You can use any good online EMI calculator to determine EMI towards housing loan repayment of HDFC home loan

What is Home Loan EMI?

A home loan can be availed from any bank or lending institution when you plan to buy a house but do not have sufficient finances to cover the entire cost of the house. Since property continues to increase, owning a house is becoming difficult. However, thanks to home loans, homeowners can easily purchase a dream property by borrowing a home loan from banks at reasonable interest rates. 

A home loan amount is generally high and therefore, it can be repaid over a longer period. The bank or lending institution charges a certain interest rate on the principal loan amount. Thus, home loan EMI comprises both the principal and the interest component. EMI remains the same throughout loan tenure in most home loans.

Why Should You Calculate Home Loan EMI in Advance?

Here is why calculating home loan EMI before making a home loan application is important:

  • It helps to know how much home loan you can afford to borrow 
  • It allows you to decide whether you must opt for a long-term or a short-term home loan
  • Helps to determine the amount that you can pay as a down payment for purchasing a home
  • Helps in planning your finances, thereby ensuring timely loan repayments

Online EMI calculators come in different forms and under different names. Thus, the Housing payments calculator can be used for HDFC bank home loan EMI calculation.