# IDFC Bank Home Loan EMI Calculator

₹ 50k ₹ 5Cr
6.0% 30.0%
1 years 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Years)

Total Amount

## 2044

A loan EMI calculator is commonly used by borrowers before and after applying for a loan. Advance research through a loan calculator makes it easier to decide which tenure is suitable for you depending on the rate offered by the lender. At IDFC Bank, home loans can be taken for a maximum tenure of 30 years, with the option to choose as per your desire.

People use a loan calculator while their loan is continuing because they want to see how much they have paid and what the remaining amount they will have to pay. If they find that the remaining amount is still the major portion of the total loan amount because of the higher rate of interest, they can balance transfer to a lender that is offering a better rate. Below, we will learn how to use an online home loan calculator to get an idea about your repayments. Let’s begin!

## How to Use Wishfin IDFC First Bank Home Loan EMI Calculator?

The Wishfin Home Loan EMI Calculator allows you to easily calculate your EMI payments before applying for a housing loan. Simply input the loan amount, interest rate, and loan duration. The calculator will quickly display your monthly EMI, total interest payable, and the total repayment amount.

You can adjust the sliders to customize the loan amount, tenure, and interest rate to your preference. It also includes an amortization table to help you visualize how your payments will be distributed over the loan period.

### The Formula Used for IndusInd Bank EMI Calculation

The calculation in the EMI calculator is done through the below-mentioned formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments

Let’s look at a simple example. Suppose a borrower takes out a home loan of ₹35,00,000 with an interest rate of 9.20% per year, to be repaid over 20 years. Here's how the EMI is calculated:

• Principal Amount (P): ₹35,00,000
• Interest Rate (R): 9.20% annually, or about 0.00766 monthly
• Loan Tenure (n): 20 years, which is 240 months

Let’s put it in the formula:

[35,00,000 x 0.00766 x (1 + 0.00766) ^ 240]/[(1+0.00766 ^240 -1] = 29,853

This calculation yields a monthly EMI of ₹29,853

## IDFC First Bank Home Loan Amortisation Schedule

Considering that you apply for a home loan at IDFC Bank and you want the bank to give you the lowest rate possible. Suppose you get the approved rate of 8.75% per annum as per the loan amount of ₹25 lakhs for a tenure of 15 years. The EMIs you will then be liable to pay are mentioned below along with the amortization schedule which represents the balance amount at the end of each year.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 25,00,000 8.75% 1 ₹ 2,18,339 ₹ 1,20,068 ₹ 26,20,068
₹ 25,00,000 8.75% 2 ₹ 1,13,925 ₹ 2,34,207 ₹ 27,34,207
₹ 25,00,000 8.75% 3 ₹ 79,209 ₹ 3,51,516 ₹ 28,51,516
₹ 25,00,000 8.75% 4 ₹ 61,916 ₹ 4,71,980 ₹ 29,71,980
₹ 25,00,000 8.75% 5 ₹ 51,593 ₹ 5,95,585 ₹ 30,95,585
₹ 25,00,000 8.75% 6 ₹ 44,754 ₹ 7,22,308 ₹ 32,22,308
₹ 25,00,000 8.75% 7 ₹ 39,906 ₹ 8,52,123 ₹ 33,52,123
₹ 25,00,000 8.75% 8 ₹ 36,302 ₹ 9,85,001 ₹ 34,85,001
₹ 25,00,000 8.75% 9 ₹ 33,527 ₹ 11,20,907 ₹ 36,20,907
₹ 25,00,000 8.75% 10 ₹ 31,332 ₹ 12,59,803 ₹ 37,59,803
₹ 25,00,000 8.75% 11 ₹ 29,558 ₹ 14,01,645 ₹ 39,01,645
₹ 25,00,000 8.75% 12 ₹ 28,100 ₹ 15,46,389 ₹ 40,46,389
₹ 25,00,000 8.75% 13 ₹ 26,885 ₹ 16,93,985 ₹ 41,93,985
₹ 25,00,000 8.75% 14 ₹ 25,859 ₹ 18,44,380 ₹ 43,44,380
₹ 25,00,000 8.75% 15 ₹ 24,986 ₹ 19,97,519 ₹ 44,97,519

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 84,416 ₹ 2,15,418 ₹ 24,15,583
2 ₹ 92,106 ₹ 2,07,728 ₹ 23,23,476
3 ₹ 1,00,497 ₹ 1,99,337 ₹ 22,22,979
4 ₹ 1,09,652 ₹ 1,90,182 ₹ 21,13,326
5 ₹ 1,19,641 ₹ 1,80,194 ₹ 19,93,685
6 ₹ 1,30,539 ₹ 1,69,295 ₹ 18,63,145
7 ₹ 1,42,431 ₹ 1,57,403 ₹ 17,20,714
8 ₹ 1,55,406 ₹ 1,44,428 ₹ 15,65,307
9 ₹ 1,69,563 ₹ 1,30,271 ₹ 13,95,744
10 ₹ 1,85,009 ₹ 1,14,825 ₹ 12,10,734
11 ₹ 2,01,863 ₹ 97,971 ₹ 10,08,871
12 ₹ 2,20,252 ₹ 79,582 ₹ 7,88,618
13 ₹ 2,40,316 ₹ 59,518 ₹ 5,48,302
14 ₹ 2,62,208 ₹ 37,626 ₹ 2,86,094
15 ₹ 2,86,275 ₹ 13,740 ₹ 0

## What is the Lowest EMI Offered by IDFC First Bank on Home Loans?

Here are the monthly EMIs for different home loan amounts from IDFC First Bank, using annual interest rates of 8.50% and 9.75% for 20 years:

Interest Rate of 8.50%

Interest Rate of 9.75%

10 lakh loan amount - ₹8,678 p.m.

