IIFL Home Loan EMI Calculator

Enjoy getting home loan approval in 30 minutes from the emerging NBFC of India, IIFL Finance. We recommend you access the free-to-use IIFL EMI calculator to calculate the monthly repayment installments on a desired home loan amount. By entering the loan amount, tenure, and interest rate, the borrower can easily get accurate EMI calculations with this powerful tool. Here, we intend to enlighten you with the benefits, uses, and factors impacting the IIFL home loan EMI calculator results.

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

How to Calculate IIFL Home Loan EMI?

To calculate the Equated Monthly Installment (EMI) for an IIFL housing loan, one can utilize the online home loan EMI calculator. Individuals can effortlessly plan their finances, compare various loan options, and make informed decisions with their budgetary constraints and preferences with the help of this online tool that asks for three inputs: loan tenure, rate of interest, and principal amount.

IIFL Home Loan EMI Calculator Formula

The journey of a housing loan can be made simpler by relying on the efficient and accurate IIFL Home Loan calculator online that provides instant results for monthly installments that a borrower needs to pay to repay the loan. Anyone can use the IIFL Home Loan calculation formula given below to calculate the housing loan monthly repayment installments with ease:

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 IIFL Home Loan EMI

There are a couple of loan-related factors that can impact the monthly repayment installments. The three main IIFL Home Loan home loan criteria are described below for your reference:

Loan Amount: The amount you lend as a home loan from a bank has the potential to impact your housing loan EMI directly. The higher this amount is, the higher your monthly repayment obligations will be. 

Rate of Interest: Applying for a home loan at a lower interest rate can help you save on monthly EMI installments. This is because lower rates generate lower EMIs and vice versa.

Loan Tenure: Similarly, those who opt for shorter tenures have to pay higher EMIs but save on the overall interest on the outstanding amount. On the other hand, those who choose longer tenures save on EMIs but end up paying high interest accumulated on the loan amount.

Benefits of Using IIFL Home Loan Calculator

If you are still not sure why to use a housing loan EMI calculator, then check out the benefits of IIFL Home Loan online calculator listed below:

Easy and Accurate: The best advantage enjoyed by borrowers using the online calculator is that it is the easiest way to get accurate EMI calculations on housing loans. Try the EMI calculator available online at the official website of the BASIC Home Loan: EMI

Helps Comparing for Better Financial Planning: Using the online EMI calculator tool, a prospective borrower can easily compare the EMI of a housing loan for several variations based on the loan amount, and tenures. 

Fast, Free, and Convenient: One can choose an online EMI tool to calculate home loan repayment estimates because it is faster than manual calculations. This convenient tool can be used anytime and anywhere without spending a penny. 

IIFL Home Loan Interest Calculator Formula

The IIFL Home Loan interest rate calculator uses an equation to help borrowers calculate their monthly interest paid on a housing loan scheme. This simple formula can be used to detect the interest manually, but it is advisable to use the online tool to eliminate the chances of errors. Here is the formula for calculating the housing loan interest rate:

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

In the above formula:

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

IIFL Home Loan Eligibility Criteria

The fastest and easiest way to examine the eligibility of those keen to apply for a home loan is by using the online IIFL Home Loan eligibility calculator. It is a smart tool that can be used by anyone to check whether or not one is eligible to get a home loan from IIFL based on parameters like age, income, credit history, and nationality.

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Comparison of IIFL Home Loan EMI with other Popular Banks

Boost your confidence in choosing an IIFL housing loan by comparing its EMI with the EMI of other similar lenders in your city. So, here is your chance to see the comparison between IIFL 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
IIFL Bank 8.50% p.a. onwards Rs. 12,399 Rs. 24,797 Rs. 37,196 Rs. 49,594 Rs. 61,993
Standard Chartered Bank 8.65% p.a. onwards Rs. 12,479 Rs. 24,958 Rs. 37,437 Rs. 49,916 Rs. 62,395
Federal Bank 8.80% p.a. onwards Rs. 12,560 Rs. 25,119 Rs. 37,679 Rs. 50,238 Rs. 62,798
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
Piramal Housing Finance 11.00% p.a. onwards Rs. 13,775 Rs. 27,550 Rs. 41,325 Rs. 55,100 Rs. 68,875
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IIFL Home Loan Amortization Schedule

The IIFL Bank Housing Loan Amortization Schedule is an interesting layout of your monthly repayment breakdown. Using this schedule, the borrower can once be aware of how much is been paid for which element of the loan, such as the principal amount, interest on outstanding and EMI.

