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, including the impact of prepayments. It uses the standard EMI formula adjusted for HDFC's specific loan terms and conditions.

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 ÷ 12)
• \( n \) — Loan term in months
• \( PMT \) — Monthly EMI payment

Prepayment Adjustment: When you specify a prepayment amount and month, the calculator reduces the principal balance and recalculates the EMI for the remaining term.

3. Importance of Prepayment Calculation

Details: Prepayments can significantly reduce your total interest burden and loan tenure. HDFC allows prepayments with certain conditions (fixed-rate loans may have up to 2% charges).

4. Using the Calculator

Tips: Enter loan amount in INR, interest rate in percentage, loan term in years. For prepayments, specify amount and after how many months. All values must be valid (amount > 0, rate between 0-20%, term 1-30 years).

5. Frequently Asked Questions (FAQ)

Q1: Does HDFC charge for prepayments?
A: For floating-rate loans, no charges. For fixed-rate loans, up to 2% of prepayment amount may be charged.

Q2: How does prepayment affect my loan?
A: Prepayment reduces principal, which decreases either your EMI amount or loan tenure, saving interest.

Q3: What's the minimum prepayment amount?
A: HDFC typically requires minimum ₹25,000 or 1 EMI, whichever is higher, for partial prepayments.

Q4: Can I change EMI after prepayment?
A: Yes, you can choose to either reduce EMI or keep same EMI and reduce tenure.

Q5: Are there tax benefits on prepayment?
A: No, tax benefits under Section 80C are only available on principal repayment through EMIs.