HDFC Bank EMI Calculator for Home Loan 

A home is one of the first things people think of buying, in their youth – how they want it to look like, what are things they will have in the house, etc. But as they get older, they realize that to make this dream of theirs come true they need money which is not easy to save with the current economy and inflation crisis. It is to help this goal of people, to buy their dream homes that banks and NBFCs offer home loans. An HDFC home loan EMI calculator can come in handy to customers who wish to take a home loan from HDFC Bank. 

A home loan is often a very large amount that you borrow from the bank, for the purpose of buying a home. The EMI also tends to be high and therefore you need to decide beforehand how much an amount of loan you would want, what interest rate you are comfortable paying, and also the tenure of the loan. 

You might have a loan amount, interest rate, and tenure in mind but might be unsure about the EMI that you have to pay. Thus, the best tool that you need to use is the HDFC Bank’s EMI calculator, to help you choose the right loan amount, interest rate, and also tenure that you are comfortable with. 

Home Loan – Definition 

A home loan is where you can borrow money needed by you to buy a home from banks like HDFC Bank. Usually, the loaned amount will be an approximate 80% – 90% of the value of the home. They will charge you an interest percent for the loan amount which the you will have to pay along with principal borrowed in a monthly EMI form. 

The money borrowed for home loans is high, therefore the EMI each month will also be high. To help customers get an estimate of how much EMI they will pay for any interest rate, tenure and loan amount HDFC Bank provides home loan EMI calculator. 

The property is mortgaged to the lender as a security till the loan is fully repaid. 

How to Use the HDFC Home Loan EMI Calculator by Fincity? 

You can calculate your home loan EMI almost instantly using the Home Loan Calculator. It is precise and easy to use for anyone. This calculator for Home Loan EMI might require just a few key home loan details from the user to display results. 

Here’s an easy guide on how to use the home loan EMI calculator: 

Step 1: Input the loan amount you wish to borrow. 

Step 2: Input the applicable interest rate for the home loan. 

Step 3: Input the tenure over which you will be able to repay your home loan. 

 As soon as you complete the above steps, your home loan EMI will be displayed along with other details such as total amount payable and also total interest payable. 

Using a Home Loan EMI Calculator’s Benefits 

An EMI or Equated Monthly Instalment is a fixed amount that a borrower must pay to the lender every month till the tenure of their loan ends.  

Calculating the EMI and its components can be a tiring and not-so-efficient task for most first-time financers. A home loan EMI calculator can easily do these complex calculations in seconds, and save you from the trouble of doing it manually. 

Performing such complicated home loan EMI calculations manually can be both time-consuming and inaccurate. A home loan monthly EMI calculator thus saves a lot of the valuable time of prospective home buyers. 

It gives you an accurate approximate, which is crucial for financial planning. There is almost no possibility for any inaccuracies or ambiguity. 

The procedure for calculating EMI for each type of loan is different. Therefore, home loan EMI calculation is different from personal loan EMI. It is recommended you use only specific EMI Calculators for specific types of EMI’s. 

The online calculator is also free for unlimited use. You can check the EMI for various amounts of loan amounts thus determine which amount suits your financial situation. 

There are a multitude of other advantages of EMI calculators, they are:   

  •  Anytime Access   

The calculator can be accessed anytime and anywhere. You can use the calculator multiple times, for 0 charge, and any number of times whenever you please. You do not have to go to the bank branch or lose yourself with the dilemma of figuring out complex and substantial mathematical calculations; instead, all you have to do is just access the internet and use the EMI calculator.   

  • Accurate Results 

Doing calculations manually comes with the potential risk of making mistakes. Further, more mistakes can be made by repeatedly doing the same calculations and this leads to further erroneous results. Also, when you calculate EMIs personally on loans offered by different banks, the chances of errors increase further. Thus, the online EMI calculator aids you in making error-free calculations at the click of a button!   

  •  Saves you the time on complex calculations   

The process of comparing the loans offered by different providers can often become very boring and time-consuming as you are using the same formula over and over again. By hand, you will be forced to spend long hours to calculate loans and thier respective EMIs. However, with this online tool, you have the advantage of saving your important time and complete all the lengthy and boring calculations in seconds. That being  said, you can try out as many combinations for amount, tenure and rates of interest which you want to from the convenience of your home. 

