HDFC Home Loan EMI Calculator | HDFC home loan Calculator

With a greater option of financial institutions and non-banking sectors providing financial aid, it is quite common for an individual to get confused about making a choice. In this article, we will come across HDFC home loan emi calculator, their eligibility criteria, documents required, mortgage rates, and some relevant information.

An Overview of HDFC Home Loan EMI Calculator.

HDFC offers housing loans to salaried, self-employed, and self-employed professionals. Special home loans are designed for agriculturists, planters, horticulturists, and dairy farmers. The home loans are available with an EMI of Rs. 659 for every one lakh amount and at a low-interest rate starting from 6.90% per annum. EMI or Equated Monthly Installment consists of two parts – the principal loan amount and the interest charged on the amount. HDFC Bank home loan EMI calculator is available on the bank’s website that provides the customers with a clear image of the total loan cost along with the interest charged.

The benefits of applying for home loans in HDFC are –

• The bank is having more than 35 years of lending experience and served 4.4 million customers.
• Smooth and easy processing of the loan is offered by experienced personnel.
• The dealings are made transparent with no hidden charges.
• While acquiring a property an individual can get counselling and advisory services.
• The loan gets approved even before selecting a property.
• The integrated branch networking allows an individual to apply for a loan in any HDFC bank and purchase a home anywhere in India.
• They offer flexible loan repayment options and safe document storage.
• Various online tools like HDFC home loan emi calculator, HDFC home loan eligibility calculator are available for the customers to make convenient decisions while applying for a loan.
• Automated Repayment of EMIs from HDFC Bank Savings Account is offered for the customers to repay their loan amount with ease.

The variety of home loans options provided by the bank are –

• Home loan – These are given for purchasing or constructing houses. Applicants can apply individually or jointly.
• Home Improvement Loan – HIL can be used for external and internal repairing of the house or any other structural improvement.
• Home Extension Loan – HEL is provided to an individual who wants to extend spaces to their existing home.

About EMI Calculator

EMI Calculator home loan generates EMI that the customer needs to pay to the bank every month during the repayment period. The calculator takes Principal loan amount P, Rate of Interest R, and the repayment tenure N, and produces the appropriate amount. The formula for the calculation is –

EMI = P*R*(1+R)*N (1+R)N-1

EMI calculator repayment helps an individual to calculate all the EMIs to be paid during the loan tenure and generates an absolute number that the borrower needs to repay to the bank for the amount of loan he has asked for.

Advantages of using EMI Calculator are –

• The calculation is made easy and convenient.
• Helping an individual in making decisions regarding loan amounts and the repayment period depending on the affordability of the customers.
• The results are more accurate than manual calculations and are relatively a time saviour.
• An EMI Calculator provides an Amortisation table that shows the loan progression with time.
• HDFC home loan interest rate calculator generates the rate of interest to be paid for a loan amount by considering the tenure.

Beside using HDFC housing loan EMI calculator one can also use EMI calculator SBI or of some other leading financial institutions.

Eligibility criteria required to apply for Home Loans.

• For salaried individuals, the age limit is 21 to 65 years, having a minimum salary of Rs. 10000 per month.
• For Self-employed individuals, the age limit is 21 to 65 years, having a minimum business income of Rs. 2 lakh per annum.
• The present and future financial conditions determine the maximum loan amount.
• A clean Credit History and a good Credit Score is considered while loan approval.

Documents required for a home loan.

• Application form with photograph.
• Identity proof.
• Proof of Residence.
• Age Proof.
• Income Proof that includes the last six months bank statements.
• Processing fee cheque.
• For Salaried individuals, latest salary slips and Form 16 is required.
• For Self-employed Individuals from businessman to Professionals, the income documents are required as follows –
• Educational Qualification Certificate.
• Proof of Business.
• Previous three years income tax return and business profile.
• Previous three years profit and loss statement along with balance sheet is needed.
• For agriculturists the income documents required are –
• Copies of documents relevant to agricultural land.
• Copies of documents regarding the crops being cultivated.
• Previous two years of loan statements.

