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IDFC First Bank offers an AI-based home loan EMI calculator to help you plan your finances. With the home loan EMI calculator, you can calculate your monthly EMIs based on the loan amount, interest rate and loan tenure. Home loan eligibility essentially tells you how much home loan you can avail of. You should check your home loan amount eligibility online before applying for a home loan.
Loan Repricing Calculator -Any change in the interest rate can affect your repayment schedule/EMI. The loan repricing calculator can help you in this connection. Booster Home Loan Calculator -The Booster Home Loan calculator allows you to add other monthly income to your regular income and arrive at a higher eligibility level. Many banks capitalise the pre-EMI interest and add it to the Home Loan. IDFC First Bank calculates the pre-EMI interest and insists that the borrowers service this amount every month until the start of the regular EMI.
Idfc First Bank's Calculators
Just fill in your details and our representative will handhold you through the entire process. Such loans come with a holiday period that could extend up to 36 months. The interest charged to the Home Loan account before the commencement of the EMI is the pre-EMI interest.
This applies to home loans for construction, improvement and extension. The home loan EMI calculator can help you know the exact EMI amount you would pay every month to help you plan your cash flow. The EMI or equated monthly instalment is the amount that includes a part of the principal amount and interest on the principal amount outstanding. Here the principal amount is the home loan amount you want to borrow. The proportion of the principal amount and interest in the EMI keeps changing. In the beginning, you will pay more towards the interest than towards the principal amount.
IDFC First Bank Home Loan Features and Benefits
Since the value of the property can get a little out of hand for most of the low and middle-income population, it is feasible to opt for a loan to own a home. The IDFC home loan interest rate is influenced by a number of factors. The following are the key factors that aid IDFC in establishing the interest rate on home loans secured by an applicant. The remaining charges will be applied to the loan's principal, with each payment decreasing the outstanding balance. The IDFC First Bank home loan EMI calculator can help you calculate your monthly EMI in just a few seconds.
The borrower should adhere to this schedule, as it is beneficial. Under Construction Tax Calculator -If the property is under construction, there is a different tax structure. The Under-Construction Tax Calculator will help you to understand the tax concessions available to the borrower. Home Loan Product CalculatorsSimple Home Loan Calculator -This calculator requires the customer to enter basic details to know how much Home Loan they can get. Balance Transfer Calculator -The Balance Transfer Calculator enables customers to find out the amount they would save on transferring their Home Loan to IDFC First Bank.
IDFC First Bank Home Loan Interest Rates
Top-Up interest rate will be the same as balance transfer ROI. If you miss your EMI payment, IDFC First Bank charges a penalty of 1% to 2% on the outstanding amount. That an individual borrows a home loan of INR 25 lakhs at 7.95% p.a. Your first payment will be applied to the interest due on loan. There are no hidden charges or fees, and you can use the calculator often. IDFC First Bank strives to make buying a home more accessible than ever.
Home loan eligibility is based on salary and other factors such as your present age, monthly income, gratuity, remaining working years, and common deductions. Your present age, remaining working years, monthly income, and common deductions are important factors affecting your home loan application. Each has a certain weightage on the application, so even if one of these factors is not in your favour, the others with more weightage can help your home loan application. Loan Tenure– Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs but helps you save on the total interest payout of the loan.
Home Loan Rates by Top Banks
IDFC FIRST Bank helps you check the latest interest rate charged on these loans to enable you compare the interest rates. Use our loan eligibility calculator to check the home loan amount you can avail of based on your current salary. Like most other banks, IDFC Home Loan interest rates are linked to the repo rate. The final rate of interest charged is the combination of this external benchmark and the fixed spread determined by the bank.
Customers also have the benefit of paying only the interest component during the under-construction period. The bank can permit capitalisation of interest during the holiday period. However, it is beneficial for the borrower to repay the pre-EMI interest monthly, as it reduces the financial burden. Besides the EMI and eligibility calculators, IDFC First Bank offers the following additional calculating tools. Magicbricks is only communicating the offers and not selling or rendering any of those products or services. It neither warrants nor is it making any representations with respect to offer made on the site.
IDFC First Bank offers various Home Loan products to cater to every requirement of its clients. Right from providing finance to purchase new houses/flats to financing for construction purposes, IDFC First Bank has exclusive products to offer. Facilities to transfer your existing Home Loan balances and availing top up benefits are also available. To calculate the IDFC home loan EMI, enter specific details in the home loan EMI calculator or EMI formula. These details are loan amount, interest rate and repayment tenure.
Therefore, if your loan is 10 Lakhs or more, you can use this calculator to determine your EMI. Besides the Home Loan EMI and the Pre-EMI Interest Calculators, IDFC First Bank has many other Home Loan calculators on its webpage. Once you are aware of your home loan eligibility, it becomes easy for you to search the right kind of properties within your budget. As soon as you complete the above steps, your home loan EMI will be displayed along with other details such as total amount payable and also total interest payable.
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