#HOME LOAN EMI CALCULATOR HOW TO#

R is rate of interest calculated on monthly basis. Even though your monthly EMI payment won't change, the proportion of principal and interest components will change with time. With each successive payment, you'll pay more towards the principal and less in interest. The exact percentage allocated towards payment of the principal depends on the interest rate. The interest component of the EMI would be larger during the initial months and gradually reduce with each payment. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. It consists of the interest on loan as well as part of the principal amount to be repaid. In case you would like us to get in touch with you, kindly leave your details with us. HDFC Bank also offers a facility of a pre-approved home loan even before you have identified your dream home.Equated Monthly Installment - EMI for short - is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. To apply for a home loan online with HDFC Bank, Click Once you get an indication of your eligibility and EMI amount by 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. Other EMIs (Monthly): Input the EMIs of the other loans you may haveĪpply for a Home Loan and Calculate Your Home Loan Eligibility.Click here to know the prevailing interest rates Interest Rate (% P.A.): Input HDFC Bank’s prevailing housing loan interest rate.A longer tenure helps in enhancing the eligibility. Loan Tenure (In Years): Input the desired loan term for which you wish to avail the loan.Gross Income (Monthly) in ₹: Input gross monthly income.HDFC Bank’s Eligibility Calculator facilitates checking eligibility for housing loans online.

#HOME LOAN EMI CALCULATOR HOW TO#

How to use HDFC Bank’s Eligibility Calculator?

Repaying ongoing loans and short terms debts.

Taking actions to rectify errors (if any) in your credit score.

Keeping a record of your variable salary components.

Furnishing details of your regular additional income sources.

Ensuring a steady income flow, regular savings and investments.

Adding an earning family member as co-applicant.The eligibility for Home Loan can be enhanced by Other Financial Obligations: Existing liabilities such as a car loan, credit card debt, etc.Past and Present Credit History and Credit Score: A clean repayment record is considered positive.Financial Position: The present and the future income of applicant(s) has a significant impact on determining the loan amount.Age Limit for Self-Employed Individuals: 21 to 65 years.Age Limit for Salaried Individuals: 21 to 65 years.The maximum loan term is generally capped at 30 years. Present Age and Remaining Working Years: The age of the applicant plays a major role in determining home loan eligibility.Housing loan eligibility is primarily dependent on the income and repayment capacity of the individual(s).There are other factors that determine the eligibility of home loans such as age, financial position, credit history, credit score, other financial obligations etc. If a person is 30 years old and has a gross monthly salary of ₹30,000, he can avail a loan of ₹20.49 lakh at an interest rate of 6.90% for a tenure of 30 years provided he has no other existing financial obligations such as a personal loan or car loan etc.

Illustration : How Much Loan Can I Avail?įor e.g. Home loan eligibility depends on criteria such as age, financial position, credit history, credit score, other financial obligations etc. Home loan eligibility is defined as a set of criteria basis which a financial institution assesses the creditworthiness of a customer to avail and repay a particular loan amount. We do not guarantee their accuracy, or applicability to your circumstances. Results depend on many factors, including the assumptions you provide. These calculators are provided only as general self-help Planning Tools.

Home loan emi calculator