HDFC Home Loan EMI Calculator

What Is the HDFC Home Loan EMI Calculator?

The HDFC home loan premium calculator is an online tool you can use to calculate your monthly EMIs. You just need to enter the loan amount you want, the interest rate on your home loan, and the period of time you want to borrow the money. As soon as you enter all the necessary information, the home loan EMI calculator shows you your monthly EMI payments, the total interest paid on the home loan, and the total amount that needs to be paid back at the end of the loan term.

Illustration: How Does the HDFC Home Loan EMI Calculator Work?

Calculation of Home Loan EMI is manually carried out using the following formula –

EMI = {P * R * (1 + R)^n} / {(1 + R)^(n – 1)}

Here,

• P is the principal amount of the loan availed.

• R is the rate of interest.

• n is the repayment tenure in months.

An HDFC Bank home loan EMI calculator integrates the formula mentioned above to calculate EMIs.

Highlights of the HDFC Home Loan Calculator

• Starting at ₹727 per lac with an interest rate as low as 7.90% per year.

• Repayment options that work with your budget

• There are top-up loan options for more money.

• You can choose a term that works best for you, from 5 to 30 years.

• The HDFC home loan EMI is easy on your wallet, thanks to its long repayment periods and low interest rates.

Why Should You Use the HDFC Home Loan Calculator?: Key Features and Benefits

• Reasonable EMIs
  The HDFC home loan is easy to fit into your monthly budget. The EMIs start at ₹727 per lac and the interest rates start at 7.90% per year. Whether you want to buy a new home or fix up an old one, you can choose options that work with your budget.

• EMI estimates that are easy to understand and correct
  The HDFC EMI calculator makes sure that you get accurate results. Based on the loan amount, interest rate, and loan tenure, you get a correct EMI estimate. This makes it easier for you to make a smart choice.

• Plan your budget confidently
  The HDFC EMI Calculator not only allows you to know your EMI well beforehand, but also enables you to manage your finances properly. You can use the HDFC Bank Home Loan Calculator to make sure that the EMI is within your feasible budget.

• Immediate and Accessible
  You can use the HDFC home loan EMI calculator anytime and from anywhere using your smartphone or computer. With the HDFC home loan EMI calculator tool, you get all the detailed information you need instantly, whether you are home-based or on the go, scouting for properties.

What Is the HDFC Home Loan Eligibility Calculator?

The HDFC Home Loan Eligibility Calculator is also a useful online calculator that assists you in finding out how much loan amount is possible according to your current income and other factors. This calculator will ask for your basic details like age, income, other EMIs you are currently paying, the time period for which you want to take the loan, and your current rate of interest.

HDFC Home Loan Eligibility Criteria

Before you apply for a home loan or use EMI calculations, you need to make sure that you meet HDFC Bank's basic eligibility requirements. The bank evaluates a borrower's profile against standard criteria, but final approval depends on several factors.

Key Eligibility Requirements

• Age: Applicants should be between 21 and 65 years at the time of application. In some cases, the loan can run until 70–75 years of age at maturity, depending on income and profile.

• Nationality: The loan is available to Resident Indian applicants.

• Credit Score: A CIBIL score of 650 or above is required. Getting a score of 750 or higher makes it more likely that you'll be approved and may help you get better interest rates

• Loan Amount: Depending on the cost of the property, the borrower's income, their current debts, and the age of the property, HDFC Bank may lend up to 75% to 90% of the property's value.

• Maximum Tenure: Home loan tenure can extend up to 30 years, based on the applicant’s age and repayment capacity.

What are the Charges Applicable on Non-Payment of EMIs for HDFC Home Loans?

If you do not pay your EMIs on time, you will need to pay a penalty of ₹550 plus 18% GST (subject to change). HDFC may also charge an extra interest rate, called "penal interest," of up to 24% per year on the amount of the EMI that is late. You could be sued and your credit score could go down if you don't pay.

Managing Your HDFC Home Loan After Approval

After calculating your EMI, you have to look no further. Once you are active with the loan, HDFC Bank offers you several options to manage all your requirements online. Customers can use the HDFC home loan insurance premium calculator to compute premium amounts liable to their existing amount, access their policies online by using the HDFC home loan insurance login option, and download their policies by using the HDFC home loan insurance policy download option.

As far as regular tracking is concerned, HDFC offers a home loan statement download facility that allows customers to view information on EMI payments, outstanding amounts, and more. Such facilities help a customer gain better clarity about financial matters over time.

How to Use HDFC Bank Home Loan EMI Calculator?

It only takes a few minutes to use the HDFC Bank Home Loan EMI Calculator. It helps you figure out how much your monthly EMI will be before you apply for a home loan, so you know what you can afford.

To start, go to the official HDFC Bank website and click on the link for the Home Loan EMI Calculator. The same tool is also on the HDFC Sales website.

Next, type in the amount of money you want to borrow. This is the main amount of the home loan.

Next, choose how long the loan will last. Most of the time, you can choose to pay back the loan over a period of up to 30 years. A longer term lowers the EMI but raises the total interest paid over time.

After that, type in the interest rate for the home loan that applies to you each year. The calculator works with yearly interest rates and shows the results right away.

After you enter this information, the calculator will automatically show you your estimated monthly EMI. You can also see the total amount of interest you will have to pay over the life of the loan and the total amount you will have to pay back. Many versions of the calculator also show a repayment schedule by year, which can help you see how your loan balance goes down over time.

Before making a final choice, this tool is helpful for comparing different loan amounts and terms.

Final Thoughts

You don't have to rely on estimates for guesses and sales pitches to determine exactly what that home loan is really going to cost you. The HDFC home loan calculator, together with the HDFC home loan eligibility calculator, provides all the details to you within minutes without any high-pressure sales pitch and assumptions about what it might cost.

But once you know exactly what you can pay every month, just how much loan you are eligible to receive, and how much you will pay in total, things become a lot clearer. Whether you are getting your first home or moving into a bigger one, doing the math first ensures that you are in the driver’s seat. Experiment as much as you want, and only proceed when you are satisfied.

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