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HDFC Home Loan EMI Formula:
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The HDFC Home Loan EMI Calculator helps you estimate your monthly loan payments (EMI) for home loans from HDFC Bank. It accounts for principal amount, interest rate, loan tenure, and prepayments.
The calculator uses the standard EMI formula:
Where:
Prepayment Adjustment: When you make a prepayment, the calculator reduces the principal and recalculates the EMI for the remaining term.
Details: Accurate EMI calculation helps in financial planning, understanding total interest cost, and evaluating prepayment options to reduce interest burden.
Tips: Enter loan amount in INR, annual interest rate (HDFC typically charges 8.5-9.5%), loan term in years. For prepayment, enter amount and month when prepayment will be made.
Q1: What are HDFC's prepayment charges?
A: HDFC may charge up to 2% of prepayment amount as penalty for floating rate loans (waived for some customer segments).
Q2: How does prepayment affect my loan?
A: Prepayment reduces principal, which can either lower your EMI or shorten your loan term while keeping EMI same.
Q3: What is the maximum loan term HDFC offers?
A: Typically up to 30 years, depending on age at loan approval (loan must end by age 70-75).
Q4: Are there tax benefits on home loan EMIs?
A: Yes, under Section 24(b) for interest (up to ₹2 lakh) and Section 80C for principal repayment (up to ₹1.5 lakh).
Q5: What factors affect HDFC's interest rates?
A: Credit score, loan amount, property type, and whether you're an existing customer with salary account.