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IDFC First Bank Home Loan EMI Calculator

Loan Amount

Interest rate

%

1%

15%

Loan Duration

Yrs

1 Yr

30 Yrs

EMI

0

Principal Amount

Interest

Total Payable

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What Is the IDFC First Bank Home Loan EMI Calculator?

The IDFC First Bank home loan EMI calculator is an effective online tool offered by Angel One to help you estimate your monthly instalment (EMI) for a home loan. This calculator helps you to understand your monthly payment obligations and assists you in making informed decisions about your loan.

To use the online IDFC First Bank home loan, you need to enter the loan amount, tenure and interest rate. Once you enter this information, the calculator will quickly calculate your monthly EMI.

This user-friendly calculator eliminates the need for complex calculations and provides accurate results, and allows you to plan your finances effectively. With this calculator, you can easily evaluate different loan options, compare interest rates, and estimate the impact of different loan amounts and terms on your monthly budget.

You can find the IDFC First Bank home loan EMI calculator on Angel One website.

How Does an IDFC First Bank Home Loan EMI Calculator Work?

When using the home loan EMI calculator, you must enter certain parameters to get accurate results. These include the principal amount, the loan term, and the interest rate. Based on these factors, the EMI calculator applies a specific formula to calculate your EMI amount.

What Is the IDFC First Bank Home Loan EMI Calculator Formula?

TThe IDFC First Bank home loan EMI calculator formula to calculate home loan EMIs is,

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here,

P is the principal amount

N is the repayment term

R is the interest rate

How To Use the IDFC First Bank Home Loan EMI Calculator Online?

Using the online IDFC First Bank home loan EMI calculator is simple if you follow the steps given below:

  1. Visit Angel One and navigate to the IDFC First Bank home loan EMI calculator
  2. Enter the home loan amount you want to borrow from the bank
  3. Input the applicable interest rate
  4. Specify the loan tenure in years

Once you have entered the above details, this home loan EMI calculator will instantly display the EMIs, total payable amount, and interest.

With the EMI amount calculated, you can evaluate its affordability based on your monthly income and expenses. Ensure the EMI fits your budget comfortably to avoid any financial strain

Let's look at an example for a better understanding.

Suppose you want to buy a home worth Rs. 70,00,000. You decided to take a home loan of Rs. 50,00,000 to finance the purchase. You plan on repaying the home loan in 15 years. The bank is offering you a home loan at 11.30% per annum. You can use the IDFC First Bank home loan EMI calculator to calculate your EMIs, amounting to Rs. 57,775. Consequently, the total repayment sum will be Rs. 1,03,99,553, including Rs. 53,99,553 in interest.

Benefits of Using an India First Bank Home Loan EMI Calculator

Here are the primary benefits of using the online IDFC First Bank home loan EMI calculator:

  • Accurate loan EMI calculation:The IDFC First Bank home loan EMI calculator precisely calculates your EMIs. You can quickly determine the exact amount you need to repay each month by inputting your desired loan amount, interest rate, and tenure.
  • Time-saving and convenient:With the online IDFC First Bank home loan EMI calculator, you can save time and effort that would otherwise be spent manually calculating EMIs. The user-friendly interface allows you to input the necessary details easily, and within seconds, you'll have your EMI amount.
  • Accuracy: The ICICI home loan EMI calculator is a reliable tool for calculating your EMIs. It factors in all the variables and gives a near-accurate EMI amount based on your inputs. 
  • Financial planning:The IDFC First Bank home loan EMI calculator helps you plan your finances effectively by clearly understanding your loan repayment obligations. You can adjust the loan amount, tenure, and interest rate to see how they impact your EMIs, enabling you to make informed decisions about your home loan.
  • Comparison tool:The online IDFC First Bank home loan EMI calculator allows you to compare different loan amounts and tenure options to find the most suitable one for your financial situation. You can experiment with various scenarios and determine which loan terms best fit your budget and repayment capacity.
  • Avoid surprises:Using the IDFC First Bank home loan EMI calculator, you can plan your monthly budget more effectively, as you'll know the exact EMI amount you need to pay. It helps you avoid any unexpected financial burden and ensures you can manage your loan repayment comfortably.
  • Accessible anytime, anywhere:You can use the online IDFC First Bank home loan EMI calculator at your convenience. Whether at home, in the office, or on the go, as long as you have internet access, you can access the calculator from your computer or mobile device.

Factors Influencing the IDFC First Bank Home Loan EMI Amount

Here are the three key factors that influence your home loan EMIs.

  • Loan amount:The home loan amount you borrow plays a major role in determining your EMI. A higher loan amount translates into a higher EMI, while a lower loan amount will lead to a lower EMI. Consider your financial situation and borrowing needs carefully before deciding on the loan amount.
  • Loan tenure:The duration or tenure of your home loan affects your EMI amount. A longer tenure reduces the EMI burden but increases the overall interest paid over the loan's lifetime. Conversely, a shorter tenure increases the EMI amount but reduces the interest burden. Find the right balance between affordable EMIs and minimising interest costs.

  • Interest rate:The interest rate the lender charges directly impacts your EMI. Higher interest rates result in higher EMIs, while lower rates lead to lower EMIs.

Types of Home Loans Offered by IDFC First Bank

IDFC First Bank offers a special home loan scheme with competitive interest rates. You can secure a home loan that covers up to 90% of your home's cost. IDFC First Bank offers the flexibility of choosing a loan tenure spanning from 12 months to 360 months, allowing you to comfortably repay your loan over an extended period.

FAQs

What is the IDFC First Bank Home Loan EMI calculator?

The IDFC First Bank Home Loan EMI calculator is a useful tool that helps you estimate your home loan EMIs. It allows you to calculate the approximate amount you would need to repay each month based on the loan amount, interest rate, and tenure.

How to use the IDFC First Bank Home Loan EMI calculator online?

To use the online IDFC First Bank home loan EMI calculator, you can access it through Angel One. Input the loan amount you wish to borrow, the annual interest rate, and the tenure (in years). Once you have entered these details, the calculator will provide the EMI amount you must pay each month to repay the loan.

Is the IDFC First Bank Home Loan EMI calculator free to use?

Yes, the IDFC First Bank Home Loan EMI calculator on Angel One is free. You can access and use the calculator without incurring any charges or fees.

Is there a penalty on the prepayment of the home loan?

It's common for most banks to levy a charge or penalty for early repayment of the home loan. When prepaying your IDFC First Bank home loan, it's essential to understand the terms and conditions associated with prepayment penalties.

What is the minimum amount that you can take on a home loan?

The minimum amount for taking a home loan may vary based on the policies and criteria the bank sets.

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