Compute the equated monthly instalments (EMI) payable towards your housing loan using the HDFC Home Loan EMI Calculator. The minimum EMI per lakh stands at Rs.734.
HDFC COVID-19 Home Loan EMI Moratorium
In adherence with RBI's COVID-19 regulatory measures, HDFC 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.
Enter the required details such as the loan amount, rate of interest, loan tenure and processing fee on the BankBazaar Home Loan EMI Calculator and click on ‘Calculate’. You will be provided a break-up of total amount payable along with the total interest due and the EMIs payable during the tenure.
The table below offers an illustration of EMIs for different loan amounts and tenures:
|Rs.10 Lakh||Rs.20 Lakh||Rs.40 Lakh||Rs.50 Lakh|
The table listed above provide the EMIs for a loan amount of Rs.10 lakh, 20 lakh, 40 lakh, and 50 lakh that has a repayment tenure of 10, 20 and 30 years respectively. The interest rate is taken as 8.00% p.a. with the processing fee being Rs.5,000, Rs,10,000, and Rs.11,800 respectively for the various loan amounts.
Home Loan EMI Calculator Formula: The formula used for calculation of Home Loan EMI is mentioned below:
In this formula, P is the loan amount, r is the rate of interest and n is the tenure of the loan in months.
HDFC Home Loan Interest Rates: As of 06 Jun 2020, the interest rates for HDFC Home Loans range from 8.00% p.a. to 8.30% p.a.
HDFC Home Loan Processing Fee: HDFC charges you a fee for processing your loan application and sanctioning the amount. This processing fee is usually limited to 0.5% of the loan amount or a maximum of Rs.11,800. Any taxes that apply on this fee will be extra.
HDFC Home Loan Amount and Tenure: If you’re planning on applying for a property loan from HDFC, the minimum amount you can apply for is Rs.5 lakh and the maximum amount is Rs.10 crore. You also get to choose a tenure of your choice, ranging from 1 year to 30 years.
Let’s now look at an example to get a better idea of how your HDFC loan will reduce over a given tenure. Let’s consider the following parameters:
Loan amount: Rs.20 lakh Interest rate: 8.00% Tenure: 15 years Processing fee: Rs.10,000 (0.5% of Rs.20 lakh) EMI: Rs.19,113
The following table will show you how this loan will be paid over the next 15 years:
|Year||Principal Paid - A (Rs.)||Interest Paid - B (Rs.)||Total Payment - A+B (Rs.)||Outstanding Loan Balance (Rs.)|
Calculating your EMIs before you opt for a loan can be helpful in the following ways:
When a prepayment is done, the outstanding principal reduces. You can either reduce the monthly instalment amounts by keeping the tenure of the loan the same or you can keep the instalment amounts the same and reduce the tenure of the loan. It is generally advisable to reduce the tenure of the loan and keep the monthly instalments constant as this will make sure that you pay lesser interest in the long run.
HDFC Bank allows prepayment without any charges for their housing loans that carry floating rates of interest. For fixed-rate loans, keep in mind that the bank charges a 2% prepayment or foreclosure fee on the amount prepaid only if you pay using sources other than your own funds. If you use your own funds to prepay the outstanding amount, no such charge will apply.
Yes, every EMI calculator that uses the principal amount, interest rate, and tenure for calculation works in the same manner. BankBazaar’s calculator also gives you the repayment schedule details so that you know how much of each EMI goes towards repaying the principal and how much is charged as interest.
An EMI calculator is accurate as long as you give it the correct inputs. That said, the EMI quoted to you by the bank may be a bit different. This is because the bank may charge certain additional fees.
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