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Calculate IIFL Home Loan EMI

50000020000000
120
130
Total Payments-

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 8.7%
  • ₹0
  • 20
Updated:

IIFL Home Loan EMI Calculator Details

Planning your expenses for the future, along with managing your EMIs, is essential for every individual these days. Taking a home loan is a commitment for the long term, one that comes with a lot of responsibility. You have to keep track of your future investments and plan your expenses accordingly when you Take a Home Loan from a bank.

If you intend to take a home loan from the IIFL Bank, it would be wise to plan your EMI for the future to avoid all kinds of financial confusion and issues.

Use the IIFL home loan EMI calculator to calculate your payments beforehand. Here is everything that you need to know regarding how you can get the exact EMI amount with the help of the calculator.

Additional Info: Also check Rs. 80 Lakh Home Loan EMI

How to use IIFL Home Loan EMI Calculator?

The EMI calculator is straightforward to use and gives accurate results in a few seconds. Here are all the steps that you need to follow in order to operate the EMI Calculator to figure out your interest rates beforehand.

  • The first step that you need to take to operate the calculator is to put the entire amount that you want to take as a loan from the IIFL bank. It can be anything between 50 lakhs to 3cr. 
  • The home loan EMI calculator IIFL will next ask you to put the interest rate that you are supposed to pay. The interest rate varies from 5% to 20%, depending primarily on the entire loan amount that you take from the IIFL bank.
  • Post that, you will have to select the loan duration. You can choose any term that you think will suit your affordability. The IIFL bank allows you to pay your EMI for 5 to 30 years, depending on your convenience.

After following these simple steps, the monthly EMI that you are supposed to pay will pop up on the screen. The total interest amount, along with the full amount that you have to pay, will come up as well. The entire amount, therefore, consists of the principal amount and the total interest that you have to pay.

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IIFL Home Loan Interest Calculator Formula

The formula that the IIFL home loan EMI calculator follows is p*r*(1+r)^n/([1+r)^n]-1).

Here, P stands for the entire loan amount that you take from the IIFL bank, R stands for the interest rate that you are supposed to pay on a monthly basis, and N stands for the tenure that you select.

The higher the tenure period is, the EMI will be less on a monthly count. However, the entire payable amount also increases with that. When you select a relatively shorter tenure, your monthly EMI will increase.

Additional Info: Also check Pan Number for Banks

Benefits of IIFL Home Loan EMI Calculator

Using an EMI calculator can save you lots of time and a lot of hassle in the long run. Not figuring out your monthly EMI amount can create many financial confusions and other issues in the future during the tenure. Here are the benefits to enjoy if you calculate your EMI before you Take a Home Loan from the IIFL Bank.

  • You don't have to go to the bank to calculate your EMI before you take a home loan. The EMI calculator operates in a completely online mode and requires very little time to give you the result.
  • It gives you the correct amount of how much you need to pay monthly after you take a home loan. It will help you stay organised and make proper financial plans for the future as well.
  • The best part about using the EMI calculator is you can try different combinations using different loan amounts, interest rates, and tenures to see which plan suits you the best.
  • Therefore, using the EMI calculator can help you choose the plan that is affordable for you in the long run.

Additional Info: You can also Check Banglarbhumi West Bengal Land Record

Why should you use IIFL Home Loan EMI Calculator?

Planning your future financial investments is always a good idea. Specifically, when you are taking a home loan, it is imperative to calculate your monthly investments beforehand. 

Here are the primary reasons why you should consider using the IIFL Bank Home Loan EMI Calculator before taking a home loan:

  • The calculator gives you a hundred per cent correct EMI monthly amount that you need to pay after you take the home loan from the IIFL bank.
  • Calculating your monthly investments can save you from a lot of financial troubles in the future. You can plan your future investments based on your monthly payment amount.
  • You have the freedom to choose different loan amounts, interest rates, as well as different tenures. With this feature, you can easily understand which plan is the most suitable for you out of them all. 
  • Before you take the loan, you can calculate your monthly EMIs. And during the tenure, you can count your remaining loan tenure with the help of the calculator, which makes the entire repayment procedure even easier for you.

Additional Info: You can also Check AnyRoR Gujarat Land Record

Comparison of IIFL Home Loan EMI with other Popular Banks

Understanding the entire EMI amount according to your affordability is extremely important before you take any home loan from any bank. If you are not comfortable with the results, according to your financial condition, consider checking other loans that are offered by other popular banks at the contemporary time.

Take a look at the chart to understand the difference of the home loan EMIs between the IIFL bank and the other contemporary banks in India.

