EMI Formula:
From: | To: |
EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. For HDFC Bank home loans, EMI payments include both principal and interest components.
The calculator uses the standard EMI formula:
Where:
Explanation: The formula calculates the fixed monthly payment that would pay off the loan over its term with constant payments.
Details: Calculating EMI helps borrowers understand their monthly financial commitment, compare loan offers, and plan their finances accordingly before taking a home loan from HDFC Bank.
Tips: Enter principal amount in INR, annual interest rate (e.g., 8.60 for 8.60%), and loan tenure in months (e.g., 240 for 20 years). All values must be positive numbers.
Q1: What is HDFC Bank's current home loan interest rate?
A: As of 2023, HDFC Bank offers home loans starting from 8.60% p.a. (subject to change). Check their website for current rates.
Q2: How does EMI change with tenure?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest.
Q3: Are there prepayment charges on HDFC home loans?
A: HDFC Bank typically charges 0-2% for prepayment from own sources. Check current terms as policies may change.
Q4: What factors affect HDFC home loan eligibility?
A: Income, credit score, existing obligations, property value, and applicant's age are key factors.
Q5: Can I get EMI holiday with HDFC home loans?
A: HDFC may offer EMI holiday (moratorium period) during construction phase for under-construction properties.