Taking a home loan is a big decision, and understanding your EMI is crucial. The HDFC 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.
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HDFC Home Loan Interest Rates
The interest rate is a key factor in determining your EMI. HDFC offers competitive interest rates to make homeownership affordable. The rates are dynamic and change based on RBI policies and the borrower’s credit profile.
Check the HDFC Home Loan Interest Rates for the latest interest rates.
| Loan Slab | Interest Rates (% p.a.) |
|---|---|
| For All Loans* | Policy Repo Rate + 2.90% to 3.45% = 9.40% to 9.95% |
The interest rates and other charges are subject to change and it is advisable to check with our experts for the most current information
How is HDFC Home Loan EMI Calculated?
The EMI for an HDFC home loan is calculated using the following standard formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
Where:
- P = Loan Amount
- R = Monthly Interest Rate (Annual Rate ÷ 12)
- N = Loan Tenure in Months
Example Calculation:
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.
Pro Tip: If your credit score is low, consider working on it for 3-6 months before applying for a home loan.
How to Use HDFC Home Loan EMI Calculator
The LIC Home Loan EMI Calculator is a powerful tool to help you calculate your monthly EMI, total interest payable, and overall repayment amount with precision. Follow these steps to use the calculator effectively:
- Input the Loan Amount
Use the slider or enter the amount you wish to borrow in the “Loan Amount” field (e.g., ₹88,00,000).
The loan amount determines the base on which your EMI is calculated. - Set the Interest Rate
Adjust the interest rate slider to match HDFC’s current home loan interest rate (e.g., 11.85% p.a. in this example).
Refer to the HDFC Home Loan Interest Rate to get the latest applicable interest rates. - Choose the Loan Tenure
Select the repayment period using the slider or input the desired loan tenure in years (e.g., 15 years).
Longer tenures lower your EMI but increase the total interest payable. - Review the Results
The calculator will display:
Monthly EMI: The fixed monthly payment (e.g., ₹1,04,767).
Interest Amount: The total interest you’ll pay over the loan tenure (e.g., ₹1,00,58,069).
Total Payable: The total amount you’ll repay, including the loan amount and interest (e.g., ₹1,88,58,069).
A pie chart visually represents the split between the loan amount and the interest payable.
How to Reduce HDFC 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. |
Pro Tip: Use the HDFC Home Loan Prepayment Guide to learn how to make prepayments and reduce your EMI.
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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 |
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Credit Dharma is your trusted partner for securing the best HDFC 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.
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- Expert Guidance: Lifetime support from our team of specialists.
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Conclusion
The HDFC Home Loan EMI Calculator is an essential tool for managing home loan commitments, providing an easy, accurate, and free method for understanding your financial responsibilities.
Visit the official HDFC website for more information. At Credit Dharma, we ensure that you get expert-backed advice, the lowest rates, and lifetime support throughout your loan journey. Ready to calculate your EMI?
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 HDFC 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.
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