HDFC Home Loan EMI Calculator
EMI Calculator 720 views
HDFC facilitates home loan services through HDFC Ltd. The home loan offered by the housing finance company is available at affordable rates and a higher loan amount facility. You can funds for different types of property related purposes like for the purchase of new house, buy a resale property, the purchase of plot or property etc. There is also the option to calculate the home loan EMIs in advance with the help of the home loan EMI calculator of HDFC. With the help of this tool, you can check your loan affordability and then proceed. Let us know more about EMI calculator HDFC.
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
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Home Loan EMI Calculator
A 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 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.
EMI Calculation Formula
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]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
HDFC Home Loan Eligibility Calculator
Just like an EMI calculator, there is a calculator for eligibility. This is used to check the maximum loan amount a person can get. There is a requirement of a stable income so that the borrower can repay the loan without any hassle. However, this is subject to change from one applicant to another so the rate might not be the rate for everyone. Hence, for the reference purposes, you can use an eligibility calculator and check the maximum loan amount that you can get from HDFC Ltd. However, you can also refer to the general eligibility criteria for HDFC home loans.