IDFC First Bank Home Loan
EMI Calculator
IDFC First Bank offers affordable home loan schemes to buy or renovate or construct a home and also to transfer your existing loan balance at a cheaper rate of interest. You can get an estimate of the monthly obligations with a home loan by using the IDFC First Bank EMI calculator available online. A borrower can use the IDFC First Bank home loan calculator several times for any loan amount, tenure, and interest rate to determine the best suitable home loan scheme to fit the monthly budget. Here, you will learn all about the benefits of using IDFC First Bank home loan EMI calculator and the factors that might affect the results you will get from this tool.How to Calculate IDFC First Bank Home Loan EMI?Calculating the housing loan Equated Monthly Installments becomes easier on the online home loan EMI calculator. This simple yet powerful tool is designed to provide instant and accurate EMI estimates on a housing loan by entering the loan amount, loan tenure, and interest rate.
Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
IDFC First Bank Home Loan EMI Calculator Formula
EMI = P x R x (1+R)N / (1+R)N − 1
P: Principal amount
R: Rate of interest
N: Number of monthly repayment installments
Factors Affecting IDFC First Bank Home Loan EMI
Home Loan Tenure: A majority of borrowers apply for a home loan for up to 30 years, for the simple reason that they want to save on monthly EMIs. However, longer tenures also incur higher interest on the outstanding loan balance.
Loan Amount: The third similar factor that determines the housing loan EMI is the loan amount you take from the lender. The higher amount received will need to be repaid in the form of higher repayment installments.
Benefits of Using the IDFC First Bank Home Loan Calculator
Accurate Results Every Time: Housing loan EMIs can be calculated manually; however, human errors are likely, so if you want accurate results, use an online EMI calculator tool. Try the EMI calculator available online at the official website of the BASIC Home Loan.
Instant and Free: EMI calculators are better than manual calculations because they provide instant results. This is not all; it is a free-to-use tool that the borrower can use multiple times, adding to its popularity.
Budget Planning: Another reason housing loan borrowers use the online EMI tool is that it helps them plan their monthly budget by providing them estimates of repayments without much effort.
IDFC First Bank Home Loan Interest Calculator Formula
Total Interest = (P x R x T) / 100
P: Principal amount
R: Rate of interest
T: Time or tenure in terms of monthly installments
IDFC First Bank Home Loan Eligibility Criteria
Comparison of IDFC First Bank Home Loan EMI with Other Popular Banks
Since multiple lenders in the home loan market govern choices for potential home buyers, it makes sense to do your research well. Before embarking on the journey to avail of a home loan and make your home-ownership dream come true, make sure to do a detailed comparison of the interest rates and EMI amounts of some top names in the industry.
The table below highlights the rates of interest and the corresponding EMI payable for different loan amounts offered by the top 5 banks and NBFCs in India. Note that the data has been derived for a loan tenure of 10 years using the EMI calculator tool on EMI
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
IDFC First Bank | 8.75% p.a. onwards | Rs. 12,533 | Rs. 25,065 | Rs. 37,598 | Rs. 50,131 | Rs. 62,663 |
Aditya Birla Housing Finance | 8.85% p.a. onwards | Rs. 12,587 | Rs. 25,173 | Rs. 37,760 | Rs. 50,346 | Rs. 62,933 |
ICICI Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
DCB Bank | 9.75% p.a. onwards | Rs. 13,077 | Rs. 26,154 | Rs. 39,231 | Rs. 52,308 | Rs. 65,385 |
Piramal Housing Finance | 11.00% p.a. onwards | Rs. 13,775 | Rs. 27,550 | Rs. 41,325 | Rs. 55,100 | Rs. 68,875 |
PNB Housing Finance | 8.75% p.a. onwards | Rs. 12,533 | Rs. 25,065 | Rs. 37,598 | Rs. 50,131 | Rs. 62,663 |
IDFC First Bank Home Loan Amortization Schedule
Steps to Calculate IDFC First Bank Home Loan Amortized Interest:
1. Begin by calculating the housing loan amortized interest with a simple division of your IDFC First Bank home loan interest rate by the total number of EMIs per annum. For example, if your housing loan rate of interest is 8.75% p.a. and you choose monthly EMIs, then divide 8.75% by 12 0.0073
2. In the second step, you are supposed to multiply the number you obtained in step 1 and whatever answer you get will be your monthly interest. For example, if your housing loan balance is Rs. 6,000,000, then 6,000,000 x 0.0073 Rs. 43,800
3. Now, you need to reduce the interest calculated from your Equated Monthly Installment to learn about your principal loan that you need to pay in the first month. For example, if your Equated Monthly Installment is Rs. 53,023, you will pay Rs. 53,023 - Rs. 43,800 Rs. 9,223
4. Continue the same way to calculate the principal, interest, and outstanding loan balance for each month
| Year / Month | Principal Amount | Interest | Loan Balance | Loan EMI |
|---|---|---|---|---|
| 2024 | Rs. 115,848.90 | Rs. 520,427.10 | Rs. 6,000,000.00 | Rs. 636,276 |
| 1st Month | Rs. 9,273.00 | Rs. 43,750.00 | Rs. 6,000,000.00 | Rs. 53,023 |
| 2nd Month | Rs. 9,340.62 | Rs. 43,682.38 | Rs. 5,990,727.00 | Rs. 53,023 |
| 3rd Month | Rs. 9,408.72 | Rs. 43,614.28 | Rs. 5,981,386.38 | Rs. 53,023 |
| 4th Month | Rs. 9,477.33 | Rs. 43,545.67 | Rs. 5,971,977.66 | Rs. 53,023 |
| 5th Month | Rs. 9,546.44 | Rs. 43,476.56 | Rs. 5,962,500.33 | Rs. 53,023 |
| 6th Month | Rs. 9,616.04 | Rs. 43,406.96 | Rs. 5,952,953.90 | Rs. 53,023 |
| 7th Month | Rs. 9,686.16 | Rs. 43,336.84 | Rs. 5,943,337.85 | Rs. 53,023 |
| 8th Month | Rs. 9,756.79 | Rs. 43,266.21 | Rs. 5,933,651.69 | Rs. 53,023 |
| 9th Month | Rs. 9,827.93 | Rs. 43,195.07 | Rs. 5,923,894.90 | Rs. 53,023 |
| 10th Month | Rs. 9,899.60 | Rs. 43,123.40 | Rs. 5,914,066.97 | Rs. 53,023 |
| 11th Month | Rs. 9,971.78 | Rs. 43,051.22 | Rs. 5,904,167.37 | Rs. 53,023 |
| 12th Month | Rs. 10,044.49 | Rs. 42,978.51 | Rs. 5,894,195.59 | Rs. 53,023 |
Frequently Asked Questions
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