IDFC First Bank Home Loan EMI Calculator
If you are wondering how much would be you home loan EMI, use online IDFC FIRST Bank home loan EMI calculator to calculate your Home Loan EMI easily. The EMI calculator is a useful tool that helps you make informed decision about buying a new home.
IDFC First Bank Details
Set up in 2008, IDFC Bank Ltd specialised in wholesale financing to MSMEs, asset management, and JVs in Foreign Exchange. Subsequently, the bank changed its business model to retail funding and changed the name of the company to IDFC Bank. With effect from December 18, 2018, IDFC Bank merged with Capital First to create a new entity, IDFC First Bank.
The Bank focuses on financing India's 50 million MSME units and its emerging middle-class segment's requirements. The bank specialises in providing IDFC First Home Loans at competitive rates of interest. IDFC Bank is a frontrunner in the technology front. This fact is evident from the various types of Home Loan calculators available on the website for the benefit of its customers. The Home Loan EMI Calculator is one among a wide array of calculating tools.
IDFC First Bank Home Loan - Products on Offer
IDFC First Bank offers various Home Loan products to cater to every requirement of its clients. Right from providing finance to purchase new houses/flats to financing for construction purposes, IDFC First Bank has exclusive products to offer. Facilities to transfer your existing Home Loan balances and availing top up benefits are also available.
| Product Name | Rate of Interest | Tenure | Processing Fees | Ideal for |
|---|---|---|---|---|
| Regular Home Loan | Repo rate + 3% | Up to 30 years | Up to 3% of the loan amount | Salaried and self-employed individuals |
| Home Loan under PMAY | Repo rate + 3% | Up to 30 years | As per rules | As per eligibility criteria for PMAY |
Check Best Home Loan Interest Rates starting @7.15% from different banks and NBFCs.
IDFC First Bank - Home Loan EMI Concept
A Home Loan is an extended liability that can run on for 20 years and more. The amounts involved in a Home Loan are substantial, as well. It is usually a one-time affair for most of its customers. Hence, the repayment of the Home Loan assumes significant importance. The ideal mode of repayment is the EMI. This method of repayment ensures the gradual repayment of the principal amount, along with servicing the entire interest portion.
The Home Loan EMI is a constant figure for a specific loan amount, repayment tenure, and rate of interest. The EMI comprises of two components:
Interest repayment component: Any payment into the Home Loan account initially goes towards the interest repayment. In the early stages of the Home Loan, the interest payment component is high because of the substantial principal amount.
Principal repayment component: The balance left in the EMI amount after servicing the interest and other charges goes towards the repayment of the principal amount. In the initial months, it could even be as low as 0.1% to 0.5% of the entire loan liability. As you keep on repaying the EMI, the proportion improves gradually.
You can also Check Features and Benefits of LRD Loan
IDFC First Bank Home Loan EMI Calculator
Calculating the Home Loan EMI manually can be a challenge because of the following factors:
- The loan amounts can be substantial
- The tenures are long, sometimes extending to over 25 years or 300 months
- The rate of interest can be odd figures like 8.85%, and so on
The Home Loan EMI Calculator thus comes as a well-defined tool that helps in calculating the EMI quickly. Before discussing the tool, let us look into the formula that goes behind calculating the EMI.
EMI = [PR(1+R)^N] divided by [(1+R)^N-1]
- EMI - Equated Monthly Instalment
- P - Principal Loan Amount
- R - Rate of Interest per month
- N - No of instalments in months
The Home Loan EMI Calculator makes the job simple by computing the EMI amount in an instant.
IDFC First Bank offers the facility of EMI Calculator along with a host of other Home Loan-related calculating tools. The Home Loan EMI Calculator is easy to use. The customer has to enter the following information accurately:
- Loan Amount - The minimum loan amount you can enter is 10 Lakhs
- The loan tenure (in months) - The maximum value you can submit is 360
- Rate of interest - Furnishing the accurate rate of interest gets you the perfect EMI
| Loan Amount | Loan Tenure | Rate of Interest | EMI |
|---|---|---|---|
| 10 Lakhs | 360 | 8.85% | Rs. 7,939 |
Apart from the EMI amount, this calculator provides you with the annual repayment schedule in the numeric and graphical format. This table will help you understand the concept better.
