1. What is HDFC Home Loan EMI Calculator?

The HDFC Home Loan EMI Calculator helps you estimate your Equated Monthly Installment (EMI) for home loans in India. It uses the standard EMI formula to calculate your monthly payments based on HDFC's current interest rates starting at 7.90% p.a.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12 months)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula accounts for both principal and interest components of your loan payment, with the interest portion being higher in initial EMIs.

3. Importance of EMI Calculation

Details: Calculating EMI helps in financial planning, understanding your repayment capacity, and comparing different loan options before committing to a home loan.

4. Using the Calculator

Tips: Enter loan amount in INR, annual interest rate (HDFC rates start at 7.90%), and loan tenure in years. The calculator will show your EMI, total payment, and total interest.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's current home loan interest rate?
A: HDFC home loan rates currently start at 7.90% p.a. for salaried individuals, but 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.

Q3: What factors affect home loan eligibility?
A: Income, age, credit score, existing obligations, property value, and loan-to-value ratio affect eligibility.

Q4: Are there prepayment charges on HDFC home loans?
A: HDFC typically doesn't charge for prepayment of floating rate loans, but fixed rate loans may have charges.

Q5: What is the maximum tenure for HDFC home loans?
A: Up to 30 years or till the borrower turns 70 years, whichever is earlier.