HDFC Home Loan Calculator for Eligibility, EMI & Amortization Detailed

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HDFC Limited, one of the premier mortgage firms in India, gives you the best chance to own a home on the back of its tailor-made home loans. Offered to both salaried and self-employed segments, the loan serves the homeownership needs with consummate ease. Yes, there will be a rate of interest at which the loan is going to be priced at, along with several aspects such as eligibility that you would need to take into account. For all these, you need the help of a calculator that draws the results before you. Let’s then check out HDFC Home Loan Calculator for Eligibility, EMI and several other stuff through this article.

HDFC Home Loan Eligibility Calculator

The calculator enables you to compute the loan amount eligible for. Yes, the calculator analyzes your income, spends and savings pattern deeply before arriving at the amount that can be given to you to purchase a home. If the loan amount falls short of what’s required to buy you a home, there’s an option with you to add an earning co-borrower, which can be anyone from your spouse, son, daughter, or even the parents. Your income will be clubbed with that of the co-borrowers and so, the loan eligibility would most likely increase.

HDFC Home Loan EMI Calculator

The calculator estimates the monthly installments likely on the loan you apply for. All that the calculator needs you to enter the loan amount, tenure and interest rate. The resultant EMI will be in front of you. As the Equated Monthly Installment (EMI) constitutes a portion of both principal and interest repayment portions to be paid monthly, you would also get to know the overall interest outgo.

Talking about HDFC Home Loan Interest Rate, it’s been 8.70%-9.35%, based on the loan amount you apply for. Loans of up to 30 lakhs and above 30 lakhs are offered at 8.70%-9.25% and 8.80%-9.35% per annum, respectively. While the loan can be given for a maximum of 30 years, going for such a long period can take out more interest from your wallet than otherwise. Having said that, the tenure must not be too short as you could struggle to pay off the EMI with ease, creating a potential default-like situation.

So, if your loan size, say, stands at 70 lakhs or more, you can go with a 25-year loan tenure instead of 30 years that can be given to you. This will raise the EMI amount but the hike would be a few thousands more. That hike can be greatly compensated with a massive reduction in the interest outflow.

HDFC Home Loan Amortization Calculation

Just adjacent or below the EMI and interest summation, you can see an amortization schedule showing you the distribution of repayment over the tenure you choose to go with. The year-on-year interest and principal repayments would be shown, along with the remaining loan balance at the end of every year. The schedule can thus help you ensure a strong spend routine to pay off the loan EMIs with ease.