Using a loan EMI calculator helps in knowing the EMI in advance so that you are aware of the amount you will be liable to pay. When you take a home loan from HDFC, you have the choice of maximum tenure of 30 years. The rate offered on home loans are also ranging from 8.35% to 8.95% per annum wherein if you match the eligibility as per the lender, there are chances that you can get the lowest rate.
How can you calculate your home loan EMI?
A home loan EMI calculator is the tool used to calculate the monthly installments. The advantage of using a calculator is that you get accurate results instantly. Other than the accuracy, you get the advantage of knowing in advance, not only the EMIs or the equated monthly installments but also the total interest outgo and the total amount (principal+interest). This tool takes into account the following details:
On the basis of the above data, this calculation tool shows the EMI, Total Interest Outgo, and Total Amount. For instance, if you are taking a home loan with the below details:
Loan amount- ₹20 lakhs
Interest rate- 8.50% p.a.
Tenure- 20 years
The payment details will be as follows:
Monthly EMI- ₹17,356
Total Interest Outgo- ₹21,65,552
Total Amount (Interest + Principal)- ₹41,65,552
Also, it is important to note that the calculators do the calculation without adding the processing fees. As you know, there is a certain processing fee included other than the interest rate which is a one-time payment.
What is the formula used for EMI calculation?
The calculation in the EMI calculator is done through the below-given formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
Is there any calculator for eligibility?
Just like you can calculate your EMI, there is an option to calculate your eligibility for the maximum loan amount. On the basis of your monthly income and savings, you can calculate the highest loan amount by multiplying it with EMI per lakh.
What is the eligibility required to apply for HDFC Home Loans?
The eligibility criteria to apply for a home loan at HDFC is as follows:
HDFC home loan application is made either individually or jointly. All proposed owners of the property will have to be co-applicants. However, co-applicants need to be a close family member.
The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option which is applicable only to the Salaried/Self-employed individuals under the Adjustable Rate Home Loan. For other home loan products, the maximum repayment period shall be up to 20 years.
The tenure of the loan is also based upon the applicant's profile, the age of applicant at maturity of the loan, age of property at loan maturity, depending upon the particular repayment scheme as may be decided for and any other terms applicable subject to prevailing norms of HDFC.
Where can you apply for the loan?
If you match the above criteria and wish to apply for a home loan at HDFC Ltd., you can either do it online or offline. In the online process, you can visit the official website of HDFC and follow the online procedure. If you want to apply offline, you may visit the nearest branch of HDFC Ltd along with your queries related to the loan.
How can you calculate your home loan EMI?
A home loan EMI calculator is the tool used to calculate the monthly installments. The advantage of using a calculator is that you get accurate results instantly. Other than the accuracy, you get the advantage of knowing in advance, not only the EMIs or the equated monthly installments but also the total interest outgo and the total amount (principal+interest). This tool takes into account the following details:
- Loan amount
- Tenure
- Interest rate
On the basis of the above data, this calculation tool shows the EMI, Total Interest Outgo, and Total Amount. For instance, if you are taking a home loan with the below details:
Loan amount- ₹20 lakhs
Interest rate- 8.50% p.a.
Tenure- 20 years
The payment details will be as follows:
Monthly EMI- ₹17,356
Total Interest Outgo- ₹21,65,552
Total Amount (Interest + Principal)- ₹41,65,552
Also, it is important to note that the calculators do the calculation without adding the processing fees. As you know, there is a certain processing fee included other than the interest rate which is a one-time payment.
What is the formula used for EMI calculation?
The calculation in the EMI calculator is done through the below-given formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
Is there any calculator for eligibility?
Just like you can calculate your EMI, there is an option to calculate your eligibility for the maximum loan amount. On the basis of your monthly income and savings, you can calculate the highest loan amount by multiplying it with EMI per lakh.
What is the eligibility required to apply for HDFC Home Loans?
The eligibility criteria to apply for a home loan at HDFC is as follows:
HDFC home loan application is made either individually or jointly. All proposed owners of the property will have to be co-applicants. However, co-applicants need to be a close family member.
The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option which is applicable only to the Salaried/Self-employed individuals under the Adjustable Rate Home Loan. For other home loan products, the maximum repayment period shall be up to 20 years.
The tenure of the loan is also based upon the applicant's profile, the age of applicant at maturity of the loan, age of property at loan maturity, depending upon the particular repayment scheme as may be decided for and any other terms applicable subject to prevailing norms of HDFC.
Where can you apply for the loan?
If you match the above criteria and wish to apply for a home loan at HDFC Ltd., you can either do it online or offline. In the online process, you can visit the official website of HDFC and follow the online procedure. If you want to apply offline, you may visit the nearest branch of HDFC Ltd along with your queries related to the loan.
Once you are satisfied with the deal, you can submit the documents as per the requirements and apply for the loan. If the documentation process is successful which includes your legal verification of your property documents, your application is forwarded for the approval. The sooner and smoother the verification and KYC is, the approval is expected faster.
With the above information on the usage of a loan calculator and HDFC home loans, we hope you make the right choice and shift into your new home as soon as possible. HDFC has helped many people live their dream of buying a home and now you are next!
With the above information on the usage of a loan calculator and HDFC home loans, we hope you make the right choice and shift into your new home as soon as possible. HDFC has helped many people live their dream of buying a home and now you are next!
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