  • Aids the Financial Planning Process   

  While calculating the EMI for a loan, you should know the amount which you will  have to pay when you take up a loan of the said amount, the tenure and also the  interest rate. This will aid you in planning your finances prior to taking the loan so that  your monthly budget does not take bear the burden! Another thing you can do is vary  the parameters of the loan so as to reach the most suitable EMI as per your  requirements.   

  •  An EMI calculator can be used for every loan   

  Calculating loan EMIs never was this simple! You can deploy various calculators  for different types of loans, be it one for home, vehicle or education. Even though the criterion  for every loan is vastly similar, there can be situations where you will feel the need to use loan  specific EMI calculators. To be on the safer side of calculations, use a specific calculator for  specific loan types.   

  • Bonus Advantage!   

You can also negotiate a bit on the rate with the loan provider. It just might work. 

EMI Calculation Formula 

Generally, the EMI for a Home Loan is calculated using the given formula: 

E = P * r * (1+r) ^ n / ([(1 + r) ^ n] – 1) 

In the formula mentioned above, 

E = Equated Installment 

This is the total obligations required to pay per month 

P = Amount of Loan 

This can be anywhere between Rs.15,00,000 to Rs.5,00,00,000 

r = Rate of Interest  

This means the interest rate per month.  

n = tenure in months  

Generally, the tenure for a home loan ranges from 15 years to 30 years. 

Factors That Affect the EMI of Home Loan  

Home Loan EMI can be calculated using an online Housing Loan Calculator which takes into account many factors like loan amount, interest rate and the tenure or duration for which you are planning to avail the loan. 

Loan amount – This is the amount you want to borrow to fulfil your home needs. ‭‭Home loan amount mainly depends on value of the property for which the loan is availed. 

Fincity offers Home Loan for amounts as low as Rs. 30 lakhs to as high as Rs. 5 Crores. 

Loan ParticularsEMI for 15 Years (Rs.)EMI for 20 Years (Rs.)EMI for 30 Years (Rs.)
EMI 53,762 46,338 39,717 
Total Interest Payable 36,77,181 51,21,127 82,98,077 
TotalAmount Payable 96,77,181 1,11,21,127 1,42,98,077 

Loan Tenure – Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs, but helps you save on the total interest payout of the loan. Longest loan tenure available across banks and NBFC’s in India for buying a home on a loan is around 30 years, subject to borrower’s current age and retirement age.  

Particulars15 Years EMI (Rs.)20 Years EMI (Rs.)30 Years EMI (Rs.)
EMI 53,762 46,338 39,717 
Total Interest Payable 36,77,181 51,21,127 82,98,077 
TotalAmount Payable 96,77,181 1,11,21,127 1,42,98,077 

Interest Rate – The Rate of Interest is the interest charged on borrowed loan amount and is one of the components of monthly EMI along with principal repayment. 

Loan ParticularsEMI for Rs. 40 lakhs (Rs.)EMI for Rs. 60 lakhs (Rs.)EMI for Rs. 1 crore (Rs.)
EMI 30,892 46,338 77,230 
Total Interest Payable 34,14,085 51,21,127 85,35,212 
TotalAmount Payable 74,14,085 1,11,21,127 1,85,35,212 

Calculator for Home Loan Amortization 

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that make up each monthly payment until the loan is paid off at the end of its tenure. 

The Home Loan monthly EMI will be equal, in a schedule of amortization, but the component of the EMI, which consists of principal payment and also the interest payment, will not remain the same every month, meaning it keeps on changing. 

The EMI schedule of loan for an amount if Rs.20 lakhs and for a tenure of 30 years is explained below in the table. 