Bank NameLoan amount of 30 LakhLoan Amount of 50 LakhInterest Rate
IIFL 23,494/-39,157/-8.70%
SBI 19,259/-32,098/-6.65%
HDFC19,358/-32,264/-6.70%
ICICI19,358/-32,264/-6.70%
AXIS19,259/-32,098/-6.65%

Here are the different rates that depend on the different Home Loan Interest Rates that are offered by these widespread bans. State Bank of India and the Axis bank mainly provide an interest rate of 6.65% to all the customers who take home loans from their banks. On the other side, the HDFC Bank and the ICICI Bank offer an interest rate of 6.70% to the customers. Relatively, the IIFL Home Loan Interest Rate remains on the higher side. In most cases, they offer an interest rate of 8.70% to the customers. 

IIFL Home Loan EMI Calculator to Estimate the EMI That Fits Your Budget

The flexibility that the IIFL bank home loan EMI calculator provides to their customers is what makes it a feasible method of calculating your EMI beforehand.

Choosing different tenures, different loan amounts, and interest rates help you select the best possible plan that suits your budget.

Take a look at the chart to understand which plan offered by the IIFL Bank suits your affordability.

Loan amount30 years20 years15 years
1 cr78,313/-88,052/-99,650/-
75 lakh58,735/-66,040/-74,737/-
50 lakh39,157/-44,026/-49,825/-
25 lakh19,578/-22,013/-24,912/-

When you choose a short tenure, the monthly payable EMI remains on the higher side and vice versa. The entire payable amount increases when you select a brief tenure in comparison to longer tenures.

Additional Info: How to get Bajaj Finserv Home Loan

Factors affecting the IIFL Home Loan EMI

The main factors that affect your EMI amount are mentioned below. You can alter these amounts to change the EMI amount in the future.

  • Interest rate is one of the major determining factors of EMI rates. When the interest rates remain on the higher side, the EMI automatically increases by the end of the tenure. The IIFL Bank keeps its interest rate at 8.75% for all its customers. Before taking a home loan, go through all their plans to determine which plan is the ideal one for you.
  • The entire loan amount also has a huge role to play in calculating your EMI amount. Your monthly payable EMI amount automatically increases when the loan amount is larger, and the tenure is short. Interest rates also increase when the loan amount is on the bigger side.
  • The tenure period that you select before taking a home loan also plays a major role in determining how much you will have to pay by the end of the plan.

Try to alter these amounts to see which plan suits your demands the most. These are the factors that determine your EMI amount when you take a home loan from the IIFL Bank.

Additional Info: You can also avail Navi Home Loan

What the Home  Loan EMI calculator cannot tell you

The online EMI Calculator is the fastest and the most feasible way to calculate your monthly EMI before taking a home loan from any bank. However, there are certain things that cannot be determined by the calculator at times. Here are a few things that the calculator cannot tell you when you calculate your EMI before taking a loan from the IIFL Bank:

  • Some banks allow their customers to change their interest rates in the middle of a tenure. On the other hand, some banks do not allow that. Whether you can make bigger payments as interest cannot be determined by an EMI calculator.
  • A home loan hardly brings profits to you. Home loans are huge. Interest rates add up to it and make them even bigger. While you pay the EMI after your tenure gets over, you may lose out on many opportunities due to your financial condition. An EMI calculator cannot tell you that beforehand. 

The IIFL home loan EMI calculator only requires your interest, tenure, and loan amount. It also requires your personal and professional details to determine whether or not you are eligible to take a home loan from the bank. Different banks have different Home Loan Eligibility Criteria when it comes to home loans. At times, EMI calculators fail to determine your full eligibility. You can be underage or have less Credit Score or multiple dependants. These factors cannot be determined by an EMI calculator.

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

FAQs

✅ For how many years can I repay my home loan?

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The IIFL Bank allows the customers to repay the entire amount and the interest rate for as long as 30 years.

✅ What will be the monthly EMI if I take a loan of Rs. 30 Lakh from the IIFL Bank?

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The monthly EMI will depend on the tenure that you select while taking the home loan. If you select a tenure of 30 years, your monthly EMI for Rs. 30 lakh will be around Rs. 23,494/- based on their interest rate of 8.50%.

✅ What happens if the interest rate increases in the future after I take a home loan from the IIFL Bank?

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The IIFL Bank only offers floating rates loans only. As per their policies, if the interest rate goes up in the future during your tenure, it will be applied to you as well. You will have to pay the updated interest rate according to their policy.

✅ Is the IIFL Home Loan EMI Calculator accurate?

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The online EMI calculator of the IIFL Bank follows the formula p*r*(1+r)^n/([1+r)^n]-1). It gives a 100% accurate EMI amount that you will have to follow after taking a home loan from the bank.

✅ What is the EMI for 50 lakh in IIFL?

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The EMI will depend on your selected tenure and the interest rate. As per the interest rate of 8.50%, if your selected tenure is 20 years, you will have to pay around Rs. 44026/- per month. For a 15 years tenure, you will have to pay Rs. 49,825/- per month.

✅ Can I ensure my interest rate will be the same during the entire tenure in IIFL?

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If the bank offers fixed-rate loans, then your interest rate will be the same throughout the tenure. However, the IIFL Bank does not offer fixed rate loans for now.