It requires a lot of commitment and research to purchase your dream home. It is a difficult task that requires careful planning and execution. Living in a secure environment and with a strong infrastructure are only two aspects of it. Before applying for a home loan, you must ensure that your finances and mental well-being are in order.
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Before applying for a home loan, you can determine your monthly instalments using the DHFL home loan EMI calculator. Planning your costs is essential to steer clear of any potential financial difficulties. It aids in decision-making and keeps you organised throughout the process.
Before you apply for a house loan, make sure you are aware of everything there is to know about the online EMI calculator.
Key Features and Benefits the DHFL Bank Home Loan EMI Calculator
If you’re planning to buy a new house with a DHFL home loan, it’s essential to plan your expenses to avoid any problems later on. With this in mind, using the DHFL bank home loan EMI calculator can be extremely helpful. Before applying, here are several justifications for using the DHFL bank home loan EMI calculator.
- You can assess whether you are choosing the finest option for your budget by comparing your EMI rates with other interest rates provided by other reputable Indian banks.
- Different loan amounts, interest rates, and tenures are all options that you are free to select. With the help of this function, you can quickly choose which plan is best for you out of all the available options.
- You can use the calculator to calculate the remaining loan duration during the tenure, which will simplify the repayment process for you.
- It uses the home loan EMI formula: p*r*(1+r)n/([1+r)n]-1 to ensure that you receive the precise amount you are required to pay. You can trust the EMI calculator of DHFL home loans partly because the findings are accurate.
- Before making a decision, use alternative online EMI calculators from various banks if you feel the figures indicated do not meet your budget.
- Even after you’ve accepted the loan, you can still visit their official page and utilise the online EMI calculator to verify your status and determine how much is still owed for the remainder of the loan’s term.
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3 Important Factors that Affect Home Loan EMI
The following three important variables are those that, after you take out a home loan, will affect your EMI:
- Approved loan amount: Before you take out a loan, the total loan amount will play a sizable part in determining how much your EMI will be. When the loan amount is more and the home loan tenure is shorter, your monthly payment amount increases automatically. Interest rates likewise rise when the loan amount is on the high side.
- Interest rates: One of the key determinants of EMI rates is the interest rate. The EMI automatically rises after the term when interest rates remain higher. DHFL maintained its interest rate at 8.75% for all of its clients. Examine their plans before applying for a house loan to see which one is best for you.
- Tenure: The home loan tenure duration you choose before taking out a mortgage greatly impacts the total amount you’ll have to pay down in the end. The monthly payment increases with the length of the lease. You will have to pay lower monthly sums as the term lengthens. However, the total amount payable also rises when you choose a longer tenure of 20 to 30 years. For further info on housing loan principal repayment, head to the website.
Note: To ensure you are using the proper amount that fits your affordability, you can swap out these values when calculating your EMI using the home loan EMI calculator India DHFL.
How an EMI Amortisation schedule aids in EMI repayment?
An amortisation schedule is a table that showcases the bifurcation of every EMI payment in two parts – principal amount and interest amount. The amortisation schedule can aid you in knowing how much percentage of every EMI payment is going to the principal amount.
Using the amortisation schedule calculator, you can keep track of your payments and any outstanding interest. It can also allow you to change your intended loan repayment plan. With an amortised loan, you can repay the loan more rapidly by raising the amount due to the bank per payment. You can progressively raise your equity by paying the loan’s principal and interest simultaneously by using an EMI amortised schedule for mortgages.
Comparison Of Home Loan Rates of SBI, HDFC, ICICI, Kotak Mahindra & other Banks
DHFL currently offers its clients home loans with interest rates starting at 8.75%. Below is the home loan emi comparison of different banks:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.60% – 9.50% | 8.60% – 9.40% | 8.60% – 9.40% |
| HDFC | 8.65% – 10.35% | 8.65% – 10.60% | 8.65% – 10.70% |
| LIC Housing Finance | 8.65% – 10.10% | 8.65% – 10.30% | 8.65% – 10.50% |
| ICICI Bank | 8.75% – 9.85% | 8.75% – 9.85% | 8.75% – 9.85% |
| Kotak Mahindra Bank | 8.65% onwards | 8.65% onwards | 8.65% onwards |
| PNB Housing Finance | 8.75% – 14.50% | 8.75% – 13.00% | 8.85%-10.85% |
| Punjab National Bank | 8.60% – 9.35% | 8.55% – 9.25% | 8.55% – 9.25% |
| Bank of Baroda | 8.60%-10.35% | 8.60%-10.35% | 8.60%-10.60% |
| Union Bank of India | 8.60% – 10.50% | 8.60% – 10.70% | 8.60% – 10.70% |
| IDFC First Bank | 8.60% onwards | 8.60% onwards | 8.60% onwards |
DHFL Bank Housing Loan EMI Calculator for Different Amounts
DHFL Bank Home Loan for:
- INR 10 lakhs: A home loan EMI for 10 lakhs repayable after 20 years at an interest rate of 8.75% pa is repaid at INR 8837 per month.
- INR 20 lakhs: A home loan EMI for 20 lakhs repayable after 20 years at an interest rate of 8.75% pa is repaid at INR 17,674 per month.
- INR 30 lakhs: An emi on home loan of 30 lakhs repayable after 20 years at an interest rate of 8.75% pa is INR 26,511 per month.
- INR 40 lakhs: A home loan worth INR 40 lakhs repayable after 20 years at an interest rate of 8.75% pa is repaid at an EMI of INR 35,348 per month.
- INR 50 lakhs: An EMI on 50 lakhs home loan repayable after 20 years at an interest rate of 8.75% pa is INR 44,186 per month.
- INR 1 crore: An EMI on home loan of 1 crore payable after 20 years at an interest rate of 8.75% pa is repaid at an EMI of INR 88,371 per month.
NOTE : If you want to know what is the formula to calculate emi for home loan, then here it is: [P x R x (1+R)^N]/[(1+R)^N-1].
Read: PNB Home Loan EMI Calculator
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How can NoBroker Help in availing Home Loan?
NoBroker is a real estate platform that offers thorough mortgage data and services. Using their user-friendly design and simple tools, you may quickly and easily calculate your home loan EMI. You can get an accurate estimate of your monthly repayments by entering the platform’s loan amount, interest rate, and tenure.
Additionally, NoBroker can assist you in comparing several loan offers from various lenders so that you can make an informed choice. You can be sure you are getting the greatest price on your home loan with their professional advice and help. Additionally, NoBroker can help you save time and effort by assisting with the loan application procedure. With the free DHFL home loan EMI calculator, you can start down the path to achieving your goal of home ownership.
EMI Calculator
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FAQ’s
1. How much does the current interest rate on DHFL’s home loans cost?
The current DHFL interest rate starts at about 8.75% for home loans.
Read: Find Out How to Check your CIBIL Score Online, Its Benefits, Affecting Factors and More!
2. Is it secure to use the EMI calculator to calculate my EMI?
The use of the DHFL EMI calculator is completely secure. Given that it is an entirely online application, you can utilise it comfortably from the convenience of your home.
3. How do I apply for a Home Loan from DHFL?
You can apply via its official website using the online application form or by going to the closest branch office.
4. My loan EMI is fixed, but might it alter as the loan term progresses?
With a fixed rate, the interest rate you are charged stays the same for the loan term. Consequently, your EMI also stays the same.
5. What happens if I don’t pay my EMI as agreed?
The bank will continuously remind borrowers if they skip three consecutive EMI payments. The bank will mark the person as a loan defaulter and send them legal notices if they ignore those reminders.
