Hdfc Bank Home Loan Rate

HDFC Home Loan Interest Rate:

\[ \text{Current Rate} = 8.45\% \text{ p.a. (starting rate)} \]

Monthly EMI:

Total Interest Payable:

Total Payment (Principal + Interest):

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1. What is HDFC Home Loan Rate?

HDFC Bank offers home loans starting at 8.45% p.a. interest rate. The actual rate may vary based on loan amount, tenure, applicant's credit profile, and other factors.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ EMI = P \times r \times \frac{(1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( P \) — Loan amount (principal)
\( r \) — Monthly interest rate (annual rate divided by 12)
\( n \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment (EMI) required to fully repay the loan over the specified tenure.

3. Importance of Home Loan Rate

Details: The interest rate significantly impacts your total repayment amount. Even a 0.5% difference can save you lakhs over the loan tenure.

4. Using the Calculator

Tips: Enter loan amount in ₹, tenure in years (1-30), and interest rate (minimum 8.45%). The calculator will show EMI, total interest, and total payment.

5. Frequently Asked Questions (FAQ)

Q1: What is the current HDFC home loan interest rate?
A: Rates start at 8.45% p.a. but may vary based on loan amount, tenure, and applicant profile.

Q2: Are there any processing fees for HDFC home loans?
A: Yes, HDFC charges up to 0.50% of the loan amount or ₹3,000 (whichever is higher) as processing fee.

Q3: What is the maximum loan tenure available?
A: HDFC offers home loans for up to 30 years, subject to age criteria.

Q4: Can I get a lower interest rate?
A: Yes, rates may be lower for women borrowers, salaried individuals, or those with high credit scores.

Q5: Is prepayment allowed?
A: Yes, HDFC allows prepayment but may charge prepayment penalty for floating rate loans.