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Home Loan Calculator HDFC Bank

EMI Formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

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1. What is EMI?

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.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

Where:

Explanation: The formula calculates the fixed monthly payment that would pay off the loan over its term with constant payments.

3. Importance of EMI Calculation

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.

4. Using the Calculator

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.

5. Frequently Asked Questions (FAQ)

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.

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