A human life goes through several phases from an infant to school and from college to job. The life expands with time and so are the responsibilities. At the start of your career, you may not give much importance to owning a home as chilling out with friends in a rented accommodation would give you the utmost pleasure. But, as soon as the marriage happens and your family expands, you feel the need to own a home as that gives you an assurance of a permanent stay, eliminating the requirement of shifting homes.

However, buying a home is not a cakewalk as it demands huge payment, prompting one to apply for a loan and repay the same over a period of 20-30 years. At the same time, the lender where you apply for a loan must be servicing customers for a long time.

In that respect, you can contemplate HDFC Limited, a trusted mortgage firm that gives you a home loan to buy the coveted possession. But the key question is, when is the right time to avail a loan? Well, HDFC Home Loan EMI Calculator would give you an answer.

What’s So Special About HDFC Home Loan EMI Calculator?

If you want a summary of home loan repayment in a matter of few seconds, you can use the calculator to get so. Embedded with powerful algorithms, the calculator gives you a reliable and accurate result by which you can plan your loan journey better. What does the calculator need before it flashes out the repayment summary?

Well, not much, just a few entries from your side with respect to the loan amount, interest rate and tenure at the prescribed space. After these, the applicable EMI amount and the overall interest outgo would be shown on your mobile or computer screen. You can thus glance at the result and decide whether your pocket can handle the pressure of EMI. If Yes, go ahead. Else wait for the time when your salary reaches the level that can enable a repayment without burdening your pocket.

How Would Home Loan Interest Rates HDFC Play a Part?

HDFC offers best home loans for buying the all-new property as well as a resale unit at varied interest rates. The rates differ according to the gender of an individual and the loan amount he/she seeks. On a whole, the interest rates range from 8.50%-9.15% per annum. Women borrowers applying for a loan of up to ₹30 lakhs can have rates of 8.50%-9.00% to service at. Male counterparts for the same would be offered 8.55%-9.05% rates of interest. When it comes to a loan beyond ₹30 lakhs, the interest rate would range from 8.60%-9.10% for women applicants and 8.65%-9.15% for male applicants.

The rates directly influence the EMI with their rise and drop. If the rates are on the higher side, expectations of a surge in EMI loom. And when that’s falling around, the installment comes down to comfort the borrowers.  

Also, there’s a need to part some of your savings to reduce the burgeoning loan amount so as to accommodate the EMI aptly to your budget. At the same time, don’t ignore the importance of tenure as it can be a game maker or breaker. Don’t be influenced to choose a long tenure just to decrease the EMI as interest payment can so easily outstrip the benefits of the former. Yes, a long tenure leads you to paying double or above the amount you must have owed from HDFC.

So, there’s a need to shorten the tenure so as to save a lot of interest from your end. But keep it in mind the tenure is not very short as you could struggle to pay the increased EMI that results with the same. Choose a tenure that can lead to affordable EMI yet keeping the interest payment in check.