1. What is HDFC Home Loan EMI Calculation?

The HDFC Home Loan EMI calculator helps you estimate your monthly payments for a home loan, including the effect of part payments. It uses the standard EMI formula adjusted for HDFC's specific charges and policies.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (after part payment adjustment)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Loan term in months

Part Payment Adjustment: For part payments, the calculator reduces the principal by the payment amount but adds a 2% charge (HDFC's typical fee).

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps in financial planning, understanding total interest costs, and evaluating the impact of part payments on your loan.

4. Using the Calculator

Tips: Enter the principal amount in INR, annual interest rate in percentage, loan term in years. Optionally add part payment amount to see its effect.

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum part payment allowed by HDFC?
A: HDFC typically allows part payments up to 25% of the outstanding principal per financial year without major restrictions.

Q2: How is the 2% charge calculated on part payments?
A: The charge is 2% of the part payment amount, which is added back to your principal.

Q3: Does making part payments reduce EMI or loan tenure?
A: With HDFC, part payments typically reduce the loan tenure while keeping the EMI amount unchanged.

Q4: What's the minimum loan amount for HDFC home loans?
A: HDFC generally offers home loans starting from ₹5 lakhs upwards.

Q5: Are there prepayment charges on HDFC home loans?
A: For floating rate loans, there are no prepayment charges. For fixed rate loans, charges may apply.