home loan calculator, hdfc home loan, sbi home loan interest rate
WHAT'S IN THIS POST ?
what is home loan
Own home is every person’s dream. It provides financial security, relief in income tax, support system in emergency and the convenience of living as per your choice.
Banks or non-banking finance companies (NBFCs) give you long-term loans if you do not have the money to buy a house. By paying a fixed amount in the form of monthly installments to the bank or NBFC, you repay the principal amount and interest of the loan over a period of 10, 20 or 30 years.
Why should you take a home loan?
Taking a home loan actually gives you three facilities.
- buy property for investment
- income tax savings
- accommodation
| Banks | Starting Interest Rate (p.a.) | Processing Fees |
| Kotak Mahindra Bank | 6.55% | 0.50% |
| Citibank | 6.75% | Rs. 10,000 |
| Union Bank of India | 6.40% | – |
| Bank of Baroda | 6.50% | Rs. 8,500 – Rs. 25,000 |
| Central Bank of India | 6.85% | Rs. 20,000 |
| Bank of India | 6.85% | Rs. 1,500 – Rs. 20,000 |
| State Bank of India | 6.75% | 0% – 0.35% |
| HDFC LTD | 6.70% | Rs. 3,000 – Rs. 5,000(plus taxes) |
| LIC Housing Finance | 6.90% | Rs. 10,000 -Rs. 15,000 |
| Axis Bank | 6.90% | Rs. 10,000 |
| Canara Bank | 6.90% | Rs. 1,500 – Rs. 10,000 |
| Punjab and Sind Bank | 6.85% | Full Waiver |
| IDFC First Bank | 6.50% | Rs. 5,000 – Rs. 5,000 |
| Bank of Maharashtra | 6.40% | Rs. 10,000 |
| Indian Overseas Bank | 7.05% | 0.50% (Max Rs. 20,000) |
| Punjab National Bank | 6.50% | 0.35% (Max Rs. 15,000) |
| United Bank of India | 8.00% | 0.59% (Rs. 1,180 – Rs. 11,800) |
| UCO Bank | 6.90% | 0.15% (Rs. 1,500 – Rs. 15,000) |
| DBS Bank | 7.30% | 0.25% (Rs. 10,000) |
| IDBI Bank | 6.75% | 0.50% (Rs. 2,500 – Rs.5,000) |
| HSBC Bank | 6.45% | 1% (Rs. 10,000) |
| Karur Vysya Bank | 7.20% | Rs. 5,000 |
| Saraswat Bank Home Loan | 6.70% | Nil |
| Jammu and Kashmir Bank | 7.20% | Rs. 500 – Rs. 10,000 |
| South Indian Bank | 7.85% | 0.50% (Rs. 5,000 – Rs. 10,000) |
| PNB Housing Finance | 6.99% | 0.25% – 0.50% (Rs. 10,000) |
| Federal Bank | 7.65% | Rs. 3,000 – Rs. 7,500 |
| Standard Chartered Bank | 7.99% | 1% |
| Aavas Financiers | 8.00% | 1.00% |
| Karnataka Bank | 7.50% | Rs. 250 |
| Sundaram Home Finance | 6.95% | Rs.3,000 (for salaried) |
| Dhanlaxmi Bank | 7.85% | Rs. 10,000 |
| Tata Capital | 6.90% | 0.50% |
| Tamilnad Mercantile Bank | 8.25% | Rs. 15,000 |
| IIFL | 10.50% | 1.25% |
| DHFL Housing Finance | 8.75% | Rs. 2500 |
| Bandhan Bank | 6.40% -13.50% | 1% (Rs.5,000) |
| Yes Bank | 8.95% | 1% (Rs. 10,000) |
| Hudco Home Loan | 9.45% | NA |
| Indiabulls | 7.60% | 0.50% onwards |
| Aditya Birla | 9.00% | 1% |
| GIC Housing Finance | 7.45% | Rs. 2,500 |
| Reliance Home Finance | 9.75% | Rs. 3,000 – Rs. 6,500 |
| Shriram Housing | 8.90% | NA |
| India Shelter Finance | 12.00% | 2.00% |
Key Features of Home Loan
- Home Loan for Buying Flat, Row House, Bungalow from Private Developer in Approved Project
- Home loan for buying property from development authorities like DDA, MHADA etc.
- Loans for purchase of properties in an existing Co-operative Housing Society or Apartment Owners’ Association or Development Authorities settlements or privately built-up homes
- Loan for construction on freehold/leasehold plot or on plot allotted by development authorities
Expert legal and technical advice to help you make the right home buying decision
Unified branch network to avail Home Loan services anywhere across India
Special arrangement with AGIF for Home Loans for people serving in the Indian Army. For more information, click here
You can take home loan under PMAY CLSS subsidy and save up to ₹ 2.67 lakh
The formula to calculate EMI is –
- P x R x (1+R)^N / [(1+R)^N-1] where-
- P = Principal Loan Amount
- N = Loan Tenure (in months)
- R = Monthly interest rate
- The interest rate (R) on your loan is calculated every month.
- R = annual interest rate/12/100
- For example, if the interest rate is 7.2% per annum, then r = 7.2/12/100 = 0.006.
- If a person takes a loan of ₹ 10,00,000 at an interest rate of 7.2% per annum for a tenor of 120 months (10 years), his EMI will be calculated as follows:
- EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 – 1) = ₹11,714.
- The total amount payable will be ₹11,714 * 120 = ₹14,05,703. The principal loan amount is ₹10,00,000 and the interest amount will be ₹4,05,703
- Calculating EMI yourself using the formula can prove to be a laborious task.
