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HDFC 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 HDFC home loan EMI calculator can help you determine the exact amount of EMI you would have to pay against your home loan every month. Using the home loan EMI calculator is simple as all you need to do is enter the loan amount, the rate of interest, and the loan tenure. The calculator will then show the EMI amount you will need to pay each month.

A home loan or housing finance is a secured loan that provides you with finance to buy your dream home. The home loan interest rate depends on your profile and depending upon your eligibility you can get a loan as high as 90% of the property value.

EMI stands for Equated Monthly Installment. It is the monthly amount you must pay your lender to repay a loan or debt. EMI is a popular repayment method, as it allows you to purchase expensive things and pay for them in easy installments.

How Does The HDFC Home Loan EMI Calculator Work?

The HDFC home loan EMI calculator uses the below formula to calculate your 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:

You want to take a housing loan for ₹80 lakhs to buy your dream house. The interest rate of the home loan is 8.75%. The repayment tenure of the loan is 30 years. Let's use the above formula to calculate your monthly EMI amount.

EMI = 80,00,000 x 0.0875/12 x (1 + 0.0875/12)^360 / [(1 + 0.0875/12)^360 - 1]
EMI = 80,00,000 x 0.00729167 x (13.673739) / (12.673739)
EMI = 7,97,635.13963304 / 12.673739
EMI = ₹62,936.

So, if you take a housing loan for ₹80 lakhs at an interest rate of 8.75%, your monthly EMI amount would be nearly ₹63 lakhs.

How Should You Use The HDFC Home Loan EMI Calculator?

The HDFC home loan EMI calculator is pretty straightforward to use. We have mentioned the steps in detail below.

  • Specify the loan amount you wish to borrow from the lender.
  • Key in the interest rate that you have to pay against the home loan.
  • Enter the tenure of the loan.

Once the details are entered, the calculator will show you how much need to pay every month against the loan.

Example:

Ms. Cynthia is looking to get a house loan for ₹48 lakhs at an interest rate of 11% per annum. The tenure of the home loan is 25 years. Here's how we can use the calculator formula to determine the EMI amount.

EMI = 48,00,000 x 0.11/12 x (1 + 0.11/12)^300 / [(1 + 0.11/12)^300 - 1]
EMI = 48,00,000 x 0.009167 x (15.44941) / (14.44941)
EMI = 67,97,987.59056 / 14.44941
EMI = ₹47,046 (approximately).

So, if Ms. Cynthia takes a housing loan for ₹48 lakhs at an interest rate of 11% for a tenure of 25 years, she would have to pay an EMI amount of over ₹47,000 every month.

Benefits Of Using The HDFC Home Loan EMI Calculator

Here are the benefits that you can enjoy with the HDFC home loan EMI calculator.

  • The home loan EMI calculator is a simple and user-friendly home loan EMI calculator anyone can use.
  • The calculator helps you find out the exact amount of interest and compare the home loan interest rates and tenures.
  • The calculator can compute the amount in just a few minutes.
  • The calculator helps decide on the loan tenure so that the borrower can find the right EMI amount that fits their budget.

HDFC - Frequently Asked Questions (FAQs)

What are the different types of home loans?
Home loans come in various types, including home loans for property purchase, home loans to buy land and self-construction of property, home renovation loans, home loan balance transfers, and more.
Am I eligible for a home loan?
There are several factors that lenders use to decide whether you are eligible for a home loan or not. These factors are monthly income, type of work, qualification, credit history, age, source or income, number of dependents, and future plans.
How does the payment of EMI towards your home loan reduce your tax liability?
The provisions under the Indian Income Tax Act, 1961, allow Indian nationals to claim income tax relief on the payments made towards repayment of home loans.