1. What is HDFC Home Loan EMI Calculator?

The HDFC Home Loan EMI Calculator helps you estimate your monthly Equated Monthly Installment (EMI) for home loans, including the effect of part prepayments. It uses the standard EMI formula adjusted for prepayment scenarios.

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)
• \( n \) — Loan term in months

For prepayment: The calculator adjusts the remaining principal after prepayment and recalculates EMI for the remaining term.

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps in financial planning, understanding loan affordability, and evaluating the impact of prepayments on loan tenure or EMI reduction.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate in percentage, loan term in years. For prepayment, specify amount and after how many months.

5. Frequently Asked Questions (FAQ)

Q1: How does prepayment affect my loan?
A: Prepayment reduces your principal amount, which can either reduce your EMI for the same tenure or reduce your loan tenure for the same EMI.

Q2: Are there prepayment charges in HDFC home loans?
A: HDFC typically charges 0-2% for prepayment, depending on loan terms. Check your specific loan agreement.

Q3: What is the minimum loan amount for HDFC?
A: HDFC generally offers home loans starting from ₹100,000, but this may vary.

Q4: How accurate is this calculator?
A: This provides a close estimate, but actual EMI may vary slightly due to rounding and specific loan terms.

Q5: Can I change EMI during loan tenure?
A: Some lenders offer EMI step-up/step-down options. Check with HDFC for available options.