Urban Money

IDFC First Bank Home Loan Calculator

  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Infrastructure Development Finance Company (IDFC) owns IDFC First Bank. It is a dynamic private sector bank committed to providing its customers with the best possible banking experience since its inception in 2015. IDFC First Bank was established after the merger of IDFC Bank and Capital First. With a vision to build a world-class bank in India, the bank firmly believes in growth and energy. IDFC home loan is one of the most opted banking products offered by the bank. Securing a home loan with utmost ease brings certain computations along with it. The bank provides an IDFC home loan EMI calculator to make the calculations easy for the newbies. 

IDFC First Bank Home Loan

IDFC First Bank strives to make buying a home more accessible than ever. The tailor-made loans with minimal documentation and digitized processing make IDFC First Bank home loans stand out from others.  

IDFC First Bank offers both fixed and floating interest rate home loans. The fixed rate option may be the best choice for those looking for a lower interest rate. However, the floating rate option may be a better fit if you are looking for more flexibility in your repayment schedule.

IDFC First Bank Home Loan EMI Calculator

IDFC First Bank offers an AI-based home loan EMI calculator to help you plan your finances. With the home loan EMI calculator, you can calculate your monthly EMIs based on the loan amount, interest rate and loan tenure.

All you need to do is enter the loan amount, interest rate and tenure, and the calculator will do the rest. The calculator considers the prevailing interest rate, processing fee and other charges to calculate the most accurate EMI amount. You can also use the EMI calculator to compare different home loan offers and choose the best one.

The calculator uses the following formula to compute the EMI value of your home loan:

EMI = P × r × (1 + r)n/((1 + r)n - 1)

Here:

  • P denotes Principal
  • r refers to the rate of interest
  • n is the tenure of the loan

Features and Benefits of IDFC First Bank Home Loan EMI Calculator

IDFC First Bank Home Loan EMI Calculator is an online tool that helps you calculate your monthly home loan EMIs quickly and simply. The designers have prepared the calculator to estimate your EMIs based on the loan amount, interest rate and loan tenure. The key features and benefits of the IDFC First Bank home loan calculator are:

  • The IDFC First Bank home loan EMI calculator can help you calculate your monthly EMI in just a few seconds.
  • IDFC First Bank home loan EMI calculator can help you budget your monthly expenses. Knowing how much you'll need to pay each month can better plan your finances.
  • IDFC First Bank home loan EMI calculator helps you compare different home loan options. For example, you can compare the EMIs of two different home loans with  varying interest rates and tenures. 
  • IDFC First Bank home loan EMI calculator is completely free. There are no hidden charges or fees, and you can use the calculator often.

How Does EMI Calculation Help in Planning the Home Purchase?

EMI, or equated monthly instalments, is the fixed amount of money you pay to repay your loan every month until the end of the loan tenure. EMI calculation helps you plan the home purchase by estimating the monthly outgo towards the loan repayment.

Generally, when you apply for a home loan, the bank or the lending institution provides you with a loan EMI calculator. This EMI calculator considers the loan amount, the tenure of the loan and the interest rate, to give you an estimate of the EMI.

EMI calculation helps you efficiently plan your home loan repayment. It gives you an estimate of the total amount you will need to pay towards your loan and enables you to choose a suitable loan tenure.

When you apply for a home loan, the bank or finance company will give you a loan estimate, including the EMI amount. It is essential to check this amount carefully and make sure you can afford the monthly payments.

Knowing your EMIs allows you to budget your expenses better and plan your home purchase accordingly. For instance, if you have a budget of INR 50,000 per month for your home loan EMIs, you will know how much loan amount you can afford to take. 

Factors Affecting IDFC First Bank Home Loan EMI Calculator

Various factors can affect your home loan EMIs, and it's essential to be aware of them before you take out a loan. Here are some of the main factors that can affect your EMIs:

  • The interest rate: The interest rate is one of the most critical factors affecting your EMI. A higher interest rate will result in a higher EMI, while a lower interest rate will result in a lower EMI.
  • The loan tenure: The loan tenure is another crucial factor that can affect your EMI. A longer-term will result in a lower EMI, while a shorter tenure will result in a higher EMI.
  • The loan amount: The loan amount is also an important factor that can affect your EMI. A higher loan amount will result in a higher EMI, while a lower loan amount will result in a lower EMI.
  • The repayment mode: The repayment mode can also affect your EMI. If you choose to repay your loan in equated monthly instalments (EMI), your EMI will be lower as compared to if you choose to repay your loan in bullet repayment.

IDFC First Bank Home Loan Amortisation Schedule

An amortisation schedule determines how your loan payments will be applied to the principal and interest, and it can significantly impact the total cost of your loan. The amortisation schedule for an IDFC First Bank home loan is as follows:

  • Your first payment will be applied to the interest due on loan.
  • The remaining charges will be applied to the loan's principal, with each payment decreasing the outstanding balance.
  • The final fee will be applicable entirely to the principal, leaving you with a zero balance.

For example, let’s assume that an individual borrows a home loan of INR 25 lakhs at 7.95% p.a. for an extended tenure of 10 years.

Year Opening Balance Interest Paid Principal Paid Closing Balance
1 INR 25,00,000 INR 1,69,330 INR 1,78,996 INR 23,21,004
2 INR 23,21,004 INR 1,56,390 INR 1,91,935 INR 21,29,069
3 INR 21,29,069 INR 1,42,515 INR 2,05,811 INR 19,23,258
4 INR 19,23,258 INR 1,27,637 INR 2,20,689 INR 17,02,570
5 INR 17,02,570 INR 1,11,683 INR 2,36,642 INR 14,65,927
6 INR 14,65,927 INR 94,576 INR 2,53,749 INR 12,12,178
7 INR 12,12,178 INR 76,233 INR 2,72,093 INR 9,40,086
8 INR 9,40,086 INR 56,563 INR 2,91,762 INR 6,48,324
9 INR 6,48,324 INR 35,472 INR 3,12,854 INR 3,35,470
10 INR 3,35,470 INR 12,856 INR 3,35,470 0

IDFC First Bank Home Loan Equated Monthly Installments

Loan Amount Tenure Rate of Interest EMI
INR 10,00,000 30 years 7.95% INR 7,303
INR 20,00,000 30 years 7.95% INR 14,606
INR 25,00,000 30 years 7.95% INR 18,257
INR 30,00,000 30 years 7.95% INR 21,908
INR 50,00,000 30 years 7.95% INR 36,514

Comparison of IDFC First Bank Home Loan with Other Banks 

Bank Name Rate of Interest
IDFC First  7.95% onwards
ICICI Bank Home Loan 7.60% p.a. onwards
SBI Home Loan 7.55% p.a. onwards
HDFC Bank Home Loan 7.55% p.a. onwards
Axis Bank Home Loan 7.60% p.a. onwards
LIC Housing Finance 7.55% p.a. onwards
PNB Housing Finance 6.99% p.a. onwards

Frequently Asked Questions (FAQs)

How can I pay my IDFC home loan EMI online?

You can pay your IDFC First Bank home loan EMIs using Quick Pay EMI.

What happens if IDFC home loan EMI is missed?

If you miss your EMI payment, IDFC First Bank charges a penalty of 1% to 2% on the outstanding amount.

Can I change my home loan EMI date?

Yes, you can change your home loan EMI dates. You have to talk to the respective bank manager about the changes.

How does your home loan repayment work?

Your loan repayments comprise monthly payments, and the amount you pay each month is determined by your loan terms and the interest rate. Your interest rate will remain fixed for the life of your loan unless you have a floating interest rate.