HDFC Loan Against Property EMI Calculator 2024: LAP EMIs
The HDFC Loan Against Property EMI Calculator is an online tool that helps you estimate your monthly EMI for loans taken against property. This tool is convenient for those planning to meet business or personal expenses by leveraging their property. Here’s everything you need to know about the calculator, HDFC’s loan against property options, and additional factors that affect your EMI calculation.
HDFC Loan Against Property EMI Calculator
Loan Against Property Options in HDFC Bank
HDFC offers various loan products secured against residential and commercial properties to meet different financial needs:
Loan Against Residential or Commercial Property: Ideal for personal or business requirements like education, medical expenses, or expansion needs.
Commercial Property Loans: Loans for purchasing business spaces, such as shops or office units.
Commercial Plot Loans: Financial assistance for acquiring land intended for business development.
Why Use the HDFC Loan Against Property EMI Calculator?
The EMI Calculator provides instant, accurate calculations, helping you make better financial decisions. Here’s why using this calculator can be beneficial:
Quick and Precise: Inputting the loan amount, interest rate, and tenure yields an instant EMI estimate.
Financial Planning: Knowing the monthly outflow helps in managing budgets and evaluating repayment ability.
Comparison Across Loans: By adjusting the loan amount, tenure, and interest rate, borrowers can compare different options to choose the most suitable loan structure.
Detailed Repayment Plan: In addition to EMI, the calculator offers a complete amortization schedule, detailing how the interest and principal portions evolve over time.
How to Use the HDFC LAP EMI Calculator?
Using the HDFC Loan Against Property EMI Calculator involves just a few steps:
Loan Amount: Input the desired loan amount.
Interest Rate: Enter the applicable interest rate (as per HDFC’s current offerings).
Loan Tenure: Specify the loan tenure in years.
After entering these details, the calculator provides the monthly EMI, total interest payable, and the overall amount repayable over the loan tenure.
Key Factors Affecting HDFC Loan Against Property EMI
Interest Rate: The interest rate directly impacts the EMI, with higher rates increasing monthly payments. HDFC offers both fixed and floating interest rate options.
Principal Loan Amount: The larger the loan amount, the higher the EMI. The loan amount generally depends on the value of the mortgaged property.
Loan Tenure: Longer tenures decrease the EMI amount, though total interest payable over time is higher.
EMI Concept and Calculation
EMI, or Equated Monthly Installment, is the fixed monthly amount you pay over the loan tenure, covering both the principal and interest. The formula for EMI calculation is:
[EMI = \fracP \times R \times (1 + R)^N(1 + R)^N – 1]
Where:
P = Principal loan amount
R = Monthly interest rate (annual rate divided by 12)
N = Number of monthly installments
Example Calculation Using HDFC LAP EMI Calculator
Let’s calculate the EMI for a ₹25 lakhs loan at 9.5% interest rate over a 15-year tenure using the HDFC Loan Against Property EMI Calculator.
YearOpening BalanceEMI (Annual)Interest Paid (Annual)Principal Paid (Annual)Closing Balance1₹25,00,000₹3,13,267₹2,34,112₹79,155₹24,20,8452₹24,20,845₹3,13,267₹2,26,256₹87,011₹23,33,8343₹23,33,834₹3,13,267₹2,17,621₹95,647₹22,38,1874₹22,38,187₹3,13,267₹2,08,128₹1,05,139₹21,33,0485₹21,33,048₹3,13,267₹1,97,693₹1,15,574₹20,17,4746₹20,17,474₹3,13,267₹1,86,223₹1,27,045₹18,90,4297₹18,90,429₹3,13,267₹1,73,614₹1,39,654₹17,50,7768₹17,50,776₹3,13,267₹1,59,754₹1,53,514₹15,97,2629₹15,97,262₹3,13,267₹1,44,518₹1,68,750₹14,28,51210₹14,28,512₹3,13,267₹1,27,770₹1,85,498₹12,43,01411₹12,43,014₹3,13,267₹1,09,360₹2,03,908₹10,39,10712₹10,39,107₹3,13,267₹89,122₹2,24,145₹8,14,96113₹8,14,961₹3,13,267₹66,876₹2,46,391₹5,68,57014₹5,68,570₹3,13,267₹42,423₹2,70,845₹2,97,72515₹2,97,725₹3,13,267₹15,542₹2,97,725₹0
Features of the HDFC Loan Against Property EMI Calculator
Easy Comparisons: Compare EMI for different loan amounts and tenures to find the best fit.
Real-Time Calculations: Get immediate results for varied loan terms and rates.
Accessibility: Use the calculator online, from anywhere, anytime.
Amortization Schedule: View a detailed breakdown of EMI components across the loan tenure.
Additional EMI Calculation Methods
Excel PMT Function: The PMT function in Excel can also calculate EMI with the formula =PMT(rate, nper, pv).
Alternate Online Tools: Sites like MyMoneyMantra provide similar EMI calculators.
Manual Calculation: Using the standard EMI formula, borrowers can cross-check or calculate manually.
