HDFC Home Loan EMI Formula:
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The Equated Monthly Installment (EMI) is the fixed payment amount a borrower makes to HDFC Bank each month to repay their home loan. The EMI consists of both principal and interest components, with the interest portion being higher in the initial years.
The calculator uses the standard EMI formula:
Where:
Example: For a ₹50 lakh loan at 7.9% interest for 20 years, the monthly EMI would be ₹41,482.
Details: Accurate EMI calculation helps borrowers understand their repayment capacity, plan finances, and choose the right loan tenure. HDFC's current home loan rates start at 7.90% p.a.
Tips: Enter the principal amount in INR, annual interest rate (7.90% is HDFC's starting rate), and loan term 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 rates currently start at 7.90% p.a. for salaried individuals, with actual rates depending 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: Can I prepay my HDFC home loan?
A: Yes, HDFC allows prepayment with certain conditions. Prepayment charges may apply for fixed rate loans.
Q4: What factors affect HDFC home loan eligibility?
A: Income, credit score, existing obligations, property value, and applicant age are key factors.
Q5: How can I reduce my home loan interest?
A: Making part-prepayments, choosing shorter tenure, or opting for a lower interest rate (if eligible) can help.