HDFC Home Loan EMI Calculator

Home is an integral part of anybody’s life where one finds solace. For purchasing or buying any property home loans are an ideal financial option. All the businessmen, self-employed, and salaried people are entitled for taking up HDFC home loans. Women borrowers can avail special interest rates. In case someone is unsure about the monthly installments, using an HDFC home loan calculator can prove to be beneficial. It will allow the person to pre-plan the repayment process once they are accustomed to the interest and EMI amounts.

How to use HDFC Home Loan Calculator?

A home loan generally tends to be a very large amount that needs to be borrowed from the bank. As the EMI is directly proportional to the loan amount, therefore it’s completely a borrower’s responsibility to decide on what amount of loan he /she wants and what interest rates will be comfortable to pay for the desired tenure of the loan.

In order to know all these complicated calculations, an HDFC home loan calculator proves to be a helpful tool in getting a person’s dream house fulfilled. One just needs to visit the official website of the HDFC bank, go to the tools and calculator’s page, and choose the option for “Home loan EMI Calculator”. Necessary details like loan amount, interest rate, and tenure (in years) are need to be filled in to get the desired result instantly.

Home loan EMI calculators are completely safe to use as one doesn’t need to reveal one’s identity or worry about any security issues. One is ready to embark their journey to a new home by overcoming the obstacle of personal detail.

All the complex calculations for taking up a home loan is carried online using a specific home loan EMI calculator formula, which is:

E = [P x R x (1+R) ^N] / [(1+R) ^N-1]

where
E stands for EMI (Equated Monthly Installment) amount.
P stands for Principal amount.
R stands for Rate of interest.

What are the eligibility criteria to be met for the approval of HDFC bank home loan?

The HDFC bank home loan application is likely to be denied in case of any discrepancies found in the information provided. Only after passing through certain documentation and eligibility criteria, the approval process moves to the final stage.

Let’s take a look at some of the important criterias that needs to be looked after for the final approval of home loan.

• The CIBIL score

  The CIBIL score refers to “Credit Information bureau India Limited” which is the first and foremost thing to check by any home loan applicant. The loan applicant’s repayment history for loans and credit card bills determines the credit score, which is an overall rating.

  This is the first thing that an HDFC Bank does to review any home loan application. The application for a house loan will be denied in case the credit score is too low. Since a home loan is a long-term loan and the bank is aware that a significant amount of repayment is based on credit history and that credit score and credit health go hand in hand in providing information about how one has handled loans in the past, it is crucial that the banks carefully examine the applicant’s credit history.

• Stability of the job

  One cannot apply for a home loan in case of joining a new job. It is risky for the banks to approve loans to those applicants who are new to the company. The home loan applications submitted by these new joiners to the company generally gets rejected. Therefore it’s better to wait for a period of 6 months to one year before applying to any home loan after getting into a new job.

• Salary of the applicant

  Salary is very important credential in determining whether an applicant’s home loan will get approved or not. The home loan application is rejected in case the applicant doesn’t match to stipulated salary criteria of the HDFC bank.

  It’s not just about the salary drawn by the applicant but even the balance amount that would reflect in his/her account after paying off the EMI of home loan. In case, it’s found that the balance is too low then the bank can revoke the loan approval from the applicant.

• Authorization of the property

  It is recommended to present all the original documents pertaining to the property while applying for a home loan at HDFC bank. Since the property act as collateral for the home loan, therefore it’s mandatory to have proper legal documentation else the loan will be rejected. In case of any legal issues, the applicant can visit to sub-registrar’s office to verify all the property documents or for ensuring if they fall under any governmental plans or not.

• Checking on if the applicant is a bankrupt

  Home loan is definitely a big investment in anybody’s life and therefore a huge amount of EMI is paid on monthly basis to combat with the home loan expenses. In case any applicant has any previous debt that needs to be repaid, then he/she is refrained from applying to any home loan and the home loan application is rejected under any condition.

How to apply for a home loan for HDFC bank online?

The HDFC bank home loan process is quite simple for the existing HDFC bank customers. Here are the basic steps involved in getting home loan online:

1. Customers can apply online on the desired official website of the HDFC bank and get pre-approved offers with attractive interest rates. The loan amount directly gets credited to the respective account of the customer instantly.


2. However the application process is quite different for new customers. The home loan borrower needs to either apply online or directly download the application form from the website, fill in the necessary details, and wait for the bank representative to arrive at the desired work location or at home of the applicant in order to collect the form along with other necessary important documents.


3. A proper background check up is being done and after passing through the documentation verification process, the approval process finally reaches to the final stage. The final stage is the step where all the negotiations, interest rates, and tenure are being decided on and sent to the applicant as an acknowledgement.