1. What is Home Loan EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month.

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 1200)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

3. Comparing HDFC vs SBI Life Loans

Details: This calculator helps compare monthly payments between HDFC and SBI Life home loans based on their respective interest rates. Even small rate differences can significantly impact total repayment amount over the loan tenure.

4. Using the Calculator

Tips: Enter loan amount in INR, interest rates for both banks (as annual percentage), and loan tenure in years. The calculator will show monthly EMI for both and the difference between them.

5. Frequently Asked Questions (FAQ)

Q1: Why compare HDFC and SBI Life home loans?
A: Both are major lenders with different rate structures. Comparing helps find the most cost-effective option.

Q2: What factors affect EMI besides interest rate?
A: Loan amount, tenure, processing fees, prepayment options, and other charges.

Q3: How does tenure affect EMI?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures have higher EMIs but lower total interest.

Q4: Are there prepayment charges?
A: Both banks may charge for prepayment; check current policies as they change periodically.

Q5: Which bank offers better customer service?
A: Both have extensive networks. HDFC may offer more digital services while SBI Life has wider rural presence.