Home Loan Calculator for

HDFC Bank

HDFC Bank Home Loan EMI Calculator

HDFC Bank, India’s largest private lender, is a major player in the housing finance segment. The bank offers several credit facilities, including home loans. It’s advisable to use HDFC Bank Home Loan EMI Calculator if you are looking forward to availing a loan to buy a house.

The HDFC Bank Home Loan EMI Calculator gives the exact equated monthly instalments (EMIs) for a particular loan amount and tenure based on the interest rate charged by the bank.

What is an HDFC Bank Home Loan EMI Calculator?

The HDFC Bank Home Loan EMI Calculator is a simple online tool that calculates the amount of EMI you need to pay towards your home loan. You can calculate the EMI amount based on the loan amount, interest rate and tenure. It gives you an accurate and quick computation of monthly instalments.

How to Use the HDFC Bank Home Loan EMI Calculator?

• Go to the HDFC Home Loan EMI Calculator page.
• Enter the loan amount or adjust the slider to choose the amount.
• Choose the interest rate (between 0.5% and 15%) per annum.
• Select the tenure (from 1 year to 30 years).

The online EMI calculator for home loans will show the EMI amount on screen.

Factors Affecting HDFC Bank Home Loan EMI

• Loan Amount: This is one of the biggest factors to affect your HDFC Bank Home Loan EMI. Higher the loan amount, the more EMI you need to pay and vice versa.
• Interest Rate: Higher interest rates usually result in an increased EMI amount.
• Loan Tenure: Short loan tenures can lead to a higher EMI amount. On the other hand, long tenures can decrease your EMI. However, this usually results in paying a higher interest component.
• Type of Interest: Whether the interest rate is fixed or floating can affect your EMI. A fixed interest rate will not change during your loan repayment tenure. Floating interest rates are subject to change when the bank updates its lending rates. Generally, banks often charge floating interest rate on home loans.

Benefits of Using HDFC Bank Home Loan EMI Calculator

• The HDFC Bank Home Loan EMI Calculator gives you the exact EMI amount against your home loan instantly. It saves your time by avoiding complex manual calculations.
• Getting an idea about the exact EMI you have to pay for the home loan helps you to better plan the repayment, without any financial burden.
• You can try different tenures and interest rates to choose the most suitable EMI amount for the money you want to borrow.

HDFC Bank Home Loan Interest Rates and Tenure

The EMI amount for your home loan is directly linked to the interest rate and the tenure. The HDFC Bank home loan interest rates usually range between 8.75% and 9.95%, depending on your CIBIL score and the type of loan you choose. The tenure can be extended up to 30 years. However, a longer tenure means you have to pay an increased total EMI amount. A shorter tenure on the other hand results in higher EMIs but lower total interest amount.

Understanding EMI and Its Components

The two main components of an EMI are principal, interest rate and tenure. The HDFC Bank Home Loan EMI calculator uses a simple formula to compute the monthly instalments:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

• P is the principal loan amount
• R is the monthly interest rate
• N is the loan tenure in months

Common Mistakes to Avoid While Using HDFC Bank Home Loan EMI Calculator

• Avoid making hasty decisions and carefully compare all loan offers.
• Don’t enter the wrong loan amount, tenure and interest rates as it can lead to wrong EMI calculations.
• Don’t analyse just one loan offer. Instead try EMIs for different tenures and interest rates for the amount you want to borrow. This will help to choose the most suitable home loan offer.

Conclusion

The HDFC Bank home loan EMI calculator is a handy tool that does all the maths for you in a jiffy in case of a home loan. It uses a simple formula and provides you with accurate results, thereby helping you to make a financially prudent decision.