|
0
|
50L
|
100L
|
150L
|
200L
%
|
5
|
7.5
|
10
|
12.5
|
15
|
17.5
|
20
|
0
|
5
|
10
|
15
|
20
|
25
|
30

Total EMI

49,919

Total Interest

69,80,559

Total Payments

1,19,80,559

Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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About IIFL Home Loan

IIFL is dedicated to providing Home Loans with a simple and efficient process. We aim at helping our esteemed customers to buy their dream house. The Home Loan provided by IIFL can be used to meet varied requirements pertaining to the house such as construction, renovation, and extension or making any kind of changes in the current house. The Home Loan provided by IIFL will help an individual to purchase the flat or house of their choice. In case of the Home Loan, the house itself can be used as a security against the Home Loan.

IIFL Home Loan EMI Calculator

It is very lucrative to be aware of the current expenses and obligations prior to applying for the Home Loan at IIFL. This information will help the applicant to plan the financials accordingly. The EMI calculator available online at MyMoneyMantra can be of great help in determining the equated monthly instalment (EMI) amount that the borrower can afford along with the current expenses and obligations if any. The EMI calculator will do all the complex calculations in a jiffy and give you the exact EMI amount that you will have to pay against the Home Loan. This will help you to reduce the financial stress. All you need to do is just provide the details such as loan amount, tenure, and interest rate to arrive at the EMI amount. The applicant can also try various permutations and combinations to arrive at the affordable EMI amount. The applicant does not have to personally visit IIFL for EMI amount calculation.

The fixed amount paid by the borrower every month against the Home Loan taken is called EMI. This amount is to be paid by the borrower every month to IIFL throughout the Home Loan tenure.

IIFL offers Home Loan at the lowest interest rate of 9.50% for the maximum tenure of 30 years. The lowest EMI per Lakh at IIFL is 841. IIFL aims at providing affordable and convenient Home Loans to meet the financial requirements of the borrowers.

Results of IIFL Home Loan EMI Calculator at different tenures and amounts @9.50% interest rate.

Loan Amount

Loan Tenure

 

15 years

20 years

30 years

25,00,000

26,106

23,303

21,021

50,00,000

52,211

46,607

42,043

75,00,000

78,317

69,910

63,064

1,00,00,000

1,04,422

93,213

84,085

As given in the above table, we can conclude that the EMI amount differs as per the loan tenures even if the interest rate is the lowest. The EMI amount shall vary if you apply for a Home Loan for a period of 15, 20 or 30 years. The shorter the Home Loan tenure the higher the EMI will be and vice-versa.

The principal component and interest component together make the EMI amount. The proportion of both varies every month with each EMI being paid. As the borrower pay the EMI the principal component keeps on increasing for the repayment of the Home Loan and the interest component reduces.

The EMI calculator can be used by the applicant to calculate interest on the Home Loan according to the tenure. The following table explains the change in EMI on Home Loan of 1 Lakh at an interest rate of 9.50%.

  5 years 10 years 15 years 30 years

EMI when loan amount is 1 Lakh @ 9.50% interest rate

2,100

1,294

1,044

841

Total amount payable to bank (principal + interest)

1,26,011

1,55,277

1,87,960

3,02,708

Interest payable over the loan tenure

26,011

55,277

87,960

2,02,708

After studying the table, we can conclude that the EMI amount is affected by the loan tenure as well, The shorter the loan tenure the higher will be the EMI amount. The applicant can save the interest outgo by applying for short tenure loans.

For example, if the borrower applies for the Home Loan of 1 Lakh for a tenure of 30 years the lowest EMI on the same will be 841 per month but the total interest outgo shall be 2,02,708. But if the borrower takes the Home Loan of the same amount for a period of 15 years the monthly EMI amount will be 2,100 and the total interest outgo will be 26,011. Therefore, it is recommended to apply for a Home Loan by taking into consideration al the important parameters such as loan tenure and interest rate.

Highlights of the IIFL Home Loan

Purpose of Loan: 

IIFL provides Home Loans to meet the varied requirements of the borrowers. The Home Loan at IIFL can be used to purchase a new house/flat, construct the house, or extend the existing property.

