Home Loan EMI Calculator | EMI Calculator | Calculate EMI for Housing Loan (2024)

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Home Loan EMI Calculator

HDFC Bank's home loan calculator helps you calculate your Home Loan Emi with ease. HDFC Bank's EMI calculator for a home loan can help you make an informed decision about buying a new house. The EMI calculator is useful in planning your cashflows for servicing your home loan.HDFC Bank offers home loans with EMIs starting from ₹787 per lac and interest rates starting from 8.75%* p.a. with additional features such as flexible repayment options and top-up loan. With a low-interest rate and long repayment tenure,HDFC Bank ensures a comfortable home loan EMI for you. With our reasonable EMIs, HDFC Bank Home Loan is lighter on your pocket. Calculate the EMI that you will be required to pay for your home loan with our easy to understandhome loan EMI calculator.

What is Home Loan EMI Calculator?

Home Loan EMI Calculator assists in calculation of the loan installment i.e. EMI towards your home loan. It an easy to use calculator and acts as a financial planning tool for a home buyer.

What is Home Loan EMI?

EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. A longer loan tenure (for a maximum period of 30 years) helps in reducing the EMI.

Illustration: How is EMI on Loan Calculated?

Formula for EMI Calculation is -

P x R x (1+R)^N / [(1+R)^N-1] where-

P= Principal loan amount

N= Loan tenure in months

R= Monthly interest rate

The rate of interest(R)on your loan is calculated per month.

R= Annual Rate of interest/12/100

If rate of interest is 7.2% p.a. then r = 7.2/12/100 = 0.006

For example, If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under:

EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714.

The total amount payable will be ₹11,714 * 120 = ₹14,05,703. Principal loan amount is ₹10,00,000 and the Interest amount will be ₹4,05,703

Calculating the EMI manually using the formula can be tedious.

HDFC Bank’s EMI Calculator can help you calculate your loan EMI with ease.

How does EMI calculation help in planning the home purchase?

HDFC Bank’s Home Loan EMI calculator gives a clear understanding of the amount that needs to be paid towards the EMIs and helps make an informed decision about the outflow towards thehousing loanevery month. This helps estimate the loan amount that can be availed and helps in assessing the own contribution requirements and cost of the property. Therefore knowing the EMI is crucial for calculation of home loan eligibility and planning your home buying journey better.

What areHDFC Bank Home Loans Key Features and Benefits?

  • Home Loans for purchase of a flat, row house, bungalow from private developers in approved projects
  • Home Loans for purchase of properties from Development Authorities such as DDA, MHADA etc
  • Loans for purchase of properties in an existing Co-operative Housing Society or Apartment Owners' Association or Development Authorities settlements or privately built up homes
  • Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority
  • Expert legal and technical counselling to help you make the right home buying decision
  • Integrated branch network for availing and servicing the Home Loans anywhere in India
  • Special arrangement with AGIF for Home Loans for those employed in the Indian Army.

Our tailor made home loans caters to customers of all age groups and employment category. We provide longer tenure loans of up to 30 years, telescopic repayment option, under adjustable rate option that specifically caters to younger customers to become home owners at an early stage of their life.

With our experience of providing home finance for over 4 decades, we are able to understand the diverse needs of our customers and fulfill their dream of owning a home .

How to use HDFC Bank's Home Loan EMI Calculator?

All you need to do is input the following to arrive at your EMI:

  • Loan Amount: Input the desired loan amount that you wish to avail
  • Loan Tenure (In Years): Input the desired loan term for which you wish to avail the housing loan. A longer tenure helps in enhancing the eligibility
  • Interest Rate (% P.A.): Input interest rate.

'Click Hereto Know the Prevailing Home Loan Interest Rates'

What is Home Loan Amortization Schedule?

Loan amortization is the process of reducing the debt with regular payments over the loan period. A home loan amortization schedule is a table giving the details of the repayment amount, principal and interest component.

HDFC Bank’s EMI calculators give a fair understanding about the ratio of the principal amount to the interest due, based on the loan tenure and interest rates. EMI calculator also provides an amortization table elucidating the repayment schedule. HDFC Bank’s home loan calculator provides a complete break-up of the interest and principal amount.

HDFC Bankoffers various Repayment Plans enhancing Home Loan Eligibility:

HDFC Bankoffers various repayment plans for maximizinghome loan eligibilityto suit diverse needs.

  • Step Up Repayment Facility (SURF)

SURF offers an option where the repayment schedule is linked to the expected growth in your income. You can avail a higher amount of loan and pay lower EMIs in the initial years. Subsequently, the repayment is accelerated proportionately with the assumed increase in your income.

  • Flexible Loan Installments Plan (FLIP)

FLIP offers a customized solution to suit your repayment capacity which is likely to alter during the term of the loan. The loan is structured in such a way that the EMI is higher during the initial years and subsequently decreases in proportion to the income.

  • Tranche Based EMI

If you purchase an under construction property you are generally required to service only the interest on the loan amount drawn till the final disbursem*nt of the loan and pay EMIs thereafter. In case you wish to start principal repayment immediately you may opt to tranche the loan and start paying EMIs on the cumulative amounts disbursed.

  • Accelerated Repayment Scheme

This option provides you the flexibility to increase the EMIs every year in proportion to the increase in your income which will result in you repaying the loan much faster.

