Estimate the equated monthly instalments (EMI) to be made towards your housing loan using the DHFL Home Loan EMI Calculator by entering your basic loan parameters. The EMI per lakh associated with DHFL home loans starts from Rs.841 at an interest rate of 9.50% p.a. for a tenure of 30 years.
Ensure that you know the current DHFL home loan interest rates before you use the EMI calculator to get the break-up of your monthly repayments.
DHFL COVID-19 Home Loan EMI Moratorium
In adherence with RBI's COVID-19 regulatory measures, DHFL is offering up to 3 months of moratorium to its existing home loan borrowers. So, if you are an existing customer with the bank, you can defer your home loan EMIs for up to 3 months. However, note that the interest accrued during the deferred period will be charged later and due to compounding interest, you may end up paying more later on.
You can do your EMI calculations with the help of a home loan EMI calculator to check how much you have to pay after the moratorium period is over. You also have the option to opt out of this facility and continue paying your EMIs as before.
The table below gives you an idea of what the loan EMIs would look like for various tenures and amounts:
|Rs.10 Lakh||Rs.20 Lakh||Rs.40 Lakh||Rs.50 Lakh|
Let us assume that you are applying for the DHFL New Home Laon of Rs.10 lakh, Rs.20 lakh, Rs.40 lakh, or Rs.50 lakh at an interest rate of 9.50% p.a. over a tenure of 10, 20 or 30 years. Enter the loan parameters on the BankBazaar Home Loan EMI Calculator to compute the EMI payable towards your loan along with the break-up of the total amount payable during the tenure.
Home Loan EMI Calculator Formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
In this formula, P is the loan amount, r is the rate of interest and n is the tenure of the loan in months.
Let’s understand how a home loan EMI calculator helps you by using an example.
Let’s assume that you have decided to take a New Home Loan from DHFL for Rs.10 lakh. The loan tenure is 20 years, the interest rate is 9.50% p.a. and the processing fee is 1% of the loan amount (assuming that Rs.5,000 is 0.5% of the loan amount and the remaining 0.5% is for documentation charges and GST applicable).
You key in these values into BankBazaar’s Home Loan EMI Calculator and opt to not make any prepayments. The EMI for this loan is Rs.9,321.
The repayment schedule for a period of 20 years from March 2019 to February 2039 will look as follows:
|Year||Total Amount Paid (Rs.)||Principal Paid (Rs.)||Interest Paid (Rs.)||Outstanding Amount (Rs.)|
All EMIs are calculated in the same way primarily using the principal amount, tenure, and the interest rate. So, all calculators also work the same way. However, BankBazaar’s loan EMI calculator also helps you factor-in your prepayment plans. Do keep in mind that these tools work only for a fixed interest rate. If your property loan is subject to floating rates, your EMIs will differ. Check with your bank for more information on this.
While every EMI calculator works based on the given inputs, there may be a slight difference in the result due to the inclusion of other fees and charges by the lender.
Calculating the EMI you need to pay when you take a housing loan from DHFL can help you in a number of ways, some of which include:
When you infuse your loan account with additional payments, it reduces the outstanding principal amount, which in turn reduces the interest charges. This is because the interest is charged on a reducing balance method. This will help you clear the loan a lot quicker.
DHFL allows you to prepay home loans that are associated with floating interest rates. When you pay a portion of your loan before the amount becomes due, the principal amount reduces. You can choose to either keep the loan tenure the same or reduce it. The former will help you repay the loan sooner and the latter will ensure that you pay a lower amount every month.
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