DHFL or Dewan Housing Finance Corporation stands as one of India's top 50 largest financial organisations. It started in 1984 to provide financial assistance to middle and lower-income groups in India. The organisation has branches in most cities and provides assistance to urban and semi-urban areas of India. If the Indian market is considered, the cost of building or buying your own home is very high compared to the average salaries that people earn. A few can pay the full amount, but many people make their dream home possible through loans. This guide enables borrowers to understand their financial capabilities before choosing a housing loan. Using the DHFL home loan calculator, you know the affordability based on your loan tenure, interest rate, and financial strength. Home loans come with an extended period for loan repayment, and the total payable amount and the interest factor increases the impact on the monthly EMI. Borrowers need to be cautious before choosing an EMI scheme. Sometimes these calculations are challenging for people who aren't fully aware of the mathematics behind it. For such people, the DHFL home loan EMI calculator helps get a fairly accurate idea of how the loan and interest payments will be broken into multiple instalments.
DHFL offers home buyers affordable loan schemes, DHFL home loan interest rate starts at 10.5% p.a. The loans can be taken over extended tenures up to 25 years. You could avail up to 90 percent of your property's value up to 30 lakhs. There is a processing fee involved; for Salaried, self-employed professionals, the fee is 0.5 percent of the loan amount and GST, while the rest is 1 percent, and the GST is added on. The applicants need to enter the loan amount repayment tenure. The calculator generates the EMI amount and showcases the result instantly! The EMI is calculated based on a monthly reducing balance and the upper limit of monthly EMI also depends on a monthly fixed income. You can also use the DHFL home loan eligibility calculator to understand the maximum EMI amount that you can afford with your monthly income.
Quality Service Guarantee Or Painting Free Unbeatable Price 5-Star Rated Partner! 2200+ Shades! Top Quality Paint Free Cancellation!
An EMI calculator is a tool that enables you to calculate the amount to be repaid every month based on your loan amount. Using the tool will give an idea about the monthly payments towards loans. The DHFL EMI calculator has three sliders. In the first one, you should add the loan amount, in the second slider, add the repayment tenure, and in the third, the interest rate. The EMI calculator will accurately compute the amount you have to pay. This makes it easier to choose an affordable home loan option.
The DHFL housing loan EMI calculator works based on the formulaic expression.
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1];
Here P, N, and R represent variables. The EMI changes when these values change.
Take this example to understand how the EMI calculator works. You have borrowed Rs 1 lakh for two years at an interest rate of 10%.
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
P = Rs 1,00,000. R = 10/100/12 (convert to months) and N = 2 years or 24 months.
EMI = [1,00,000 * 0.00833 * (1+0.00833) ^24]/(1+0.0083) ^24 – 1]
Suppose you decide to take a loan for 10 years:
This shows that a longer tenure results in lower EMI, but you would end up paying a lot more as interest.
EMI calculators have truly changed the game regarding customer awareness and the availability of information regarding how home loans work. Thousands of home loan hopefuls use DHFL home loan interest rate 2022 calculator, and it is more accurate and better than other options in the market due to the following reasons:
A home is everyone's dream. I am sure you have pictured a beautiful and perfect home for you. Just as you decide the ideal home for you, you should choose a custom loan scheme tailored to your financial capabilities. It would help if you thought of a loan as a financial marriage for the next 15 to 20 years. You would have a fixed contribution from your salary to your lender every month. The DHFL home loan interest calculator will help you keep the EMI amount set within a manageable range. It would be best to not overburden yourself in managing your loan and monthly expenditures.
It is important to analyse the total income from all sources. Taking a note of your income once in a while is ideal for managing expenses. Make sure you include all sources like weekend tutoring, Freelance jobs, or income from a side hustle. Your main source would be your job and feel free to include any bonuses or incentives that come your way when the down payment is considered.
From all the money calculated from your income sources, subtract your monthly expenses. Include existing EMI, monthly investments, rent, utility bills, all expenses, major or minor. You shouldn't consider a big loan if you are already dedicated to paying a car loan, an expensive health emergency, or an addition to the family.
Deciding to take a home loan is a big decision in anyone's life. It is a financial commitment that stays for a long time, and hence knowing every little detail of your home loan is essential before taking a life-changing decision. DHFL home loan calculator aims to provide accurate and quick information about every aspect of a home loan. The calculator will be useful for everything from interest rates to EMIs and repayment schedules! If you need help applying for a home loan, you will certainly find help at NoBroker. Please leave a comment below this article so that our executive can get in touch with you.
Ans: A home loan calculator is a digital calculator (available online) that instantly calculates interest rates, EMI and repayment schedule based on the amount of loan and tenure entered by the user.
Q2. Is it a good decision to opt for a high home loan EMI to reduce the interest payable?Ans: Settling for higher amounts would become a burden and affect the monthly budget. It would be best to not overburden yourself as it could be difficult to manage existing expenses.
Q3. What should be the Ideal home loan EMI for salaried employees?Ans: Generally, it is suggested that your EMI amount should not be greater than 40 percent of your savings. The 40 percent of your monthly savings should be your EMI.
Q4. What is the maximum tenure that DHFL allows for home loans?Ans: The maximum tenure that most lenders, including DHFL provide for home loans is 25 years, or 20 years if the applicant is below the age of 28 years.
Q5. What is the best way to repay a home loan faster?Ans: Trying to repay at the earliest is the best tactic in closing your loan with minimal additional payment. You pay the extra amount (for example, 1 extra EMI every 3 months) without fail and reduce the principal amount due. As you make the repayment regularly, you would end up clearing your loan much earlier than your initial agreement. This would end up saving you extra interest and a whole lot of money.
