Want to know your IIFL home loan EMIs, but not want to get involved in hefty calculations? You will be delighted to know that you can use an automatic tool, that is known as a home loan EMI calculator. This tool lets you know your EMIs on a prior basis instantly with one click. IIFL Home Loan EMI Calculator is a simple tool that is used to calculate your home loan EMIs.
What factors influence your home loan EMI?
Your home loan EMI depends on three factors that are mentioned below-
- Interest Rate
- Loan Tenure
- Loan Amount
You need to alter any of these mentioned factors to get a suitable EMI for your home loan based on your repayment capacity.
IIFL Home Loan EMI Calculator
You can use the IIFL House Loan EMI Calculator, which is available on Wishfin, to calculate your IIFL home loan EMI. This calculator can help you in calculating your exact EMIs according to your selected loan amount and tenure. With the help of this tool, you can be able to know your EMIs on a prior basis. Hence, you can make a more responsible decision about your home loan debt and other miscellaneous expenses. Hence, knowing your IIFL home loan EMIs is a smarter and an essential decision for evaluating your home loan buying and repayment process. It also aids the borrower with overall budgeting and money management.
What you need to do is enter your desired loan amount, loan tenure and the rate of interest on your IIFL home loan. Because EMIs are calculated on a monthly basis, the house loan tenure and the rate of interest will also be entered according to the monthly basis. The IIFL home loan EMI calculator will let you know your exact EMIs, the total interest you will be paying throughout the loan and the balance amount that would be left each year.
For example, Mr Batra took a home loan of Rs 30 lakhs for 15 years with an interest rate of 8.85%. Let us have a look at the monthly EMI of Mr Batra and the total interest he will be paying throughout the loan tenure.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
IIFL Home Loan EMI Calculation Formula
You can calculate your IIFL Home loan EMIs using the below mentioned formula-
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
P = Principal Home Loan Amount
R = Monthly Interest Rate
N = Loan tenure (in months)
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 30,00,000 | 8.85% | 1 | ₹ 2,62,146 | ₹ 1,45,750 | ₹ 31,45,750 |
| ₹ 30,00,000 | 8.85% | 2 | ₹ 1,36,848 | ₹ 2,84,348 | ₹ 32,84,348 |
| ₹ 30,00,000 | 8.85% | 3 | ₹ 95,190 | ₹ 4,26,836 | ₹ 34,26,836 |
| ₹ 30,00,000 | 8.85% | 4 | ₹ 74,442 | ₹ 5,73,198 | ₹ 35,73,198 |
| ₹ 30,00,000 | 8.85% | 5 | ₹ 62,057 | ₹ 7,23,414 | ₹ 37,23,414 |
| ₹ 30,00,000 | 8.85% | 6 | ₹ 53,854 | ₹ 8,77,455 | ₹ 38,77,455 |
| ₹ 30,00,000 | 8.85% | 7 | ₹ 48,039 | ₹ 10,35,290 | ₹ 40,35,290 |
| ₹ 30,00,000 | 8.85% | 8 | ₹ 43,718 | ₹ 11,96,882 | ₹ 41,96,882 |
| ₹ 30,00,000 | 8.85% | 9 | ₹ 40,391 | ₹ 13,62,186 | ₹ 43,62,186 |
| ₹ 30,00,000 | 8.85% | 10 | ₹ 37,760 | ₹ 15,31,155 | ₹ 45,31,155 |
| ₹ 30,00,000 | 8.85% | 11 | ₹ 35,634 | ₹ 17,03,735 | ₹ 47,03,735 |
| ₹ 30,00,000 | 8.85% | 12 | ₹ 33,888 | ₹ 18,79,869 | ₹ 48,79,869 |
| ₹ 30,00,000 | 8.85% | 13 | ₹ 32,433 | ₹ 20,59,496 | ₹ 50,59,496 |
| ₹ 30,00,000 | 8.85% | 14 | ₹ 31,206 | ₹ 22,42,549 | ₹ 52,42,549 |