Assumptions:
- Principal Loan Amount - 10 Lakhs
- Loan tenure - 360 months
- Rate of Interest - 8.85%
Points to note:
- The principal repayment portion is the minimum in the first year. It increases gradually as you progress deep into the repayment schedule.
- Accordingly, the interest repayment portion reduces annually
- The outstanding balance reduces gradually. In the first year, it is around 0.74%. It improves to 1.55% at the end of the second year, and so on.
You can also Calculate Rs. 80 Lakhs Home Loan EMI and compare interest rates with Top Banks.
IDFC First Bank Home Loan EMI Calculator - Factors Affecting the EMI Calculation
The Home Loan EMI calculation depends on the following three variable factors:
- The loan amount - Bigger the loan, more is the EMI
- Rate of Interest - Higher the ROI, bigger is the EMI
- Loan tenure - Longer the loan tenure, smaller is the EMI
| EMI @ Rate of Interest - 8.85% | |||
|---|---|---|---|
| Loan Amount/Tenure | 10 Lakhs | 25 Lakhs | 40 Lakhs |
| 10 years | Rs. 12,587 | Rs. 31,466 | Rs. 50,346 |
| 20 years | Rs. 8,901 | Rs. 22,253 | Rs. 35,604 |
| 30 years | Rs. 7,939 | Rs. 19,846 | Rs. 31,754 |
| EMI @ Rate of Interest - 9.25% | |||
| Loan Amount/Tenure | 10 Lakhs | 25 Lakhs | 40 Lakhs |
| 10 years | Rs. 12,803 | Rs. 32,008 | Rs. 51,213 |
| 20 years | Rs. 9,159 | Rs. 22,897 | Rs. 36,635 |
| 30 years | Rs. 8,227 | Rs. 20,567 | Rs. 32,907 |
Points to note:
- As the loan amount goes up from 10 Lakhs to 40 Lakhs, the EMI keeps increasing at every stage.
- The EMIs for all amounts at ROI 8.85% are less than the corresponding figures at ROI 9.25%
- The EMI reduces as we extend the loan repayment tenure
You can also Calculate Rs. 1 Crore Home Loan EMI and compare interest rates with Top Banks
Alternatives of IDFC First Bank Home Loan EMI Calculator
The IDFC First Bank EMI Calculator is a comprehensive financial tool. Using it is easy. However, alternatives are available on the internet. One such option is the EMI Calculator available on MyMoneyMantra.com. This EMI Calculator is similar to the one displayed on the IDFC First Bank website, but it does not give the amortisation schedule.
IDFC First Bank Home Loan EMI Calculator - Benefits
- Knowing your Home Loan EMI in advance helps you to manage your budget well
- You can check out your affordability and eligibility, as well
- Once you are aware of your home loan eligibility, it becomes easy for you to search the right kind of properties within your budget.
- Customers having the benefit of age on their side can opt for extended tenures by estimating the EMI for periods up to 30 years.
- This EMI Calculator provides the details of the interest and principal repayment for each year. It enables you to understand the Home Loan EMI concept.
You can also check Loan EMI through Compound Interest Rate Calculator
IDFC First Bank Home Loan EMI Calculator with Pre-EMI Interest Calculation Option
IDFC First Bank has a unique Home Loan EMI Calculator that accounts for pre-EMI interest while determining the EMI. The procedure for using this calculator is the same. However, borrowers should provide additional information.
- The loan amount - Minimum amount is 10 Lakhs
- Loan tenure - This tenure includes the pre-EMI period. The maximum tenure is 360 months
- Rate of interest - Enter the applicable ROI
- Interest-only period - Here you have to submit the details of the pre-EMI period. The maximum pre-EMI period is 36 months.
| Loan Amount | Loan Tenure (including the pre-EMI period) | Rate of Interest | Interest-only period (pre-EMI period) | Pre-EMI period | EMI after the holiday period |
|---|---|---|---|---|---|
| 10 Lakhs | 360 | 8.85% | 36 | 7,375 | 8,127 |
Compare this chart with the EMI calculation chart. You will see that there are two EMIs on this chart. One is the EMI for the pre-EMI period. The other EMI is the EMI for the regular EMI period. The amount is more because the tenure is less. Instead of 360, it is 324.
