Hero Housing Finance EMI Calculator

Home buying or renovating is one of the most crucial milestones in the lives of several people. Hero Housing Finance Ltd. (HHFL) understands this and extends financial help to aspiring homeowners to invest in their dream homes with convenient housing loan schemes. Borrowers can use the online Hero Housing Finance EMI calculator tool to calculate their monthly EMIs and streamline their home loan journey with utmost ease and accuracy. Let us understand all about the Hero Housing Finance EMI calculator, its benefits, and what are the factors that impact the EMI.

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1 Lac10 cr

Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

How to Calculate Hero Housing Finance EMI?

Worrying about how to calculate home loan EMI? Then, you need to use the easy-to-use and accurate home loan EMI calculator tool that asks for three simple data: interest rate, loan tenure, and loan amount. If you enter these three home loan components correctly, you get the repayment monthly installments there and then plan your monthly budgets. 

Hero Housing Finance EMI Calculator Formula

An interesting home loan borrower can calculate the monthly EMI manually or by using the free to use Hero Housing Finance calculator online. The formula used is the same in both cases, but if you use an online EMI tool you leave no scope for errors.

Elaborated below is the Hero Housing Finance calculation formula for your quick reference:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1] 


P’ specifies the Principal Loan Amount
R’ specifies the Rate of Interest 
N’ specifies No. of installments

Factors Affecting Hero Housing Finance EMI

Housing loan is one thing that gets majorly impacted by 3 main factors. Let us throw light on these three main Hero Housing Finance criteria that can impact your home loan EMI:

Loan Amount: One of the main factors impacting your home loan EMI is the amount you take as a home loan. The higher loan you take as a home loan means higher monthly repayments as your home loan EMIs.

Interest Rate: The reason why every home loan aspirant looks for a lower rate of interest is because he/ she wants to save on monthly EMI payments. A home loan at a higher rate of interest results in higher monthly repayments which majorly includes the interest component.

Loan Duration or Repayment Tenure: The period for which the borrower takes the loan and promises to repay plays a significant role in calculating your monthly EMI. The higher loan tenure results in shorter EMIs, but the interest paid for the period builds up in all those years.

Benefits of Using Hero Housing Finance Calculator

When you can calculate the monthly EMI manually, what is the purpose of using the online EMI tool? Continue reading to grasp the main benefits of the Hero Housing Finance EMI calculator:

Quick and Accurate: The ultimate benefit of using an online EMI tool is that it is 100% accurate and provides quick results. If you have not tried it yet, then do try the online EMI tool

Makes It Easy to Compare: Another benefit of using a housing loan EMI calculator is that it helps the borrower compare different rates of interest, tenures, and loan amounts to make informed decisions.

Free to Use Multiple Times: Most importantly, a user can use the home loan EMI tool as many times as required because it is free to use. 

Hero Housing Finance Interest Calculator Formula

Home loan borrowers can use the online Hero Housing Finance interest rate calculator to calculate the payable interest on the home loan amount for any loan tenure at any rate of interest. The formula used by the online housing loan interest rate calculator is given below for your convenience:

Total Interest = (P X R X T) / 100


P’ specifies the Principal Loan Amount
R’ specifies the Rate of Interest 
T’ specifies Tenure 

Hero Housing Finance Eligibility Criteria

Getting a home loan is a simple affair these days, with so many banks and financial companies offering hassle-free and convenient housing loan schemes. However, an applicant has to meet their pre-determined eligibility criteria for the same. You can use the online Hero Housing Finance eligibility calculator to determine your eligibility status for an HHFL home loan. 

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Comparison of Hero Housing Finance EMI with other Popular Banks

Applying for a home loan needs proper planning, execution, and comparison so that you don’t regret it at any stage during your home loan journey. To help you compare Hero Housing Finance home loan EMI with the other 5 top financial lenders, we are now displaying a comparison  table for a tenure of 10 years: 

Bank Name Rate of Interest Rs. 10 lakhs Rs. 20 lakhs Rs. 30 lakhs Rs. 40 lakhs Rs. 50 lakhs
Hero Housing Finance Bank 9.50% p.a. onwards Rs. 12,940 Rs. 25,880 Rs. 38,819 Rs. 51,759 Rs. 64,699
ICICI Bank 9.00% p.a. onwards Rs. 12,668 Rs. 25,335 Rs. 38,003 Rs. 50,670 Rs. 63,338
DCB Bank 9.75% p.a. onwards Rs. 13,077 Rs. 26,154 Rs. 39,231 Rs. 52,308 Rs. 65,385
Jana Bank 9.75% p.a. onwards Rs. 13,077 Rs. 26,154 Rs. 39,231 Rs. 52,308 Rs. 65,385
Piramal Housing Finance 11.00% p.a. onwards Rs. 13,775 Rs. 27,550 Rs. 41,325 Rs. 55,100 Rs. 68,875
Aadhar Bank 11.75% p.a. onwards Rs. 14,203 Rs. 28,406 Rs. 42,609 Rs. 56,812 Rs. 71,015
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Hero Housing Finance Amortization Schedule