Key Features

  • IIFL provides Home Loans to both salaried employees are well as self-employed individuals.
  • The minimum age requirement to avail the Home Loan at IIFL is 18 years
  • The property itself can be a mortgage to act as a security for the Home Loan take from IIFL.
  • The Loan to Value Ratio is maximum up to 90% of the cost of the project
  • 841 per lakh is the lowest EMI at IIFL on the Home Loan
  • IIFL strives to provide the most attractive and unique Home Loan offers to meet the varied needs of the customers.
  • IIFL offers a variety of housing loan options to cater to the needs of everyone such as New Home Loan, Swaraj Home Loan, Home Improvement Loan, NRI Home Loan, Home Loan Balance Transfer, and Pradhan Mantri Awas Yojana.
  • The funding values at IIFL are determined on the basis of the Home Loan amount
  • IIFL is known for its competitive interest rates on the Home Loan
  • The maximum repayment tenure available for IIFL Home Loans is 30 years for salaried and 20 years for self-employed applicants.
  • Legal and technical advice at every step
  • Low interest rate in comparison with other on-banking financial companies (NBFCs) starting at 9.50% p.a (as on 02.04.2019).
  • The entire loan procedure at IIFL is hassle-free and quick
  • IIFL has a very strong network of branches to provide necessary customer support to its borrowers.
  • IIFL provides legal and technical advice as and when necessary throughout the loan process.
  • It provides trouble free and faster documentation process

Processing Fees: A processing fees of 3,000 to 0.75% of the sanctioned loan amount is levied by IIFL on Home Loans.

Special schemes: Customised Home Loan schemes and offers are provided by IIFL to the special category of borrowers, such as women, IIFL employees, senior citizens, underprivileged citizens, and so on. Some of the Home Loan products at IIFL are as follows:

  • New Home Loan
  • Home Improvement Loan
  • NRI Home Loan
  • Balance Transfer
  • Swaraj Home Loan
  • Pradhan Mantri Awas Yojana (PMAY)

IIFL EMI Calculation Formula

The formula used by the EMI calculator is P*r* (1+r)^n/([(1+r)^n]-1)

Here, for IIFL Home Loans:

P = Loan amount

r = Rate of interest/month, which starts at 9.50% at present and is linked to IIFL's PLR

n = Tenure in months, which can be maximum 360 months for IIFL Home Loans

Factors Affecting IIFL Home Loan EMI

  • Loan amount: The loan amount plays a very important role in determining the EMI amount the borrower will have to pay against the Home Loan taken. The higher the loan amount the higher will be your EMI. It is important to give considerable thought to the Home Loan amount while applying for the Home Loan at IIFL. IIFL provides Home Loan for a minimum amount of 10 Lakhs to a maximum amount of 5 Crores.
  • Interest rate: The EMI amount paid monthly against the Home Loan is determined on the basis of the interest rate offered by IIFL. Higher the interest rate on the housing loan the higher will be your monthly EMI. The Home Loan at IIFL starts at 9.50%. It is important to do a complete market survey and research before selecting a lender and applying for the Home Loan.
  • Loan tenure: The period in which the borrower can repay the Home Loan is called loan tenure. The loan tenure has its impact on the EMI amount as well. The shorter the loan tenure the higher will be the EMI amount. It is important to decide the EMI amount based on the monthly expenses and repayment capacity. 30 years is the maximum Home Loan tenure at IIFL.
  • Occupation of the borrower: IIFL charges a little higher rate of interest on the Home Loans for the self-employed individuals. The salaried employees have the advantage of getting Home Loans at comparatively lower interest rates.
  • Type of loan opted for: The various Home Loan schemes such as fixed rate Home Loans and floating rate Home Loan schemes also have a considerable effect on the EMI amount.
  • Existing IIFL customers:IIFL offers lower interest rates on the Home Loan to its existing customers. The lower interest rates aimed at maintaining a good and cordial relationship with account holders.

