Hinduja Housing Finance
EMI Calculator
Offering housing loans with a rate of interest of 10.50% per annum, Hinduja Housing Finance Ltd. has emerged as a popular choice among home loan borrowers in India. Prospective home loan borrowers can easily check the payable monthly repayment installments on their home loan using the online Hinduja Housing Finance EMI calculator, where they just need to add three main details: loan tenure, loan amount, and rate of interest. Let us help you understand all about the use of the Hinduja online EMI calculator, its benefits and factors that might impact the home loan EMI.How to Calculate Hinduja Housing Finance Home Loan EMI?Calculating the monthly installment payable on a home loan is no rocket science. You can do it manually or make it even simpler by using the online Hinduja Housing Finance EMI calculator. These online calculators provide accurate results instantly, and the user can try it multiple times from anywhere and anytime.
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
Hinduja Housing Finance Home Loan EMI Calculator Formula
The Hinduja Housing Finance calculator online can help you plan your monthly budgets well, where you are fully aware of how much you need to pay as repayment on a home loan. The Hinduja Housing Finance calculation formula is easy to understand and is mentioned below for your convenience:
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 Hinduja Housing Finance Home Loan EMI
Principal Loan Amount: Borrowers who apply for higher loan amounts will have to repay in the form of higher EMI installments.
Interest Rate: The reason why every home loan applicant looks for a lower rate of interest on a housing loan is that he/ she wants to pay a lower EMI to repay the loan amount.
Tenure: The 3rd crucial home loan factor that impacts the EMI is the loan tenure or duration. Home loans with longer tenures incur lower EMI, however, gradually the interest payable increases.
Benefits of Using the Hinduja Housing Finance Home Loan Calculator
The advantages of using the Hinduja Housing Finance Equated Monthly Installments calculator include:
Time-Saving: Why think of manual calculations in today's busy life, when things like calculating home loan EMI can be done within a fraction of a second using online EMI tools.
Precise Calculations: By providing the right details in terms of the loan principal amount, rate of interest, and loan tenure, an interested borrower can easily get precise and accurate information regarding the payable EMI
Clarity for Financial Planning: Another big plus point of using the online EMI tool for home loan calculations is that it helps the borrower get clarity for monthly financial planning.
Hinduja Housing Finance Home Loan Interest Calculator Formula
The Hinduja Housing Finance interest rate calculator is a fantastic and user-friendly tool that housing loan applicants can use to easily calculate the interest payable on a home loan. Otherwise, there is always an option to calculate it manually using a math formula.
Total Interest = (P x R x T) / 100
P: Principal amount
R: Rate of interest
T: Time or tenure in terms of monthly installments
Hinduja Housing Finance Home Loan Eligibility Criteria
Comparison of Hinduja Housing Finance 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 |
|---|---|---|---|---|---|---|
Hinduja Housing Finance | 10.50% p.a. onwards | Rs. 13,493 | Rs. 26,987 | Rs. 40,480 | Rs. 53,974 | Rs. 67,467 |
Federal Bank | 8.80% p.a. onwards | Rs. 12,560 | Rs. 25,119 | Rs. 37,679 | Rs. 50,238 | Rs. 62,798 |
Shriram Housing Finance | 9.50% p.a. onwards | Rs. 12,940 | Rs. 25,880 | Rs. 38,819 | Rs. 51,759 | Rs. 64,699 |
India Shelter | 10.50% p.a. onwards | Rs. 13,493 | Rs. 26,987 | Rs. 40,480 | Rs. 53,974 | Rs. 67,467 |
Piramal Housing Finance | 11.00% p.a. onwards | Rs. 13,775 | Rs. 27,550 | Rs. 41,325 | Rs. 55,100 | Rs. 68,875 |
Motilal Oswal Housing Finance | 11.75% p.a. onwards | Rs. 14,203 | Rs. 28,406 | Rs. 42,609 | Rs. 56,812 | Rs. 71,015 |
Hinduja Housing Finance Home Loan Amortization Schedule
Hinduja Housing Finance Amortization Schedule is a crucial financial tool that can help borrowers to understand the different portions of the repayment structure of their housing loan. This table outlines the periodic payments required to repay the loan, breaking down each installment into interest and principal components over the entire loan duration.
Steps to Calculate Hinduja Housing Finance Home Loan Amortized Interest:
1. First of all, divide the interest rate on the Hinduja home loan by the total EMIs you decide to pay per annum. Like, if you have a 10.50% p.a. rate of interest and you prefer making monthly repayments, then you divide 10.50% by 12 0.0088
2. Then proceed by multiplying this number with your outstanding loan amount to calculate the monthly interest payable. Like, if your home loan amount balance is Rs. 6,000,000, the interest for the first month would be 6,000,000 x 0.0088 Rs. 52,800
3. In the next step, deduct the monthly interest you calculated above from your fixed monthly installment and you will get the principal payable in the 1st month. Like, if your monthly EMI is Rs. 59,903, you will pay Rs. 59,903- Rs. 52,800 Rs. 7,103 as the loan principal amount, and this amount will be deducted from your outstanding home loan balance for calculating the same for the subsequent months
4. Repeat these steps to calculate the interest, outstanding loan amount, and principal for each coming month
| Year / Month | Principal Amount | Interest | Loan Balance | Loan EMI |
|---|---|---|---|---|
| 2024 | Rs. 93,238.42 | Rs. 625,597.58 | Rs. 6,000,000.00 | Rs. 718,836.00 |
| 2nd Month | Rs. 7,467.78 | Rs. 52,435.22 | Rs. 5,992,597.00 | Rs. 59,903.00 |
| 3rd Month | Rs. 7,533.12 | Rs. 52,369.88 | Rs. 5,985,129.22 | Rs. 59,903.00 |
| 4th Month | Rs. 7,599.03 | Rs. 52,303.97 | Rs. 5,977,596.10 | Rs. 59,903.00 |
| 5th Month | Rs. 7,665.53 | Rs. 52,237.47 | Rs. 5,969,997.07 | Rs. 59,903.00 |
| 6th Month | Rs. 7,732.60 | Rs. 52,170.40 | Rs. 5,962,331.54 | Rs. 59,903.00 |
| 7th Month | Rs. 7,800.26 | Rs. 52,102.74 | Rs. 5,954,598.95 | Rs. 59,903.00 |
| 8th Month | Rs. 7,868.51 | Rs. 52,034.49 | Rs. 5,946,798.69 | Rs. 59,903.00 |
| 9th Month | Rs. 7,937.36 | Rs. 51,965.64 | Rs. 5,938,930.18 | Rs. 59,903.00 |
| 10th Month | Rs. 8,006.81 | Rs. 51,896.19 | Rs. 5,930,992.81 | Rs. 59,903.00 |
| 11th Month | Rs. 8,076.87 | Rs. 51,826.13 | Rs. 5,922,986.00 | Rs. 59,903.00 |
| 12th Month | Rs. 8,147.55 | Rs. 51,755.45 | Rs. 5,914,909.13 | Rs. 59,903.00 |
Frequently Asked Questions
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