  • Telescopic Repayment Option

With this option you get a longer repayment tenure of up to 30 years. This means an enhanced loan amount eligibility and smaller EMIs.

Estimate EMIs of your housing loan by using our feature rich EMI calculator, now!

After getting an estimate of EMI using the calculator, you can apply for a home loan online from the comfort of your living room easily with Online Home Loans by HDFC Bank.

What is a Pre-Approved Home Loan?

HDFC Bankalso offers a facility of a pre-approved home loan even before you have identified your dream home. Apre-approved home loanis an in-principal approval for a loan given on the basis of your income, creditworthiness and financial position.

Apply for a home loan online with HDFC Bank, clickApply Online

In case you would like us to get in touch with you, kindly leave your details with us.

Click hereto know more about home loans.

Home Loan EMI Calculator | EMI Calculator | Calculate EMI for Housing Loan (2024)


How to calculate EMI for home loan formula? ›

For example, If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under: EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714.

How to calculate EMI easily? ›

EMI Calculation Methods

Calculating EMI has a Simple Formula, Which is as Follows: EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1]. Here, P is the original loan amount or principal, R is the rate of interest that is applicable per annum and N is the number of monthly installments/ loan tenure.

Which bank gives the cheapest home loan? ›

Home Loan Interest Rate 2024

Currently, Union Bank of India and Bank of Maharashtra offer the lowest home loan interest rate starting from 8.35% p.a. Punjab National Bank, Bank of India, Indian Overseas Bank and Canara Bank offer rate of interest on home loans starting from 8.40% p.a.

What is the formula for housing loan interest? ›

Interest = (Principal Amount x Rate of Interest x Time)/100. So, the total interest payable on your Home Loan over a period of 20 years would be Rs. 510,000. By using this formula, you can calculate the interest on your Home Loan manually and get a clear idea of how much you'll be paying in interest over the loan term.

What is the formula for EMI simplified? ›

Formula for Online Emi Calculators

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]. So to get a comprehensive understanding of these variables, let's discuss them in detail: R represents 'rate of interest'.

What is the formula to calculate loan payment amount? ›

Divide the interest rate you're being charged by the number of payments you'll make each year, usually 12 months. Multiply that figure by the initial balance of your loan, which should start at the full amount you borrowed.

Which lender has the lowest mortgage rates? ›

Lenders with the best mortgage rates:
  • JP Morgan Chase: 4.81%
  • DHI Mortgage Company: 5.58%
  • State Employees' Credit Union (SECU): 5.79%
  • Navy Federal Credit Union: 6.08%
  • Wells Fargo Bank: 6.12%
  • Citibank: 6.20%
  • Pennymac: 6.29%
  • Cornerstone Home Lending: 6.29%
Jun 12, 2024

What is a good interest rate on a house? ›

Average rate by credit score
FICO ScoreNational average mortgage APR
660 to 6797.101%
680 to 6996.887%
700 to 7596.710%
760 to 8506.488%
2 more rows
5 days ago

Which company is best for home loan? ›

  • Kotak Mahindra Bank. ...
  • HDFC Bank. ...
  • ICICI Bank. ...
  • LIC Housing Finance. ...
  • Canara Bank. ...
  • Axis Bank. ...
  • State Bank Of India. ...
  • PNB Housing Finance. PNB Housing Finance offers a variety of home loan products, such as home purchase loans, home construction loans, home extension loans, residential plot loans, and home improvement loans.

How to calculate monthly home loan interest? ›

Each day, we multiply your loan balance by your interest rate, and divide this by 365 days (even in leap years). This is your daily interest charge. At the end of the month, we add together the daily interest charges for each day in the month. This is the monthly interest amount you see on your statements.

How to calculate monthly mortgage payment? ›

For example, if your interest rate is 6 percent, you would divide 0.06 by 12 to get a monthly rate of 0.005. You would then multiply this number by the amount of your loan to calculate your loan payment. If your loan amount is $100,000, you would multiply $100,000 by 0.005 for a monthly payment of $500.

How to make your interest rate go down? ›

7 ways to get a lower mortgage rate
  1. Shop for mortgage rates. ...
  2. Improve your credit score. ...
  3. Choose your loan term carefully. ...
  4. Make a larger down payment. ...
  5. Buy mortgage points. ...
  6. Lock in your mortgage rate. ...
  7. Refinance your mortgage.

What is the formula for calculating interest rate of EMI? ›

To calculate interest rates, use the formula: Interest = Principal × Rate × Tenure. This equation helps determine the interest rate on investments or loans. What are the advantages of using a loan interest rate calculator? A loan interest rate calculator offers several benefits.

How to calculate loan EMI formula in Excel? ›

To calculate EMIs and interest for Personal Loans using Excel, input the loan amount, annual interest rate and loan tenure into separate cells. Then, use the formula =PMT(B2/12, B3, B1) in the EMI cell where B2 is the interest rate, B3 is the tenure and B1 is the loan amount.

What is the EMI for a 10 lakh home loan? ›

10 Lakh Home Loan EMI Details
Loan AmountTenureMonthly EMI
10 Lakh5 Years₹20,468
10 Lakh10 Years₹12,345
10 Lakh15 Years₹9,789
10 Lakh20 Years₹8,615
1 more row

What is the formula for present value of EMI? ›

To calculate present value (PV), you can use the pv formula also know as the present value formula: PV = FV / (1 + r)*n, Where: PV = Present Value. FV = Future Value.

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