IIFL Home Loan Calculator
IIFL is a financial institution primarily in the business of lending money to individuals and business entities. It is committed to making home loans as straightforward as possible. Home loan is one of India’s most availed types of loans.
The IIFL Home Loan can be used to address a variety of home-related needs, including building, renovation, and extension, as well as making any alterations to the current home. The decision to avail of a home loan is not easy; many first-time money borrowers often get confused about technical aspects such as interest rates, repayment, principal amount, loan default,house loan EMI, etc. The accurate and fast-performing IIFL Home loan calculator can be beneficial to everyone hoping to know the financial burden of a loan.
Overview of IIFL Home Loan EMI Calculator
Before applying for a Home Loan at IIFL, it is beneficial to be aware of your existing spending and financial commitments. This information will assist the applicant in properly planning their finances and understanding the burden of a home loan. In addition, the online home loan calculator can be handy in estimating the equated monthly instalment (EMI) amount that the borrower can afford, along with add-on obligations.
The IIFL home loan interest rate calculator will quickly perform all of the complicated calculations and provide you with the exact EMI amount that you will be required to pay on the Home Loan, which also helps you lower your financial stress.
Highlights of the IIFL Home Loan
Purpose of Loan
IIFL offers a variety of home loans to fit the needs of borrowers. For example, the IIFL Home Loan can help you buy a new house/flat, build a house, or expand an existing property.
Key Features
- Home Loans are available from IIFL to both salaried and self-employed individuals.
- The property itself might be a mortgage to serve as collateral for the IIFL Home Loan.
- IIFL attempts to create the most appealing and distinctive Home Loan offers to fulfil the demands of a wide range of consumers.
- New Home Loan, Swaraj Home Loan, Home Improvement Loan, NRI Home Loan, Home Loan Balance Transfer, and Pradhan Mantri Awas Yojana are only a few of the housing loan alternatives offered by IIFL.
- IIFL Home Loans have a maximum payback period of 30 years for salaried applicants and 20 years for self-employed applicants.
How to Use the IIFL Loan EMI Calculator?
The IIFL home loan calculator is incredibly user-friendly and practical. The applicant can calculate the exact EMI using the IIFL home loan interest calculator in only a few clicks. The steps below will assist you in calculating the EMI:
Enter the appropriate loan information such as interest rate, loan amount, and tenure to rapidly calculate the EMI amount, then click the Calculate button. You can also experiment with other loan parameters and combinations to get the desired Loan EMI amount.
IIFL EMI Calculation Formula
The formula used by the EMI calculator is P*r* (1+r)^n/([(1+r)^n]-1)
Here are abbreviations for IIFL Home Loans:
P = Loan amount
r = Rate of interest/month, which starts at 8.70% at present and is linked to IIFL’s PLR
n = Tenure in months, which can be a maximum of 360 months for IIFL Home Loans
Home Loan EMI Calculator IIFL at different tenures and amounts @8.70% interest rate.