Tips to Decide the Right Amount of EMI

  • Fix the amount for the Home Loan you need to borrow:  Before approaching IIFL or any other financial institution, it is necessary to ascertain the amount of the Home Loan. This will help you plan the finances and avoid any sort of financial stress in the future. All the factors such as lifestyle, current expenses, and obligations should be taken into account while determining the Home Loan amount. As Home Loan is a secured loan and it comes at a higher rate of interest it is recommended to apply for the minimum loan amount. Also, the borrower should wisely choose the loan tenure for a Home Loan in order to save the interest outgo.
  • Assessment of your expenses and current obligations: A reality check of obligations and monthly expenses is must before approaching the financial institution for the Home Loan. This will help the borrower to arrive at the EMI amount that the borrower can comfortably pay against the loan.
  • Calculate your IIFL Home Loan eligibility: The Home Loan eligibility of an applicant is the functional assessment of the property and the repayment capacity of an individual. The loan-to-value (LTV) at IIFL on the Home Loan is up to 90%. The remaining 10% value of the property has to borne by the applicant from their own sources. If the applicant does not have the funds to arrange for the remaining amount, they may consider applying for the Home Loans with higher LTV. These loans come at a higher rate of interest and hence, the EMI amount for same is higher too.
  • FOIR: The fixed obligation to income ratio (FOIR) is also considered by IIFL while determining the Home Loan eligibility. The IIFL will take into consideration all the current EMIs, obligations, and income of the borrower to arrive at FOIR. This estimation will help IIFL to gauge the repayment capacity of the borrower. The proportion of fixed obligations to income of the applicant gives FOIR. The banks and financial institutions do not prefer to sanction loans of the individuals having low FOIR. The minimum FOIR of 0.65 is must to be eligible for the Home Loan at IIFL. The FOIR helps to assess the Home Loan amount a borrower can pay. This assessment can be different. It is also advised to pay any short term loans if any to increase the Home Loan eligibility and decrease the obligations.

Change in EMI with a change in Interest rate

  • The EMI on the Home Loan changes if the borrower requests the same at IIFL. The change in EMI is subject to the eligibility criteria of the borrower. IIFL may levy some nominal charges for the change in EMI request.
  • If the Home Loan at IIFL is on a floating rate basis. The EMI may remain the same but the Home Loan tenure might be increased by IIFL. If the loan tenure is more than the maximum Home Loan tenure at IIFL, the IIFL may increase the EMI amount on the Home Loan.
  • In case of partly disbursed Home Loans as per the tranched scheme, the EMI amount shall increase with each loan disbursement amount.

Change in EMI on Prepayment

  • The prepayment of the Home Loan at IIFL can be done at zero charges. However, a penalty can be levied by IIFL for the prepayment of the Home Loan under the floating rate.
  • The outstanding balance of the principal amount reduces with the prepayment. The borrower can either opt to keep the EMI same and reduce the loan tenure to pay off the Home Loan faster or can opt to reduce the EMI and keep the loan tenure as it is. It is beneficial to reduce the loan to save the interest outgo.

Importance of Calculating EMI before Taking an IIFL Home Loan

It is recommended to calculate Home Loan EMI prior to applying for the Home Loan at IIFL. Following are the benefits of calculating the EMI:

  • The calculation of the EMI before applying for the Home Loan gives you a clear idea of the EMI you will expect to pay against the Home Loan. If the EMI amount is higher, you can opt for the lower amount of Home Loan as per the monthly budget.
  • It is easy to plan monthly expenses if you know the exact EMI you will be paying for the repayment of your Home Loan.
  • You can also decide to make the prepayment of your Home Loan on the basis of the EMI.

How to Use the IIFL Home Loan EMI Calculator on MyMoneyMantra?

The EMI calculator at MyMoneyMantra is very easy to use and convenient too. The applicant can easily use this calculator to know the exact EMI in just a few steps. Following are steps that can help you calculate the EMI:

  • Log on to the EMI calculator page at MyMoneymantra
  • Enter the necessary loan parameters like interest rate, loan amount, and tenure and click the Calculate button to get the EMI amount quickly.
  • You can also change various loan parameters and try various combinations to arrive at the desired Loan EMI amount.
  • After completing the EMI calculation you can also choose to check the Home Loan eligibility at MyMoneyMantra.
  • Get the best Home Loan rates at MyMoneyMantra and choose your lender as per your requirements.

Benefits of Using MyMoneyMantra's EMI Calculator

The greatest benefit of MyMoneyMantra Home Loan EMI calculator is that it helps the borrower to know in advance the exact EMI amount they are liable to pay against the Home Loan. This estimation helps the borrower to plan the finances accordingly and avoid financial stress. The borrower can also conclude the exact EMI they can afford to pay each month along with current expenses.

  • Anytime access

    You can access the online EMI calculator anytime and anywhere. The calculator can also be used multiple times to try various combinations. The borrower is not required to visit the financial institution multiple times and do all sort of complex combination to know the EMI amount. The online EMI calculator is very easy to use.

  • Accurate results

    Online EMI calculator gives accurate results without any hassle. The chances of errors using the online EMI calculator are very less. It is more convenient to do the EMI calculations online rather than personally visiting the lending institution.