Steps to Calculate IIFL Home Loan Amortized Interest

Step 1: The procedure to calculate the housing loan amortized interest starts by dividing the IIFL Bank home loan interest rate by the total number of EMIs per annum. For example, if your housing loan rate of interest is 8.50% p.a. and you choose Equated Monthly Installments, then divide 8.50% by 12 = 0.0071

Step 2: Proceed ahead by multiplying the number you obtained in step 1 and the answer you get will be your monthly interest. For example, if your housing loan balance is Rs. 5,500,000, then 5,500,000 x 0.0071 = Rs. 39,050 will be your 1st month's interest

Step 3: In the next step, you can use the interest calculated from your Equated Monthly Installment to know the principal loan for the first month. For example, if your Equated Monthly Installment is Rs. 54,161, you will pay Rs. 54,161 - Rs. 39,050 = Rs. 15,111 as the loan amount, and this will be subtracted from your outstanding loan to calculate the remaining loan balance for the upcoming month

Step 4: Follow the same steps again to calculate the interest, principal, and outstanding loan balance for each month

Take some time out to see the IIFL First Home Loan Amortization Schedule 2024 given below for a better understanding of the same:
Year/Month Principal Amount Interest Loan EMI
2024 Rs. 189,709.76 Rs. 4,60,222.24 Rs. 5,500,000.00 Rs. 649,932.00
1st Month Rs. 15,202.67 Rs. 38,958.33 Rs. 5,500,000.00 Rs. 54,161.00
2nd Month Rs. 15,310.35 Rs. 38,850.65 Rs. 5,484,797.33 Rs. 54,161.00
3rd Month Rs. 15,,418.80 Rs. 38,742.20 Rs. 5,469,486.98 Rs. 54,161.00
4th Month Rs. 15,528.02 Rs. 38,632.98 Rs. 5,454,068.18 Rs. 54,161.00
5th Month Rs. 15,638.01 Rs. 38,522.99 Rs. 5,438,540.16 Rs. 54,161.00
6th Month Rs. 15,748.78 Rs. 38,412.22 Rs. 5,422,902.16 Rs. 54,161.00
7th Month Rs. 15,860.33 Rs. 38,300.67 Rs. 5,407,153.38 Rs. 54,161.00
8th Month Rs. 15,972.67 Rs. 38,188.33 Rs. 5,391,293.05 Rs. 54,161.00
9th Month Rs. 16,085.81 Rs. 38,075.19 Rs. 5,375,320.38 Rs. 54,161.00
10th Month Rs. 16,199.76 Rs. 37,961.24 Rs. 5,359,234.56 Rs. 54,161.00
11th Month Rs. 16,314.50 Rs. 37,846.50 Rs. 5,343,034.81 Rs. 54,161.00
12th Month Rs. 16,430.06 Rs. 37,730.94 Rs. 5,326,720.30 Rs. 54,161.00
Disclaimer: The data displayed above aims to provide you with an estimate of the monthly housing loan EMI for a loan of Rs. 5,500,000 at 8.50% p.a. interest for 15 years. These figures will vary for different tenures, rates of interest, and loan amounts.

FAQs

No, the IIFL home loan  EMI calculator doesn’t consider prepayments or part-payments. The three figures it primarily considers are the loan amount, tenure, and interest rate. 

Yes, the IIFL home loan EMI calculator gives accurate information on monthly repayments. For best results, you can also try the online EMI calculator available at the BASIC home loan official website. 

If the interest rate on an IIFL Bank home loan increases in the future, the borrower may have to face extended tenures, higher EMIs, and increased interest expenses.

The monthly repayment installments for a home loan of Rs. 25 lakh from the IIFL Bank will depend on the tenure you opted for and the bank's current interest rate.

Loan tenure, rate of interest, and principal amount are common factors used in other loans, so one can use the home loan calculator to calculate the EMI on those loans as well.