Took a home loan from HDFC? Three EMI payment methods you should know

Table of Content

• Loan Products
• Reduction in GST Rate on Housing
• HomeLoan: Home Loan EMI Calculator - HDFC Home Loans
• Stamp Duty and Property Registration in Mumbai
• Can I get an approval for a home loan while I decide which property, I should purchase?
• mistakes to avoid while taking a Loan Against Property
• Types of Loans Provided by HDFC Bank

EMI calculator also provides an amortization table elucidating the repayment schedule. HDFC’s home loan calculator provides a complete break-up of the interest and principal amount. Our tailor made home loans caters to customers of all age groups and employment category.

This is a fixed amount you need to pay your lender each month till you complete repaying your home loan. You need to pay EMIs throughout the loan tenure till you have paid off your home loan. It’s advisable to limit your loan payment to a maximum of 40% of your monthly income. You must submit an online payment using internet banking or do what you normally do for EMIs. However, be careful to review the loan account statement next month and obtain confirmation of the same.

Loan Products

It will take a few days for the bank to send you the paperwork, so the NOC and the No Dues certificate will come after. You may easily prepay HDFC home loan online by using the customer portal. Analyse your cash requirements for short-term, medium-term, and long-term demands.

FLIP offers a customized solution to suit your repayment capacity which is likely to alter during the term of the loan. The loan is structured in such a way that the EMI is higher during the initial years and subsequently decreases in proportion to the income. SURF offers an option where the repayment schedule is linked to the expected growth in your income. You can avail a higher amount of loan and pay lower EMIs in the initial years.

Reduction in GST Rate on Housing

Taking a home loan during your Twenties or Thirties gives you sufficient time to pay off your loan before retirement. Get live Share Market updates and latest India News and business news on Financial Express. The users should exercise due caution and/or seek independent advice before they make any decision or take any action on the basis of such information or other contents. The following rules will apply to borrowers who are not individuals (i.e., businesses, sole proprietorship firms or HUFs acting as co-applicants).

2% charges will be levied if the prepaid amount grosses 25% of the opening principal amount each financial year. HDFC will determine your Home Loan Eligibility largely by your income and repayment capacity. Other important factors include your age, qualification, number of dependants, your spouse's income , assets & liabilities, savings history and the stability & continuity of occupation. With this option you get a longer repayment tenure of up to 30 years. This means an enhanced loan amount eligibility and smaller EMIs. Your financial plan should necessarily help you accumulate an emergency fund which is immensely useful in case of medical emergencies such as hospitalization, accident, etc.

HomeLoan: Home Loan EMI Calculator - HDFC Home Loans

This will ensure that the funds you have kept aside for your EMI payments are not impacted in case you face such a situation. Each EMI is made up of interest payable on your loan and part principal repayment. HDFC says any change in EMI needs to be updated in the customer’s account so that the Amortisation can happen with the right EMI.

These include electronic methods , non-electronic methods (Post-dated cheques and direct payments) and bulk payment . If you purchase an under construction property you are generally required to service only the interest on the loan amount drawn till the final disbursement of the loan and pay EMIs thereafter. In case you wish to start principal repayment immediately you may opt to tranche the loan and start paying EMIs on the cumulative amounts disbursed. If the home loan is being prepaid in the first 6 months, then 2% of the amount being prepaid in addition to the applicable taxes and other statutory charges will be levied. Any form of loan is a debt one normally wants to pay off as soon as possible . Prepayment is a feature that enables you to pay back your mortgage loan before the end of the loan term.

HDFC offers various repayment plans for maximizing home loan eligibility to suit diverse needs. Home Loan EMI Calculator assists in calculation of the loan installment i.e. It an easy to use calculator and acts as a financial planning tool for a home buyer. Taking a home loan during your 20s or 30s gives you sufficient time to pay off your home loan before retirement. Besides, you have the option for a longer tenure home loan, which, in turn, implies a lower EMI for the same loan amount.

The EMI calculator helps you arrive at the right home loan amount that best fits your monthly budget, by helping you decide the loan EMI and tenure most suitable to your financial position. Basis these three input values, the EMI calculator will compute the instalment you need to pay to the home loan provider each month. Some EMI calculators for home loan also provide a detailed breakup of the interest and principal amount you will be paying over the entire loan tenure.

Time your EMI

An online EMI calculator is easily accessible online from anywhere. You can try various combinations of the input variable as many times as required to arrive at the right home loan amount, EMIs, and tenure best suited to your needs. This option provides you the flexibility to increase the EMIs every year in proportion to the increase in your income which will result in you repaying the loan much faster.

It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. Most of us think of a housing finance company when we want a home loan – and it’s only logical to... Home loans with fixed interest rates come with a prepayment penalty.

You must visit the bank branch and notify the bank if you wish to cancel the account. You can apply for a pre approved home loan which is an in-principal approval for a loan given on the basis of your income, creditworthiness and financial position. Generally, pre-approved loans are taken prior to property selection and are valid for a period of 6 months from the date of sanction of the loan . Up to 25% of the initial principal loan amount may be prepaid without incurring any fees after the first six months and for a maximum of 36 months. Prepayment fees of 2% will apply to any prepaid amount that exceeds 25% in any given fiscal year.

An EMI calculator is useful in planning your cash flows much in advance, so that you make your home loan payments with ease whenever you avail a home loan. In other words, an EMI calculator is a useful tool for your financial planning and loan servicing needs. HDFC also offers a facility of a pre-approved home loan even before you have identified your dream home. A pre-approved home loan is an in-principal approval for a loan given on the basis of your income, creditworthiness and financial position.

mistakes to avoid while taking a Loan Against Property

This helps estimate the loan amount that can be availed and helps in assessing the own contribution requirements and cost of the property. Therefore knowing the EMI is crucial for calculation of home loan eligibility and planning your home buying journey better. When you are closer to completing your home loan repayment, the situation reverses, i.e. the principal repayment component of your EMI is higher while the interest component becomes lower. HDFC provides several modes through which home loan customers can pay their EMIs.

A mortgage, however, should not be viewed as a personal loan, auto loan, etc. These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances.