Buying your dream home comes with a lot of responsibility and research. It is a challenging task that needs planning and proper execution. It is much more than living with good infrastructure and in a safe environment. You have to make sure you are balanced financially and mentally before you Apply for a Home Loan.
With the help of the DHFL home loan EMI calculator, you can now calculate your monthly instalments before Applying for a Home Loan. It is vital to plan your expenses beforehand so that you can avoid all kinds of financial troubles in the future. It helps you make informed decisions and stay organised throughout the entire process.
Here is all that you need to know regarding the online EMI calculator before you apply for a home loan.
Operating the Online EMI Calculator is extremely easy, and it is one of the most feasible online tools that you can use before you apply for a home loan to plan your expenses beforehand. Here are some steps to use the home loan EMI calculator DHFL.
Choose the method that seems feasible for your liking, and make sure you know the exact EMIs that you will need to pay after you take a home loan from the bank.
Additional Info: Also check HDFC Home Loan EMI Calculator
The interest calculator formula remains the same as what the other contemporary banks follow these days. The typical formula that is followed by most of the banks is p*r*(1+r)^n/([1+r)^n]-1). Here the R stands for the monthly interest rate that you will have to pay after taking a loan. The N stands for the selected tenure, and the P stands for the entire loan amount that you intend to take from the bank.
All these three factors directly affect your monthly instalments. Therefore, make sure the monthly EMI that you are supposed to pay after taking the loan is a comfortable amount. If you are not pleased with the rates, keep trying other combinations with different loan amounts and several tenures to make sure you finally select a plan that suits your budget.
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Using an online EMI calculator before applying for a home loan is a brilliant idea if you want to make informed decisions in the future. It will help you make smart choices and save you a lot of financial troubles in the long run. Using the Online Home Loan EMI Calculator enables you to stay financially organised.
Here are the significant benefits that she will get by using the DHFL bank home loan EMI calculator:
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If you want to make your journey to your new home hassle-free, planning your expenses beforehand is the best thing that you can do. Taking a DHFL Home Loan comes with a lot of responsibility. Here are the reasons why you should use the home loan EMI calculator DHFL before you apply for a home loan.
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Make sure you go through different combinations before making the final decision about which plan you want to go for. If you are not satisfied with the results that the calculator shows, make sure you check other Home Loan Interest Rates and instalments that are offered by the contemporary popular banks. Take a look at the chart to see the difference between the DHFL home loan EMI with other leading banks in India in recent times.
Different banks offer different interest rates based on which the monthly EMI rates are calculated. The HDFC Bank and the ICICI Bank offer an interest of 6.70%. The Axis bank provides an interest of 6.65%. Bandhan bank currently offers an interest rate of 6.40%, which is similar to most of these popular banks. DHFL now provides an interest of 8.75% onwards to its customers for home loans. Based on your budget and future affordability, choose the home-loan plan that suits you.
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The amount that you had in mind may not fit your budget in the long run. Making sure you're financially comfortable before moving into your new home is essential. Try different tenures and interest rates along with additional loan amounts to check whether or not you are going for the right plan.
|Loan amount||30 years||20 years||15 years|
For an interest rate of 8.75%, which is the usual rate offered by DHFL, the DHFL Home Loan Interest Rates have been calculated. Compare and analyse the rates to understand which plan will suit your demands and fits your budget the best.
Additional Info: You can also avail Canfin Home Loan
The three significant factors that affect your EMI after you take a home loan are mentioned below:
You can interchange these amounts while calculating your EMI with the DHFL home loan EMI Calculator to make sure you are choosing the right amount that suits your affordability.
Additional Info: DHFL Home Loan Customer Care Number
The home loan EMI Calculator is a good tool to calculate your EMI before applying for a home loan. However, there are certain factors that cannot be pre-determined by the tool.
The current interest rate offered by DHFL remains around 8.75% onwards for home loans.
If you take a fixed-rate loan, then you can make sure to keep your interest rate the same till the end of your tenure.
The DHFL EMI calculator is absolutely safe to use. You can use it comfortably from the comfort of your home since it is completely an online tool.
Your EMI depends on the tenure you select while taking a loan. For a Rs. 50 lakh loan, your EMI will be around Rs. 36,688/- if your selected tenure is 30 years. For 20 years tenure, your monthly EMI will be around Rs. 41,822/-
If it suits your budget and is comfortable, you can repay the entire amount in the middle of your tenure. However, a penalty of 2%-3% can apply to customers for making prepayments.