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HDFC Home Loan EMI Formula:
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The HDFC Home Loan EMI Calculator helps you estimate your Equated Monthly Installment (EMI) for home loans offered by HDFC Bank. It uses the standard EMI calculation formula with current HDFC home loan interest rates starting at 8.45% p.a.
The calculator uses the standard EMI formula:
Where:
Explanation: The formula calculates the fixed payment amount required each month to repay the loan over the specified term, including both principal and interest components.
Details: Calculating EMI helps in financial planning, determining loan affordability, comparing loan offers, and understanding the total cost of borrowing.
Tips: Enter principal amount in ₹, annual interest rate (HDFC's current rates start at 8.45%), and loan tenure in years. The calculator will show monthly EMI, total repayment amount, and total interest payable.
Q1: What is HDFC's current home loan interest rate?
A: HDFC's home loan interest rates typically start at 8.45% p.a. (as of 2023), but actual rates may vary based on loan amount, tenure, and applicant profile.
Q2: How does EMI change with tenure?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest cost.
Q3: Are there any prepayment charges?
A: HDFC may charge prepayment penalties for fixed-rate loans, but floating-rate loans can usually be prepaid without charges.
Q4: What factors affect home loan eligibility?
A: Income, credit score, existing obligations, property value, and applicant age are key factors HDFC considers.
Q5: Are there tax benefits on HDFC home loans?
A: Yes, under Section 24(b) for interest paid (up to ₹2 lakh) and Section 80C for principal repayment (up to ₹1.5 lakh).