IDFC First Loan Against Property EMI Calculator
IDFC First Bank Mortgage Loan EMI
Get monthly EMI as low as ₹ 1,187 per lakh on IDFC First Bank loan against property. Mortgage loan EMI in IDFC First Bank depends upon type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate.
| Loan Amount | 5 Year Loan | 7 Year loan | 15 Year loan |
|---|---|---|---|
| ₹ 20 Lakh | ₹ 44,287 | ₹ 35,092 | ₹ 23,747 |
| ₹ 30 Lakh | ₹ 66,431 | ₹ 52,638 | ₹ 35,620 |
| ₹ 50 Lakh | ₹ 1,10,718 | ₹ 87,730 | ₹ 59,367 |
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Loan Against Property EMI Calculator IDFC First Bank
- Loan Against Property EMI (or equated monthly instalment) is a fixed amount of money you pay IDFC First Bank towards repayment of your property loan every month on a fixed day of the month till your loan is fully paid back.
- With IDFC First Bank now offering loan tenure upto 15 years at attractive interest rates starting is 11.80%, your EMI can be as low as ₹ 1,187 per ₹ one lakh loan amount.
- The Loan Against Property EMI comprises of both principal repayment and interest payment. While the EMI amount remains constant, the interest component keeps reducing and the principal component keeps increasing, except in case of an increase in the interest rate on loan.
Use the above quick and easy tool to easily calculate and compare monthly EMI on IDFC First Bank Loan Against Property.
IDFC First Loan Against Property 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 scheduleSuppose you borrow a Loan Against Property of ₹ 20 Lakh from IDFC First for 5 years at an interest rate of 11.80%, the EMI calculated for this loan amount would be ₹ 44,287 and the total annual EMIs to be paid annually is ₹ 5,31,444. The IDFC First Loan Against Property EMI schedule for 5 years is explained below in the table –
Amortization Schedule for a Loan Against Property of ₹ 20 Lakh over the 5 years
| Year | Interest paid during the year | Principal repaid during the year | Total amount paid during the year (Interest + Principal) | Outstanding Principal |
|---|---|---|---|---|
| 2021 | ₹ 1,32,498 | ₹ 1,77,511 | ₹ 3,10,009 | ₹ 18,22,489 |
| 2022 | ₹ 1,97,369 | ₹ 3,34,076 | ₹ 5,31,444 | ₹ 14,88,414 |
| 2023 | ₹ 1,55,744 | ₹ 3,75,700 | ₹ 5,31,444 | ₹ 11,12,714 |
| 2024 | ₹ 1,08,934 | ₹ 4,22,511 | ₹ 5,31,444 | ₹ 6,90,203 |
| 2025 | ₹ 56,291 | ₹ 4,75,154 | ₹ 5,31,444 | ₹ 2,15,050 |
| 2026 | ₹ 6,385 | ₹ 2,15,050 | ₹ 2,21,435 | ₹ 0 |
Each IDFC First Loan Against Property 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 58.7% of your EMI has been used to repay the principal amount. This means that the remaining 41.3% of the EMI went into interest payment. Thus, you end up paying only 15.6% of the loan amount of ₹ 20 Lakh after paying 12 EMIs in the first year to IDFC First.
In year 5, the interest component of IDFC First EMI is around 6.11%, while the principal component is around 93.89%. Upto 5 years, you have cumulatively repaid 100% of your total IDFC First Loan Against Property.
How to process for Loan Against Property EMI moratorium in IDFC First Bank?
After the announcement of RBI on 22nd May 2020, IDFC First Bank has extended the loan moratorium for the term loans and interest of working capital loans to next three months till August 2020. As a borrower, you have the option to opt-in or opt-out of the moratorium by informing IDFC First Bank. The interest will continue to accrue on the principal outstanding during this moratorium and the accumulated interest would be added to the principal amount resulting in the extension of loan tenure except in cases where the tenure extension is not possible will increase EMI amount. The moratorium on payment of Loan Against Property EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. To know more about the moratorium option, you may contact IDFC First Bank customer care or its nearest branch.
FAQs
✅Will the IDFC First Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?
IDFC First Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in SBI LAP EMI are listed as follows:
✅Will Loan Against Property EMI change in case of prepayment?
Similar to all loans, Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:
✅How does Loan Against Property EMI calculator, calculate Loan Against Property EMI?
Loan against property is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:
✅How much loan can I get against my property from IDFC First Bank?
You can avail of a maximum loan of ₹ 5 Cr, depending on the value of the property. However, the loan amount cannot be more than 60% of the property value. IDFC First Bank assesses the property before approving your mortgage loan application.
Compare Loan Against Property EMI of All Banks
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- 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family. - 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%. - 2019-06-12 : IDFC First Bank revises MCLR rates by 5 basis points across loan tenures
Private sector lender, IDFC First Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for June. Now the retail loans, including home loans and mortgage loans, would become cheaper. Now for overnight and one month, the rate stands at 8.95% as against 8.90% earlier. For 3 months, the rate has been revised to 9.15% as against 9.10 earlier. While for 1 year, the rate has not , which stands at 9.50%. The revised rates are effective from June 8, 2019. - 2019-05-15 : HMSI partners with IDFC FIRST Bank to offer financing solutions
In a bid to offer financing solutions across the country, Honda Motorcycle & Scooter India (HMSI) has partnered with IDFC FIRST Bank. They have signed a memorandum of understanding (MoU) under which facilities like loans up to 100% of vehicle cost, zero processing fee, down payment of Rs. 999, and extended loan tenure of up to 48 months will be offered to the two-wheeler maker’s customers. Moreover, the lender is also planning to focus on achieving strong growth across its retail loans segment including home loans and mortgage loans during FY19.