10 lakh loan amount -  ₹9,485 p.m.

12 lakh loan amount - ₹10,414 p.m.

12 lakh loan amount -  ₹11,382 p.m.

15 lakh loan amount - ₹13,017 p.m.

15 lakh loan amount -  ₹14,288 p.m.

17 lakh loan amount - ₹14,753 p.m.

17 lakh loan amount - ₹16,125 p.m.

20 lakh loan amount - ₹17,356 p.m.

20 lakh loan amount -  ₹18,970 p.m.

## Why Should You Use IDFC First Bank Home Loan EMI Calculator?

Here are the main reasons why you should use the IDFC First Bank Home Loan calculator:

• Easy to Use: The IDFC Bank home loan calculator has a user-friendly interface. You simply need to enter the loan amount, interest rate, and tenure. Once done, the calculator will display your monthly EMI amount instantly. It takes the guesswork and complex math out of the equation.
• Compare Loan Offers: The EMI calculator enables you to easily compare home loan offers from different lenders. By inputting the interest rates and tenures quoted by various banks, you can compare the resulting EMIs side-by-side. This helps you identify the most affordable and suitable home loan option for your needs.
• Experiment with Different Loan Scenarios: With the calculator's interactive sliders, you can adjust the loan amount, interest rate, and tenure to see in real time how those changes impact your monthly payment. This allows you to experiment with various borrowing scenarios to find an EMI that fits comfortably within your budget.
• Completely Free to Use: There is no cost to use the IDFC First Bank home loan EMI calculator. It is provided free of charge on their website in the interest of transparency and to help potential borrowers make informed decisions. You can use it as many times as needed while evaluating your home loan options.

## IDFC Bank Home Loan Eligibility

Here are the home loan eligibility requirements for IDFC First Bank:

For Salaried Individuals:

• Nationality: Must be Indian residents or Non-Resident Indians (NRIs).
• Age: Minimum of 21 years at the time of loan application and a maximum of 60 years at loan maturity.
• Work Experience: At least 3 years.
• Minimum Income: ₹1 lakh per annum.

For Self-Employed Individuals:

• Nationality: Must be Indian residents.
• Age: Minimum of 23 years at the time of loan application and a maximum of 70 years at loan maturity.
• Minimum Income: ₹1.5 lakh per annum.

## Factors that Determine IDFC First Bank Home Loan EMIs

Let’s dive into the factors that influence your EMIs when applying for a home loan:

• Loan Amount: The loan amount is the principal sum you borrow from the bank. A higher loan amount will result in a higher EMI, while a lower loan amount means a lower monthly payment.
• Loan Tenure: The loan tenure refers to the period over which you pay back the home loan, generally spanning from 5 to 30 years. Extending the tenure lowers your monthly EMI since the loan amount is divided across more payments. However, a longer tenure means you'll end up paying more in interest over the life of the loan.
• Interest Rate: The interest rate is the fee charged by the bank for lending you a home loan. IDFC First sets this rate based on several factors, including the amount borrowed, the loan's duration, your CIBIL score, and whether the interest rate is fixed or variable. A higher interest rate means you need to pay a larger EMI.
• Credit Score: Your credit or CIBIL score is a key factor. A credit score of 750 or higher can help you secure a lower interest rate on your home loan, thus reducing your EMI. A lower credit score may lead to higher interest rates.
• Loan-to-Value (LTV) Ratio: The LTV ratio is the percentage of the property value that the bank finances. A higher LTV means you are borrowing more compared to the property value, which is riskier for the bank. Hence, loans with higher LTV ratios often come with higher interest rates and EMIs.

## Fees and Charges Related to IDFC First Bank Home Loans

 Processing Fees Up to 3% of the loan amount Bounce charges Rs 400 Document copy charges Rs 500 Repayment instrument swap charges Rs 500 Duplicate list of documents Rs 500 Loan rescheduling charges Rs 300 Cancellation and rebooking charges 1% of loan amount Penal charges 2% per month of unpaid EMI or Rs 300, whichever is higher Loan rescheduling charges Rs 300 Physical account statement Rs 500 Physical repayment schedule Rs 500

## What are the Limitations of Using IDFC Bank Home Loan Calculator?

Here are the main drawbacks of using the IDFC Bank home loan calculator:

• Estimation Only: The calculator provides estimated EMIs based on inputs like loan amount, interest rate, and tenure. Actual costs may vary due to additional fees and charges.
• Fixed Rate Assumption: It doesn’t account for potential fluctuations in EMIs if you have a floating interest rate, as it assumes a constant rate throughout the loan period.
• Input Accuracy: The accuracy of the results depends entirely on the accuracy of the inputs you provide. Incorrect data will lead to unreliable estimates.
• Doesn't Assess Eligibility: The calculator shows potential EMIs, but you need to assess your actual loan eligibility, which depends on your credit score, income, and other financial factors.
• Limited Functionality: This tool is designed only for EMI calculation and does not assist with loan approval, documentation, or other steps in the loan process.