HDFC Bank Home Loan EMI Calculator

What is a Home Loan?

A Home Loan is a type of secured loan provided by banks to people for purchasing, constructing, or renovating a house. In the case of home loans, the property itself works as collateral until the loan amount, along with interest, is fully paid.

In India, borrowers usually follow a Loan-To-Value (LTV) ratio. It means that the borrowers can borrow the amount depending on the value of their property.

HDFC Home Loan Key Features

HDFC Bank offers various features on its home loans. From a wide loan range to low down payment possibilities, you can experience multiple benefits of an HDFC home loan. Here’s a list of key features of the Home Loan offered by HDFC:

• Wide Range of Loan Options: HDFC Bank offers a range of loan options to meet various housing and finance needs.
• Loan Amount: You can get a loan amount of up to 10 crores, depending on your requirements and repayment capabilities.
• Tenure Flexibility: HDFC Bank offers flexible repayment tenure. The period can range from 5 to 30 years, making monthly EMIs more manageable.
• Competitive Interest Rates: HDFC Bank relatively offers lower interest rates compared to many unsecured loans. They provide home loans starting from an interest rate of 7.90% to their customers.
• Customizable Repayment Options: Borrowers can choose how they want to repay:
  • Equated Monthly Instalment (EMI) auto-debit service via Electronic Clearing System (ECS)
  • Post-dated cheques
  • Employer-deduction
• Tax Benefits: Under prevailing tax rules (like Section 80C, 24(b), etc.), borrowers may be eligible for tax Deduction. The government offers tax reliefs and deductions on home loans, making home loans a financially smart choice.
• Loan-Value Ratio: The Loan-Value ratio is the percentage of a property’s value that a bank is willing to finance as a home loan.

HDFC Bank offers a loan-value ratio of up to 90%. For example, if you want to buy a house whose market value is Rs. 30 lakh. The bank offers Rs. 27 lakh, and you only have to pay a down payment of Rs. 3 lakh.

What is an HDFC Home Loan EMI Calculator?

The HDFC home loan EMI calculator is a quick, easy-to-use tool that helps you estimate your monthly EMI before applying for a home loan.

The process is simple; users just need to enter the following details:

• Loan amount
• Interest rate
• Repayment loan tenure

The calculator immediately displays the following output:

• Monthly EMI
• Total interest payable
• Total loan repayment amount

It helps you to plan your finances smarter, compare different loan options, and make informed decisions. It also shows users' total interest payable and the overall repayment cost, which ensures complete clarity from the beginning.

Use the HDFC Bank Home Loan EMI Calculator above to get instant EMI results and choose the most affordable plan.

How to Calculate HDFC Bank Home Loan EMI?

HDFC Bank has provided a formula to calculate the home loan EMI. You just have to insert your principal loan amount, monthly interest rate, and total number of monthly instalments into the formula to get the results.

HDFC Home Loan EMI Calculation Formula

EMI = P x R x (1+R)^N / [(1+R)^N-1]

Where: 

• P = Principal loan amount
• R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
• N = Total number of monthly instalments

Example for HDFC Bank Home Loan Calculator

Presenting an example of how to use the HDFC Bank Loan Calculator below:

• Loan amount (P) = Rs. 50,00,000
• Annual interest rate = 9% → monthly rate = 9 % ÷ 12 ÷ 100 = 0.0075
• Tenure = 20 years → N = 20 × 12 = 240 months

Calculated Output:

• Monthly EMI calculated = Rs. 44,986
• Total Interest = Rs. 57,96,640
• Total Amount Payable = Rs. 1,07,96,640

Eligibility to Get a Home Loan from HDFC

Several factors that determine your eligibility to get a Home Loan from HDFC Bank:

• Your Income and Monthly/Net Earnings: For salaried borrowers, a minimum salary threshold exists. They should have a minimum income of Rs 10000 per month.
  Self-employed individuals should show a minimum income of Rs. 2 lakh per annum.
• Age Status: Individuals between the ages of 21 to 65 are eligible to get a loan from HDFC Bank.
• Credit History and Credit Score: A good credit history with no defaults and a clear repayment record increases your chances of getting a loan. For HDFC Bank, a credit score of 750 and above is considered good.
• Existing Financial Obligations: Your current financial obligations, such as car loans, credit card debts, etc., are also considered while approving a loan.