  • Saves you from time-consuming and complex calculations

    The online EMI calculator saves a lot of time as you are not required to do the same calculations again and again. The chances of errors are less when you do these calculations online. The online calculators do all the lengthy and complex calculations instantly and provide accurate results.

  • Aids the financial planning process

    Knowing the exact EMI the borrower can easily plan the finances accordingly. The borrower can also try various different loan parameters to arrive at affordable EMI amount that suits their budget.

  • You can use an online EMI calculator for every loan

    The online EMI calculators can be used to calculate the EMI amount for all kinds of loans. The basic parameters of the loan are the same and hence it is not necessary to use loan specific calculator most of the time.

FAQs on IIFL Home Loans

What is the Home Loan procedure at IIFL?

The borrower can apply for the housing loan at IIFL by directly visiting the center or by applying for the same online with the help of online marketplaces such as MyMoneyMantra. Applying for the housing loan online will help the borrower to get the best offers and discounts. After applying for the Home Loan online the representative of MyMoneyMantra will contact the borrower to take the loan procedure ahead and initiate the evaluation of the necessary documents. The Home Loan will be sanctioned on the basis of the evaluation of the borrower's documents.

Is it beneficial to transfer the loan from another bank to IIFL?

The lowest interest rate offered at IIFL is 9.50% for the maximum tenure of 30 years. The lowest EMI per lakh at IIFL is 841. If the borrower is paying the EMI higher than this amount they can opt to transfer the Home Loan to IIFL to get the benefit of the interest rate as well as EMI amount.

What is the maximum loan tenure at IIFL?

The maximum Home Loan tenure at IIFL is 30 years for salaried individuals and 20 years for self-employed applicants.

What are the tax benefits on Home Loan from IIFL?

Under section 24 and section 80C of the Income Tax Act, the citizen of India can avail tax benefits on the principal amount and interest rate of the Home Loan.

What are the charges applicable on the foreclosure of Home Loan at IIFL?

The charges for pre-closing your IIFL Home Loan account are as follows:

Part/ full prepayment charges for individual

  • NIL

Part prepayment charges for non individual

  • 5% (within first year of last disbursement)
  • 1% (after first year of last disbursement)

Full prepayment charges for non individual

  • 5% (within first year of last disbursement)
  • 3% (after first year of last disbursement)

Is it possible to transfer my Home Loan from another bank to IIFL?

Yes, you can easily transfer the Home Loan from another bank to IIFL with a simple hassle-free procedure. The transfer of loan will help you to get maximum benefit and save money.

Can I apply for the joint Home Loan at IIFL by adding the income of spouse while applying for the loan?

The applicant can apply for the joint loan by adding the income of their spouse while applying for the Home Loan at IIFL. This will increase the Home Loan eligibility of the applicant as the income of the spouse will also be considered while determining repayment capacity.

Is there any benchmark applicable for a housing loan at IIFL?

Prime Lending Rate (PLR) is the benchmark application for the Home Loan at IIFL.

Are there any effects of part-prepayments of housing loan EMI at IIFL?

Making a part payment of the Home Loan will help the borrower to reduce the outstanding principal amount and which in turn shall reduce the interest too. The borrower can choose to keep the same EMI and reduce the Home Loan tenure or reduce the EMI and keep the loan tenure as it is. Reducing the Home Loan tenure will help the borrower to save the interest outgo.

Will the interest rate on IIFL housing loan change in future?

If the RBI increases the interest rate due to some market conditions the bank shall also increase the PLR rate on the existing and new Home Loans and if the RBI reduces the interest rate the IIFL will also do the same to pass on the maximum benefit to its borrowers.

Latest News on IIFL Home Loan

2018-12-11: IIFL Home Finance, under PMAY disburses CLSS subsidy worth over 440 crores to approx. 20,000 beneficiaries

Under the Credit Linked Subsidy Scheme (CLSS) of the Pradhan Mantri Awas Yojana, IIFL Housing Finance went on to disburse 440 crores in subsidy to over 20,000 beneficiaries. Approving 2,700 crores in Home Loans under the scheme, the company will be benefiting numerous families from the EWS (Economically Weaker Section), LIG (Low Income Group) and Middle Income Group (MIG) categories by November end.

2018-02-19: IIFL Housing Finance sets Target at 28k crore Home Loans by 2020

With an aim to widen its Home Loan customer base, the IIFL Housing finance has set a target of 28,000 crore by the year ending 2020. This is twice its current numbers of 12,000 crore. The company is looking forward to increase demand from middle and lower income groups.