HFFC Home Loan Calculator

To find the amount of the monthly instalment against the HFFC home loan, you can use the HFFC home loan EMI calculator available on Bajaj Markets. It is an easy-to-use tool that you can use for free.

Follow the steps given below:

1. Enter the desired loan amount

2. Choose a suitable repayment tenure

3. Select a certain interest rate 

Once you have entered these values, the EMI amount, along with the other loan details, will be displayed on your screen.

You can calculate the HFFC Home Loan EMI either manually or using the online EMI calculator. For manual calculation, the EMI is determined using the following formula:

EMI = [P × R × (1+R)ⁿ] / [(1+R)ⁿ – 1]

Where:

• P = Principal loan amount

• R = Monthly interest rate (annual rate divided by 12)

• N = Loan tenure (years × 12)

This formula calculates the EMI for a loan, covering both principal and interest. By adjusting the loan amount, interest rate, or tenure, you can see how your monthly payment changes.

Example:

For a loan amount of ₹50 Lakhs with an interest rate of 12% p.a. and a tenure of 240 months, the EMI comes to ₹55,054. Over the tenure, the total interest payable is ₹82,13,033, making the total repayment amount ₹1,32,13,033.

To qualify for an HFFC Home Loan, you need to meet certain eligibility requirements. Below are the key factors considered when assessing your application:

• Nationality: Indian, Non-Indian Resident of India (NRI), or Person of Indian Origin (PIO)
  
  
• Employment Type: Salaried or Self-employed
  
  
• Minimum Income:
  
  
  • Salaried Applicant: ₹10,000 per month
    
    
  • Self-employed Applicant: ₹15,000 per month (Profit After Tax)
    
    
• CIBIL Score: 750 or higher

Additionally, your credit history and existing financial obligations are also evaluated to determine your loan eligibility.