HDFC Home Loan EMI Calculator allows calculating EMIs for Home Loan that further helps the borrower to make a decision about buying a new house. It allows one to plan the cash flows for home loans and offers home loans with EMIs starting from INR 769 per lac and interest rates starting from 8.50% p.a. It has some added features like flexible repayment options and top-up loans, low-interest rates, long repayment tenure, and reasonable EMIs.
Home Loan EMI Calculator basically assists in the calculation of the loan installment i.e. EMI. It is an easy-to-use calculator and acts like a financial planning tool. The full form of EMI is Equated Monthly Installment which includes repayment of the principal amount and the interest amount of the home loan. It has a longer period of 30 years which helps in reducing the EMI.
The formula for calculating EMI is:
P x R x (1+R)^N / [(1+R)^N-1] where-
P = Principal loan amount
N = Loan tenure in months
R = Monthly interest rate
The rate of interest (R) on your loan is calculated per month.
R = Annual Rate of interest/12/100
If the rate of interest is 7.2% p.a. then r = 7.2/12/100 = 0.006
For example, If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under:
EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 – 1) = ₹11,714.
The total amount payable will be ₹11,714 * 120 = ₹14,05,703. The principal loan amount is ₹10,00,000 and the Interest amount will be ₹4,05,703.
Features & Benefits of HDFC Home Loans
Below mentioned are the features and benefits of HDFC Home Loans:
- To purchase flats, row houses, and bungalows from private developers in approved projects.
- To purchase properties from Development Authorities such as DDA, MHADA, etc.
- To purchase properties in an existing Co-operative Housing Society Apartment Owners’ Association or Development Authorities settlements or privately built-up homes.
- To construct on a freehold/leasehold plot or on a plot allotted by a Development Authority
- Receive Expert legal and technical counseling to make the right decision with respect to purchasing a home.
- Integrated branch network for availing and servicing Home Loans anywhere in India
- Special arrangement with AGIF for Home Loans for those employed in the Indian Army.
How to use Home Loan EMI Calculator
Despite the fact that whether it is the SBI Home Loan EMI Calculator or HDFC, all that is required is to enter the following to get the amount of EMI:
- Loan Amount: Enter the desired loan amount that is to be availed.
- Loan Tenure: Enter the desired loan term for which the loan is to be availed.
- Interest Rate: Enter the rate of interest.
The benefits of the HDFC Home Loan EMI Calculator are as mentioned below:
- Helps in the planning of finances in advance: EMI Calculator allows borrowers to plan cash flows in advance so that home loan payments can be made easily. It is a useful tool for financial planning and loan servicing needs.
- Easy to use: They are very simple and easy to use. Borrowers are required to provide three details namely Loan Amount, Interest Rate, and Loan Tenure.
- Helps in property search: It helps find the right home loan according to the monthly budget. Also, it helps in deciding the EMI amount and loan tenure that best suits the financial position of the borrower.
- Easily accessible: It can be easily accessed online from anywhere to get the right loan amount, EMIs, and loan tenure.
Home Loan Amortization Schedule
Loan amortization is the process of reducing the debt with regular payments over the loan period. A home loan amortization schedule is a table giving the details of the repayment amount, principal, and interest component.
HDFC’s EMI calculators give a fair understanding of the ratio of the principal amount to the interest due, based on the loan tenure and interest rates. The EMI calculator also provides an amortization table elucidating the repayment schedule. HDFC’s home loan calculator provides a complete break-up of the interest and principal amount.
Repayment Plans Enhancing Home Loan Eligibility
- Step-Up Repayment Facility (SURF)
- Flexible Loan Installments Plan (FLIP)
- Tranche-Based EMI
- Accelerated Repayment Scheme
- Telescopic Repayment Option
Steps to Apply for a Home Loan
Below mentioned are the steps to apply for a home loan:
- Sign Up / Register
- Fill in the home loan application form
- Upload Documents
- Pay Processing Fee
- Get Loan Approval