Taking a home loan is a big decision, and understanding your EMI is crucial. The IDFC First Bank Home Loan EMI Calculator gives you instant clarity on your payments. Credit Dharma ensures a hassle-free experience with expert advice, competitive interest rates, and lifetime assistance.
IDFC First Bank Home Loan Highlights
IDFC First Bank home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.
| Category | Highlights |
|---|---|
| Interest Rate | 8.85% p.a. Onwards |
| Tenure | 30 Years |
| Maximum Loan Amount | ₹10 crore |
| Processing Fees | Up to 3% of the Loan Amount |
IDFC First Bank Home Loan Interest Rates
IDFC First provides home loans with interest rates that reflect current market conditions and are influenced by factors like your CIBIL score. You can choose a fixed rate or a floating rate, according to your financial situation.
| Types | Salaried | Self Employed |
|---|---|---|
| Home Loan | 8.85% p.a. onwards | 9.00% p.a. onwards |
| Home Loan Balance Transfer | 8.85% p.a. onwards | 9.00% p.a. onwards |
| Home Loan Top Up | Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount | Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount |
Read More: How to Improve Your CIBIL Score?
How is IDFC First Bank Home Loan EMI Calculated?
The EMI for IDFC First Bank home loan is calculated using the following standard formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12)
- N = Loan Tenure in Months
Example:
If you borrow ₹50 lakhs at an interest rate of 8.5% p.a. for a tenure of 20 years, the calculation will be:
- Loan Amount (P) = ₹50,00,000
- Interest Rate (R) = 8.5%/12 = 0.7083% per month
- Loan Tenure (N) = 20 years × 12 = 240 months
Using the EMI formula, the monthly EMI will be around ₹43,391.
Sample EMI Calculations for a Rs 50 Lakh Home Loan @8.40% p.a.
| Tenure (Years) | Interest Rate | Monthly EMI | Total Interest |
|---|---|---|---|
| 20 | 8.40% | ₹43,391 | ₹54,13,840 |
| 25 | 8.40% | ₹39,133 | ₹67,39,900 |
| 30 | 8.40% | ₹36,829 | ₹82,58,440 |
Suggested Read: Home Loan EMI For ₹75 lakh
How to Use IDFC First Bank Home Loan EMI Calculator?
The IDFC First Bank Home Loan EMI Calculator is a useful tool for estimating your monthly EMI, total interest payable, and overall repayment amount with accuracy.
Follow these steps to use the calculator effectively:
- Enter the loan amount you wish to borrow in the designated field or use the slider to adjust the value.
- Adjust the interest rate field to match the current IDFC First Bank home loan interest rate.
- Select the repayment period by entering the desired loan tenure or using the slider.
- The calculator will display the monthly EMI, total interest payable, and total loan amount payable.
- A visual representation, such as a pie chart, may also be provided to show the proportion of the loan amount and interest payable.
Suggested Read: Investing vs. Home Loan Prepayment
How to Reduce IDFC First Bank Home Loan EMI?
Here are some strategies to reduce your EMI and save money on your home loan:
| Tip | Description |
|---|---|
| Make Prepayments | Pay a lump sum to reduce the outstanding principal, which lowers your EMI. |
| Negotiate for Lower Interest Rates | If your credit score is good, request a lower interest rate. |
| Choose a Longer Tenure | Opt for a longer tenure to reduce your monthly EMI, but note that it increases the total interest cost. |
Suggested Read: IDFC First Bank Home Loan for Salaried
Get low-interest home loans at IDFC First Bank Home Loan with Credit Dharma!
IDFC First Bank Home Loan Eligibility Criteria
Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by IDFC First Bank:
| Category | Salaried | Self Employed |
|---|---|---|
| Age | 21 – 60 years | 23 – 70 years |
| Minimum Work Experience | 3 years | 4 years |
| Minimum Income | ₹1 lakh p.a. | ₹1.5 lakh p.a. |
| Nationality | Resident Indian/ NRIs | Resident Indian |
Check Out: IDFC First Bank Home Loan Eligibility Calculator
Documents Required For IDFC First Bank Home Loan
When applying for a home loan with the IDFC First, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:
General Documents
| Category | Documents Required |
|---|---|
| Proof of Identity | PAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card |
| Proof of Address | Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement |
Proof of Income
| Salaried | Self Employed |
|---|---|
| Last 6 months’ Salary Slips | Last 3 Years ITR with Computation of Income |
| 1 Year ITR/Form 16 | Profit & Loss Account |
| 6 months bank account statement (salary account or individual account). | Balance Sheet |
| Capital Account Statement | |
| Bank account statement for the last 12 months (for individual or business). | |
| Business proof |
NRI
| Category | Documents |
|---|---|
| Passport & Visa | Passport with VISA printed on it |
| Work Authorization | Work Permit |
| Identity Proof | Copy of PAN, ID card issued by employer |
| Proof of Address | Proof of address in India Proof of address in the foreign country Proof of address from employer with contact details |
| Income Proof | Latest salary slip in original Annual income tax return filed as per applicable rules for the last 2 years |
Read More: How to Get a Home Loan Without All Property
IDFC First Bank Home Loan Customer Care
To facilitate effective communication with customers, in addition, IDFC First Bank offers various channels for customer support.
| Category | Contact Number |
|---|---|
| Toll Free Number | 1800 10 888 |
| Home Loan Enquiry | Raise a request |
| SMS/ WhatsApp | Drop a ‘Hi’ on 9555 555 555 |
Suggested Read: IDFC First Bank Home Loan Statement Download
Get a Home Loan
with Highest Eligibility
& Best Rates
Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% – 10.65% p.a. | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Home Loan Processing Fees by Top Banks
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | 0.5% – 1.00% of the loan amount |
| Bajaj Housing Finance | Up to 4% of the loan amount |
Get the Best LIC Home Loan Offers with Credit Dharma
Credit Dharma is your trusted partner for securing the best LIC Home Loan offers, with over ₹500 Cr+ loans handled and partnerships with 20+ leading banks. We provide exclusive access to the lowest interest rates and a seamless, digital process with fast approvals in just 1-2 weeks, backed by lifetime support from our home loan experts.
Why choose Credit Dharma? We provide:
- Lowest Interest Rates: Save more with every EMI.
- Maximum Funding: Get up to 100% funding for your dream home.
- Simple & Digital Process: No tedious paperwork or branch visits.
- Expert Guidance: Lifetime support from our team of specialists.
Compare, choose, and secure the best LIC Home Loan offer with Credit Dharma — your home loan journey starts here!
Frequently Asked Questions
EMI, or Equated Monthly Instalment, refers to the fixed payment amount that a borrower is required to pay to the lender each month until the loan period concludes.
You check the current IDFC home loan rate here.
The EMI amount remains constant if the home loan is obtained at a fixed interest rate. However, for loans with a floating interest rate, the EMI can fluctuate over the loan tenure. Regardless of the interest type, making partial prepayments can result in lower EMI amounts.
Utilizing an online EMI calculator is beneficial as it offers precise estimations of your monthly payments swiftly, thereby saving you valuable time in financial planning.
HDFC Home Loan
SBI Home Loan
