HDFC Bank facilitates home loan services through HDFC Bank. The loan offered is available at affordable rates to those who are eligible and have a good credit history. You also have the option to check the option to calculate EMIs in advance with the help of HDFC Bank Home Loan EMI calculator. It helps in checking loan affordability and then proceed accordingly. Let us know more about this helpful tool.
HDFC Bank Home Loan EMI Calculator
HDFC Bank home loan calculator is a tool that helps you know the details of your payment in advance. The Equated Monthly Installment (EMI) is directly dependent on the loan amount, the interest rate and the tenure applicable on the loan. Since a home loan is a long-time commitment, being aware of the EMI payments helps you manage the financial liabilities so that you can do smoother loan payment. The loan calculator of HDFC Bank is simple and free to use. All you have to do is mention the loan amount you have taken, the interest rate (monthly) and the maximum tenure. You know that the interest rate you get from the bank is the annual rate of interest, the EMI calculator converts the rate into the monthly basis to do the calculation. You not only get the details of monthly installments but also can see the repayment and the balance amount details for each year of the loan. Here is an example:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 20,00,000 | 8.35% | 1 | ₹ 1,74,301 | ₹ 91,608 | ₹ 20,91,608 |
| ₹ 20,00,000 | 8.35% | 2 | ₹ 90,774 | ₹ 1,78,580 | ₹ 21,78,580 |
| ₹ 20,00,000 | 8.35% | 3 | ₹ 62,996 | ₹ 2,67,862 | ₹ 22,67,862 |
| ₹ 20,00,000 | 8.35% | 4 | ₹ 49,155 | ₹ 3,59,444 | ₹ 23,59,444 |
| ₹ 20,00,000 | 8.35% | 5 | ₹ 40,889 | ₹ 4,53,318 | ₹ 24,53,318 |
| ₹ 20,00,000 | 8.35% | 6 | ₹ 35,409 | ₹ 5,49,467 | ₹ 25,49,467 |
| ₹ 20,00,000 | 8.35% | 7 | ₹ 31,522 | ₹ 6,47,875 | ₹ 26,47,875 |
| ₹ 20,00,000 | 8.35% | 8 | ₹ 28,630 | ₹ 7,48,522 | ₹ 27,48,522 |
| ₹ 20,00,000 | 8.35% | 9 | ₹ 26,402 | ₹ 8,51,384 | ₹ 28,51,384 |
| ₹ 20,00,000 | 8.35% | 10 | ₹ 24,637 | ₹ 9,56,437 | ₹ 29,56,437 |
| ₹ 20,00,000 | 8.35% | 11 | ₹ 23,209 | ₹ 10,63,652 | ₹ 30,63,652 |
| ₹ 20,00,000 | 8.35% | 12 | ₹ 22,035 | ₹ 11,72,998 | ₹ 31,72,998 |
| ₹ 20,00,000 | 8.35% | 13 | ₹ 21,054 | ₹ 12,84,442 | ₹ 32,84,442 |
| ₹ 20,00,000 | 8.35% | 14 | ₹ 20,226 | ₹ 13,97,948 | ₹ 33,97,948 |
| ₹ 20,00,000 | 8.35% | 15 | ₹ 19,519 | ₹ 15,13,480 | ₹ 35,13,480 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 69,865 | ₹ 1,64,366 | ₹ 19,30,134 |
| 2 | ₹ 75,928 | ₹ 1,58,304 | ₹ 18,54,206 |
| 3 | ₹ 82,516 | ₹ 1,51,716 | ₹ 17,71,689 |
| 4 | ₹ 89,676 | ₹ 1,44,556 | ₹ 16,82,013 |
| 5 | ₹ 97,457 | ₹ 1,36,774 | ₹ 15,84,556 |
| 6 | ₹ 1,05,914 | ₹ 1,28,318 | ₹ 14,78,641 |
| 7 | ₹ 1,15,104 | ₹ 1,19,128 | ₹ 13,63,537 |
| 8 | ₹ 1,25,092 | ₹ 1,09,140 | ₹ 12,38,445 |
| 9 | ₹ 1,35,946 | ₹ 98,286 | ₹ 11,02,498 |
| 10 | ₹ 1,47,742 | ₹ 86,489 | ₹ 9,54,756 |
| 11 | ₹ 1,60,562 | ₹ 73,670 | ₹ 7,94,193 |
| 12 | ₹ 1,74,494 | ₹ 59,737 | ₹ 6,19,699 |
| 13 | ₹ 1,89,635 | ₹ 44,596 | ₹ 4,30,063 |
| 14 | ₹ 2,06,090 | ₹ 28,142 | ₹ 2,23,973 |
| 15 | ₹ 2,24,107 | ₹ 10,259 | ₹ 0 |
EMI Calculation Formula
The calculation in the EMI calculator is made 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
How Will the EMI Work Out in an HDFC Bank Top-up Home Loan?
The function of the HDFC Bank Home Loan EMI Calculator will vary when it comes to ascertaining the repayment estimates of a top-up home loan. The top-up loan, as the name suggests, is an additional amount over the existing home loan outstanding. This loan is meant to meet your personal and professional expenses.
As the interest rates on a top-up loan range from 8.70%-9.20% and are different from the regular home loan rates, an individual will need to pay two different EMIs a month – one for the running loan and another one for the top-up loan. Maybe you will need an example to understand the concept. So, let’s consider one below.
Example – You are currently paying a 20-year home loan of INR 50 lakh at an interest rate of 8.60% per annum. At this rate, the EMI must have been INR 43,708. This will lead to an estimated interest outgo of INR 54,89,953 over 20 years. After the completion of 1 year, your outstanding loan balance has come down to INR 49,01,687. If you apply for a top-up loan of say INR 4 lakh and get it for 4 years at 9%, how much will be the EMI? It will be INR 9,954. The interest outgo on this 4-year top-up loan is INR 77,793. So, your total EMI outgo including that of the top-up loan will rise to INR 53,662. The total interest outgo including that of the top-up loan will be INR 55,67,746.
Frequently Asked Questions
1. How is EMI calculated for HDFC Bank home loan?
HDFC Bank uses the following formula to calculate home loan EMI amounts:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1],
Where,
P denotes the ‘Principal Amount’,
R stands for the rate of interest set by the bank, and
N represents the number of years for which the loan has been taken. Since, the EMIs are paid every month, the duration is calculated in the number of months.
2. How can I pay my HDFC Bank home loan EMI online?
There are various options like Credit card, Debit Card, Net Banking facility, E-wallets, etc that can be used to pay your HDFC Bank home loan EMI online.
3. Can we pay more than EMI in home loan HDFC Bank?
Yes you can pay more than the EMI in your HDFC Bank home loan. Any amount paid above your EMI amount will go towards the principal component of your home loan.
4. What happens if HDFC Bank home loan EMI is missed?
If you miss to pay your HDFC Bank home loan EMI then you will have to pay interest on the missed EMI amount. This interest could go up to 18% – 24% of the defaulted amount.