A home loan is one of the most widely availed financial products in India. Following a slump post the 2008 financial crisis, the real estate industry has steadily picked up the pace ever since. The demand for real estate is on a rise, and home loans help thousands of individuals fulfill their dreams of owning a house.
HDFC is a premier financial institution that offers such loans. A prospective borrower must calculate the EMI amount that they need to pay as per their loan amount and tenor accordingly. Proper financial planning is crucial to successfully repay such a long-term loan. HDFC home loan EMI calculator can help individuals immensely in that endeavour.
The home loan calculator uses a standardised method to calculate the EMI amount that one has to pay every month.
E = P.r. (1+r)n (1+r)n-1, where
For example, if you avail a loan worth Rs. 1 Crore for a tenure of 20 years with an interest rate of 10%, your EMI shall be –
E= 1,00,00,000 x 10 (1+10)240 (1+10) 240-1, which equates to Rs. 96, 502.
Do note that the EMI amount remains constant for home loans with a fixed rate of interest. For home loans with a floating interest rate, one has an HDFC housing loan EMI calculator every time the rate changes.
A home loan is secured credit. There are several aspects to this loan, which might confuse a borrower on the exact EMI amount that they need to pay towards its repayment. The HDFC housing loan calculator helps them by computing the EMI amount that borrowers need to pay every month to stay in tune with the repayment expectations of the lender.
If you have taken a loan of Rs 10 Lakh over a period of 10 years or 120 months at 12% annual interest, the amortisation schedule will be the following.
|Month||Principal (in Rs)||Interest (in Rs)||Principal + Interest||To be paid (in Rs)|
This is the amortization table for the first 12 months post taking a loan. It will progress accordingly throughout the loan tenure.
Groww makes the process of calculating home loan EMI simple and straightforward with its HDFC bank home loan calculator. Follow these steps to know your EMI.
Home loans provided by authorized financial institutions have helped countless individuals realize their dream of owning a house. It eases the financial burden associated with the purchase of a new house significantly.
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Here are some common doubts and queries people have regarding the HDFC Home Loan EMI calculator.
Most home loans have a minimum tenure of 5 years and a maximum tenure of 30 years.
You can apply for a joint home loan and add co-guarantors from your immediate family. YOU cannot add your friends or colleagues as co-debtors.
Some lenders give you the advantage of switching from a floating rate to a fixed rate of interest. However, some loan conditions may be tweaked. Please get in touch with your lending institution.
All lenders levy a penalty which you will have to pay if you default on regular EMI payments.
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