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.
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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.
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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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.
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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.
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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:
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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.
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.
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 amount||30 years||20 years||15 years|
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.
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The main factors that affect your EMI amount are mentioned below. You can alter these amounts to change the EMI amount in the future.
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.
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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:
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.
The IIFL Bank allows the customers to repay the entire amount and the interest rate for as long as 30 years.
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%.
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.
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.
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.
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.