IIFL Home Loans EMI Calculator

The India Infoline Finance limited is an NBFC (Non-Banking Financial Company) and is one of the top companies offering home loans. IIFL home loans has a wide category and for each type, there is an easy EMI कैलकुलेटर to help applicants weight the impact on their budget. The advantage of the IIFL Home Loans EMI calculator is that applicants can work backwards by selecting the amount of loan and ultimately the price of the apartment or house they can afford. This EMI calculator allows individuals to try various combinations of loan and terms of repayment and choose the loan most suitable to their needs.   

IIFL has established itself to become one of the leading NBFC (Non-Banking Financial Institutions) with services as diverse as Realty, property advice, investment banking, asset management, wealth creation, financial products distribution and IIFL home loans.

IIFL has grown impressively to have a presence in 7 countries including the United States and the United Arab Emirates. The company has 2250 branches across India, managed by a total workforce of 10500. IIFL has a strong capital of Rs 223 loan assets and Rs 1250 billion in assets for its advice for betterment. IIFL has retained its core strength of research which has a 300 strong clientele with 500 stocks.  

The different Home Loan Schemes provided by IIFL are:

The Home Improvement loan– This loan is up to a maximum term of 30 years and the interest is 9.5%. 

The NRI loan– This loan is for a maximum term of 30 years and the interest is 9.5%. NRIs (Non Resident Indians) and PIO (Persons of Indian origin) can build homes in India or in selected countries of residence.  

The New Home loan– This loan is up to a maximum term of 30 years and the interest is 8.7% 

The Swaraj Home Loan– This is a loan for loan especially for self employed persons who do not have adequate documents. The interest rate for this loan is 11% 

The Balance transfer Loan– This is a loan where the applicant can transfer his or her loan from another lender and take a loan for the loan that is remaining.

The Pradhan Mantri Awas Yojana (PMAY) – This a loan specifically for people belonging to the Economically Weaker Section (EWS), Low Income and middle Income groups (LIG, MIG). Loan subsidy of 6.5% is given under the PMAY scheme and credited to the borrower’s account. The term for the PMAY scheme is 20 years only  

The IIFL Home Loan EMI Calculator

The home loan EMI calculator is a facility that most home loan providers are giving. It is a good way for borrowers to get an approximate idea of how much a loan could cost them and plan monthly budgets accordingly with income. IIFL has also provided a loan EMI calculator.

In order to access the EMI calculator, an applicant is required to go to the IIFL website and select ‘home loan EMI कैलकुलेटर’. 

The applicant would be required to first check his or her loan amount eligibility. The applicant will be asked to entire the value of the property, his or her total income and the interest applicable.

As an example, an individual A earns Rs 70000 a month and applies for a loan of Rs 5000000 which is the worth of the property being purchased. Based on the LTV (Loan to value) ratio, A would be eligible for a loan of Rs 42,50,000. The EMI A would have to pay is around Rs 40000 for a 20 year term.

Advantages of using an EMI Calculator

The advantage of using an EMI calculator is that applicants can do their calculation and decide on the amount of loan they can afford and the term of repayment even before they apply for a loan. This will not only help applicants to choose the loan amount along with the term of repayment but also make the best decision.

The applicant has the option of trial and error by working out different combinations of loan amount, interest rate and term of repayment. This will not only eliminate the need for repeated visits to a loan advisor at IIFL but also help the applicant plan a monthly budget on the calculated EMI and take into account budgeting for other expenditure into the future.

Another advantage of the EMI calculator is that people can quickly check reduced EMI’s when interest rates are reduced and can opt for the balance transfer option.

An EMI calculator helps individuals to weight their financial position and even opt for a higher down payment if they have more liquid cash. This will help them strike a balance between using cash reserves and reducing their EMI burden at the same time. 

Self employed borrowers with their own business can use the EMI calculator to calculate the monthly EMI that they need to pay and do microplanning by adjusting the loan amount and the term of repayment to balance business income.   

स्टेप प्रोसीजर टू Calculate ईएमआई द्वारा स्टेप

The procedure to calculate the EMI is to multiply the principal loan amount with the rate of interest per annum and the number of years. This will give the compounded interest. 

Then the compound interest is added to the principal amount and the total amount is divided by the number of months of the loan tenure to provide the equated monthly instalment. 

The IIFL EMI calculator is easier. The only data that needs to be entered are the loan amount and the term of repayment. Once the type of loan is mentioned, the EMI calculator will automatically calculate the monthly EMI, the total interest and the total consolidated amount to be paid back to IIFL.

For Example:

A person A applies for a new home loan of Rs 5000000 (fifty lakhs) for a period of 20 years at an interest of 8.7%.

The total interest works out to Rs 55,66,275 and the monthly EMI works out to Rs 44026.

A second person B applies for a loan of Rs 4000000 (forty lakhs) for a period of 30 years at an interest rate of 9.5%

The total interest works out to Rs 8130871 and the monthly EMI payable is Rs 33,634   

One of the best loan disbursing NBFCs

A combination of home loans along with a real estate developer and a research division is a rare combination for an NBFC (Non-Banking Financing Company). Borrowers are assured of not only a fast loan processing service but the backup of the expertise of IIFL in research as well as real estate. Borrowers and loan applicants are assured of proper due diligence of developers, real estate as well as market value of property all under one roof.  

IIFL is very professional and flexible and permits prepayment, moratoria and deferment. IIFL home loans are user friendly and they have a solution for every kind of exigency. 

FAQ

Will IIFL give a housing loan for a house whose ground floor will be for commercial use?

As IIFL will scrutinise the home documents and plan, housing loan will only be given for the residential floor area. The borrower will, however, need to register the residential and commercial space separately and pay different taxes on both.   

Can borrowers opt for deferred payment of EMIs due to Covid- 19?

IIFL will abide by the Reserve Bank of India’s directive for loan moratorium due to the Covid-19. This means that EMIs can be deferred up to 6 months until the pandemic is over. IIFL will defer the loan term to another 6 months after the due date of completion of the loan. This means that borrowers will still need to repay the deferred EMIs at a later stage. This will, however, increase the interest due to extended date.    

What is the CIBL credit score required to get an IIFL home loan?

The CIBIL (Credit Information Bureau India Ltd.) is a score that is prepared by CIBIL for every individual based on his or her credit history. This score is based on several parameters such as number of loans taken, bank balances, personal wealth and other financial data. IIFL housing loans consider a minimum CIBL score of 700 as good. A CIBIL score of 900 is considered good. IIFL rewards applicants with a CIBIL score above 700 by waiving off loan processing charges.     

How can a housing loan taken from IIFL be prepaid?

An IIFL housing loan can be prepaid and normally penalty charges are not imposed. There are 2 ways to prepay a loan; either by reducing the term of the loan or by reducing the EMI by keeping the term of the loan unchanged. IIFL will help recalculate the EMI after deducting the amount prepaid. This option of keeping the loan term unchanged is preferable. The person prepaying a part of the loan will benefit by reduction of the interest burden. Normally persons who receive arrears or a large bonus prefer to reduce their loan burden by prepaying a part of the loan.

Can PMAY loan subsidies be applied to an IIFL home loan?

IIFL will not only help borrowers readjust their EMI’s based on the subsidies provided under the Pradahn Mantri Awas Yojana (PMAY), it will even apply to the government on behalf of an applicant eligible for PMAY subsidies. IIFL will thereafter facilitate payment under the CLSS (Credit Linked Subsidy Scheme) and coordinate with the designated Central Nodal Agencies (CNA) to ensure the entire subsidy is paid into the borrower’s loan amount.