Calculate your monthly HDFC home loan EMI amount with our online calculator:
The HDFC Home Loan EMI Calculator serves as a crucial aid for potential homebuyers, simplifying the journey of home financing. This calculator will delve into the various benefits and uses of the HDFC Home Loan EMI Calculator, a vital tool for anyone looking to understand and manage home loan obligations.
Factors affecting HDFC Bank Home Loan EMI
The factors which affect the home loan EMI are:
1.Loan Tenure
The maximum tenure offered by HDFC is 30 years. You can increase your tenure, which would lead to a lower EMI but this will lead to a higher total amount to be repaid and also will require more interest charges.
2.Rate
HDFC offers loans at a rate of 8.7% onwards. You can compare the home loan rates of different banks here.
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI Bank | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. |
| HDFC Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% 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 | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| PNB Housing Finance | 8.50% – 14.50% p.a. | 8.50% – 14.50% p.a. | 8.50%-11.45% 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%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. |
3.Loan amount
A higher loan amount will attract higher EMI. The loan amount however depends on the LTV ratio. Here is a breakdown:
| Home Loan Amount | LTV Ratio |
| Up to Rs. 30 lakhs | Up to 90% of the property’s cost |
| Above Rs. 30 lakhs to Rs. 75 lakhs | Up to 80% of the property’s cost |
| Above Rs. 75 lakhs | Up to 75% of the property’s cost |
Different repayment options
HDFC offers various flexible repayment plans:
| HDFC Bank’s Repayment Plans | Description |
|---|---|
| Step-Up Repayment Facility (SURF) | Aligns repayment schedule with expected income growth. Start with a higher loan amount and lower EMIs, with repayments increasing as income rises. |
| Flexible Loan Installments Plan (FLIP) | Tailor-made to match changing repayment capacity over the loan tenure. EMIs start higher and decrease over time, aligning with income changes. |
| Tranche-based EMI | For under-construction properties, pay only interest until full loan disbursement, then switch to regular EMIs. Alternatively, start principal repayment immediately. |
| Accelerated Repayment Scheme | Boost EMIs annually in line with income growth to repay the home loan faster. |
| Telescopic Repayment Option | Offers a repayment period of up to 30 years, increasing loan eligibility while keeping EMIs manageable. |
Are you looking to lower your monthly home loan EMIs?
Significance of the Home Loan EMI Calculator
Manual EMI calculation can be complex and intimidating, especially for those unfamiliar with financial planning. The HDFC Home Loan EMI Calculator is a game-changer, offering an easy and accurate way to compute EMIs, thereby saving time and avoiding mistakes.
The Formula Used in EMI Calculation
The HDFC Home Loan EMI Calculator uses the following formula to ensure precise calculations:
E = [P x R x (1+R) ^N] / [(1+R) ^N-1]
Where,
‘E’ is for EMI amount
‘P’ is for Principal amount
‘R’ is for Rate of interest
‘N’ is for Loan tenure
A Practical Example
Consider a home loan of Rs. 70 Lakhs for a period of 15 years at an interest rate of 10%. The HDFC Home Loan Calculator calculates the EMI as Rs.75,222 demonstrating its efficiency in simplifying complex calculations.
Using the HDFC Home Loan EMI Calculator
Using the HDFC Home Loan EMI Calculator is simple:
| Step | Action | Description |
|---|---|---|
| 1 | Input Data | Enter loan details: amount, rate, tenure |
| 2 | Calculation | Automated computation of EMI |
| 3 | Result Display | Immediate display of EMI amount |
| 4 | Iterations | Modify inputs for different outcomes |
Benefits of the HDFC Home Loan EMI Calculator
- User-Friendly: Easy navigation and usage.
- No Cost: Freely accessible to all users.
- Multiple Uses: Experiment with various loan parameters.
- Instant and Accurate: Essential for financial planning.
Conclusion
The HDFC Home Loan 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.
FAQs
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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