In a country like India, where the home prices are soaring high and not everybody is able to pay the full amount in one go, the home loan facility is quite popular among common individuals. Made available by various banks and financial institutions at an affordable rate of interest, this is empowering people to achieve their dream home. HDFC Ltd. is one of the prominent housing finance companies that has been providing housing loans for a range of purposes such as home extension, renovation, repair, purchase, etc.
But there is one thing that many people don’t pay attention to – EMI Calculation. First thing you’ll be wondering what is this EMI? Well, Equated Monthly Installments is the fixed monthly amount that you pay in order to return the loan amount with the interest levied on it. This pre-calculation of EMI can be done by the HDFC Home Loan EMI calculator. But first, it’s important to understand why you need to have an estimate of the EMI amount before opting for a loan.
Having a proper estimate of the EMI amount will help you in managing your finances in a much better way. And this can be done easily with the HDFC home loan EMI Calculator.
What are the details that you will need to use HDFC Home Loan EMI Calculator?
When you use any kind of calculator, you will need to have a few important inputs at your disposal to get the desired output. Similarly, HDFC home loan EMI Calculator, you will need to have a few details that you will need to have. You can have a little more knowledge about these details below.
- Loan Amount: The first thing that you will need to feed to the calculator is the required loan amount. HDFC Ltd. lets you avail as a minimum of INR 1 lakh to a maximum of INR 10 crore as the loan amount. You can choose this according to your repayment capability and personal finances. You can either feed the amount directly or move the scroller to your desired amount.
- Rate of Interest: HDFC Ltd. offers the home loan amount at an affordable rate of interest that ranges from 8.20% to 9.20% per annum. You need to remember that this HDFC home loan interest rate can change based on a number of factors such as your age, repayment capability, existing obligations, property type, and CIBIL score. All these factors will sum up and finalize your rate of interest for the loan amount.
- Required Tenure: This is the third and last thing that you will have to feed to the calculator. Fill the number of years that you want the loan for. You can choose a maximum of 30 years as tenure. Choosing a longer tenure will surely decrease your EMI amount but you will be paying a lot more interest part after a period.
As soon as you will feed all these details into the calculator, you will get a total of three details. The first one will be the EMI amount. The other two will be the Interest amount levied on and the total payable amount over your loan tenure. With the help of the HDFC Home loan EMI calculator, you can easily have a basic understanding of the ratio of the principal amount to the interest amount due.