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.How to Calculate IIFL Home Loan 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.
Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
IIFL Home Loan 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.
EMI = P x R x (1+R)N / (1+R)N − 1
P: Principal amount
R: Rate of interest
N: Number of monthly repayment installments
Factors Affecting IIFL Home Loan Home Loan EMI
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 the IIFL Home Loan 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.
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 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.
Total Interest = (P x R x T) / 100
P: Principal amount
R: Rate of interest
T: Time or tenure in terms of monthly installments
IIFL Home Loan Home Loan Eligibility Criteria
Comparison of IIFL Home Loan 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 |
IIFL Home Loan 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 Home Loan Amortized Interest:
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
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
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
4. Follow the same steps again to calculate the interest, principal, and outstanding loan balance for each month
| Year / Month | Principal Amount | Interest | Loan Balance | Loan EMI |
|---|---|---|---|---|
| 2024 | Rs. 189,709.76 | Rs. 460,222.24 | 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 |
Frequently Asked Questions
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