Interest Rate and Home Loan EMI Calculator HDFC

Interest Rate and Home Loan EMI Calculator HDFC

The interest rate offered by HDFC is amongst the lowest rates in India be it for women applicants and for non-women applicants. The EMI based on different loan amount, tenure and rate can be easily checked with the help of a home loan EMI calculator HDFC. In this article, we have given the home loan rates and an example showing how monthly installment is calculated.

HDFC Home loan Interest Rate for Women

The starting rate available for all salaried and self-employed women is 8.50% per annum which goes up to 9% per annum. HDFC home loan interest rates are for the loan amount up to ₹30 lakhs only. For loan amount more than ₹30 lakhs, interest rates range from 8.6% to 9.10% per annum.

What is the eligibility required for HDFC home loan?

The eligibility criteria to apply for a home loan at HDFC is as follows:

  1. HDFC home loan application is made either individually or jointly. All proposed owners of the property will have to be co-applicants.
  2. The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option which is applicable only to the Salaried/Self-employed individuals under the Adjustable Rate Home Loan. For other home loan products, the maximum repayment period shall be up to 20 years.
  3. The tenure of the loan is also based upon the applicant’s profile, the age of applicant at maturity of the loan, age of property at loan maturity, depending upon the particular repayment scheme as may be decided for and any other terms applicable subject to prevailing norms of HDFC.

What are home loan documents required to apply?

The documentation process for the loan is simple and can be read below:

  1. Valid Passport
  2. Voter ID Card
  3. Aadhaar Card
  4. Valid Driving Licence
  5. Last 3 months’ Salary Slips
  6. Last 6 months’ Bank Statements, showing salary credits
  7. Latest Form-16 and IT returns
  8. Employment Contract / Appointment Letter in case current employment is less than 1 year old
  9. Last 6 months’ Bank Statements showing repayment of any ongoing loans
  10. Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
  11. Cheque for processing fee favouring ‘HDFC Ltd.’
  12. Copy of the Allotment Letter / Buyer Agreement
  13. Receipt/(s) of payment/(s) made to the developer

How much EMI will your pay?

You can check your payments even before applying for the loan. Use a loan EMI calculator for this and mention following details:

  • Loan amount
  • Tenure
  • Interest rate

For instance, if you getting the rate approval of 8.70% per annum as per your eligibility and income, your payments would be as follows:

Loan amount- ₹20 lakhs

Interest rate- 8.70% p.a.

Tenure- 20 years

The payment details will be as follows:

Monthly EMI- ₹17,610

Total Interest Outgo- ₹22,26,510

Total Amount (Interest + Principal)- ₹42,26,510

With the details above given on HDFC home loan EMI calculator you will be able to identify your expenses smoothly. So, make sure you choose an EMI which suits your budget so that you repay the loan comfortably.

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