A home loan amortization schedule is a useful table outlining each periodic payment on a loan over a set period. The purpose of this table is to get a comprehensive breakdown of how each payment is divided between interest and principal, and ultimately showing the gradual repayment of the loan. 

Steps to Calculate Hero Housing Finance Home Loan Amortized Interest

Step 1: You may begin the process of calculating the amortized interest by first dividing your rate of interest for the HHFL home loan by the no. of EMIs you are most likely to pay annually. Take for example, if you have a 9.50% p.a. rate of interest and you plan to make 12 monthly payments, then divide 9.50% by 12 = 0.0079

Step 2: In the next step, you are required to multiply the figure obtained in the above step with your outstanding loan amount and the result will be your interest payable for the month. Take for example, if your housing loan amount balance is Rs. 6,000,000, the interest for the 1st month will be 6,000,000 x 0.0079 = Rs. 47,400

Step 3: Up next, simply cut down the monthly interest you just calculated above from your EMI and you will derive your principal amount payable in the 1st month. Take for example, if your EMI is Rs. 55,928, you will pay Rs. 55,928 - Rs. 47,400 = Rs. 8,528 as the principal loan amount, and it will be deducted from your remaining home loan balance to calculate the principal amount payable for the next month

Step 4: If you repeat all these steps you can easily calculate the interest, outstanding loan amount, and principal amount for all subsequent months

You will be able to grasp the concept by having a look at the Hero Housing Finance Amortization Schedule 2024 given below:
Year/Month Principal Amount Interest Loan EMI
2024 Rs. 1,05,657.93 Rs. 5,65,478.07 Rs. 6,000,000.00 Rs. 671,136.00
1st Month Rs. 8,428.00 Rs. 47,500.00 Rs. 6,000,000.00 Rs. 55,928.00
2nd Month Rs. 8,494.72 Rs. 47,433.28 Rs. 5,991,572.00 Rs. 55,928.00
3rd Month Rs. 8,561.97 Rs. 47,366.03 Rs. 5,983,077.28 Rs. 55,928.00
4th Month Rs. 8,629.75 Rs. 47,298.25 Rs. 5,974,515.31 Rs. 55,928.00
5th Month Rs. 8,698.07 Rs. 47,229.93 Rs. 5,965,885.55 Rs. 55,928.00
6th Month Rs. 8,766.93 Rs. 47,161.07 Rs. 5,957,187.48 Rs. 55,928.00
7th Month Rs. 8,836.34 Rs. 47,091.66 Rs. 5,948420.55 Rs. 55,928.00
8th Month Rs. 8,906.29 Rs. 47,021.71 Rs. 5,939,584.21 Rs. 55,928.00
9th Month Rs. 8,976.80 Rs. 46,951.20 Rs. 5,930,677.92 Rs. 55,928.00
10th Month Rs. 9,047.87 Rs. 46,880.13 Rs. 5,921,701.12 Rs. 55,928.00
11th Month Rs. 9,119.50 Rs. 46,808.50 Rs. 5,912,653.25 Rs. 55,928.00
12th Month Rs. 9,191.69 Rs. 46,736.31 Rs. 5,903,533.76 Rs. 55,928.00
Disclaimer: The table displayed above gave a rough estimate of the EMIs for a home loan amount of Rs. 6,000,000 at a 9.50% rate of interest for a 20-year repayment tenure. All the data in the table will change with any change in interest rate, tenure, loan amount, and other similar data.


Borrowers can easily pay Hero Housing Finance EMI online through Net Banking, UPI, the official website of the NBFC, setting up auto-debit on the mobile banking app.

The maximum tenure on the Hero Housing Finance EMI calculator is 30 years.

There is no particular starting interest rate value on the Hero Housing Finance EMI tool, which allows users to enter the rate of interest as applicable in their case. 

Yes, the Hero Housing Finance EMI calculator is free of charge. 

The three main factors affecting the Hero Housing Finance EMI are the loan amount, loan tenure, and interest rate.

Yes, a user can access the Hero Housing Finance EMI calculator for multiple loan amounts.