HDFC Bank Home Loan
EMI Calculator
HDFC Bank is a prestigious private sector bank in India that offers easy home loans to potential home buyers and existing homeowners. HDFC home loans are available at an annual interest rate of 8.50%. The bank recommends borrowers use the online HDFC EMI calculator, which is a convenient resource offering a quick and accurate overview of potential monthly financial commitments. Using the online HDFC Home Loan EMI Calculator is very simple, and one simply needs to input details like the home loan tenure, interest rate, and principal amount to get the EMI estimates through this tool. Read through to understand the functioning of the HDFC home EMI calculator, why to use it, and what factors might impact the home loan EMI.How to Calculate HDFC Bank Home Loan EMI?As one of the leading banks in India, HDFC encourages borrowers to save time in calculating home loan EMI by using the online calculator available on its official website. The EMI calculation in this calculator is done using factors like the interest rate, tenure, and loan amount. A comprehensive understanding of how to calculate the HDFC Bank housing loan EMI can empower borrowers to plan their finances effectively.
Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
HDFC Bank Home Loan EMI Calculator Formula
The HDFC home loan calculator online that we are recommending you use is based on a simple mathematical formula. The three main components used in the HDFC home loan calculation formula are principal loan amount, loan tenure, and interest rate. Have a look at the formula to understand it better:
EMI = P x R x (1+R)N / (1+R)N − 1
P: Principal amount
R: Rate of interest
N: Number of monthly repayment installments
Factors Affecting HDFC Bank Home Loan EMI
Interest Rate: The first factor to impact your home loan monthly installments is the rate of interest at which you got the loan. Remember, to opt for a home loan at a lower interest rate to pay lower EMIs every month.
Principal Amount: The second factor that can determine what EMI you will pay for an HDFC housing loan is the loan amount you took from the bank. If you've borrowed a substantial sum, prepare to repay a sizable amount as your housing loan EMI.
Tenure: The third crucial factor to affect the housing loan EMI is the loan tenure for which you took the loan. Borrowing money from the bank for a longer time means paying less EMI because the overall interest keeps adding on, whereas if you choose a shorter tenure, you pay a higher EMI.
Benefits of Using the HDFC Bank Home Loan Calculator
Online tools such as the online HDFC housing loan calculator have undoubtedly made things easier. Want to know how? So, read on to learn the benefits of HDFC home loan EMI calculator:
Accurate Results: The topmost benefit of using the HDFC housing loan EMI calculator is that it provides 100% accurate results for a variety of combinations. The only pre-requisite is that the borrower must enter the right details in the form of tenure, loan amount, and interest rate.
Saves Time and Efforts: One of the main advantages of using the online home loan EMI calculator is that it helps save time by offering instant results without putting in any effort. We recommend using the EMI calculator available online at the official website of the BASIC Home Loan
Easy to Access: Not to forget that the online HDFC housing loan EMI calculator is an easy-to-access tool that can be used by anyone, from anywhere, and anytime. It gives them the freedom to determine their home loan repayment capacity without putting them under any constraints to visit the bank branch.
HDFC Bank Home Loan Interest Calculator Formula
You must note that the monthly EMI you will pay for a home loan includes the principal repayment and the interest payable.
Total Interest = (P x R x T) / 100
P: Principal amount
R: Rate of interest
T: Time or tenure in terms of monthly installments
HDFC Bank Home Loan Eligibility Criteria
Comparison of HDFC Bank Home Loan EMI with Other Popular Banks
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
HDFC | 8.5% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
LIC | 8.5% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
Tata Capital | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
Aditya Birla Housing Finance | 8.85% p.a. onwards | Rs. 12,587 | Rs. 25,173 | Rs. 37,760 | Rs. 50,346 | Rs. 62,933 |
ICICI Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
Cholamandalam Home Loan | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
HDFC Bank Home Loan Amortization Schedule
Another table that can help you be aware of your monthly expenses for a home loan is the HDFC Home Loan Amortization Schedule Table. It is through this schedule that a borrower can know exactly how much is being paid for which component every month in your housing loan EMI.
Steps to Calculate HDFC Bank Home Loan Amortized Interest:
1. The first step to calculate the housing loan amortization interest starts by dividing your HDFC home loan interest rate by the no. of EMIs you will make in a year. For example, if your home loan rate of interest is 8.50% p.a. and you prefer paying monthly payments, then must divide 8.50% by 12 0.007083
2. Now, continue multiplying this no. with the remaining loan balance, and you will derive the monthly interest. For example, if your loan balance is Rs. 5,500,000, the interest you are expected to pay in the first month would be 5,500,000 x 0.007083 Rs. 38,958
3. In the third step, you must subtract this monthly interest from your Equated Monthly Installment to derive the principal loan amount payable in the 1st month. For example, if your EMI is Rs. 47,730, you will pay Rs. 47,730 - Rs. 38,958 Rs. 8,771.66 as the principal loan amount, and the same amount will be reduced from your remaining loan to calculate the outstanding balance for the next month and so on
4. Repeat all these steps to calculate the outstanding loan balance, principal, and interest for each month
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 109,459.14 | Rs. 463,300.86 | Rs. 5,500,000.00 | Rs. 572,760 |
| 1st Month | Rs. 8,771.67 | Rs. 38,958.33 | Rs. 5,500,000.00 | Rs. 47,730 |
| 2nd Month | Rs. 8,833.80 | Rs. 38,896.20 | Rs. 5,491,228.33 | Rs. 47,730 |
| 3rd Month | Rs. 8,896.37 | Rs. 38,833.63 | Rs. 5,482,394.53 | Rs. 47,730 |
| 4th Month | Rs. 8,959.39 | Rs. 38,770.61 | Rs. 5,473,498.16 | Rs. 47,730 |
| 5th Month | Rs. 9,022.85 | Rs. 38,707.15 | Rs. 5,464,538.77 | Rs. 47,730 |
| 6th Month | Rs. 9,086.76 | Rs. 38,643.24 | Rs. 5,455,515.92 | Rs. 47,730 |
| 7th Month | Rs. 9,151.13 | Rs. 38,578.87 | Rs. 5,446,429.16 | Rs. 47,730 |
| 8th Month | Rs. 9,215.95 | Rs. 38,514.05 | Rs. 5,437,278.03 | Rs. 47,730 |
| 9th Month | Rs. 9,281.23 | Rs. 38,448.77 | Rs. 5,428,062.09 | Rs. 47,730 |
| 10th Month | Rs. 9,346.97 | Rs. 38,383.03 | Rs. 5,418,780.86 | Rs. 47,730 |
| 11th Month | Rs. 9,413.18 | Rs. 38,316.82 | Rs. 5,409,433.89 | Rs. 47,730 |
| 12th Month | Rs. 9,479.85 | Rs. 38,250.15 | Rs. 5,400,020.71 | Rs. 47,730 |
Frequently Asked Questions
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