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IDFC First Home Loan EMI Calculator

IDFC First Home Loan Calculator

Last Updated 27th May 2021

  • IDFC First Bank home loan EMI per ₹ 1 Lakh is ₹ 769, which is one of the lowest EMI offered by banks.
  • Housing loan EMI in IDFC First Bank is calculated based on loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for IDFC First Bank home loan before applying. For this you can use, home loan emi calculator IDFC First Bank. Check Best Offers
  • Check IDFC First Bank home loan EMI for different tenures at current IDFC First Bank home loan interest rate of 8.50%
  • Loan Amount10 Year Loan15 Year loan30 Year loan
    ₹ 20 Lakh₹ 24,797₹ 19,695₹ 15,378
    ₹ 30 Lakh₹ 37,196₹ 29,542₹ 23,067
    ₹ 50 Lakh₹ 61,993₹ 49,237₹ 38,446
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IDFC First Home Loan EMI Calculator Online

When you take a home loan from IDFC First Bank you have to pay an Equal Monthly Installment (EMI) against the borrowed loan amount, to repay the loan and the interest to the bank. Every month, the EMI is due on a fixed day of the month till your loan is fully paid back.

To calculate your IDFC First Bank housing loan EMI you can use a home loan calculator IDFC First Bank online to check how much you will have to pay every month. The IDFC First Bank home loan EMI calculator is an online tool that functions on a mathematical algorithm to give accurate results based on loan requirements that you enter, such as loan amount, tenure and rate. You can easily calculate EMI online and get reliable results without any hassle.

IDFC First Bank Housing Loan EMI Calculator at Different Tenures

IDFC First Bank home loan EMI for different Loan amounts and tenures @ 8.50% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 24,618 ₹ 21,696 ₹ 19,223
₹ 50 Lakh ₹ 49,237 ₹ 43,391 ₹ 38,446
₹ 75 Lakh ₹ 73,855 ₹ 65,087 ₹ 57,669
₹ 1 Cr ₹ 98,474 ₹ 86,782 ₹ 76,891
  • As you can see in the above table, for various loan amounts taken at the lowest rate of interest as offered by IDFC First Bank, EMI differs by loan tenure at 15, 20 and 30. Your EMI is higher when you take a loan for a shorter tenure of 15 years and it is lower when you apply for a higher tenure of 30years.
  • Your EMI consists of both interest payment and principal repayment. Though the IDFC First Bank home loan EMI amount will remain constant, every month the proportion of interest payment and principal repaid within each EMI is different. With every EMI, the proportion of principal repayment in EMI keeps increasing and the interest component in EMI keeps reducing.You can check this based on your requirement using IDFC First Bank housing loan emi calculator.

How can IDFC First Bank Home Loan EMI Calculator be Beneficial?

  • IDFC First Bank Home Loan EMI calculator is a quick and straightforward solution to pre-plan and balance your inflow and outflow of money so that you don’t run short of money at any point of time. It is an online device to compute the home loan EMI payments.
  • Emi calculator home loan IDFC First Bank is easily accessible and can be availed without bearing any cost. It is user friendly and calculates the EMIs in a matter of seconds and thus helps in saving time.
  • As the IDFC First Bank home loan generally involves a long tenure and high amount you need to be extra cautious in the selection of home loan. The IDFC First Bank emi calculator provides you with an option to change the various factors of the home loan like tenure, rate of interest and loan amount.
  • The accuracy of the home loan calculator is 100%, and it can also be helpful in computing the interest amount and EMIs in case of IDFC First Bank home loan prepayment.

Factors Affecting IDFC First Bank Home Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from IDFC First Bank. If you apply for a higher loan amount, your EMI will be high. IDFC First Bank gives a minimum home loan of ₹ 10,00,000 upto an amount of ₹ 10,00,00,000.
  • Interest rate - Interest rates is the rate charged by IDFC First Bank on your home loan. Higher interest rate increases your housing loan EMI which will increase the total cost of the loan. IDFC First Bank current home loan interest rate starts at 8.50%. Do a complete market research and compare rates and calculate EMI online using IDFC First home loan calculator before you apply for a home loan.
  • Loan tenure – This is the period in which you can repay your home loan in IDFC First Bank. Longer loan tenure means lower housing loan EMI. Loan term can be determined by your age at the time of loan sanctioning and your retirement age. Generally, IDFC First Bank offers house loans for a maximum tenure of 30 years.