Fees & Charges.

The Rate of Interest for HDFC home loan EMIs starts from 6.95% and the Retail Prime Lending Rate (RPLR) is 16.20%.

The Adjustable Rate Home Loans (ARHL) on home/HIL/HEL/Refinance/Plot loans are rated depending on the loan amount are given as –

• For amount up to Rs. 30 Lakh, women borrowers need to pay 6.95% – 7.45%. and for others, it ranges between 7.00% and 7.50%.
• For loan amount between 30.01 lakh and 75 lakh, women borrowers pay 7.20-7.70% and others pay 7.25-7.75%.
• For a loan amount of Rs 75.01 lakh and above, the applicable rate of interest paid by women is 7.30-7.80% and others pay 7.35-7.85%.

For TRU-Fixed loans on home/HIL/HEL/Refinance/Plot loans payable within 2 years are rated as –

• Amount up to 30 lakh charges 7.40-7.90% on women and 7.40-7.90% on others.
• For amounts between Rs. 30.01 lakh and Rs 75 lakh, women borrowers pay 7.55-8.05% while others need to pay 7.60-8.10%.
• Amounts above Rs 75 lakh charges 7.65-8.15% for women and 7.70-8.20% for others.

Top-up loans for existing customers are available at 7.90% interest.

Information regarding home loan schemes offered by HDFC.

1. HDFC Home Loan – These are for both self-employed and salaried individuals who are resident in India. The loan amount can be extended up to 90% of the property value. The rate of interest starts from 6.90% and a repayment period is up to 30 years. The processing fee may be up to 0.50% of the loan amount or Rs. 3,000, the one which is higher among the two along with GST.
2. HDFC Reach Loans – Salaried and Self-employed individuals earning at least Rs. 10,000 per month and is residing in India can apply for a loan amount up to 8p% of the property value at a starting interest rate of 8.75% and for a period of maximum 30 years. The processing fee is 2% of the loan amount with GST.
3. HDFC Plot Loans – Any individual willing to buy a new plot can apply. The loan amount can be extended up to 80% of the property value. Women are charged with 7.05% starting interest rates while for others it is 7.10%. the loan tenure can be extended up to 15 years.
4. HDFC Rural Housing Loans – This is designed for agriculturists, planters, horticulturists, and dairy farmers with a loan amount up to 90% of the property value in rural and urban areas. The starting rate of interest for women versus is 6.90% while for others is 7.00%. the extended tenure can be further extended till 30 years the processing fee for salaried and self-employed is either up to 0.50% of the loan amount or Rs 3,000 along with GST, and for agriculturists or self-employed non-professionals, the processing fee is either up to 1.50% of the loan amount or Rs 4,500 along with GST.
5. HDFC Home improvement loans – these are offered for covering home renovation costs. New customers can apply loan amount up to 90% of the improvement estimate while the existing customers can apply up to 100% of the improvement estimate. The starting rate of interest is 6.90% and the 10 years can be extended maximum to 15 years.
6. HDFC home extension loans – these are appropriate for individuals who are willing to extend or add additional spaces to their existing home. The loan amount can range up to 90% of the improvement estimate at a starting rate of interest 6.90% and the repayment period can be extended up to 20 years.
7. HDFC top-up loans – these loans are available over your existing home loans can be used for various personal and business purposes. The loan amount can range up to 90% of the property value. Existing customers need to pay 8.30% interest while the new customers pay as per home loan slabs. The tenure can be extended up to 15 years.
8. HDFC home loan balance transfer – the loan amount can be extended up to Rs 50 lakh at a starting rate of interest of 6.90% and tenure of maximum 30 years.

Home Loans are available for NRIs, PIOs and OCLs. Under Pradhan Mantri Awas Yojana, a lot of housing constructions are made and the eligible beneficiaries of CLSS schemes are provided with an attractive subsidy to the EWS, LIG, MIG – I and II groups under certain PMAY criteria provided by the government of India.

Also read : ICICI Home Loan EMI Calculator

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