YearInterest Paid During each YearPrincipal Repaid During Each YearTotal Amount Paid During Each Year (Interest + Principal)Principal Outstanding
2021 Rs.1,34,349 Rs.21,315 Rs.1,55,664 Rs.19,78,685 
2022 Rs.1,32,864 Rs.22,799 Rs.1,55,664 Rs.19,55,886 
2023 Rs.1,31,277 Rs.24,387 Rs.1,55,664 Rs.19,31,499 
2024 Rs.1,29,579 Rs.26,085 Rs.1,55,664 Rs.19,05,415 
2025 Rs.1,27,763 Rs.27,901 Rs.1,55,664 Rs.18,77,514 
2026 Rs.1,25,820 Rs.29,843 Rs.1,55,664 Rs.18,47,671 
2027 Rs.1,23,742 Rs.31,921 Rs.1,55,664 Rs.18,15,749 
2028 Rs. 1,21,520 Rs.34,144 Rs.1,55,664 Rs.17,81,606 
2029 Rs. 1,19,142 Rs.36,521 Rs.1,55,664 Rs.17,45,084 
2030 Rs. 1,16,599 Rs.39,064 Rs.1,55,664 Rs.17,06,020 
2031 Rs.1,13,879 Rs.41,784 Rs.1,55,664 Rs.16,64,236 
2032 Rs.1,10,970 Rs.44,694 Rs.1,55,664 Rs.16,19,542 
2033 Rs.1,07,858 Rs.47,805 Rs.1,55,664 Rs.15,71,737 
2034 Rs.1,04,530 Rs.51,134 Rs.1,55,664 Rs.15,20,603 
2035 Rs.1,00,969 Rs.54,694 Rs.1,55,664 Rs.14,65,908 
2036 Rs. 97,161 Rs.58,503 Rs.1,55,664 Rs.14,07,406 
2037 Rs. 93,087 Rs.62,576 Rs.1,55,664 Rs.13,44,830 
2038 Rs. 88,730 Rs.66,933 Rs.1,55,664 Rs.12,77,897 
2039 Rs. 84,070 Rs.71,594 Rs.1,55,664 Rs.12,06,303 
2040 Rs. 79,085 Rs.76,578 Rs.1,55,664 Rs.11,29,725 
2041 Rs. 73,753 Rs.81,910 Rs.1,55,664 Rs.10,47,814 
2042 Rs. 68,050 Rs.87,614 Rs.1,55,664 Rs.9,60,200 
2043 Rs. 61,949 Rs.93,714 Rs.1,55,664 Rs.8,66,486 
2044 Rs. 55,424 Rs.1,00,239 Rs.1,55,664 Rs.7,66,247 
2045 Rs. 48,445 Rs.1,07,219 Rs.1,55,664 Rs.6,59,029 
2046 Rs. 40,980 Rs.1,14,684 Rs.1,55,664 Rs.5,44,344 
2047 Rs. 32,994 Rs.1,22,669 Rs.1,55,664 Rs.4,21,675 
2048 Rs. 24,453 Rs.1,31,210 Rs.1,55,664 Rs.2,90,465 
2049 Rs. 15,317 Rs.1,40,346 Rs.1,55,664 Rs.1,50,118 
2050 Rs. 5,545 Rs.1,50,118 Rs.1,55,664 Rs.0 

Home Loan Fees and Additional Charges 

Depending on the loan type you are applying for, a few charges may be levied. They are mentioned below: 

  • Processing fees: This is a one-time fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge is dependent on the bank and the loan scheme you are applying for, the process charge thus is a variable metric. This fee is non-refundable. 
  • Prepayment charges: This is the fee or the penalty you will have to pay the lender, should you plan to repay your home loan before the completion of the tenure of the loan. 
  • Conversion fees: Some banks might also charge a small conversion fee if and when you decide to switch to a different loan scheme or even a different loan provider in order to decrease the interest rate associated with your current scheme. 
  • Cheque dishonor charges: This type of fee is levied when the loan provider, like the Bank or NBFC, is provided that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account. 
  • Home insurance: One of the best ways to protect the home is to insure it. The premium of this insurance should be paid directly to the concerned company during the insurance term to make sure that the insurance policy is running during the home loan tenure. 
  • Default charges: Loan providers also charge a penalty on delayed or missed repayments i.e., if you do not make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. But these types of defaulting charges vary from one bank to another. 
  • Incidental charges: These charges cover for the expenses and costs incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time. 
  • Statutory/regulatory charges: The fee might include all the expenses associated with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and also stamp duty. You can visit the CERSAI’s official website to know more about these charges. 
  • Photocopy of documents: The fee is paid to the bank if you need a photocopy of your home loan documents for any personal needs. 
  • Change in loan term: Some banks also charge a nominal fee if you think of changing the tenure of your loan. 
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