IDFC First Home Loan EMI Calculator Formula

IDFC First Home Loan Calculator calculates EMI based on the following formula.

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how IDFC First Bank Home Loan EMI calculator formulates EMI:

In above formula,

  • P = Loan amount. IDFC First Bank home loan amount can range from ₹ 10,00,000 to ₹ 10,00,00,000
  • r = Rate of interest per month. Current IDFC First Bank housing loan rate 8.50%.
  • n = tenure in month. For IDFC First Bank, maximum home loan tenure is 360 months

Tips to Decide the Right Amount of IDFC First Bank Home Loan EMI

  • Ascertain the amount you need to borrow: It is important that before approaching IDFC First Bank for a loan, you are aware of the loan amount you need to borrow. House loan is a long term loan, and hence it is advisable to minimise your loan amount to the extent possible.
  • Review your current obligations: Before taking a home loan from IDFC First Bank it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably.
  • Calculate your IDFC First Bank home loan eligibility: Your home loan eligibilityis a function of the value of the property and assessment of your repayment capacity based on your monthly income. IDFC First Bank provides a LTV upto 85% and expects the borrower to fund the remaining value of the property by their own money. For example, at its lowest LTV 85%, IDFC First Bank would expect its borrowers to provide margin money of 15%.
  • IDFC First Bank will also estimate your Fixed Income to Obligations Ratio to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations.IDFC First Bank’s assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.

IDFC First Bank Home Loan Details

  • Purpose of Loan: IDFC First house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of IDFC First Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 85%.
    • Loan Tenure can range from 5 to 30 Years years.
    • Interest rates in the range of 8.50% to 8.50%.
    • IDFC First home loan EMI per lakh starts from ₹ 769. However, you can calculate your home loan EMI using IDFC First home loan calculator 2021.
  • Processing Fees: Minimum ₹ 5,000 Maximum ₹ 5,000
  • Special schemes: IDFC First offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

IDFC First Home Loan Amortization Calculator

The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

Illustration: How to read an amortization schedule

Suppose you borrow a Home Loan of ₹ 25 Lakh from IDFC First for 25 years at an interest rate of 8.50%, the EMI calculated for this loan amount would be ₹ 20,131 and the total annual EMIs to be paid annually is ₹ 2,41,568. The IDFC First Home Loan EMI schedule for 25 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 25 Lakh over the 25 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 1,23,594 ₹ 17,321 ₹ 1,40,915 ₹ 24,82,679
2022 ₹ 2,09,809 ₹ 31,759 ₹ 2,41,568 ₹ 24,50,920
2023 ₹ 2,07,002 ₹ 34,566 ₹ 2,41,568 ₹ 24,16,354
2024 ₹ 2,03,947 ₹ 37,621 ₹ 2,41,568 ₹ 23,78,733
2025 ₹ 2,00,621 ₹ 40,947 ₹ 2,41,568 ₹ 23,37,786
2026 ₹ 1,97,002 ₹ 44,566 ₹ 2,41,568 ₹ 22,93,220
2027 ₹ 1,93,063 ₹ 48,505 ₹ 2,41,568 ₹ 22,44,715
2028 ₹ 1,88,776 ₹ 52,793 ₹ 2,41,568 ₹ 21,91,923
2029 ₹ 1,84,109 ₹ 57,459 ₹ 2,41,568 ₹ 21,34,464
2030 ₹ 1,79,030 ₹ 62,538 ₹ 2,41,568 ₹ 20,71,926
2031 ₹ 1,73,503 ₹ 68,066 ₹ 2,41,568 ₹ 20,03,860
2032 ₹ 1,67,486 ₹ 74,082 ₹ 2,41,568 ₹ 19,29,778
2033 ₹ 1,60,938 ₹ 80,630 ₹ 2,41,568 ₹ 18,49,148
2034 ₹ 1,53,811 ₹ 87,757 ₹ 2,41,568 ₹ 17,61,391
2035 ₹ 1,46,054 ₹ 95,514 ₹ 2,41,568 ₹ 16,65,877
2036 ₹ 1,37,611 ₹ 1,03,957 ₹ 2,41,568 ₹ 15,61,920
2037 ₹ 1,28,423 ₹ 1,13,145 ₹ 2,41,568 ₹ 14,48,775
2038 ₹ 1,18,422 ₹ 1,23,146 ₹ 2,41,568 ₹ 13,25,628
2039 ₹ 1,07,537 ₹ 1,34,032 ₹ 2,41,568 ₹ 11,91,597
2040 ₹ 95,689 ₹ 1,45,879 ₹ 2,41,568 ₹ 10,45,718
2041 ₹ 82,795 ₹ 1,58,773 ₹ 2,41,568 ₹ 8,86,945
2042 ₹ 68,761 ₹ 1,72,807 ₹ 2,41,568 ₹ 7,14,138
2043 ₹ 53,486 ₹ 1,88,082 ₹ 2,41,568 ₹ 5,26,056
2044 ₹ 36,862 ₹ 2,04,706 ₹ 2,41,568 ₹ 3,21,350
2045 ₹ 18,768 ₹ 2,22,801 ₹ 2,41,568 ₹ 98,549
2046 ₹ 2,104 ₹ 98,549 ₹ 1,00,653 -₹ 0

