IDFC First Bank Home Loan EMI Calculator

IDFC First Bank offers affordable home loan schemes to buy or renovate or construct a home and also to transfer your existing loan balance at a cheaper rate of interest. You can get an estimate of the monthly obligations with a home loan by using the IDFC First Bank EMI calculator available online. A borrower can use the IDFC First Bank home loan calculator several times for any loan amount, tenure, and interest rate to determine the best suitable home loan scheme to fit the monthly budget. Here, you will learn all about the benefits of using IDFC First Bank home loan EMI calculator and the factors that might affect the results you will get from this tool. 

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

How to Calculate IDFC First Bank Home Loan EMI?

Calculating the housing loan Equated Monthly Installments becomes easier on the online home loan EMI calculator. This simple yet powerful tool is designed to provide instant and accurate EMI estimates on a housing loan by entering the loan amount, loan tenure, and interest rate.

IDFC First Bank Home Loan EMI Calculator Formula

Behind the success of the online EMI calculator is a smart IDFC First home loan calculation formula that uses three main factors: loan amount, loan tenure, and interest rate. For a better understanding of how the IDFC home loan calculator online calculates the EMIs, we are now describing the formula for the same:

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

In the above formula:

P is for the Principal Amount
R is for the Rate of Interest
N is for the Number of Monthly Repayment Installments

Factors affecting IDFC First Bank Home Loan EMI

The following three IDFC First Bank Home Loan criteria are the ones that can impact your housing loan EMI significantly: 

Rate of Interest: Borrowers look for a cheaper interest rate when applying for a home loan because it will help them reduce their monthly repayments. So, the first main factor impacting the EMI is the rate of interest. 

Home Loan Tenure: A majority of borrowers apply for a home loan for up to 30 years, for the simple reason that they want to save on monthly EMIs. However, longer tenures also incur higher interest on the outstanding loan balance. 

Loan Amount: The third similar factor that determines the housing loan EMI is the loan amount you take from the lender. The higher amount received will need to be repaid in the form of higher repayment installments. 

Benefits of Using IDFC First Bank Home Loan Calculator

Listed below are the main benefits of the IDFC First Home Loan calculator that will encourage to use it before applying for a home loan for better financial planning and informed decision-making:

Accurate Results Every Time: Housing loan EMIs can be calculated manually; however, human errors are likely, so if you want accurate results, use an online EMI calculator tool. Try the EMI calculator available online at the official website of the BASIC Home Loan: EMI

Instant and Free: EMI calculators are better than manual calculations because they provide instant results. This is not all; it is a free-to-use tool that the borrower can use multiple times, adding to its popularity. 

Budget Planning: Another reason housing loan borrowers use the online EMI tool is that it helps them plan their monthly budget by providing them estimates of repayments without much effort. 

IDFC First Bank Home Loan Interest Calculator Formula

Home loan borrowers need not bother calculating the interest payable every month on their housing loan. They can choose an easier option to eliminate the need for manual calculations. In short, they can try the IDFC First Bank home loan interest rate calculator available online to calculate the interest every month.

There is no rocket science behind the IDFC First housing loan interest rate calculator, but a simple math formula that is given below:

Total Interest = (P X R X T) / 100

In the above formula:

P is for the Principal Amount
R is for the Rate of Interest
T stands for the Time or Tenure in terms of monthly installments

IDFC First Bank Home Loan Eligibility Criteria

Getting home loans has become easier, and many banks offer them at very affordable rates. But what can help you determine whether or not you can apply for a home loan? For this, you can try using the online IDFC First home loan eligibility calculator, a convenient tool that asks for inputs like your age, salary, CIBIL score, and nationality and helps you check your eligibility for a housing loan from this popular bank. 

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Comparison of IDFC First Bank Home Loan EMI with Other Popular Banks

Applying for a home loan is a crucial decision, and we suggest comparing the EMI you are likely to pay for with IDFC Bank with other similar banks to be more confident about your decision. Hence, we are now presenting a comparison of IDFC First Bank Equated Monthly Installments with the EMI of the other 5 lenders for a 10 year loan tenure:

Bank Name Rate of Interest Rs. 10 lakhs Rs. 20 lakhs Rs. 30 lakhs Rs. 40 lakhs Rs. 50 lakhs
IDFC First Bank 8.75% p.a. onwards Rs. 12,533 Rs. 25,065 Rs. 37,598 Rs. 50,131 Rs. 62,663
Aditya Birla Housing Finance 8.85% p.a. onwards Rs. 12,587 Rs. 25,173 Rs. 37,760 Rs. 50,346 Rs. 62,933
ICICI Bank 9.00% p.a. onwards Rs. 12,668 Rs. 25,335 Rs. 38,003 Rs. 50,670 Rs. 63,338
DCB Bank 9.75% p.a. onwards Rs. 13,077 Rs. 26,154 Rs. 39,231 Rs. 52,308 Rs. 65,385
Piramal Housing Finance 11.00% p.a. onwards Rs. 13,775 Rs. 27,550 Rs. 41,325 Rs. 55,100 Rs. 68,875
PNB Housing Finance 8.75% p.a. onwards Rs. 12,533 Rs. 25,065 Rs. 37,598 Rs. 50,131 Rs. 62,663
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IDFC First Bank Home Loan Amortization Schedule

