EMI is a monthly fixed payment that will be made every month on a fixed date till the end of the loan tenure. For big-ticket loans like Home Loans, it is very essential to know your commitment in advance so that it is easy to plan your budget accordingly. HDFC Bank home loan EMI calculator is one such tool that will help you calculate the EMI for the loan you plan to avail of. The EMI is based on the rate of interest, tenure and the loan amount. You can use combinations of the three variations to arrive at the eligible amount with an EMI to suit your budget.
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The HDFC Home Loan EMI calculator is easy to use and it helps you to plan your cash flow for servicing the home loan. With the calculator, you will have a clear picture of the long term financial commitment so that you can plan ahead for the new addition to your monthly budget.
For using the HDFC Home Loan EMI calculator follow the procedure given below:
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You can use the HDFC Home Loan EMI calculator to understand the overall interest that will be paid for the loan amount desired and for the tenure opted. Lower the tenure lower will be the interest cost on loan. HDFC Bank home loan interest calculator formula is EMI = P × r × (1 + r)n/((1 + r)n - 1) wherein
EMI is the monthly repayment towards the loan
P is the Principal
R is the rate of interest
N is the tenure.
You can decide the loan amount as per your budget by calculating the EMI by changing the value of the variants. If the tenure is longer, the EMI no doubt will be lower, but the interest cost will be higher. The interest is calculated on the reducing principal balance. But during the initial years, a large portion of the EMI will be adjusted towards the interest, and so there will be not much difference in the outstanding principal balance. If you intend to reduce the interest cost on your loan, then it is advisable to opt for a shorter tenure. Using the EMI Calculator, you will be able to arrive at the loan amount that suits your budget, and you can plan your investment accordingly.
Know in detail: Simple Interest Formula Calculation.
HDFC Bank Home Loan EMI calculator enables you to assess the monthly repayment towards the home loan within your budget. You can do the calculation as often as you desire until you arrive at the EMI that suits your pocket.
The various benefits of the HDFC Home Loan EMI calculator are:
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It is essential to know the loan eligibility before applying for a home loan so that you do not go overboard and land up in a financial mess. The various reasons to use HDFC Bank Home Loan EMI calculator are:
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Most of the popular banks like Axis Bank, ICICI Bank, Punjab National bank, SBI, etc., provide home loans at attractive rates of interest. If you have to decide on the best deal, you will have to compare the home loans provided by various popular banks. Here below is a comparison of the EMI of HDFC bank home loan with other popular banks arrived at by using the HDFC Bank Home Loan EMI calculator and the Home Loan EMI calculators of the other respective banks. The period of home loan considered for calculation is 20 years.
|Name of the Bank||Rate of interest||EMI for Rs. 1.00 lakh||EMI for Rs. 15.00 lakhs||EMI for Rs. 20.00 lakhs|
|HDFC||8.10%||Rs. 843||Rs. 12,640||Rs. 16,853|
|SBI||8.05%||Rs. 840||Rs. 12,593||Rs. 16,791|
|PNB||7.90%||Rs. 830||Rs. 12,453||Rs. 16,605|
|Axis||8.10%||Rs. 843||Rs. 12,640||Rs. 16,853|
|ICICI||8.10%||Rs. 843||Rs. 12,640||Rs. 16,853|
|Central Bank of India||7%||Rs. 775||Rs. 11,629||Rs. 15,506|
|Bank of Maharashtra||7.80%||Rs. 824||Rs. 12,361||Rs. 16,481|
Additional Info: Check 30 Lakh Home Loan EMI & Apply Online.
HDFC Bank Home Loan EMI Calculator enables estimation of EMI with great ease. You need to calculate the EMI in order to manage your cash flows for honouring the sizable commitment promptly. You will also understand your limitations while planning to buy or construct a new house. Leveraging the HDFC Bank Home Loan EMI calculator, you can estimate the EMI to suit your budget. How the estimation can be done is given below.
EMI that fits your budget.
HDFC bank also provides a home loan top-up for eligible home loan borrowers who can use the funds for any purpose similar to a personal loan. Suppose you at any point in time decide to avail of the home loan top-up facility. In that case, you can calculate the additional EMI that has to be provided for in the monthly budget using the HDFC Bank Home Loan top-up EMI calculator and plan your future expenditure accordingly.
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A home loan can be a long term commitment owing to the long tenure that is permitted. The maximum repayment period of an HDFC home loan is 30 years. With such a long term commitment, it is necessary to understand the factors that affect the home loan EMI. The three main factors that affect the home loan EMI are
The other factors besides the ones mentioned above that impact the EMIs are:
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The home loan EMI calculator gives you an insight into the cost of the loan in terms of the interest payout on a loan amount for a given tenure. But there are other charges that will be collected for a home loan which the EMI calculator cannot tell you.
The various charges that add up to the interest cost are:
The banks collect a processing charge ranging from 0.5% to 3% of the loan amount on approval of the home loan. For any prepayments made to the home loan, the banks collect a prepayment fee ranging from 2% to 4% of the prepaid amount. Similarly, if you foreclose the home loan, you will be charged a foreclosure fee ranging from 2% to 4% of the outstanding loan amount. Legal fees for scrutiny of the property documents, fee for valuation of the property and stamp duty for creation of mortgage will all be collected at actuals. The Home Loan EMI calculator cannot tell you about these charges while calculating the overall amount that will be paid at the end of the loan tenure.
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If the home loan is availed at a fixed rate of interest, the EMI will remain constant till the reset of the interest rate. If the loan is availed at a floating rate, then the EMI will change whenever there is a change in the rate of interest. If the interest is lower, the EMI will reduce and if the interest increases, the EMI will also increase.
Yes. Whenever a prepayment is done towards an HDFC home loan, you will be given two options. You can opt for a lower EMI by retaining the tenure, or you can reduce the tenure by retaining the existing EMI.
The variants required for calculating the EMI using the HDFC home loan EMI calculator are the loan amount, loan tenure, and interest rate.
The HDFC home loan EMI has to be calculated before approaching the bank for the home loan in order to make an informed decision. You can plan your investment according to the EMI that fits your budget to avoid future financial stress.
Besides arriving at the EMI, the HDFC home loan EMI calculator gives a clear picture of the overall loan amount that will be paid at the end of the loan tenure. It will also give you the overall interest that will be paid for the tenure chosen. It also gives an amortisation schedule that gives a month on month split-up of the EMI adjustment done towards the interest as well as the principal amount.