EMI for home loan in South Indian Bank?
The South Indian Bank EMI will vary based on loan amount, tenure, rate of interest and can be calculated using South Indian Bank home loan calculator. Based on the lowest rate of 8.05% and maximum tenure of 30 years, the South Indian Bank home loan EMI for different loan amount will be:
| Loan amount | EMI |
|---|---|
| ₹ 10 Lakh | ₹ 7,373 |
| ₹ 12 Lakh | ₹ 8,847 |
| ₹ 15 Lakh | ₹ 11,059 |
| ₹ 30 Lakh | ₹ 22,118 |
| ₹ 50 Lakh | ₹ 36,863 |
You can compare South Indian 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 South Indian Bank Housing Loan EMI calculator?
Online South Indian 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 South Indian Bank home loan emi calculator is far better than manual calculations , as chances of error are less.
✅How to pay your South Indian Bank Home loan EMI Online?
To pay the EMI of South Indian 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 South Indian Bank home loan EMI calculated?
The South Indian 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.
Compare Home Loan EMI of All Banks
- SBI
- HDFC
- Citibank
- Bank of Baroda
- ICICI Bank
- Axis Bank
- PNB Housing Finance
- LIC Housing Finance
- Bajaj Home Finance
- Sundaram Home Finance
- Kotak Bank
- Yes Bank
- Syndicate Bank
- IDFC First Bank
- Karur Vysya Bank
- RBL Bank
- HSBC Bank
- Standard Chartered Bank
- Edelweiss
- GIC Housing Finance
- Reliance Capital
- IIFL
- Corporation Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- OBC
- PNB
- Indiabulls
- DCB Bank
- Dhan Laxmi Bank
- Karnataka Bank
- Federal Bank
- Jammu And Kashmir Bank
- Lakshmi Vilas Bank
- Allahabad Bank
- Andhra Bank
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Punjab and Sind Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- DBS Bank
- India Shelters
- LT Housing Finance
- Piramal Housing Finance
- Aavas Financiers
- Aadhar Housing Finance
- Tata Capital Home Finance
- 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year. - 2021-10-22 : South Indian Bank Ltd Posts Loss in Q2 FY2021-22
For the quarter ended September 30, 2021, the total income of the bank was ₹ 1746.03 crores as against ₹2115.71 crores in the corresponding quarter of the previous year and ₹2081.73 crores in the previous quarter. As a result, the bank has reported a loss of Rs. 187.06 crore for Q2 of FY 2021-22. - 2021-06-22 : Revised marginal cost of lending rates for South Indian Bank
South Indian Bank changed its MCLR. The overnight and one-month MCLR is 7.95% and 8% respectively. MCLR for three months, six months and one year stand at 8.05%, 8.10% and 8.30% respectively. The revised rates are effective from 20 June 2021. - 2021-05-21 : South Indian Bank posts net profit of nearly ₹7 crores in Q4
South Indian Bank reported a net profit of Rs 6.79 crore for the fourth quarter of FY21, against a loss of Rs 143.69 crore in the year-ago period. For the whole FY21, the bank has reported a net profit of Rs 61.91 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan. The total deposit base at the end of the March quarter is seen higher by 9% y-o-y at Rs 69,827 crore, while advances declined by 9% to Rs 59,418 crore. - 2021-01-25 : South India Bank reported 3FY21 loss at Rs. 91.62 crore
South Indian Bank reported a total income of Rs.2082.08 crores backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted a net loss of Rs.91.6 crores for the period ended December 31, 2020.
Took a home loan last year. Got a good rate, but higher than other banks. But my property was in graRead more...