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For a loan amount of Rs. 10 lakhs, the EMI could be approximately Rs. 7,600 per month. This is considering the ongoing interest rate of 6.75% and an assumed loan tenure of 20 years for a home loan.
What is Home Loan EMI?
EMI is Equated Monthly Instalment that includes repayment towards the principal loan amount and interest component on the outstanding home loan. Longer loan tenure can help in reducing EMI.
How does EMI calculation help in planning loan repayment?
With EMI calculation before applying for a home loan, an applicant can get a clear understanding of the amount needed to be paid through monthly instalments. It helps in making an informed decision about the monthly cash outflow towards home loan repayment. This way, one can estimate the total loan amount required against the total cost of the property. Thus, knowing the EMI calculation is crucial in checking home loan eligibility and planning a home loan before actually taking it.
What are the benefits of an HDFC home loan?
HDFC Home loans can be availed for purchasing a flat, row house, bungalow from private developers in approved projects. Here are some of the main benefits:
- The easy and transparent application process
- Competitive interest rates
- Variety of home loan options, such as home loan, home improvement loan (HIL), home extension loan (HEL)
- The convenience of standing instructions to the bank for repaying your monthly instalments towards the home loan to be deducted from HDFC bank savings account
- Flexible loan repayment options available
HDFC Bank home loan EMI for a loan of Rs. 10 lakhs must be calculated beforehand using an online EMI calculator. The EMI calculator requires information such as loan tenure, amount of loan, interest rates, etc.