Hdfc Home Loan Calculator With Prepayment Price

EMI Calculation Formula:

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

Principal Amount (P):

INR

Annual Interest Rate:

Loan Term:

years

Prepayment Amount:

INR

Prepayment After Month:

month

Monthly Payment (EMI):

Total Interest Payable:

Total Payment (Principal + Interest):

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1. What is HDFC Home Loan EMI Calculator?

The HDFC Home Loan EMI Calculator helps you estimate your monthly payments (EMI) for a home loan, considering principal amount, interest rate, loan tenure, and any prepayments you might make. It also calculates the impact of prepayments on your total interest and loan tenure.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

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

Where:

\( PMT \) — Monthly payment (EMI)
\( P \) — Principal loan amount
\( r \) — Monthly interest rate (annual rate ÷ 12)
\( n \) — Loan term in months

For prepayment calculation: The calculator reduces the principal by the prepayment amount (minus 2% charge) and recalculates the remaining payments.

3. Understanding Prepayment

Details: HDFC allows prepayment of home loans but may charge up to 2% of the prepayment amount as a charge. Prepayments reduce your principal amount, which in turn reduces your total interest payable and may shorten your loan tenure.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate in percentage, loan term in years. For prepayment, specify amount and after how many months you plan to prepay. All values must be valid (positive numbers).

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum loan tenure HDFC offers?
A: HDFC typically offers home loans for up to 30 years, depending on your age and retirement age.

Q2: How often can I make prepayments?
A: HDFC allows multiple prepayments, but each may attract a prepayment charge unless it's from your own funds (for floating rate loans).

Q3: Is the prepayment charge always 2%?
A: It can be up to 2% of the prepayment amount. The exact charge depends on your loan agreement and the source of prepayment funds.

Q4: Does EMI reduce after prepayment?
A: Typically no, the EMI remains the same but the tenure reduces. However, you can request to recalibrate the EMI if needed.

Q5: How accurate is this calculator?
A: This provides a close estimate, but actual values may vary slightly due to rounding and specific loan terms. Always check with HDFC for exact figures.