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  • HDFC Home Loan EMI Calculator

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    HDFC Home Loan EMI Calculator

    HDFC or Housing Development Finance Corporation Bank is one of the top banks in India that offers great financial products and services. Home loans are availed by almost everyone in today’s world. If you understand the monthly instalments that are associated with the home loan that you have taken, it becomes easier for you to manage all your finances. The home loan EMI calculator is simple tool available online that allows you to easily calculate the equated monthly instalments on your loan.

    HDFC Home Loan EMI Calculator (BankBazaar):

    While looking for a Home Loan, there can be a lot of issues that arise with regard to EMI Payments, tenure, eligibility, etc. However, technology in this day and age has eased this process for borrowers. One can to now use EMI calculators to accurately calculate the Equated Monthly Instalment one has to pay, one’s eligibility, interest rate of the loan, amongst other factors. By simply entering a couple of details about your loan, such as, tenure, loan amount, interest, etc., EMI calculators can accurately assess the details of the loan.

    Bank Bazaar’s Home Loan EMI Calculator not only allows you to calculate the EMI, but also allows a person to compare loan features under one roof. Visit: /home-loan-emi-calculator.html and follow the easy steps mentioned below:

    • Choose the amount of loan that you wish to borrow.
    • Choose the tenure of the loan.
    • The rate of interest and processing fee are already mentioned on the tool.
    • Decide if you have plans of pre-paying the loan amount and check the next option accordingly.
    • Click on ‘Calculate’.
    Hdfc Home Loan EMI Calculator

    Housing Development Finance Corporation (HDFC) Home EMI Calculator:

    The Housing Development Finance Corporation Bank Home Loan EMI calculator allows you to calculate the monthly installments towards your loan in a hassle-free way. Visit HDFC Home Loan EMI Calculator Page and follow the easy steps mentioned below:

    • Choose the amount of loan that you wish to borrow and enter it in the box that says ‘Amount’.
    • Enter the rate of interest in the second box.
    • Choose the tenure of the loan and enter it in the next box that says ‘Loan Tenure’.
    • This tool will automatically calculate the EMI for you and will show the result.

    HDFC Home Loan EMI Calculation:

    Tenure: 10 Years

    Loan Amount: 40 Lakhs

    Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    This year 1,44,424 2,17,123 3,61,547 38,55,577
    1st year 2,66,803 3,52,993 6,19,796 35,88,774
    2nd year 2,93,137 3,26,659 6,19,796 32,95,637
    3rd year 3,22,069 2,97,724 6,19,793 29,73,567
    4th year 3,53,859 2,65,937 6,19,796 26,19,708
    5th year 3,88,785 2,31,008 6,19,793 22,30,923
    6th year 4,27,158 1,92,635 6,19,793 18,03,763
    7th year 4,69,321 1,50,475 6,19,796 13,34,441
    8th year 5,15,642 1,04,150 6,19,792 8,18,797
    9th year 5,66,541 53257 6,19,798 2,52,257
    10th year 2,52,257 5,991 2,58,248 0

    Factors Affecting HDFC Home Loan EMI:

    1. Principal: The initial amount borrowed as the loan, in other words, the principle, will quite naturally affect the Equated Monthly Instalment payable by the borrower.
    2. Interest Rate: Different banks usually have different rates of interest that they offer for Home Loans. And, this is one of the major factors that affects the EMI payable. The higher the rate of interest, the higher the EMI.
    3. Loan Tenure: How long one has opted to take the loan for is yet another factor that influences the EMI. The higher the tenure of the loan, the lower will be the EMI payable.

    Why Should You Calculate EMI Before Taking a Loan?

    It can prove to be beneficial if you calculate the EMIs before you opt for a loan. The reasons are mentioned below:

    • To have an idea of how much money one needs to allocate towards the loan.
    • Financial planning in terms of prepayment and pre-closure becomes easier.

    Will the Home Loan EMIs Change in Case of Prepayment?

    • Housing Development Finance Corporation Bank allows prepayment without any charges for the home loans with floating rates of interest.
    • When a prepayment is done, the outstanding principal goes down. You can either reduce the monthly instalments or keep the tenure of the loan same or you can keep the instalments same and reduce the tenure of the loan. The former will ensure that you pay lesser every month but he latter ensures that you pay the loan amount quicker. It is advisable that you bring down the tenure of the loan and keep the monthly instalments constant as this will make sure that you pay lesser interest over the long run.

    Will there be any change in home loan EMI or is it going to be constant? What happens when the rate of interest decreases or increases?

    • Unless a change has been requested by you, the EMI for the Home Loan will remain the same.
    • In case the floating rate of the home loan goes up, HDFC will increase the tenure of the loan but keep the EMI constant.

    Home Loan EMI Calculator Formula:

    The formula used for calculation of Home Loan EMI is mentioned below:

    P*r* (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.

    FAQs on HDFC Home Loan EMI Calculator:

    1. Is the BankBazaar EMI Calculator the same for all banks and loan types?

      Yes. The BankBazaar EMI Wizard is a common tool for all banks and loan types. It does not have any pre-determined values in it, and it makes calculations based on the values you enter into it.

    2. Does HDFC bank have an EMI calculator?

      Yes. HDFC has its own EMI calculator, personalized to each loan type. However, it does not factor in processing fees or pre-payments.

    3. Is an EMI calculator accurate?

      An EMI calculator estimates the amortization details of your loan based on the data you give it. The banks may have hidden charges and fluctuating interest rates that make difference to the repayment amount and EMI. An EMI Calculator is just a tool giving you an approximation of the payments you could be making, and not the final word in the matter.

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