HDFC Home Loan Calculator

HDFC Home Loan EMI

• HDFC Home Loan EMI (or equated monthly instalment) is a fixed monthly instalment paid by borrowers to HDFC against the loan taken for repayment of your loan and payment of interest to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
• HDFC offers Home Loans with loan tenure upto 30 years, and the lowest EMI offered by the bank is Rs. 751 per lakh. The Lowest Rate of interest offered by HDFC on Home Loan is 8.00% and is one of the most popular housing loans in India.

EMI for different Home Loan amounts and tenures @ 8.00% interest rate

	Loan Tenure
Loan Amount (Rs.)	15 years	20 years	30 years
2,500,000	₹ 23,891	₹ 20,911	18,344
5,000,000	₹ 47,783	₹ 41,822	36,688
7,500,000	₹ 71,674	₹ 62,733	55,032
10,000,000	₹ 95,565	₹ 83,644	73,376

• As you can see in the above table, for various loan amounts taken at the lowest rate of interest, EMI differs by loan tenure at 15, 20 and 30. Your EMI is higher when you take a loan for a shorter tenure of 15 years and it is lower when you apply for a higher tenure of 30.
• Your EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, every month the proportion of interest payment and principal repaid within each EMI is different. With every EMI, the proportion of principal repayment in EMI keeps increasing and the interest component in EMI keeps reducing.

HDFC Housing loan Calculator is used along with EMI calculator is used to calculate the total interest a borrower will pay on housing loan at different loan tenure as well as various levels of interest rates.

Home Loan EMI for Rs. 1 Lakh loan amount at lowest 8.00% interest rate offered by HDFC for different tenures

Calculated Results for HDFC Home Loan EMI	5 years	10 years	15 years	30 years
HDFC EMI for a loan amount Rs. 1 lakh at 8.00%	₹ 2,028	₹ 1,213	₹ 956	₹ 734
Total amount you pay back to the bank including principal and interest	₹ 1.22 Lakh	₹ 1.46 Lakh	₹ 1.72 Lakh	₹ 2.64 Lakh
Interest you have to pay during the loan tenure	₹ 21,680	₹ 45,560	₹ 72,080	₹ 1.64 Lakh

The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1 Lakh loan for a period of 30, you pay the lowest EMI of Rs. 734 . However, you pay an interest of Rs. 1.64 Lakh on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from HDFC at the lowest loan rate offered for a period of 15 years, you pay a higher home loan EMI of Rs. 2,028 and pay an interest of only Rs. 21,680 which is less than half of what you paid in a 30 years loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses. This can be done using HDFC Home Loan Calculator.

HDFC Home Loan Details

• Purpose of Loan: HDFC house loan is taken to purchase, construct a home, renovate your existing home.
• Key Features
• Loan available for both salaried and self employed. Special rates for women borrowers.
• Borrowers within the age group of 24 and 60 years.
• Security: Mortgage of property you are planning to purchase, renovate or construct.
• Loan to Value Ratio of 90%.
• Loan Tenure can range from 5 to 30 years.
• Interest rates in the range of 8.00% to 9.60%.
• HDFC home loan EMI per lakh starts from Rs. 751. However, you can calculate your home loan EMI using HDFC home loan calculator 2020.
• Special schemes: HDFC offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of HDFC are:
• Adjustable Rate Home Loan
• Plot loan TruFixed
• HDFC Home Improvement Loans
• HDFC Home Extension Loan
• HDFC Plot Loans
• HDFC Short Term Bridging Loan
• Rural Housing Finance
• HDFC Reach Home Loans
• HDFC Home Loan Top Up

• Loan amount – This is the amount borrowed by a borrower from HDFC. If you apply for a higher loan amount, your monthly EMI will be high. HDFC gives a minimum home loan of Rs. 5 Lakh upto an amount of Rs. 5 Cr.
• Interest rate - Interest rates is the rate charged by HDFC on your home loan. Higher interest rate increases your housing loan EMI which will increase the total cost of the loan. HDFC current home loan interest rate starts at 8.00%. Do complete market research and compare rates and calculate EMI online using HDFC home loan calculator before you apply for a home loan.
• Loan tenure – This is the period in which you can repay your home loan in HDFC. Longer loan tenure means lower housing loan EMI. Loan term can be determined by your age at the time of loan sanctioning and your retirement age. Generally, HDFC offers house loans for a maximum tenure of 30 years.