Each IDFC First Home Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

As you assess the amortization table, you will find that by the end of 1st year 12.51% of your EMI has been used to repay the principal amount. This means that the remaining 87.49% of the EMI went into interest payment. Thus, you end up paying only 1.21% of the loan amount of ₹ 25 Lakh after paying 12 EMIs in the first year to IDFC First.

In year 25, the interest component of IDFC First EMI is around 4.46%, while the principal component is around 95.54%. Upto 25 years, you have cumulatively repaid 100% of your total IDFC First Home Loan.

IDFC First Bank Home Loan Interest Rate Calculator

EMI calculator home loan IDFC First Bank can also be used as an IDFC First Bank interest rate calculator to determine the total interest you will pay on a housing loan at different loan tenure.

Home Loan EMI for ₹ 1 Lakh loan amount at lowest 8.50% interest rate offered by IDFC First Bank for different tenures
Calculated Results for IDFC First Bank Home Loan EMI 5 years 10 years 15 years 30 Years years
IDFC First Bank EMI for a loan amount ₹ 1 lakh at 8.50% ₹ 2,052 ₹ 1,240 ₹ 985 ₹ 769
Total amount you pay back to the bank including principal and interest ₹ 1.23 Lakh ₹ 1.49 Lakh ₹ 1.77 Lakh ₹ 2.77 Lakh
Interest you have to pay during the loan tenure ₹ 23,120 ₹ 48,800 ₹ 77,300 ₹ 1.77 Lakh

The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan for a period of 30, you pay the lowest EMI of ₹ 769 . However, you pay an interest of ₹ 1,76,840 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from IDFC First Bank at the lowest loan rate offered for a period of 15 years, you pay a higher home loan EMI of ₹ 2,052 and pay an interest of only ₹ 23,120 which is less than half of what you paid in a 30 Years years loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses. Calculation of IDFC First Bank name home loan interest payout can be done using emi calculator home loan IDFC First Bank

Other Loan Calculators Offered by MyLoanCare

FAQs

Will the IDFC First home loan EMI remain constant or change in future?

Typically, the home loan EMI remains unchanged unless you request for a change in tenure or prepay your loan amount. This however is subjected to approval by the bank. IDFC First Bank home loan emi can also change in case you opt for a floating rate of interests.

What happens in case of increase or decrease in IDFC First Bank interest rate?

In case the floating rate of interest on your home loan increases, the EMI will increase as per the reset frequency of your IDFC First Bank home loan. For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement. You can plan your EMIs with IDFC First Bank Home loan EMI calculator 2021.

Will IDFC First Bank home loan EMI change in case of prepayment?

IDFC First Bank allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your IDFC First Bank home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure the same (that is paying a lesser amount every month). It is beneficial to keep the IDFC First Bank home loan EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using IDFC First Bank home loan calculator.

Why should I calculate IDFC First Bank loan EMI before taking a loan?

It is advised to calculate IDFC First Bank home loan EMI before taking a home loan. There are several benefits of calculating your IDFC First Bank housing loan EMI which can be done using IDFC First Bank loan calculator IDFC First Bank housing loan EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make IDFC First Bank EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator IDFC First Bank.

What is the EMI for home loan in IDFC First Bank?

The IDFC First Bank EMI will vary based on loan amount, tenure, rate of interest and can be calculated using IDFC First Bank home loan calculator. Based on the lowest rate of 8.50% and maximum tenure of 30 years, the IDFC First Bank home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 7,689
₹ 12 Lakh ₹ 9,227
₹ 15 Lakh ₹ 11,534
₹ 30 Lakh ₹ 23,067
₹ 50 Lakh ₹ 38,446

You can compare IDFC First Bank home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a IDFC First Bank Housing Loan EMI calculator?

