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Due to the rising value of residential properties across the country, home loan insurance, which is also known as mortgage insurance, has almost become a necessity. Most people buy home loan insurance to safeguard their future and the futures of their family members. This deep dive will help you understand home loan insurance and its benefits.
IDFC First Bank offers both fixed and floating interest rate home loans. The fixed rate option may be the best choice for those looking for a lower interest rate. However, the floating rate option may be a better fit if you are looking for more flexibility in your repayment schedule.
How Does the EMI Calculation Work for IDFC Home Loan?
Any factor that affects the rate of interest, Home Loan tenure or the loan amount affects the Home Loan EMI. IDFC First Bank offers floating rates of interest on Home Loans. The market rate variation can result in a change in the Home Loan interest rate, resulting in a change in the EMI/loan tenure. A part-payment made by the borrower can also affect the residual tenure/EMI. The credit of PMAY upfront subsidy affects the Home Loan principal amount, thereby affecting the EMI, as well.
Currently, their Home Loan interest rate starts from 8.15% and may vary based on a number of factors. Home Loans for construction purposes come with a holiday period for repayment. The interest charged to the Home Loan account before the commencement of the regular EMI is pre-EMI interest.
Can I use the Home Loan EMI Calculator to check out the EMI for other loans?
Now comes the point of how much loan amount you require and how much you are eligible to receive? This will be clear to you once you go through the table below. Our home eligibility calculator is designed to make it easy for you to check your housing loan eligibility. The loan eligibility calculator tells your home loan eligibility by factoring in your monthly income, tenure of the loan, home loan interest, and common deductions. IDFC offers the lowest home loan interest rate of 6.5% based upon certain factors such as cibil score, repayment history, financial stability, etc.
Other important factors that can influence loan amount disbursal are income, age, the company at which you work or the type of business which you do. Let us use the table below to understand the eligibility a little more. Considering that you apply for a home loan at IDFC Bank and you want the bank to give you the lowest rate possible. Suppose you get the approved rate of 8.75% per annum as per the loan amount of ₹25 lakhs for the tenure of 15 years. The EMIs you will then be liable to pay is mentioned in the below along with the amortization schedule which represents the balance amount at the end of each year. Loan repayment period starts from the very next month when your loan amount gets disbursed in your loan account.
Comparison of IDFC First Bank Home Loan with Other Banks
I further authorize Wishfin to retain a copy of my information for use in accordance with [Wishfin’s] Terms of Use and Privacy Policy. You can easily apply for a home loan by visiting the official portal, clicking on the personal loan section, followed by apply now. Enter required details, and upload a few documents and click on submit. Generally, when you apply for a home loan, the bank or the lending institution provides you with a loan EMI calculator.
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 Eligibility Calculator
At IDFC Bank, home loans can be taken for the maximum tenure of 30 years which comes with option to choose as per your desire. When you apply for a home loan, the bank or finance company will give you a loan estimate, including the EMI amount. It is essential to check this amount carefully and make sure you can afford the monthly payments. With the home loan interest rates calculator, you can check the prevailing interest rate for loans offered.
You can easily calculate your home loan EMI at IDFC First Bank by feeding inputs of the loan amount, interest rate and loan tenure. The computation of EMI will provide an indicative EMI, which you will have to be ready with. You can also get to know the EMIs for different periods in the table below. A loan calculator takes into account the loan amount, tenure and rate of interest of your loan. With the help of this tool, you can check your EMI within a few minutes before applying for a housing loan which is available for the maximum tenure of 30 years at IDFC Bank. A home loan might help you achieve your dream of purchasing a new house.
Area Conversion Calculator -Convert the area of your house or plot of land from one measure to another using this area conversion calculator. Home Buying ToolsStamp Duty Calculator -Depending on the location of the residential property and where you reside, stamp duty applies to all purchases of property. This stamp duty calculator enables you to determine the applicable stamp duty. As the loan amount goes up from 10 Lakhs to 40 Lakhs, the EMI keeps increasing at every stage. It improves to 1.55% at the end of the second year, and so on.
You can calculate your home loan EMI almost instantly using the Home Loan Calculator. This calculator for Home Loan EMI might require just a few key home loan details from the user to display results. A home loan is often a very large amount that you borrow from the bank, for the purpose of buying a home. The above details about IDFC First Bank Home Loan would help you in being prepared with all the necessary information before you go and apply for a home loan from the bank. By taking the help of a home loan EMI calculator, you can calculate the EMIs within minutes without any scope for human error and can decide the appropriate tenure for your home loan. To calculate the EMI, you just need to enter the interest rate, loan amount and tenure.
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.
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