IIFL Home Loan EMI Calculator

Planning your expenses for the future, along with managing your EMIs, is essential for every individual these days. Taking a home loan is a commitment for the long term, one that comes with a lot of responsibility. You have to keep track of your future investments and plan your expenses accordingly when you Take a Home Loan from a bank.

If you intend to take a home loan from the IIFL Bank, it would be wise to plan your EMI for the future to avoid all kinds of financial confusion and issues.

Use the IIFL home loan EMI calculator to calculate your payments beforehand. Here is everything that you need to know regarding how you can get the exact EMI amount with the help of the calculator.

Additional Info: Also check Rs. 80 Lakh Home Loan EMI

The EMI calculator is straightforward to use and gives accurate results in a few seconds. Here are all the steps that you need to follow in order to operate the EMI Calculator to figure out your interest rates beforehand.

• The first step that you need to take to operate the calculator is to put the entire amount that you want to take as a loan from the IIFL bank. It can be anything between 50 lakhs to 3cr. 
• The home loan EMI calculator IIFL will next ask you to put the interest rate that you are supposed to pay. The interest rate varies from 5% to 20%, depending primarily on the entire loan amount that you take from the IIFL bank.
• Post that, you will have to select the loan duration. You can choose any term that you think will suit your affordability. The IIFL bank allows you to pay your EMI for 5 to 30 years, depending on your convenience.

After following these simple steps, the monthly EMI that you are supposed to pay will pop up on the screen. The total interest amount, along with the full amount that you have to pay, will come up as well. The entire amount, therefore, consists of the principal amount and the total interest that you have to pay.

Also Check: IIFL CIBIL Score

The formula that the IIFL home loan EMI calculator follows is p*r*(1+r)^n/([1+r)^n]-1).

Here, P stands for the entire loan amount that you take from the IIFL bank, R stands for the interest rate that you are supposed to pay on a monthly basis, and N stands for the tenure that you select.

The higher the tenure period is, the EMI will be less on a monthly count. However, the entire payable amount also increases with that. When you select a relatively shorter tenure, your monthly EMI will increase.

Using an EMI calculator can save you lots of time and a lot of hassle in the long run. Not figuring out your monthly EMI amount can create many financial confusions and other issues in the future during the tenure. Here are the benefits to enjoy if you calculate your EMI before you Take a Home Loan from the IIFL Bank.

• You don't have to go to the bank to calculate your EMI before you take a home loan. The EMI calculator operates in a completely online mode and requires very little time to give you the result.
• It gives you the correct amount of how much you need to pay monthly after you take a home loan. It will help you stay organised and make proper financial plans for the future as well.
• The best part about using the EMI calculator is you can try different combinations using different loan amounts, interest rates, and tenures to see which plan suits you the best.
• Therefore, using the EMI calculator can help you choose the plan that is affordable for you in the long run.

Additional Reading:  CIBIL Score Required for Home Loan

Planning your future financial investments is always a good idea. Specifically, when you are taking a home loan, it is imperative to calculate your monthly investments beforehand. 

Here are the primary reasons why you should consider using the IIFL Bank Home Loan EMI Calculator before taking a home loan:

• The calculator gives you a hundred per cent correct EMI monthly amount that you need to pay after you take the home loan from the IIFL bank.
• Calculating your monthly investments can save you from a lot of financial troubles in the future. You can plan your future investments based on your monthly payment amount.
• You have the freedom to choose different loan amounts, interest rates, as well as different tenures. With this feature, you can easily understand which plan is the most suitable for you out of them all. 
• Before you take the loan, you can calculate your monthly EMIs. And during the tenure, you can count your remaining loan tenure with the help of the calculator, which makes the entire repayment procedure even easier for you.

Understanding the entire EMI amount according to your affordability is extremely important before you take any home loan from any bank. If you are not comfortable with the results, according to your financial condition, consider checking other loans that are offered by other popular banks at the contemporary time.

Take a look at the chart to understand the difference of the home loan EMIs between the IIFL bank and the other contemporary banks in India.

Here are the different rates that depend on the different Home Loan Interest Rates that are offered by these widespread bans. State Bank of India and the Kotak bank mainly provide an interest rate of 8.75% to all the customers who take home loans from their banks. On the other side, the HDFC Bank and the ICICI Bank offer an interest rate of 8.50% - 9.00% to the customers. Relatively, the IIFL Home Loan Interest Rate remains on the higher side. In most cases, they offer an interest rate of 8.90% to the customers. 

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The flexibility that the IIFL bank home loan EMI calculator provides to their customers is what makes it a feasible method of calculating your EMI beforehand.

Choosing different tenures, different loan amounts, and interest rates help you select the best possible plan that suits your budget.

Take a look at the chart to understand which plan offered by the IIFL Bank suits your affordability.

When you choose a short tenure, the monthly payable EMI remains on the higher side and vice versa. The entire payable amount increases when you select a brief tenure in comparison to longer tenures.

The main factors that affect your EMI amount are mentioned below. You can alter these amounts to change the EMI amount in the future.

• Interest rate is one of the major determining factors of EMI rates. When the interest rates remain on the higher side, the EMI automatically increases by the end of the tenure. The IIFL Bank keeps its interest rate at 8.90% for all its customers. Before taking a home loan, go through all their plans to determine which plan is the ideal one for you.
• The entire loan amount also has a huge role to play in calculating your EMI amount. Your monthly payable EMI amount automatically increases when the loan amount is larger, and the tenure is short. Interest rates also increase when the loan amount is on the bigger side.
• The tenure period that you select before taking a home loan also plays a major role in determining how much you will have to pay by the end of the plan.

Try to alter these amounts to see which plan suits your demands the most. These are the factors that determine your EMI amount when you take a home loan from the IIFL Bank.

Additional Info: You can also avail Navi Home Loan