IDFC First Bank Home Loan Calculator
IDFC home loan calculator helps you to get an accurate estimate of your home loan amount with a few clicks. The IDFC Home loan EMI Calculator uses some basic information to determine the loan repayment amount. IDFC Housing Loan Calculator asks you to put details of the principal amount, loan tenure and interest rate and then calculates the monthly EMI amount. With the IDFC home loan calculator, you can even compare different IDFC home loan plans to pick the best one for you.
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)
- 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|
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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.
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