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IDFC First Loan Against Property EMI Calculator

IDFC First Bank Mortgage Loan EMI

Last Updated 14th Jun 2021

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 Amount5 Year Loan7 Year loan15 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

    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 schedule

    Suppose 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:

    • Typically, the Loan Against Property EMI remains unchanged unless the customer requests for a change and the same is approved by IDFC First Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
    • In case the floating rate of interest on your loan increases, IDFC First Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by IDFC First Bank, the bank may increase your EMI amount.

    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:

    • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
    • Note that IDFC First Bank may levy prepayment charges except on floating rate property loans sanctioned to individuals.

    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:

    • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
    • IDFC First Bank mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

    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.


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    IDFC First Loan Against Property News - Jun 2021
    • 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.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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