Yay, you are planning a home loan from DHFL, one of the proud housing financing companies, to buy the coveted possession. As your family is growing, living in a rented accommodation is becoming that much challenging. And so, you are now looking to approach DHFL for a loan.
As you know the cost of borrowing can add strain to your finance over a period of 20-30 years, you want to use DHFL home loan EMI calculator. Since it’s your first time, the expectancy of you not able to decipher the results of the calculator may be there, right? If that’s the case, you can decipher here.
DHFL Home Loan Interest Rate & Its Influence on EMI Calculator
DHFL home loan interest rate ranges from 9.05%-9.95% per annum to both salaried and self-employed. You should look to get a rate close to the lowest limit of the range. This could be possible if you have a good income and credit score. While a healthy income signifies a good repayment potential, a credit score of 750 and past indicates a strong creditworthiness on your part. DHFL home loan interest rate would have a bearing on the function of the EMI calculator. After all, the interest rate would decide to a great extent the repayment you are likely to have. Lesser the rate lower would be the EMI and vice-versa.
How Would Loan Amount, Tenure Affect Your Repayment?
Apart from the rate, tenure and loan amount also influence the EMI, which can be abbreviated for Equated Monthly Installment. While the loan amount has a direct influence on the installment amount, tenure has an indirect relationship with the same. Well, you can part some of the savings to pay more in down payment than required to reduce the loan amount needed. With that, the EMI and overall interest outgo would also come down. You can be tempted by the fact that DHFL can offer you a tenure of as long as 30 years, reducing the amount of EMI substantially. But the length of EMI by virtue of such a long tenure can hit you hard. A relatively shorter tenure that only keeps the EMI affordable but also contains the outflow of interest should be your call.
Should You Start Saving Now to Get Relieved from the Interest Burden Later On?
In order to get relieved from the burden of interest that can only become unbearable over a long tenure. So, it calls for savings that can help you finish off the loan much before the tenure arrives. What are the saving instruments that can help you do so? It should be mutual funds, fixed deposits, public provident fund or even the recurring deposits. Also, there are no prepayment charges involved, making you go for the move as and when you have the savings to pay off the loan in advance.
How to Apply for DHFL Home Loan?
Both online and offline applications are there for you to avail. You need to enter both personal and professional details before submitting your application along with relevant documents. The executives would check the correctness of the details by coming to your residence and office. Further, the property would also be surveyed for value computation and loan eligibility.