1. What is HDFC Home Loan EMI Calculator?

The HDFC Home Loan EMI Calculator helps you estimate your Equated Monthly Installment (EMI) for a home loan from HDFC Bank. It uses the standard EMI formula to calculate your monthly payments based on loan amount, interest rate, and tenure.

2. How Does the Calculator Work?

The calculator uses the EMI formula:

Where:

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

Explanation: The formula accounts for compound interest and spreads the repayment equally over the loan tenure.

3. Importance of EMI Calculation

Details: Calculating EMI helps in financial planning, determining affordability, comparing loan offers, and understanding the total interest cost over the loan tenure.

4. Using the Calculator

Tips: Enter loan amount in INR, interest rate in percentage per annum (current HDFC rates start at 7.90%), and loan tenure in years. The calculator will show your monthly EMI, total repayment amount, and total interest payable.

5. Frequently Asked Questions (FAQ)

Q1: What is the current HDFC 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 cost.

Q3: Are there any prepayment charges?
A: HDFC typically charges 2% of principal outstanding for prepayment on floating rate loans, but this may vary.

Q4: What factors affect home loan eligibility?
A: Income, age, credit score, existing obligations, property value, and loan-to-value ratio affect eligibility.

Q5: Can I get 100% home loan financing?
A: No, HDFC typically finances up to 75-90% of property value depending on loan amount and property type.