Check Your Repayment Capacity with HDFC Home Loan EMI Calculator

The advantage of using a calculator is that you get accurate results instantly. Other than the accuracy, you get not only the EMIs or the equated monthly installments but also the total interest outgo and the total amount (principal+interest). This tool takes into account the following details:

  • Loan amount
  • Tenure
  • Interest rate

On the basis of the above data, this calculation tool would give you the details of the EMI, Total Interest Outgo, and Total Amount. For instance, if you are taking a HDFC home loan with the below details:

Loan amount- ₹20 lakhs

Interest rate- 8.50% p.a.

Tenure- 20 years

The payment details will be as follows:

Monthly EMI- ₹17,356

Total Interest Outgo- ₹21,65,552

Total Amount (Interest + Principal)- ₹41,65,552

Housing Loan Tax Saving Calculator

A person willing to take home loan can also look to save taxes on his/her income. Income tax deductions can also be claimed by an applicant against principal and interest payments that are made towards repayment of home loans. In the housing loan tax savings calculator, just type the following details:

  • Loan Amount
  • Interest Rate
  • Loan Tenure
  • Loan Start Date
  • Gross Annual Income

The type and existing deduction under Section-80C/D of the income tax is made available against repayment of Home Loan, which is governed by the applicable Income Tax Laws of Government of India. The result derived from the home loan EMI calculator will help an applicant know about how much taxes have been saved as repayment towards home loan. You can get up to ₹1.5 lakhs tax exemption on home loans.

What is the best option to repay HDFC home loan?

Once you use the calculator, you are aware of your future payments. You get the idea that how much total amount you will be paying to the lender. In between the tenure, you can opt for EMI increase and also go for repaying or prepay it. There are some prepayment charges which is 2% of the loan amount plus taxes. So, after completion of 12 EMIs, you can repay or prepay your HDFC home loan.

Is short-term housing loan better than long term?

Housing loan is a long-term commitment which generally continues for 20-30 years. If you miss 3 EMIs consecutively, your lender can seize your property. This is quite a common issue home loan borrowers face. So, what are they doing to save themselves? Well, there is obviously an option to reduce tenure.

You know that long tenures result in lower EMIs and vice-versa. Choosing a longer tenure is the first choice as it is suitable to start with lower EMIs. But as soon as you pay for 2-3 years or realize that now you are ready to pay a little more you can opt for tenure decrease. So, short-term loans are more convenient for the whole loan completion as you can free yourself from the debt earlier.

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