HDFC Home Loan Amortization Schedule

HDFC’s Amortisation Schedule is a detailed table that shows how your home loan is repaid over time through EMIs.

Example: If you have taken a loan of Rs. 5 Lakh over a period of 8 years or 96 months at 7% annual interest, the amortization schedule will be the following:

Year	Total EMI Paid Yearly	Principal Paid Yearly	Interest Paid Yearly	Loan Balance End of Year
1	Rs. 81,802.32	Rs. 48,333.48	Rs. 33,468.84	Rs. 4,51,666.52
2	Rs. 81,802.32	Rs. 51,827.50	Rs. 29,974.82	Rs. 3,99,839.02
3	Rs. 81,802.32	Rs. 55,574.13	Rs. 26,228.19	Rs. 3,44,264.89
4	Rs. 81,802.32	Rs. 59,591.58	Rs. 22,210.74	Rs. 2,84,673.31
5	Rs. 81,802.32	Rs. 63,899.47	Rs. 17,902.85	Rs. 2,20,773.84
6	Rs. 81,802.32	Rs. 68,518.77	Rs. 13,283.55	Rs. 1,52,255.07
7	Rs. 81,802.32	Rs. 73,471.99	Rs. 8,330.33	Rs. 78,783.08
8	Rs. 81,802.32	Rs. 78,783.08	Rs. 3,019.04	Rs. 0

Factors Affecting HDFC Bank Home Loan EMI

When taking a Home Loan from HDFC Bank, the EMI is not just fixed at random. Several important financial factors determine the EMI amount you pay to the bank each month. Those factors are:

• Loan Amount: The higher the loan amount, the higher your EMI. If you borrow a larger amount, your EMI payment will naturally increase over time.
• Interest Rates (Fixed or Floating): Interest Rates primarily determine what your monthly EMIs are. HDFC offers both Fixed and Floating exchange rates. The EMI may vary based on them:
• Fixed Interest Rates:  EMI remains constant throughout the tenure
• Floating Interest Rates: EMI may increase or decrease based on market rate changes.
• Loan Duration: Loan duration also affects whether the EMIs will be higher or lower.
• Longer Duration: lower EMI but higher total interest cost
• Shorter Duration: higher EMI but lower total interest cost
• RBI Repo Rate: Floating-rate home loans move in accordance with the RBI repo rate. If the RBI raises the repo rate, EMIs may increase; if it goes down, EMIs may decrease.

How to Use RegisterKaro’s Free HDFC Home Loan EMI Calculator?

Using RegisterKaro’s Free HDFC Home Loan EMI calculator is quite easy; you just need to follow the following steps:

• Enter the loan amount you wish to borrow
• Enter the applicable HDFC home loan interest rate.
• Choose the number of years or months you want to repay the loan.
• The calculator will automatically show:

1. 1. Monthly EMI
   2. Total Interest
   3. Total Repayment Amount

Note: You can easily modify the loan amount, tenure, or interest rate using sliders for quick comparison.

Advantages of Using RegisterKaro’s HDFC Bank Home Loan EMI Calculator

Choosing the right Home Loan requires strategic planning and relevant information. RegisterKaro’s HDFC Bank EMI home loan calculator can help you compare and choose the right home loan options. Here’s how we can help you:

• Quick and Accurate EMI calculation: The calculator immediately gives you the correct loan amount based on your loan inputs.
• Helps you plan your Budget efficiently: Once you know your exact monthly EMIs, you can manage your finances better.
• Compare Multiple Loan Options: You can change your loan amount, tenure and interest rate easily to compare other loan options with HDFC.
• Completely free and easy to use: The calculator is free of cost and easily accessible on your computer screen.
• Visual Amortisation & Repayment Insight: This HDFC Bank Home Loan EMI Calculator gives a detailed breakdown of how each EMI is split between principal and interest over the loan tenure. This transparency will help you make detailed and informed decisions.