HDFC Home Loan EMI Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how HDFC Home Loan EMI calculator formulates EMI:

In above formula,

P = Loan amount. This can range from Rs. 5 Lakh to Rs. 5 Cr

r = Rate of interest per month. Current rate is 8.00%, which is linked to HDFC PLR

n = tenure in month. For HDFC, this can be 360 months

HDFC Home Loan Interest Rate Calculator

Typically, Home Loan EMIs constitute a large proportion of the household’s monthly expenditure to pay for a long period. Being a long tenure loan, the total interest you pay on a housing loan for 30 years can be more than the original loan amount you have borrowed from the bank. HDFC Home Loan Interest rate Calculator online can help you calculate the interest rate you are eligible for and also, the total interest you will pay during the loan duration. Some of factors that are used for interest rate calculation are:

• Occupation of the borrowers: Banks charge a slightly higher interest rate on home loans for self-employed as compared to that on loans for salaried borrowers.
• Amount of the Loan: HDFC offers loans of up to Rs. 30 Lakh at 8.00% and loans of above Rs. 30 Lakh at rates ranging from 8.25% to 8.80%.
• Type of loan opted for: The bank also offers different rates on its various loan schemes such as fixed rate home loan, floating rate home loan and home loan with overdraft facility etc.
• Existing bank customers: ICICI Bank may also offer lower interest to its existing bank account holders to maintain its relationship.

Tips to decide the right amount of EMI

• Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you need to estimate the amount of loan you need to borrow. Remember house loan is a long term loan, and hence it is advisable to minimise your loan amount to the extent possible. Limit your loan amount to the balance funds you need to fund the property after accounting for your available funds. Also, using the HDFC Housing Loan EMI calculator try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
• Review your current obligations: Before taking a loan. it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  
  • Calculate your HDFC home loan eligibility: Your home loan eligibility is a function of value of the property and assessment of your repayment capacity based on your monthly income. HDFC provides a LTV upto 90% and expects the borrower to fund the remaining value of the property by their own money. For example, at its lowest LTV 90 %, HDFC would expect its borrowers to provide margin money of 10%.
  • HDFC will also estimate your Fixed Income to Obligations Ratio to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. HDFC lends up to a maximum FOIR of 0.65 . Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. HDFC's assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.

Is HDFC Home Loan EMI payment stopped?

The RBI has announced on 27th March 2020 that all banks and other lenders like NBFC’s and Housing finance companies are allowed to permit their borrowers a moratorium in repayment of EMI’s for a period of upto three months. This means that HDFC will have to come out with a policy for its Home Loan borrowers to defer their Home Loan EMI payments for a period of upto three months. It is important to note that this delay in repayment of EMI’s will not be treated as default and will not have any negative impact on the borrower’s credit score. HDFC may soon notify its policy for deferment of Home Loan EMI and the same will be applicable for its borrowers.

FAQs on HDFC Housing Loan EMI Calculator

Will the HDFC home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

• Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by HDFC subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
• In case the floating rate of interest on your home loan increases, the EMI will increase as per the reset frequency of your home loan.
• For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.
• You can plan your EMIs with HDFC Home loan EMI calculator 2020.

Will home loan EMI change in case of prepayment?

• HDFC allows prepayment at nil charges in case of floating rate home loans.
• When you make a prepayment, the outstanding balance of the principal amount on your home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure same (that is paying lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using HDFC home loan calculator.

Why should I calculate HDFC loan EMI before taking a loan?

It is advised to calculate home loan EMI before taking a home loan. There are several benefits of calculating your HDFC housing loan EMI which can be done using HDFC housing loan EMI calculator as discussed below -

• In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable.
• If you already know the EMI you have to pay each month, then you can plan your spends accordingly
• Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have surplus amount

What is the EMI for home loan in HDFC?

The EMI will vary based on loan amount, tenure, rate of interest and can be calculated using HDFC home loan calculator. Based on the lowest rate of 8.00% and maximum tenure of 30 years, the HDFC home loan EMI for different loan amount will be:

Loan amount	EMI
₹ 10 Lakh	₹ 7,338
₹ 30 Lakh	₹ 22,013
₹ 50 Lakh	₹ 36,688

You can compare home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

Can I use the same Housing payments calculator for an HDFC home loan?

The home loan EMI calculator works in the same manner for all banks. So, you can use the EMI calculator for HDFC home loan to calculate the monthly installments and know about. Besides, using the HDFC home loan calculator will save your time and help you analyze different offers easily.

How accurate is a HDFC Housing Loan EMI calculator?

Online HDFC housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.

Why should I calculate my HDFC home loan EMI in advance before taking a loan?

By calculating the EMI before availing the HDFC home finance will help you identify the amount you can pay each month as EMI. Plus, based on your budget, you can assess the maximum loan amount you can be eligible for and the applicable rate for it.

How to pay your HDFC Home loan EMI?

To pay the EMI of HDFC home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card.
You can also visit the branch and submit the cheque of your EMI.

Compare Home Loan EMI of All Banks