Comparison of IIFL Home Loan EMI with other Banks
| Interest Rates (% p.a.) | |||
| Name of Lender | Up to 30 Lakh | Above 30 Lakh & up to 75 Lakh | Above 75 Lakh |
| State Bank of India | 6.70-7.65 | 6.70-7.75 | 6.70-7.85 |
| HDFC | 6.70-8.45 | 6.70-8.60 | 6.70-8.70 |
| Axis Bank | 6.75-11.50 | 6.75-11.50 | 6.75-11.50 |
| ICICI Bank | 6.70-7.55 | 6.70-7.55 | 6.70-7.55 |
| Kotak Mahindra Bank | 6.55 onwards | 6.55 onwards | 6.55 onwards |
| PNB Housing Finance | 6.99-12 | 6.99-12 | 7.15-12 |
| Punjab National Bank | 6.55-7.95 | 6.50-7.65 | 6.50-7.60 |
| Bank of Baroda | 6.50-8 | 6.50-8 | 6.50-8.25 |
| Union Bank of India | 6.40-7.60 | 6.40-7.65 | 6.40-7.65 |
| IDFC First Bank | 6.90 onwards | 6.90 onwards | 6.90 onwards |
| L&T Housing Finance | 6.75 – 7.75 | 6.75 – 7.75 | 6.75 – 7.75 |
| Bajaj FinServ | 6.65-14 | 6.65-14 | 6.65-14 |
| Godrej Housing Finance | 6.59 onwards | 6.59 onwards | 6.59 onwards |
| Tata Capital | 6.70 onwards | 6.70 onwards | 6.70 onwards |
| LIC Housing Finance | 6.66-7.85 | 6.66-8.05 | 6.66-8.05 |
Factors Affecting IIFL Home Loan EMI
Loan Amount
The loan amount is crucial in determining the EMI amount that the borrower must pay on the Home Loan. When applying for a home loan at IIFL, it is critical to consider how much you want to borrow. Home Loans are available from IIFL for a minimum of 10 lakhs to a maximum of 5 crores.
Interest Rate
The amount of home loan IIFL EMI paid monthly against the Home Loan is decided by the interest rate set by IIFL. The larger the loan amount, the more your EMI will be. The interest rate on a home loan at IIFL begins at 9.50 per cent. Before choosing your lender and applying for any Home Loan, you should conduct a thorough market survey and research.
Loan Tenure
The loan tenure refers to the amount of time the borrower has to repay the Home Loan. The length of the loan affects the EMI amount. The EMI amount will be higher- the shorter the loan term. Therefore, it is critical to choose an EMI amount that is appropriate for your monthly spending and repayment capabilities. The maximum home loan term at IIFL is 30 years. You can check how tenure affects your EMI by entering different numbers in the IIFL home loan calculator.
Occupation of the Borrower
Self-employed individuals pay a somewhat higher interest rate on their home loans with IIFL. Salaried employees have the advantage of obtaining Home Loans at lower interest rates making IIFL home loan EMI payment easier.
Type of Loan
The EMI amount is also affected by the various Home Loan programs, such as fixed-rate Home Loans and fluctuating rate Home Loans.
Benefits of Using IIFL Finance Home Loan EMI Calculator
The most significant advantage of the IIFL Loan Calculator is that it allows the borrower to know ahead of time how much EMI they will have to pay on their Home Loan. This estimate enables the borrower to budget appropriately and minimises financial stress. In addition, the borrower can calculate the exact EMI they can afford to pay each month with current expenses with a mortgage loan calculator.
Anytime Access
You can use our home loan calculator IIFL at any time and from any location. It can be used numerous times to experiment with different options. To calculate the EMI amount, the borrower does not need to visit the financial institution many times or perform any complicated calculations. The IIFL home loan subsidy calculator is simple to use online.
Accurate Results
The IIFL home loan calculator provides reliable results with no effort. There are extremely few chances of error while using the online EMI calculator IIFL. In addition, it is more convenient to calculate EMIs online than visiting the loan institution in person.
No Need for Complex Calculations
You will save a lot of time using the online IIFL home loan eligibility calculator because you will not have to repeat the same calculations. When you complete these calculations online, the odds of making an error are reduced. The online home loan eligibility calculators IIFL do time-consuming and complex calculations in real-time, providing precise answers.
Aids the Financial Planning
The borrower can readily organise their finances if they know the exact EMI. The borrower can also experiment with various loan parameters to find an EMI amount that is cheap and fits their budget.
Tips and Tricks to Decide the Right Amount of EMI
Fix the Amount for the Home Loan you Need to Borrow
It is vital to determine the amount of the Home Loan before approaching IIFL or any other financial institution. This will assist you in budgeting and avoiding financial stress in the future. When calculating the Home Loan amount, all aspects such as lifestyle, current expenses, and commitments should be considered. Because a house loan is a secured loan with a higher interest rate, it is recommended that you apply for the smallest loan amount possible. To save money on interest, the borrower should carefully determine the loan term for a Home Loan.
