TheFreeTool

HDFC Home Loan EMI Calculator

Enter the loan amount, the interest rate and how many years you will take to repay. You will see your monthly EMI, the interest over the full term and the one-time processing fee.

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Good to know

Independent calculator, not made or approved by HDFC Bank. Use the rate and fee on your own offer letter. Results are estimates and exclude insurance and other charges.

What it does

  • Monthly EMI in rupees
  • Total interest and total repayment
  • Processing fee with 18% GST added
  • Works for any bank's home loan

How to use it

  1. Enter the loan amount you need.
  2. Enter the interest rate from your offer letter, the term in years and the processing fee percentage.
  3. Read the EMI, the total interest and the fee.

How is a home loan EMI worked out?

The EMI is a fixed monthly payment. Each month part of it pays that month's interest and the rest cuts down what you owe. In the early years most of the EMI is interest. The formula is EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate (yearly rate ÷ 12 ÷ 100) and n the number of months.

Home loan rates in India usually float with the lender's benchmark, so your rate can change and so can your EMI or term. Processing fee is a one-time charge, often 0.5% or a flat sum plus 18% GST. Insurance, legal fees and prepayment are not included.

Example

A ₹50,00,000 loan at 8.75% for 20 years has an EMI of about ₹44,186. Over 240 months you pay about ₹1,06,04,529, so the interest is about ₹56,04,529. A 0.5% fee with GST is ₹29,500.

Questions people ask

Is this calculator from HDFC?
No. It is an independent tool that uses the standard EMI formula. Rates and fees on your sanction letter are the ones that count.
Why is the interest so high on a 20-year loan?
You owe the bank money for longer, so interest keeps building. A shorter term costs much less interest, though the EMI is higher.
Does the EMI change if the rate changes?
On a floating-rate loan the bank may change the EMI or the term. Run the calculator again with the new rate.

Disclaimer

This tool is for general information only. It is not financial, tax, investment or legal advice, and results are estimates that may differ from your bank, lender or tax authority. Rates, limits and tax rules change. Bank and brand names are used only to describe what the tool does; they belong to their owners and we are not affiliated with them. Check the figures with a qualified professional or your provider before you decide. You use this tool at your own risk, and TheFreeTool is not liable for any loss that follows. Read the full disclaimer

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