Also Read:
HDFC Loan Against Property Amortization Schedule
The amortization schedule helps borrowers understand how each EMI is split between principal and interest payments over the loan tenure. In the initial years, a larger portion of the EMI goes toward interest, while in later years, more is directed toward repaying the principal. Below is a sample amortization table for an HDFC Loan Against Property of ₹30 lakhs over 10 years at a 9.5% interest rate.
Assumptions:
Loan Tenure: 10 years (120 months)
Loan Amount: ₹30,00,000
Interest Rate: 9.5% per annum
YearEMI (Annual)Interest Paid (Annual)Principal Paid (Annual)Outstanding Balance2024₹4,65,831.21₹2,76,914.78₹1,88,916.43₹28,11,083.572025₹4,65,831.21₹2,58,165.28₹2,07,665.92₹26,03,417.652026₹4,65,831.21₹2,37,554.94₹2,28,276.27₹23,75,141.382027₹4,65,831.21₹2,14,899.07₹2,50,932.13₹21,24,209.252028₹4,65,831.21₹1,89,994.67₹2,75,836.54₹18,48,372.712029₹4,65,831.21₹1,62,618.56₹3,03,212.65₹15,45,160.062030₹4,65,831.21₹1,32,525.43₹3,33,305.78₹12,11,854.282031₹4,65,831.21₹99,445.64₹3,66,385.57₹8,45,468.712032₹4,65,831.21₹63,082.76₹4,02,748.45₹4,42,720.262033₹4,65,831.21₹23,110.95₹4,42,720.26₹0.00
In this table:
EMI (Annual) remains constant throughout the tenure.
Interest Paid (Annual) decreases each year, as the interest is calculated on the reducing balance.
Principal Paid (Annual) increases gradually, helping reduce the loan balance.
Outstanding Balance reduces every year, ending at zero when the loan is fully paid.
HDFC Loan Against Property Interest Rates vs Other Banks
It’s important to compare loan offerings across banks. Here’s a quick comparison of LAP interest rates in HDFC and other banks:
BankInterest Rate (p.a.)Maximum TenureLoan Amount RangeHDFC Bank9.50% – 11.00%Up to 15 years₹5 lakh – ₹5 croreAxis Bank10.50% – 10.95%Up to 20 years₹5 lakh – ₹5 croreIDFC First BankStarting from 9.25%Up to 15 years₹10 lakh – ₹5 croreKotak Mahindra BankStarting from 9.50%Up to 15 years₹10 lakh – ₹10 croreICICI Bank10.85% – 12.50%Up to 15 years₹5 lakh – ₹5 crorePunjab National Bank10.40% – 12.75%Up to 10 years₹5 lakh – ₹3 croreYes BankStarting from 10.99%Up to 15 years₹10 lakh – ₹10 croreUnion Bank of IndiaStarting from 10.45%Up to 15 years₹5 lakh – ₹10 croreState Bank of India10.00% – 11.30%Up to 15 years₹10 lakh – ₹7.5 croreBank of India10.10% – 12.85%Up to 12 years₹5 lakh – ₹5 croreCentral Bank of India9.75% onwardsUp to 10 years₹5 lakh – ₹5 crore
These ranges can vary based on the applicant’s profile, property valuation, and specific bank terms. It’s recommended to verify directly with the banks for the most tailored and updated offers, as these figures might slightly fluctuate due to market adjustments.
HDFC Loan Against Property EMI Calculator FAQs
What is the HDFC Loan Against Property EMI Calculator?
It’s an online tool for calculating monthly EMI based on the loan amount, interest rate, and tenure.
Can I calculate EMI for different loan tenures?
Yes, by adjusting the tenure, you can see how it affects the EMI.
Is the HDFC Loan Against Property EMI Calculator reliable?
Yes, the HDFC EMI calculator is highly reliable and offers accurate results based on the input details. You can also verify by cross-checking with other online calculators.
What happens if the interest rate changes during the loan tenure?
If the interest rate changes, you can input the new rate in the calculator to determine the revised EMI or adjusted tenure.
How can I repay my Loan Against Property faster?
Making prepayments with surplus funds or increasing EMI payments can help repay the loan faster.
What is the interest rate for HDFC Loan Against Property in 2024?
The interest rate for HDFC Loan Against Property ranges between 9.5% and 11.0% per annum in 2024.
Is there a penalty for making additional prepayments?
HDFC generally allows prepayment of up to 25% of the outstanding principal annually without penalty. Exceeding this may incur fees.
Can I use the HDFC LAP EMI Calculator for other loans?
Yes, you can use the calculator for any loan with compound interest, including personal loans.
Will this calculator work for loans with simple interest?
No, the EMI calculator uses a compound interest formula and is unsuitable for simple interest loans.
How much loan can I get against my property with HDFC?
HDFC typically offers up to 65% of the property’s market value as a loan.
Is a loan against property a good idea?
Yes, it’s a secured loan with lower interest rates and flexible credit requirements, suitable for various financial needs.
How is the rate of interest calculated for HDFC’s loan against property?
Interest rates are based on factors like the type of property, borrower profile, and credit score, with both fixed and floating rate options.
The HDFC Loan Against Property EMI Calculator is an important tool for anyone looking to finance their needs by leveraging property, helping you make financially sound decisions based on clear calculations.
