Allahabad Bank Home loan EMI Calculator for Different Housing Schemes

Allahabad Bank is one of the renowned public sector banks offering a variety of home loans to meet different needs. It provides loans for a variety of purposes such as purchase, construction, furnishing, etc. Plus, the bank offers home loans to salaried, self-employed or even a pensioner. It also has a commercial real estate scheme (CRE) for all eligible applicants. To gauge whether the loan fits your budget or not, it’s important to glance at Allahabad Bank Home Loan EMI Calculator. Let’s use the calculator for different housing schemes that the bank offers.

Firstly Know the Basic Function of Allahabad Bank Home Loan EMI Calculator

The calculator estimates the Equated Monthly Installment (EMI) on three factors - loan amount, tenure and interest rate. You can use the calculator online to make the calculation. The EMI as you know is a combination of principal and interest. So while using the calculator, you can also get to know of the interest needed to be paid over the course of a loan.

How Do Loan Amount, Tenure and Interest Rate Impact Your EMI & Interest Outgo?

The loan amount influences the EMI and interest outgo directly. Greater the loan would be, more would be the outflow in terms of EMI and interest and vice-versa. Similarly, the interest rate is also a key determinant of the EMI and interest outgo. Greater interest rates would increase the EMI and interest. The last element i.e. tenure has an inverse relationship with EMI and interest. So, the longer the tenure, the lesser the EMI but leads to higher interest outgo and vice-versa.

Catch the Results of Allahabad Bank Home Loan Calculator on House Purchase

Allahabad Bank Home Loan interest rates are benchmarked to the 1-year MCLR, abbreviated for Marginal Cost of Lending Rate, which is 8.65% at the moment. The bank also takes into account CRIF HIGH MARK/CIBIL score, customer profile, loan to value (LTV), etc, before deciding on the rates. So, when you take the home loan up to ₹75 lakhs, the bank levies interest at the rate of 8.65%-9.65% per annum. When the loan remains above ₹75 lakhs - 5 crores, the rate of interest remains to be 8.70%-9.65% p.a. The interest rate applicable to loans more than ₹5 crores is 8.85%-9.65% per annum.

So, if you are buying a home up to ₹60 lakhs, the EMI and interest outgo would be ₹52,640-56,517 and ₹66,33,700-75,64,054, respectively, over the course of 20 years. Similarly, you can calculate the repayment results for a loan up to ₹5 crores and beyond using the calculator.

Catch Repayment Details on Availing a Loan for Home Furnishing

When you avail the loan from Allahabad Bank for home furnishing, the interest rate applicable would be 10.15%-11.65% per annum. So, if you avail the loan of ₹5 lakhs for 10 years, you would pay an EMI of ₹6,649 and overall interest of ₹2,97,897.

How Will the Repayment Fare in Housing CRE Scheme?

Commercial Real Estate (CRE) scheme is offered by the bank to help individuals buy commercial space. Even the third home loan that you take from the bank will become CRE by default. The interest rate applicable to CRE is 0.25% above the card rate. So, if the home purchase of ₹60 lakhs attracts an interest rate of 8.65%-9.65%, the interest rate for the CRE for the same quantum of loan would jump to 8.90%-9.90% p.a.