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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 ₹834 per lac and interest rates starting from 9.40%* 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 understand home 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.

CredManager EMI Calculator can help you calculate your loan EMI with ease.

How does EMI calculation help in planning the home purchase?

CredManager 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 the housing loan every 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.