IDFC First Bank Home Loan EMI Calculator

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.

IDFC First Bank Home Loan EMI Calculator Formula

Behind the success of the online EMI calculator is a smart IDFC First home loan calculation formula that uses three main factors: loan amount, loan tenure, and interest rate. For a better understanding of how the IDFC home loan calculator online calculates the EMIs, we are now describing the formula for the same:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

In the above formula:

P is for the Principal Amount
R is for the Rate of Interest
N is for the Number of Monthly Repayment Installments

Factors affecting IDFC First Bank Home Loan EMI

The following three IDFC First Bank Home Loan criteria are the ones that can impact your housing loan EMI significantly: 

Rate of Interest: Borrowers look for a cheaper interest rate when applying for a home loan because it will help them reduce their monthly repayments. So, the first main factor impacting the EMI is the rate of interest. 

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 IDFC First Bank Home Loan Calculator

Listed below are the main benefits of the IDFC First Home Loan calculator that will encourage to use it before applying for a home loan for better financial planning and informed decision-making:

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: EMI. 

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

Home loan borrowers need not bother calculating the interest payable every month on their housing loan. They can choose an easier option to eliminate the need for manual calculations. In short, they can try the IDFC First Bank home loan interest rate calculator available online to calculate the interest every month.

There is no rocket science behind the IDFC First housing loan interest rate calculator, but a simple math formula that is given below:

Total Interest = (P X R X T) / 100

In the above formula:

P is for the Principal Amount
R is for the Rate of Interest
T stands for the Time or Tenure in terms of monthly installments

IDFC First Bank Home Loan Eligibility Criteria

Getting home loans has become easier, and many banks offer them at very affordable rates. But what can help you determine whether or not you can apply for a home loan? For this, you can try using the online IDFC First home loan eligibility calculator, a convenient tool that asks for inputs like your age, salary, CIBIL score, and nationality and helps you check your eligibility for a housing loan from this popular bank.