HDFC Home Loan is providing the borrowers with 6.70% home loan interest rates. As a home loan has a longer repayment period, it is important for the applicant to pay your EMIs on time. Missing your home loan EMIs decreases your CIBIL score, which is better to avoid. The HDFC Home loan EMI calculator is a tool that can be used to determine your home loan EMI. This tool helps the borrower in determining their home loan EMIs on a prior basis. It is an online simple and very easy to use calculator that can guide the applicant in planning their home loan installments, as well as their overall budget. What you are required to do is only enter the desired amount of home loan, home loan interest rate offered by your lender, desired home loan tenure into the HDFC home loan EMI calculator. The HDFC home loan interest rate are currently the most competitive and finest in the market.
If you are wondering about where to find this tool, HDFC home loan EMI calculator is a free tool available online on the bank’s website. You can use this free tool to plan your financial section, considering the home loan installments with all the outstanding payments and other miscellaneous costs.
What is the purpose of using HDFC home loan calculator?
This tool is an online tool that helps you to plan your home loan management and its overall budgeting. The HDFC home loan calculator is available on the official website of the HDFC bank. You can easily calculate the home loan installments by putting the below information-
- Desired amount for your home loan
- Home loan repayment period
- Interest rate availed on your home loan
The interest rates on the HDFC home loan start at 6.70% per annum. Once you enter all the above information, you will be able to see your monthly installment that you will be obliged to pay every month. The resulting number will be the exact amount that you will be required to pay. As a result, this tool is beneficial as you will be freed of hefty calculations and you will be able to know your EMIs in seconds.
Why should you know your home loan EMI?
This tool enables the borrower to know his EMIs on a prior basis. It also helps in home loan and EMIs budgeting and management. You can calculate the amount that you will be able to pay every month without missing.
If you use this tool, you can get the most appropriate EMI that you can afford to pay. You can change any of the dependent factors, such as the home loan amount or loan tenure in order to obtain the most correct EMI according to your monthly income and other expenses. This tool helps you to get to a resulting EMI that is solely based on your repayment capacity.
How to use HDFC home loan calculator?
You can calculate your home loan EMIs on your home loan by putting all the required information in the calculator, available on the bank’s website. You can also know the total interest you will be paying throughout the life of your home loan, using this calculator. The formula that is used to calculate hdfc home loan calculator is mentioned below-
P x R x (1+R)N / [(1+R)N-1] , where
P stands for the principal amount of home loan,
R stands for the monthly rate of interest levied on the home loan
And N stands for the number of months in the home loan repayment period.
The Bottom Line
HDFC home loans are easy to apply for and are very cost-effective. The HDFC home loan interest rates are also quite flexible, and depend solely on the applicant’s eligibility criteria. If the applicant fulfills the requirements set by the bank, you may get a home loan in a hassle free way.