HDFC Home Loan EMI Calculator

HDFC Bank home loan calculator will allow you to plan your loan repayment. You can change the loan amount, tenure, and interest rates in the home loan calculator to find the best home loan plan for yourself.

• It is a straightforward and quick online solution to calculate your EMI
• It will deliver the accurate EMI amount in seconds to help you plan your finances seamlessly
• It allows you to analyze the various home loan plans and cautiously select the ideal option

Home Loan EMI Calculator Formula

Many borrowers rely on the standardized formula for calculating their home loan EMI.

E = P.r. (1+r)^n/([(1+r)^n]-1)

where, P = Loan/Principal Amount
E= applicable EMI
r =rate of interest per month (annual rate of interest divided by 12)
n = tenure or number of EMIs

For example, if any borrower avails a loan of 15 lakh for a tenure of 7 years at a 6.80% rate of interest, the applicable EMI will be –
E = 15,00,000 × .0056(1+.0056)^84/([(1+.0056)^84]-1)

However, you must note that the amount of EMI will remain fixed for home loans having a fixed interest rate. If you have a floating interest rate, you need to calculate the EMI amount each time the interest rate changes

How to Calculate HDFC Home Loan EMI online?

There is a standardized method to calculate your home loan EMI. However, Magicbricks offers you a free tool that will instantly analyze your home loan scheme. You can fill in the loan details to know your payable monthly EMI.

How to Use Magicbricks' Home Loan EMI Calculator?

Magicbricks Home Loan EMI calculator is extremely easy to use and navigate. Follow these steps to check your EMI –

• Enter your desired borrowing amount
• Fill in the tenure for which you wish to borrow
• Enter the rate of interest
• Click on the option 'Calculate Your EMI'

HDFC Home Loan Amortization Schedule

Typically, Amortization is the process of writing down the value of a loan. The Amortization schedules are used by financial institutions and other lenders to showcase a loan repayment schedule as per a specific maturity date. Amortization schedules clarify what part of loan payment constitutes the interest against principal for each monthly payment and find out the outstanding amount after making the payment each time. It also guides the borrowers with the information on how much interest they can save by making payments additionally.

If you have taken a loan of Rs 15 lakh over a 7-year tenure at 6.80% annual interest, your amortization schedule will look like the following –