HDFC Bank Home Loan EMI Calculator

What is HDFC Bank Home Loan EMI Calculator?

HDFC Bank home loan calculator is an online tool that can display the details of your estimated EMI payment in advance. This helps a home loan borrower to initiate adequate financial planning. 

Generally, the EMI is directly dependent on the loan amount, the interest rate, and the tenure applicable to the loan. As a long-term commitment, a home loan requires one to remain aware of the EMI payments while managing the financial liabilities smoothly. The HDFC Bank home loan EMI calculator is a simple and free-to-use tool. 

You need to enter the loan amount you wish to take, the interest rate (monthly), and the maximum tenure. The interest rate you get from the bank is the annual rate of interest, the EMI calculator converts the rate on a monthly basis to compute the results. The Home Loan EMI calculator displays the details of monthly installments along with the repayment and the balance amount details for each year of the loan amount. 

How to Calculate HDFC Bank Home Loan EMI?

The HDFC Bank Home Loan EMI  Calculator displays the estimated value of EMI in a few easy steps. 

A potential borrower needs to key in the offered loan amount and choose the interest rate and the loan tenure, and the calculator will highlight the exact EMI amount that one needs to pay over the home loan term. 

As a free-to-use, AI-powered tool,  there is no restriction on the number of times you can use the EMI calculator and also check various permutations and combinations to choose a home loan that matches the budgetary needs. 

Let’s have a look at the different EMI values a borrower will have to pay for a specific example. Let’s assume that an individual is looking for a home loan from HDFC Bank. The interest rate offered is 8.55%. Here’s a look at how the EMIs will change for a borrower depending on the chosen loan amount and the tenure.

HDFC Home Loan EMI Calculation Formula

The following formula is used by the HDFC Bank EMI Calculator Home Loan:

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

In which,

P = loan amount

r = monthly interest rate

n = loan duration in months

Example for HDFC Bank Home Loan Calculator

Let’s assume that an individual borrows home loan of Rs 50,00,000 for a duration of 20 years or 240 months at an interest rate of 8.55% or 0,0855 per annum. 

Using the formula for EMI calculation:

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

EMI = [ 50,00,000  x  0.0855/12 x (1+ 0.0855/12)^240]/[(1+0.0855/12)^240-1]

EMI = [ 50,00,000 x 0.007125 x (5.495540)]/[4.495540]

EMI =  43,550 (approximately)

How can the HDFC Home EMI Calculator Help You?

HDFC Home Loan EMI calculator is designed with an easy-to-use interface to help you calculate estimated EMIs on your loan amount seamlessly:

Its usage can help you in several ways such as:

Accurate estimation: Unlike manual calculations, which may be prone to errors, the HDFC Home Loan EMI calculator is quite accurate. 

Time-saving tool: By entering a few key variables such as the loan amount, interest rate and tenure, the calculator displays results in an instant.

Budget planning: A borrower can change the variables and find different results of EMI payments. This helps to determine if a home loan fits your budget.

Draw a comparison: It is possible to compare EMIs offered by other lenders.

Amortization schedule: This AI-generated amortisation schedule helps in understanding the loan repayment plan transparently.

This way, a borrower can make informed decisions, helping you to choose loan terms that align with your financial conditions. 

HDFC’s Amortization Schedule

Let’s assume, you have taken a home loan of Rs 1,00,00,000 for 30 years or 360 months. The interest rate is fixed at 8.55% per annum. The following is the amortization schedule.

How to use HDFC Bank's Home Loan EMI Calculator?

As a potential borrower, one has to input the following details to see the estimated EMI amount:

• Loan amount: Input the loan amount that one wishes to avail
• Tenure: Enter the desired loan duration (in years) for which you wish to avail of the home loan. Generally, a longer tenure aids in enhancing the eligibility
• Interest rate: Input interest rate, which is mentioned in percentage per annum

How to calculate home loan eligibility in HDFC?

Home Loan eligibility is primarily dependent on variables such as your monthly income, current age, credit score, fixed monthly financial obligations, credit history, retirement age, etc. Home Loan eligibility in HDFC can be calculated in a few easy steps, which are as follows:

• Visit the official website of Home Loan Eligibility Calculator
• Enter gross income (monthly). The minimum salary should be Rs 10,000 per month
• Slide to the tenure you wish in years. The maximum loan term is 30 years
• Select the Other EMIs (monthly)

It is important to note that these calculations are provided only as a generic self-help planning tool. Generally, results tend to vary depending on several factors, including the assumptions you provide. HDFC bank provides no guarantee to the accuracy, or applicability to circumstances of any potential borrower. 

Benefits of using HDFC Home Loan EMI Calculator

HDFC Bank home loan calculator allows to plan loan repayment with ease. You can possibly change the loan amount, tenure, and interest rates in the home loan calculator to select the suitable home loan plan.

• It is an easy-to-use and quick online solution to calculate the estimated EMI amount
• It is time-saving as it computes complex calculations in seconds to aid you in planning your finances seamlessly
• It allows you to determine the various home loan plans and make an informed decision when it comes to selecting the ideal home loan option

Factors affecting HDFC Bank Home Loan EMI

The HDFC Bank will not necessarily ask for the same EMI for all home loans, certain factors may determine your specific home loan EMIs. Some of the key factors of HDFC Bank home loan criteria that can influence your home loan EMI are as follows:

Interest rate: The first factor to impact your home loan EMI is the rate of interest at which you got the loan. Ideally, a borrower may choose to opt for a home loan at a lower interest rate to pay lower EMIs every month. 

Principal amount: The loan amount that a borrower takes from a bank is another such factor. In case you've borrowed a significant sum, you will be required to repay a sizable amount towards your home loan EMI.

Tenure: Borrowing money from a bank for a longer duration translates into paying less EMI because the overall interest keeps adding on. However, in case you choose a shorter tenure, you pay a higher EMI. 

HDFC Bank's Repayment Plans

HDFC Bank offers a variety of repayment plans to boost your home loan eligibility for different needs:

Step-Up Repayment Facility (SURF): This plan aligns your repayment schedule as per your expected income growth. At an initial stage, you can secure a higher loan amount and pay lower EMIs. As your income witnesses a rise, your repayments increase based on this.

Flexible Loan Installments Plan (FLIP): This provides a tailor-made solution to match your changing repayment capacity over the loan tenure. Normally, EMIs start higher and then dip in line with your income.

Tranche-based EMI: While purchasing an under-construction property, you can choose to pay only interest until the loan is fully disbursed, then transition to regular EMIs. In case you prefer, you can start principal repayment immediately by opting for the tranche option.

Accelerated Repayment Scheme: This plan provides you the option to boost your EMIs annually parallel to your income growth. It helps you to repay the home loan faster.

Telescopic Repayment Option: With a repayment period of up to 30 years, this option increases your loan eligibility while ensuring that  EMIs remain manageable.

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