The IDFC Bank Housing Loan Amortization Schedule is another smart table that helps the borrower plan a proper budget. It elaborates on the monthly payment, and the borrower can easily check out which element costs how much every month for the entire home loan tenure. The principal amount, interest on the outstanding loan amount, and EMI can all be seen and analyzed using the amortization schedule. 

Steps to Calculate IDFC First Bank Home Loan Amortized Interest

Step 1: Begin by calculating the housing loan amortized interest with a simple division of your IDFC First Bank home loan interest rate by the total number of EMIs per annum. For example, if your housing loan rate of interest is 8.75% p.a. and you choose monthly EMIs, then divide 8.75% by 12 = 0.0073

Step 2: In the second step, you are supposed to multiply the number you obtained in step 1 and whatever answer you get will be your monthly interest. For example, if your housing loan balance is Rs. 6,000,000, then 6,000,000 x 0.0073 = Rs. 43,800 will be your 1st month's interest

Step 3: Now, you need to reduce the interest calculated from your Equated Monthly Installment to learn about your principal loan that you need to pay in the first month. For example, if your Equated Monthly Installment is Rs. 53,023, you will pay Rs. 53,023 - Rs. 43,800 = Rs. 9,223 as the loan amount, and this will further be deducted from your outstanding loan to calculate the remaining loan balance for the upcoming month

Step 4: Continue the same way to calculate the principal, interest, and outstanding loan balance for each month

Have a look at the IDFC First Bank Home Loan Amortization Schedule 2024 given below for a better understanding of the same:
Year/Month Principal Amount Interest Loan EMI
2024 Rs. 1,15,848.90 Rs. 520,427.10 Rs. 6,000,000.00 Rs. 636,276
1st Month Rs. 9,273.00 Rs. 43,750.00 Rs. 6,000,000.00 Rs. 53,023
2nd Month Rs. 9,340.62 Rs. 43,682.38 Rs. 5,990,727.00 Rs. 53,023
3rd Month Rs. 9,408.72 Rs. 43,614.28 Rs. 5,981,386.38 Rs. 53,023
4th Month Rs. 9,477.33 Rs. 43,545.67 Rs. 5,971,977.66 Rs. 53,023
5th Month Rs. 9,546.44 Rs. 43,476.56 Rs. 5,962,500.33 Rs. 53,023
6th Month Rs. 9,616.04 Rs. 43,406.96 Rs. 5,952,953.90 Rs. 53,023
7th Month Rs. 9,686.16 Rs. 43,336.84 Rs. 5,943,337.85 Rs. 53,023
8th Month Rs. 9,756.79 Rs. 43,266.21 Rs. 5,933,651.69 Rs. 53,023
9th Month Rs. 9,827.93 Rs. 43,195.07 Rs. 5,923,894.90 Rs. 53,023
10th Month Rs. 9,899.60 Rs. 43,123.40 Rs. 5,914,066.97 Rs. 53,023
11th Month Rs. 9,971.78 Rs. 43,051.22 Rs. 5,904,167.37 Rs. 53,023
12th Month Rs. 10,044.49 Rs. 42,978.51 Rs. 5,894,195.59 Rs. 53,023
Disclaimer: The data displayed above was intended to provide you with an estimate of the monthly housing loan EMI for a loan of Rs. 6,000,000 at an 8.75% p.a. interest for 20 years. These figures will vary for different tenures, rates of interest, and loan amounts.

FAQs

Yes, the IDFC Bank home loan calculator provides details on interest amount as well as the EMI if the borrower enters the accurate details.

IDFC Bank’s housing loan EMI due date is typically decided based on several factors such as repayment efficiency of the borrower, and the terms and conditions of the bank. 

The three primary factors that affect the EMI of IDFC Bank Housing Loan are rate of interest, loan tenure or duration, and loan amount. 

When the rate of interest on a home loan increases, the EMI also increases. Similarly, the loan tenure also increases because it takes longer to pay off the principal balance owing to the higher interest costs. 

Yes, you can use the home loan EMI calculator to check out the EMI for other loans by entering the loan tenure, loan amount, and rate of interest.