| ₹ 30,00,000 | 8.85% | 15 | ₹ 30,161 | ₹ 24,28,959 | ₹ 54,28,959 |
| ₹ 30,00,000 | 8.85% | 16 | ₹ 29,264 | ₹ 26,18,654 | ₹ 56,18,654 |
| ₹ 30,00,000 | 8.85% | 17 | ₹ 28,488 | ₹ 28,11,558 | ₹ 58,11,558 |
| ₹ 30,00,000 | 8.85% | 18 | ₹ 27,813 | ₹ 30,07,593 | ₹ 60,07,593 |
| ₹ 30,00,000 | 8.85% | 19 | ₹ 27,222 | ₹ 32,06,678 | ₹ 62,06,678 |
| ₹ 30,00,000 | 8.85% | 20 | ₹ 26,703 | ₹ 34,08,731 | ₹ 64,08,731 |
| ₹ 30,00,000 | 8.85% | 21 | ₹ 26,245 | ₹ 36,13,669 | ₹ 66,13,669 |
| ₹ 30,00,000 | 8.85% | 22 | ₹ 25,839 | ₹ 38,21,404 | ₹ 68,21,404 |
| ₹ 30,00,000 | 8.85% | 23 | ₹ 25,478 | ₹ 40,31,852 | ₹ 70,31,852 |
| ₹ 30,00,000 | 8.85% | 24 | ₹ 25,156 | ₹ 42,44,926 | ₹ 72,44,926 |
| ₹ 30,00,000 | 8.85% | 25 | ₹ 24,868 | ₹ 44,60,537 | ₹ 74,60,537 |
| ₹ 30,00,000 | 8.85% | 26 | ₹ 24,611 | ₹ 46,78,599 | ₹ 76,78,599 |
| ₹ 30,00,000 | 8.85% | 27 | ₹ 24,380 | ₹ 48,99,024 | ₹ 78,99,024 |
| ₹ 30,00,000 | 8.85% | 28 | ₹ 24,172 | ₹ 51,21,726 | ₹ 81,21,726 |
| ₹ 30,00,000 | 8.85% | 29 | ₹ 23,985 | ₹ 53,46,619 | ₹ 83,46,619 |
| ₹ 30,00,000 | 8.85% | 30 | ₹ 23,816 | ₹ 55,73,616 | ₹ 85,73,616 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 21,130 | ₹ 2,64,657 | ₹ 29,78,869 |
| 2 | ₹ 23,078 | ₹ 2,62,709 | ₹ 29,55,790 |
| 3 | ₹ 25,205 | ₹ 2,60,581 | ₹ 29,30,585 |
| 4 | ₹ 27,529 | ₹ 2,58,258 | ₹ 29,03,055 |
| 5 | ₹ 30,066 | ₹ 2,55,720 | ₹ 28,72,988 |
| 6 | ₹ 32,838 | ₹ 2,52,949 | ₹ 28,40,150 |
| 7 | ₹ 35,865 | ₹ 2,49,922 | ₹ 28,04,284 |
| 8 | ₹ 39,171 | ₹ 2,46,616 | ₹ 27,65,113 |
| 9 | ₹ 42,782 | ₹ 2,43,005 | ₹ 27,22,330 |
| 10 | ₹ 46,726 | ₹ 2,39,061 | ₹ 26,75,604 |
| 11 | ₹ 51,033 | ₹ 2,34,754 | ₹ 26,24,571 |
| 12 | ₹ 55,737 | ₹ 2,30,050 | ₹ 25,68,834 |
| 13 | ₹ 60,875 | ₹ 2,24,912 | ₹ 25,07,958 |
| 14 | ₹ 66,486 | ₹ 2,19,300 | ₹ 24,41,471 |
| 15 | ₹ 72,615 | ₹ 2,13,172 | ₹ 23,68,856 |
| 16 | ₹ 79,309 | ₹ 2,06,478 | ₹ 22,89,547 |
| 17 | ₹ 86,619 | ₹ 1,99,167 | ₹ 22,02,927 |
| 18 | ₹ 94,604 | ₹ 1,91,183 | ₹ 21,08,322 |
| 19 | ₹ 1,03,325 | ₹ 1,82,462 | ₹ 20,04,997 |
| 20 | ₹ 1,12,849 | ₹ 1,72,938 | ₹ 18,92,148 |
| 21 | ₹ 1,23,251 | ₹ 1,62,535 | ₹ 17,68,896 |
| 22 | ₹ 1,34,613 | ₹ 1,51,174 | ₹ 16,34,283 |
| 23 | ₹ 1,47,021 | ₹ 1,38,765 | ₹ 14,87,261 |
| 24 | ₹ 1,60,574 | ₹ 1,25,213 | ₹ 13,26,687 |
| 25 | ₹ 1,75,375 | ₹ 1,10,411 | ₹ 11,51,311 |
| 26 | ₹ 1,91,541 | ₹ 94,245 | ₹ 9,59,769 |
| 27 | ₹ 2,09,198 | ₹ 76,589 | ₹ 7,50,571 |
| 28 | ₹ 2,28,481 | ₹ 57,305 | ₹ 5,22,089 |
| 29 | ₹ 2,49,543 | ₹ 36,244 | ₹ 2,72,546 |
| 30 | ₹ 2,72,721 | ₹ 13,241 | ₹ 0 |
Frequently Asked Questions
1. How is EMI calculated for IIFL home loan?
The IIFL home loan EMI is computed based on the applicant’s loan tenure, principal loan amount, and interest rate. To calculate the home loan EMI, enter all this information in the Home loan EMI calculator in order to calculate the IIFL Home Loan EMI.
2. How can I pay my IIFL home loan EMI online?
You can pay your IIFL home loan EMI using the UPI or the net banking facility, or by visiting the official bank’s website.
3. Can we pay more than EMI in home loan IIFL?
Yes, you can prepay your home loan EMI if you have enough funds.
4. What happens if IIFL home loan EMI is missed?
The bank will charge you a certain fee for late payment of your EMI. Also, missing the EMI payments reduces your CIBIL score.