- HDFC EMI Calculator can help you calculate your loan EMI with ease.
Benefits of HDFC Home Loan
complete digital process
- HDFC’s online home loan process enables you to apply for a home loan online from the safety and convenience of your home or office.
Customize repayment options - HDFC offers tailor-made housing loan to suit your needs
Simple and easy documentation - With minimal documentation, applying for an HDFC Home Loan is quick and easy. Our home loan experts are on hand to assist you with your loan application process and assist you at every step.
24X7 Support - For your housing loan related queries, our chat service is available 24X7 on our website and WhatsApp.
Manage Home Loan Digitally - Once you avail a HDFC home loan, you can access your home loan account online on our website. You can download account statements, interest certificates, request for home loan disbursement and do much more.
Home Loan Interest Rates
HDFC offers attractive home loan interest rates starting from 6.70*% pa We also offer Trufixed loans wherein the interest rate remains fixed for a specific period, after which it converts to an adjustable-rate loan.
Types of Home loan
Loan Home Purchase Loan
You can take a home loan to buy a pre-constructed house or flat. The house can also be taken from an individual, or from a builder or developer or even from government housing construction agencies. This is the most popular type of home loan. You buy a house by taking money from the bank and later pay it off with interest.
Home loan for construction of house
If you do not want to take a ready-made house, but want to build a house of your own kind, then a home loan is also available for this. This is called home construction loan. Since the house is not yet built, the quantum of this home loan is decided according to the estimated cost of construction of the house.
Loan to buy land
Yes, even if you are not thinking of buying or building a house now, then you can buy land for it and put it. Banks also give home loans to buy such land. And it is not necessary that you should build a house on it later. You can also buy it as an investment and later sell it at a good price. This is called land purchase loan.
Home Loan For Home Repair Or Extension Home Improvement or Extension loan
You are looking to get a new improvement done in your old house itself. For example, if you want to build a bathroom, a kitchen or a garage or a room, you can also take a home loan for that. This is called a home extension loan. Similarly, if you want to get any part of your house repaired, then a home improvement loan is also available for that.
Top Up Home Loan
If you have already taken a home loan, but later you understand the need for some additional loan, then you can also extend some additional loan. This is called top up home loan. Top up loan, you can take for home renovation or extension of the house. Apart from these, you can also top up your home loan for any domestic work. For example for child’s education.
Bridge Home Loan
If you want to get a new house before selling your old house, then banks also give bridge loan for this. Based on your old house, the bank releases some amount as a loan to meet the down payment and initial expenses for the new house. When the old house is sold, you pay the cost of the new house. And return the bridge loan received from the bank with interest and other expenses. Bridge loans are available for a short period of time and the interest rate is much higher than that of a normal home loan.
Composite Home Loan
In a composite home loan, you are issued a loan for two types of home related work at the same time. Like you have to buy some land and also need money to build a house. So the bank issues a lump sum loan for both the works. It is called composite loan because it is used for multiple purposes at the same time.
joint home loan
When two or more people take a home loan together, then it is called joint home loan or joint home loan. You can take a joint home loan only with your husband, wife, parents or son or daughter. That is, it is mandatory to have a marriage or blood relation between the two.
Home Loan Balance Transfer
You can also transfer your home loan to another bank if you are not happy with the terms of your previous home loan or the interest rate or lending institution. Most of the banks offer home loan transfer facility. Once the loan is transferred, you will have to pay the loan installments as per the interest rate and rules of the new bank. However, the new bank will also charge some charges for loan transfer.
What is Home Loan?
Home loan in Hindi means – home loan. In Urdu, it means loan for the house. Obviously, this is a type of loan, which is taken for the construction or purchase of a house. Home loan is also available for home improvement or repairs. Also to buy land or plot to build a house. Banks or financial institutions issue home loans. Home loans can be availed for a maximum tenure of up to 30 years. Later it has to be returned with interest. You can return it in installments. You can also return the lump sum after a certain period as per your convenience.
What is Home Loan EMI Calculator?
Home Loan EMI Calculator helps to calculate the loan installment ie your home loan EMI. This calculator is easy to use and acts as a financial planning tool for home buyers.
What is Home Loan EMI?
EMI stands for Equitable Monthly Installment. This includes repayment of the principal amount and payment of interest on the outstanding balance of your home loan. Loan tenure taken for a longer tenure (maximum tenor of 30 years) helps in reducing EMI.
Example: How is EMI calculated on loan?
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Posted by Govinda Rauniyar
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Home loan in Hindi means – home loan. In Urdu, it means loan for the house. Obviously, this is a type of loan, which is taken for the construction or purchase of a house. Home loan is also available for home improvement or repairs. Also to buy land or plot to build a house. Banks or financial institutions issue home loans. Home loans can be availed for a maximum tenure of up to 30 years. Later it has to be returned with interest. You can return it in installments. You can also return the lump sum after a certain period as per your convenience.
Home Loan EMI Calculator helps to calculate the loan installment ie your home loan EMI. This calculator is easy to use and acts as a financial planning tool for home buyers.
EMI stands for Equitable Monthly Installment. This includes repayment of the principal amount and payment of interest on the outstanding balance of your home loan. Loan tenure taken for a longer tenure (maximum tenor of 30 years) helps in reducing EMI.
Example: How is EMI calculated on loan?
Taking a home loan actually gives you three facilities.
buy property for investment
income tax savings
accommodation
