#hdfcemicalculator

Loan EMI calculator

When you type home loans rates in the search engine, it’s apparent that you are planning to buy a home you were waiting for so long. But stuck with the dilemma of what type to choose and when to choose. Since few years we have seen that the interest rates have come down drastically making home loans affordable for many of us. But, being budget loving people we are still sitting in the fence for the rates to come down more, right? It’s an advice for you, us & all who are willing to join the bandwagon of home loans, that if there is steady flow of income to absorb the EMIs then it’s the right time. Because, though the rates are the lowest in home loan history, but the property prices are also making history in touching the sky.

The home loans rates that you typed in your Google search bar is responsible for the home loans being affordable. Earlier people used to pay 15-18% of home loan interest rates, which made the EMIs burdensome and kept most of the people away from buying the property. Nowadays with developing market conditions and flexible government policies the rates are coming down to 8.35-9.50%, what a wonderful scenario for the common men, isn’t it? Now you, we and all who have a stable job to pay the EMIs regularly, a good credit score and funds to make the down-payment & processing & other miscellaneous fees can create our own place. Many financers have walked extra miles to celebrate & motivate women empowerment has cut down the home loans rates by .05%. They made the loan process easier for the female borrowers owing to their credibility and responsible nature.

The home loan interest rate depends on factors like the base rate, the credit profile & loan amount. The base rate is determined by the financial institute and the government policies which fluctuate in case of the adjustable/floating rate of interest. The other part is determined by the credit score the borrower has and the loan amount he wants.

The credits score is a crucial factor that can make you get a loan, or can get your application cancelled. If the credit score is good and near to 900 then be sure that your credibility would be appreciated and your demands would be entertained by the financer as long as it is within the limits of RBI guidelines. You can get the lowest interest rate offered by the financer; you can get the maximum amount of the loan money for the selected property depending on the loan slab of the organization.

When you are applying for the home loan you get to choose from the fixed, adjustable and semi-fixed rate of interest. In case of fixed rate of interest, you have to pay a fixed rate of interest all through your loan term. It is bit higher than the adjustable rate of interest but give you a stable budget.

In case of floating/adjustable rate of interest your rates vary depending on the market condition & government policies. It is generally lower than the fixed rate and saves you a lot in interest cost.

The third type is the combination of fixed & floating, it is termed as semi-fixed or truly fixed rate. For a committed period of time the rate is fixed, after that the rate converts to floating rate.

Home is a place where you bask in the love & affection of your family. But the sense of self-accomplishment you feel to own the roof under which you create memories with your family has no comparison. To buy a home that you can call your own or any property in this era of escalating property prices is no longer a difficult task with the easy availability of an hdfc home loan. Majority of the people with basic loan eligibility and affordability can buy their own house, owing to the lowering interest rates. This easy availability and assimilating EMIs, often results in excess outflow of money in the form of interest cost.

Earlier people used to wait and save money to buy or build a house, but nowadays the working class doesn’t wait for the perfect age, they are investing money in paying the EMIs to pay the hdfc home loan for the house they own. It helps the borrowers to leverage the future income in a proper direction for lifetime investment. When you take a loan for buying your house, you have to pay certain minimum percentage of amount as margin money from your pocket to the builder, after which the remaining amount is paid by the lender. This margin money is termed as down-payment in housing loan terminologies.

The percentage varies from one lender to the other depending on the loan slab; it generally ranges from 10-40%. It is one of the essential factors to qualify you for the housing loan. On many occasions we find it difficult to arrange the funds to pay the margin money, here is a list of things that can help you to cope with the down payment burden:

The simplest way to accumulate funds to pay the margin money is to build a corpus from the very beginning of your professional career. Nurture the habit of maintaining a budget & monitoring the cash outflow. This habit can help you to save the pennies, which can help you in future to pay the margin money.

There are many lenders in the market who provides proportionate release option, in which you can make down payments in portion for the under construction projects. The developers must be affiliated by the concerned lender. This helps you to pay the margin money in fraction instead of lump sum.

You can invest in short term equity funds, shares & bonds; in order to use the matured amount to pay the down-payment. If the borrower has a stable job profile, then he/she can go for a loan from their provident fund.

Take help of your parents & family members to pay the margin money.

After going through the above mentioned ways to cope with the margin money payment, now we would provide you certain benefits for paying maximum amount of margin money, for taking the hdfc home loan:

As you pay the maximum amount, the borrowed amount is lessened. As a result you have lesser debt fund to pay off.

Lower loan amount easily qualifies you to get lower interest rates on the hdfc home loan.

Lenders give more preferences to the loan applications which has lower requirement of the loan amount, so your application gets approved quickly.

The processing fees automatically comes down, when you have lower debt amount on your name.

Are you planning to buy a home or already a homeowner, this online calculator can be of great help in designing your monthly budget and channelize the funds accordingly. Home loan is an affair of lump sum amount of money, a little mismanagement in fund can create a tug of war between your savings and expenditure. Experts advise borrowers to plan their loan term in such a way that they don’t find it difficult in carrying forward the repayment process. Before the introduction of the HDFC EMI Calculator, the borrowers had tough time in calculating their EMIs and tallying them with the payments they make. The mind boggling calculations were often error prone leaving the borrowers at the mercy of the financers in getting the EMI structure, that varied depending on the balance amount, present interest rate (in case of adjustable rate) and remaining installments.

This online calculator increases the transparency in the EMI payments, because when you have an amortized table before you, you can directly approach the financer for your queries with a valid figure. This gives you quantum amount of mental peace; because you know what you are paying and can plan your savings accordingly after keeping the EMIs aside.

The online HDFC EMI Calculator has the following benefits:

You can use the tool free of cost.

It saves you from wasting time in big & confusing calculations.

The tool provides you an error free figure depending on the figures you fed in.

You can have the amortized table of the remaining EMIs that helps you in building funds accordingly.

You can try different figures and combination to have the blueprint of your monthly expenses.

The long home loan tenure can be exhaustive or hassle-free; both depend on the amount of preparation you have, to take forward the monthly installments. When you have taken your home loan at an adjustable rate of interest, it is obvious that the rates will fluctuate depending on the market condition, financer & government policies. With the change of interest rate, the EMI also changes, similarly with each installment you pay your balance amount & the number of installments comes down affecting your EMI. All these calculations physically, can lead to bewilderment. So to have an exact idea it is wise to take the help of the budgeting tool available at the finger tips.

Most of us always try to plan our things accordingly, that helps us to be prepared with the back-up plans when required. Then how come the biggest venture of your life, the home loan endeavor can go unplanned? HDFC EMI calculator is the perfect tool for people who believe in planning before executing. Unplanned loan tenure can dent your finances and increase your loan burden. For taking a wise and informed decision you need to plan properly. The borrower needs to evaluate his affordability before taking the loan, so that he doesn’t end up in financial crisis staking his property and future. This tool can be of great help for your home loan venture and evaluating your affordability as the borrower.

One can use this online tool anytime free of cost to get the EMI value for repaying his home loan. The home loan comprises of accrued interest for a stipulated period of time. It’s best to know your capacity before taking the loan and enjoy your new home peacefully without straining yourself with the EMI every month, especially when other financial emergency knocks. This calculator helps you to take a step ahead in deciding on the home loan for which the borrower wants to apply.

Some of the benefits of HDFC EMI CALCULATOR are as follows:

Your EMI calculation is done within few seconds.

Different combinations of principal amount, interest rates and loan tenure can be tried.

The calculator is easy to use.

Error free calculations of the inputted figures.

You can use the calculator free of cost 24*7days owing to online availability.

The technology advanced generations have enough money, but they don’t have time to spare. Remember hard earned money is valuable for everyone and we must make sure that we don’t decide anything in haste that may affect our financial profile. In many instances we see that, tempted by lowering rates people make haste in buying a property, without any plans. When the market condition fluctuates their monthly budgets are very badly affected because of an unplanned decision.

In case of a planned borrower who had calculated the EMIs earlier, they can adjust the financial sails according to the market flow and very easily pass through the phase with little adjustment which is better than struggling with the fluctuations.

The calculator can give you the scope to craft your loan term according to your financial profile and affordability. You can take few steps to reduce your interest cost like:

Increase the down-payment amount.

Decrease the loan tenure.

Try to increase the monthly EMI with increase in affordability.

Most major life events call for preparations. In our childhood, we prepared months in advance for our exams. Athletes prepare themselves before a major event; we prepare ourselves before an interview, so on and so forth. The truth is preparation ensures better execution and this hold true for many walks of life, even when applying for a home loan. In fact, sound preparation will ensure a home loan journey without any unexpected hiccups. This article will give you 5 ways to prepare yourself for a home loan. The approval of HDFC home loan is highly dependent on your credit score. Therefore the first thing to do is work on your credit score. Check your credit score independently, see where you stand and then make plans to improve it. One way to do this is to make your credit card payments on time. If you have any debts, make sure these payments are also made on a timely basis. Try to stay under the credit card limit and use your oldest credit card whenever possible. Working on your credit score before applying will ensure your home loan application is approved in a speedy manner, it might also bring down your interest rate, or at least it gives you the power to negotiate it. The next thing you can do is start saving for your down payment well in advance. Larger down payments will again speed-up the approval process. It will also lighten the burden of your home loan with a smaller EMI. Also since the interest is calculated on the loan amount, having larger down payment also helps you save on interest payable. After all, saving on your own is much better than borrowing and owing more.