Calculate HDFC Home Loan EMI in a Hassle-Free Way!

When it comes to buying your dream home with housing loans, monthly EMI calculation beforehand is of utmost importance. You can use HDFC’s Home Loan calculator, a general self-help planning tool, to calculate home loan emi easily and take an informed decision about the monthly cash outflow towards the loan. Using the same, you can get a clear idea about the amount that needs to be paid towards the EMIs and also get an estimation on the loan amount that can be availed.

Besides, it allows you to assess the contribution requirement and property cost. HDFC offers housing loans with EMI starting from INR 649 per lakh and an interest rate starting from 6.75% per annum along with add-on features like flexible repayment options and top-up loans.

HDFC home loans are quite pocket-friendly with affordable EMIs, low interest rates and long repayment tenure. The results of the HDFC home loan calculator often depend on several factors like your provided assumptions etc.

Home Loan EMI Calculator

Process of Using HDFC Home Loan EMI Calculator

Follow the below-mentioned process:

• Firstly, you need to insert the desired loan amount.
• Then put the desired loan term, which you want to avail. Keep in mind that a longer tenure helps in enhancing the eligibility.
• Mention the desired interest rate (% P.A.).
• Press Click Here to Know the Prevailing Home Loan Interest Rates.

Home Loan Amortization Schedule

Loan amortization is a process of lowering the debt with regular payments over the loan tenure. Whereas, a loan amortization schedule is a table providing the details of the repayment amount, principal and interest component. The emi calculator of HDFC offers an understanding of the principal amount to due interest ratio, depending on the loan tenure and interest rates. It also offers an amortization table showing the repayment schedule. Also, HDFC’s home loan calculator gives a thorough break-up of the principal amount and the interest.

HDFC Home Loan Eligibility Calculator

The calculator decides the loan amount depending on the Income and repayment capacity of the applicant. Home loans offer EMI based on the assumption that the applicant’s income will grow over time. Therefore, the salary of the applicant will determine the home loan eligibility.

For example, if your monthly income is INR 35,000, you can get up to INR 21 lakh, approximately. Other factors comprise Credit Score, age, qualification, number of dependents, the income of the applicant’s spouse, assets, liabilities and savings.

Those who have had a stable job for a minimum of 2 years and a minimum of 1 year in the current company have more chances of getting the loan sanctioned. Also, the applicant needs to pay approximately 10-25% of the total property cost as ‘own contribution’, based on the loan amount. The remaining amount can be availed as a home loan.

HDFC Home Loan Prepayment Calculator

It helps you to calculate the amount you can save by making a prepayment of the HDFC home loan. Depending on the financial requirements of the borrower, the partial prepayment feature of HDFC enables you to reduce the total tenure of the ongoing home loan, EMI or both simultaneously.

In case of a scenario, where the borrower has good liquidity of funds or has a way out to pay off the home loan partially, you can choose to repay that to reduce the existing financial liabilities. you can pay a lump sum amount once or in periodic intervals to make a partial prepayment. However, the prepayment amount should ideally be at least thrice the monthly EMI.

Benefits of HDFC Home Loan Prepayment Calculator

• It helps to find out the amount you can save on interests and how that will affect the home loan EMI. You just have to enter the loan amount, rate of interest, tenure, instalments paid and the prepayment amount to get the results on the calculator.

• It also helps you to decide the overall profitability of the advance payment made against the housing loan liability.

Steps to Use HDFC Home Loan Prepayment Calculator

• Click the ‘Part Payment Calculator’ under the ‘Home Loan’ section.
• Enter the outstanding loan principal amount.
• Insert the agreed interest rate of the ongoing home loan.
• Enter the remaining repayment tenure.
• Then the part payment amount needs to be inserted.

Tips to Use Home Loan Prepayment

• Never use an emergency fund to make a prepayment.
• Never redeem your existing investments that are set aside for future Financial plan.
• Always try to meticulously choose between the EMI reduction and loan tenure.
• Thoroughly evaluate and compare all the savings through the home loan prepayment calculator.
• Always try to take into consideration, the returns derived from the existing investments.