HDFC Home Loan Interest Rates Set To Take Your Feet Within Your Dream Home

By Internal Eseo - March 08, 2018

Who doesn’t dream to be a homeowner? Of course, everyone does, but a very few realize it in their lifetime. And that’s why it’s still a dream for many to live under the roof of their own home rather than living within the restrictions of a rental accommodation.

Even though a home finance is readily available in the market, but not all can suit your financial health. So, it makes for a comparison of lenders that are busy offering home loans to fulfill the dream of home seekers.

One such lender that would grab your attention is HDFC Limited, a premier mortgage firm in the business of home finance. Whether HDFC is the right lender for your home dream will be best understood by the interest rates offered by the mortgage firm.

So, you can get to know HDFC Home Loan Interest Rates and their possible effects on your repayment sojourn in this article.

HDFC Home Loan Interest Rates - How Much Are They?

HDFC offers home loans at competitive interest rates and that too according to the amount and the gender of an individual. Women can get loans up to 75 lakhs at an interest rate of 8.35%-8.85% per annum. Loan amount beyond 75 lakhs would bear an interest rate of 8.40%-8.90% for female borrowers. Whereas, male borrowers seeking loans up to 75 lakhs and above 75 lakhs would need to service the debt at 8.40%-8.90% and 8.45%-8.95%, respectively.

HDFC Home Loan EMI Calculator - Gives You the Detail of Repayment

The EMI calculator, as you would speak of, tells greatly about the repayment that’s ahead. With smart algorithms, the calculator indicates the EMI you are likely to pay over the course of your HDFC Home Loan. Not only that, the calculator even computes the interest you are likely to pay from your end. EMI, which stands for equated monthly installment, combines both principal and interest amount to be paid from a borrower each month till the time a loan runs its course. The calculator just needs three stuff - loan amount, the rate of interest and the tenure - to sum up the EMI, interest outgo and the overall payment towards a home loan.

Shorter or Longer Tenure - Which is Better?

Choosing a tenure can be tricky in the case of a home loan. Obviously, when you check the EMI calculator and enter a longer tenure, the installment amount would emerge as lower, making you choose that very option. But the amount of interest that you would end up paying to HDFC would be much more than that of a shorter tenure. Yes, the shorter tenure will lead to a greater installment. But when you can save lakhs choosing a shorter tenure, it’s worth selecting such tenure. A comparatively shorter tenure can help adjust enough to save the required EMI amount to avoid a default.

HDFC Home Loan Amortization Schedule - Do Glance at it Plan Your Prepayment

Don’t forget to check the amortization schedule of repayment. The schedule of both interest and principal amount to be made each year will be the shown. While checking the schedule, you can even get to know the outstanding balance of your home loan at the end of every year. As you would a home loan is a long commitment that you make to a lender. A repayment of 20 years and above is a normal thing in the case of a home loan. As life is fraught with uncertainties galore, chances of you being employed all the time may not be that evident. If at all, you struggle to get a job later on in your life, say 15 years, you better start investing now to accumulate a surplus reserve that can help you prepay before time and relieve you from the legal hassles which arise when one defaults for 3-6 months in a row.

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