Assessment of your Expenses and Current Obligations
Before approaching a financial institution for a Home Loan, a reality check of responsibilities and monthly expenses is required. This will aid the borrower in determining the EMI amount that they can comfortably payback on the loan.
Calculate your IIFL Home Loan Eligibility
The functional assessment of the property and the repayment capacity of an individual determine an applicant’s Home Loan eligibility. The loan-to-value (LTV) for the Home Loan at IIFL is up to 90%. The applicant must cover the remaining 10% of the property’s worth from their funds. If the applicant does not have enough money to cover the remaining balance, they should look into home loans with a higher LTV. These loans have a higher IIFL housing loan rate of interest, which means that the EMI will be higher.
FOIR
When calculating Home Loan eligibility, IIFL considers the fixed obligation to income ratio (FOIR). To arrive at FOIR, the IIFL will consider all of the borrower’s current EMIs, obligations, and income. This estimate will assist IIFL in determining the borrower’s repayment capacity. FOIR is the ratio of the applicant’s fixed liabilities to their income. Individuals with low FOIR are less likely to be approved for loans by banks and financial organisations. To be qualified for a Home Loan at IIFL, you must have a minimum FOIR of 0.65. The FOIR is used to determine how much of a home loan a borrower can afford. This evaluation could be different at various stages.
IIFL Home Loan EMI For Different Amounts
- IIFL Home Loan EMI for ₹ 10 Lakh: Your EMI for 10 lakh rupees home loan repayable after 20 years @8.7% pa interest is ₹ 8,805.
- IIFL Home Loan EMI for ₹ 20 Lakh: Your EMI for 20 lakh rupees home loan repayable after 20 years @8.7% pa interest is ₹ 17,610.
- IIFL Home Loan EMI for ₹ 30 Lakh: Your EMI for 30 lakh rupees home loan repayable after 20 years @8.7% pa interest is ₹ 26,416.
- IIFL Home Loan EMI for ₹ 40 Lakh: Your EMI for a 40 lakh rupees home loan repayable after 20 years @8.7% pa interest is ₹ 35,221.
- IIFL Home Loan EMI for ₹ 50 Lakh: Your EMI for a 50 lakh rupees home loan repayable after 20 years @8.7% pa interest is ₹ 44,026.
- IIFL Home Loan EMI for ₹ 1 Crore: Your EMI for 1 crore rupees home loan repayable after 20 years @8.7% pa interest is 88,052.
You can determine the exact EMI amount using the IIFL mortgage loan EMI calculator.
Latest News on IIFL Home Loan
In the early six months of the fiscal year 2021-2022, IIFL Home Finance Ltd., India’s fastest-growing and most sustainable home finance company, disbursed loans worth about $3 billion. IIFL Home Finance Limited has already made its mark in the BFSI and housing finance sectors, winning awards and accolades such as Sustainability Initiative of the Year (Business Intelligence Group) and The Economic Times Best BFSI Brand 2021.
In the early half of the financial year 2021-22, IIFL Home Finance Ltd., a 100 percent subsidiary of IIFL Finance Ltd., reported a 12 per cent year-on-year increase in its AUM figures (Assets Under Management) and disbursed loans totalling nearly 3000 crores, with total AUM of 21,474 crores as of the same date.
Deciding to avail of a home loan is one of the most important decisions of anyone’s life. It is a financial commitment that will last for decades and thus, it is critical to understand all aspects of the loan before making any decision. The IIFL Home loan calculator has several features and shows the accurate EMI amount, repayment schedule and financial aspects of the loan. If you need assistance in availing of a home loan or seek legal help, NoBroker is here to guide you! Please comment below this article; our executive will be in touch with you soon.
