A Complete Guide To IDFC Home Loan EMI Calculator - Dailywritemagazine
IDFC Home Loan EMIIDFC Home Loan EMI

IDFC First Bank offers home loans at an attractive rate of interest starting from 8.45%, long tenures, along with loan top-ups making it easier to afford a dream house. Calculating home loan EMI has now become easier with IDFC Bank Home Loan EMI Calculator. Whether it is a 50 Lakh Home Loan EMI for 15 years or a 60 Lakh Home Loan EMI for 10 years, EMI Calculator can be used to know the home loan interest rates and the EMI amount.
EMI Calculator is an easy-to-use tool that helps in planning the EMI of the home loan. It requires some basic details of the home loan that is to be availed. Hence, the outcome completely depends on the information provided by the applicant. This is the reason IDFC Bank does not guarantee the accuracy, completeness, or correctness of any details provided. 

How to apply for IDFC Home Loan?
Below mentioned are the steps to apply for IDFC Home Loan:
Step 1: Log in to the official website of IDFC Home Loan and submit the required details.
Step 2: The bank representative will call to let the applicant know about the home loan eligibility.
Step 3: Provide all the essential documents to the bank representative.
Step 4: The bank representative will call in person.
Step 5: A verification would be conducted to check and confirm the details provided.
Step 6: The loan will be sanctioned once verification gets completed.
Step 7: The money will then be deposited into the bank account in full or in installments depending on the situation.
Also Check: 60 Lakh Home Loan EMI
Features & Benefits of IDFC Home Loan EMI Calculator
Below mentioned are the features & benefits to apply for IDFC Home Loan EMI Calculator:
⦁ IDFC Home Loan EMI calculator helps to calculate the monthly EMIs in a fraction of a second.
⦁ It helps to budget the monthly expenditures that in turn allows to plan finances in a better way.
⦁ It helps to compare different loan options available. For Example, one can compare the EMIs of two different home loans with varying interest rates and tenures. 
⦁ It is free of cost. There are no hidden charges or fees so as to promote its usage.

Eligibility Criteria
Below mentioned are the eligibility criteria to apply for IDFC Home Loan EMI Calculator:

A. In the case of Self-Employed Individuals:
⦁ Resident Indians only
⦁ Aged between 23-70 years
⦁ Minimum 4 years of business continuity
⦁ Must earn a minimum ₹1.5 lakhs per annum
⦁ Tenure duration 12 months – 300 months

⦁ In the case of Salaried Individuals:
⦁ Resident & Non-Resident Indians
⦁ Aged between 21-60 years
⦁ Minimum 3 years of experience
⦁ Must earn a minimum ₹1 lakh per annum
⦁ Tenure duration 12 months – 360 months
⦁ Eligibility Criteria for Home Loan Based on Salary
Salary is an important criterion that determines the loan amount that can be availed. The bank will forecast the repayment capabilities after deducting the monthly deductions like ESI, PF, Insurance premiums, etc.
⦁ Eligibility Criteria for Home Loan Based on Age
The lenders give importance to the age factor also to get their loans sanctioned that can be paid off conveniently. This is because home loan repayment tenures are as long as 30 years in India. 
Getting the loans at lower age helps to get larger loan amounts since longer repayment periods can be acquired to pay off the borrowings, provided the in-hand salary meets the eligibility criteria.
Most lenders offer loans to salaried individuals between the ages of 23 to 62 years and 25 to 70 years for self-employed. Banks consider the upper age limit at the time of maturity. 
The below table depicts the maximum acceptable loan tenure based on the applicant’s age:

Age Maximum tenure (In the case of a salaried individual) Maximum tenure (In the case of a self-employed individual
25 years 30 years 30 years
30 years 30 years 30 years
35 years 30 years 30 years
40 years 30 years 30 years
45 years 25 years 25 years
50 years 20 years 20 years

Documents Required
Below mentioned are the documents required to apply for IDFC Home Loan EMI Calculator:
Valid Identity Proof
i. Aadhaar Card
ii. PAN Card
iii. Passport
Valid Address Proof
i. Aadhaar Card
ii. Passport
iii. Recent Utility Bills
Valid Income Proof
i. Salaried: Last 2 months salary slip/ latest ITR or Form 16/ last 6 months bank statement
ii. Self-employed: Latest ITR/ balance sheet or P&L statement/ GST return/ last 6 months bank statements or CC statements, etc.
Property Proof
i. Photocopy of draft sale deed and chain title documents (if any)
ii. Allotment/Possession letter
iii. No objection certificate from the society and other documents as per the legal report
Factors that Determine Home Loan Eligibility
Below mentioned are the factors that determine IDFC Home Loan eligibility:
i. CIBIL score – The credit score depicts the creditworthiness of the borrower to the lender. A decent score of 750 or above can help you get loan approvals conveniently and at affordable rates.

ii. Expense to Income ratio – It is also known as FOIR (Fixed Obligations to Income Ratio). An individual with low FOIR has more income to repay loans due to lower fixed expenses.

iii. Applicant’s age – The age of the applicant helps lenders decide on a suitable tenure for loan repayments. Younger applicants tend to have longer repayment tenures, making it easier to pay off their loans without default.
How to use IDFC First Bank Home Loan Calculator?
Below mentioned are the steps to use the IDFC First Bank Home Loan Calculator:
Step 1: Enter the amount of loan required.
Step 2: Provide a suitable tenure for repayment.
Step 3: Select the rate of interest that IDFC First Bank will provide to its customers over a home loan calculator.
Step 4: Now, the EMI and the interest amount would be displayed.
What is an Amortization Schedule?
An amortization schedule determines how the loan amount will be applied to the principal and interest, and how it will impact the total cost of the loan. The amortization schedule in the case of IDFC First Bank Home Loan is as mentioned below:
⦁ The first payment will be applied to the interest due on the loan.
⦁ The remaining charges will be applied to the loan’s principal, with each payment decreasing the outstanding balance.
⦁ The final fee will be applicable entirely to the principal, leaving you with a zero balance.