Online IDFC First Bank housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The IDFC First Bank home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your IDFC First Bank Home loan EMI Online?

To pay the EMI of IDFC First Bank home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is IDFC First Bank home loan EMI calculated?

The IDFC First Bank Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

What is the EMI for ₹ 10 lakhs home loan in IDFC First Bank?

You can use a 10 lakh home loan emi calculator IDFC First Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 8.50% 10 years loan ₹ 12,399
₹ 10 Lakh 8.50% 15 years loan ₹ 11,817
₹ 10 Lakh 8.50% 20 years loan ₹ 13,017

What is the EMI for a 25 lakhs home loan in IDFC First Bank and how is it calculated?

EMI for ₹ 25 lakhs will be as follows for three different tenure, as per 25 lakh home loan emi calculator IDFC First Bank:--

Loan amount Interest rate Tenure EMI
₹ 25 Lakh 8.50% 10 years loan ₹ 30,996
₹ 25 Lakh 8.50% 15 years loan ₹ 24,618
₹ 25 Lakh 8.50% 20 years loan ₹ 21,696

What is the EMI for 12 lakhs home loan in IDFC First Bank?

A borrower will pay ₹ 13,321 if he/she takes loan for 12 years at an interest rate of 8.50%. The 12 lakh home loan emi IDFC First Bank may vary across IDFC First Bank home loan interest rate.

How to check my home loan balance in IDFC First Bank?

To check the home loan balance in IDFC First Bank, a borrower should log in to the IDFC First Bank net banking portal, click on ‘Loans’. Select Know balance or a borrower can use MISSED CALL BANKING or SMS Banking to know the status. You can also contact the IDFC First Bank customer care at 1860-500-9900.

How can I avail income tax benefits on a IDFC First Bank home loan?

You can avail income tax benefits on a IDFC First Bank home loan under Section 24B, you can claim deduction for upto #&8377; 2 Lakh for the accrual and payment of interest on IDFC First Bank housing loan. Under Section 80EEA, you can claim deduction for upto #&8377;1.50 Lakh for the interest payment of home loan availed during the financial year. You can declare all the information in income tax returns form and you will be able to get the benefits.

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IDFC First Home Loan News - Jun 2021
  • 2021-05-21 : IDFC First Bank profit surged 78% to Rs 128 crore
    IDFC First Bank reported a 78% jump in net profit at Rs 128 crore for the fourth quarter ended March 2021. The bank had posted a profit of Rs 72 crore during the corresponding January-March quarter a year ago. Total income during the fourth quarter rose to Rs 4,834 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan.
  • 2021-01-22 : IDFC First Bank retail loan surges 100%
    IDFC First Bank reported that its retail deposits which includes home, personal, car, two wheeler, gold and LAP increased 100% Y-o-Y. In addition to this, Customer Deposits of the Bank which includes FD and RDs increased to Rs. 77,289 Cr as on 31 December 2020 from Rs. 54,631 Cr as on 31 December 2019 . CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
  • 2020-07-31 : IDFC First Bank Ltd Q1FY21 consolidated net profit at Rs. 100.07 crore
    IDFC Bank posted a net profit of Rs.100.07 crores for the period ended June 30, 2020, as against Rs.76.36 crores for the period ended March 31, 2020. The company bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans has reported total income of Rs.4413.19 crores during the period ended June 30, 2020 as compared to Rs.4553.07 crores during the period ended March 31, 2020.
  • 2020-01-30 : IDFC First Bank reported a net loss of Rs. 1639 crores for Q3
    IDFC First Bank reported a net loss of Rs. 1639 crores for Q3 ending 31 December. Net Interest Income hiked by 34% to Rs. 1534 crores which was Rs. 1145 crores in the same quarter a year ago. Further, Retail Loan surged by 49% to Rs. 51,506 crores driven by an increase in the sale of Home Loans and Personal Loans.
  • 2019-12-11 : IDFC First Bank revises MCLR rates
    IDFC First Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 bps for December month. For 2 years, the MCLR stands at 9.50% as compared to 9.45% earlier. For 3 years, the rate has been revised to 9.65% from 9.60% earlier. The revised rates have been in effect from December 8, 2019. The revision in MCLR will impact the interest rate of MCLR linked home loans.
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