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DHFL Home Loan Calculator

₹
%
Yr
Total amount₹ 11,73,960
Principal amount₹ 10,00,000
Total interest₹ 1,73,960
Monthly EMI₹ 19,566
Principal amountInterest amount

The DHFL home loan EMI calculator calculates your EMI instantly on the basis of your prospective loan amount, interest rate, and loan tenure. The calculator also shows the total interest payable, total principal payable, and the EMI amount to help you understand and plan your home loan repayment better. The calculator can help you see if the EMI amount is within your financial capacity.

A home loan is a type of secured loan used to purchase a home with the use of the asset as security. Loans for homes offer high-value financing at cheap interest rates and for a long time. The loan is paid through EMIs. After repayment, the bank's charge on the property is released.

EMI or Equated Monthly Installment is defined as the payment amount made by a borrower to a lender at a specified date each calendar month. The EMI is calculated based on factors like loan amount, interest rate, and tenure.

How Does The DHFL Home Loan EMI Calculator Work?

Below is the DHFL home loan EMI calculator formula used to calculate the EMI amount:

Home Loan EMI, E or EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]

Where,

P is the principal home loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

Suppose you're considering a home loan of ₹77 lakhs at an interest rate of 8.2% per annum for a tenure of 20 years. Using the calculator formula:

EMI = 77,00,000 x 0.082/12 x (1 + 0.082/12)^240 / [(1 + 0.082/12)^240 - 1]
EMI = 77,00,000 x 0.00683 x (5.12242) / (4.12242)
EMI = 2,69,393.19022 / 4.12242
EMI = ₹65,348 (approximately)

So, if you take a home loan for ₹77 lakhs at an interest rate of 8.2% per annum, you would have to pay an EMI amount of around ₹65,348 per amount for a tenure of 20 years.

How Should You Use The DHFL Home Loan EMI Calculator?

You can calculate the EMI amount by entering just three values into the DHFL home loan EMI calculator.

  • Key in the loan amount you intend to borrow.
  • Specify the interest rate for the loan.
  • Enter the tenure of the loan.

When the details are entered, the calculator will compute the monthly EMI amount.

Example:

Mr. Harish is planning to take a loan for ₹30 lakhs at an interest rate of 11%. The repayment period of the loan is 20 years. Here's how we can use the formula to calculate the EMI amount:

EMI = 30,00,000 x 0.11/12 x (! + 0.11/12)^240 / [(1 + 0.11/12)^240 - 1]
EMI = 30,00,000 x 0.009167 x (8.93572) / (7.93572)
EMI = 2,45,741.23572 / 7.93572
EMI = ₹30,966

So, if Mr. Harish takes a loan for ₹30 lakhs at an interest rate of 11% and a tenure for 20 years, his EMI amount would be nearly ₹31,000.

Benefits Of Using The DHFL Home Loan EMI Calculator

  • The home loan EMI calculator is easy to use. All you need to do is enter the inputs in the calculator, and the tool will automatically do the complex calculations.
  • The calculator offers you an accurate breakdown of the EMI, helping you understand the actual loan cost.
  • The calculator is free to use and you can the tool any number of times without incurring any cost.

DHFL - Frequently Asked Questions (FAQs)

Is GST applicable to home loan EMI?
No. GST (Goods and Services Tax) does not apply to home loan EMI. However, it is applicable to several other home loan charges like processing fees, late payment charges, and prepayment charges.
What if the home loan EMI is not paid?
Non-payment of home loan EMI will incur late fees and penal interest. It can also lead to a drop in your credit score, thereby reducing your loan and credit card eligibility.
Does home loan EMI change with the increase in home loan interest rates?
Increased home loan interest rates can affect your home loan EMI only from the date of the interest rate reset date set by your lender. Until then, you can continue to pay your home loan EMis on the basis of your older rates.