You can also check Loan EMI through SBI Home Loan EMI Calculator
IDFC First Bank Home Loan EMI Calculator - Pre-EMI Interest Concept
Home Loans for construction purposes come with a holiday period for repayment. The loan disbursement is also in tranches. The regular EMI will commence after the final payment. IDFC First Bank allows a maximum holiday period of 36 months. The interest charged to the Home Loan account before the commencement of the regular EMI is pre-EMI interest.
Many banks capitalise the pre-EMI interest and add it to the Home Loan. IDFC First Bank calculates the pre-EMI interest and insists that the borrowers service this amount every month until the start of the regular EMI. It is beneficial to borrowers in many ways.
You can also check Home Loan EMI through Loan Prepayment Calculator
IDFC First Bank - Other Home Loan Calculators
Besides the Home Loan EMI and the Pre-EMI Interest Calculators, IDFC First Bank has many other Home Loan calculators on its webpage.
- Eligibility Calculators
- Income Eligibility Calculator - This calculator helps customers determine their eligibility levels depending on their income and other regular obligations.
- Balance Transfer Calculator - The Balance Transfer Calculator enables customers to find out the amount they would save on transferring their Home Loan to IDFC First Bank.
- Home Loan Product Calculators
- Simple Home Loan Calculator - This calculator requires the customer to enter basic details to know how much Home Loan they can get.
- Short and Sweet Home Loan Calculator - This Home Loan calculator is useful if the customer has savings every month like a savings account, recurring deposit, or fixed deposit accounts. The customer can link these accounts to the Home Loan and get the benefit of a reduced interest burden.
- Booster Home Loan Calculator - The Booster Home Loan calculator allows you to add other monthly income to your regular income and arrive at a higher eligibility level.
- Max Saver Home Loan Calculator - This calculator helps to accumulate all your savings and loan accounts at a single location. It is a combination of the Simple Home Loan Calculator and the Short and Sweet Home Loan Calculator.
- Other Home Loan-related Calculators
- Besides the EMI and eligibility calculators, IDFC First Bank offers the following additional calculating tools.
- Home Buying Tools
- Stamp Duty Calculator - Depending on the location of the residential property and where you reside, stamp duty applies to all purchases of property. This stamp duty calculator enables you to determine the applicable stamp duty.
- Area Conversion Calculator - Convert the area of your house or plot of land from one measure to another using this area conversion calculator.
- Loan Servicing Calculators
- Part-payment calculator - The part payment calculator will enlighten you about the effect of part payment on your EMI or loan tenure.
- Payment Planner - This payment planner is useful to determine how regular part payments can affect your loan tenure/EMI.
- Loan Repricing Calculator - Any change in the interest rate can affect your repayment schedule/EMI. The loan repricing calculator can help you in this connection.
- Tax Calculator - The Tax Calculator helps you determine the tax benefits available on your Home Loan repayment.
- Under Construction Tax Calculator - If the property is under construction, there is a different tax structure. The Under-Construction Tax Calculator will help you to understand the tax concessions available to the borrower.
You can also check Loan EMI through Loan Against Property EMI Calculator
FAQs
The IDFC First Bank Home Loan EMI Calculator helps borrowers to understand the breakup of interest and principal repayment over the full tenure of the loan. It is in addition to estimating the regular EMI.
IDFC First Bank has a separate pre-EMI interest calculator that can determine the pre-EMI interest repayment and the regular EMI, as well.
IDFC First Bank has a pre-EMI interest calculator that determines the amount to be paid during the pre-EMI period. The calculator also estimates the regular EMI payable by the borrower. The borrower should adhere to this schedule, as it is beneficial.
The bank can permit capitalisation of interest during the holiday period. However, it is beneficial for the borrower to repay the pre-EMI interest monthly, as it reduces the financial burden.
IDFC First Bank Home Loan EMI Calculator does not accept any amount below 10 Lakhs. Therefore, if your loan is 10 Lakhs or more, you can use this calculator to determine your EMI.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
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