The HDFC offers another HDFC loan calculator for home loans. This time it has more entities that will help a loaner get a better estimation of the loan. There are blanks to fill that are not quite the same as what other home loan calculators ask of. The estimation is done through the calculator computations using the compound interest formula and other information asked by the HDFC loan calculator.

Through This HDFC Loan Calculator, The Can Automatically Compute And See His Or Her Loan Schedule Online!

Using the HDFC loan calculator for home loans, you can check for the amortization schedule of your home loan. You will see the schedule of payments that need to be done every month or every year in the home loan. The user will be able to see the remaining balance in the loan for every month and every year. This will tell the user how much he or she should still prepare for in order to pay off the home loan. Therefore, this HDFC loan calculator does not only give you the estimated amount of the loan but also give you a heads up on how much you still owe. Now, that is what we can call an efficient calculator.

Another use of this HDFC loan calculator is it tells the user the EMI that is allocated to your loan repayment and also with the payments you make towards the interest only. This is seen in the monthly payments that you make. Through this, the user will be able to know how much goes to the sole loan repayment and to the interest only that will enable him or her to make a good strategy in repaying the whole loan amount.

What are the details asked by the HDFC loan calculator for home loans?

• The first information asked by the HDFC loan calculator is the total loan amount of your home loan. This is the principal together with the interest.
  
• The next information asked by the HDFC loan calculator is the loan period in years form. Therefore, if your loan repayment time is given in month form then you have to convert it first in years form. All you have to do is divide the given number of months to twelve then it is already converted.
  
• The third information asked by the HDFC loan calculator is the purpose of the loan. The calculator has choices to choose from for this information. The first option is Home loan wherein you can choose from three different options. It has the buy home under construction option, the buy newly constructed home, and the for construction by self. The next option for the loan purpose is the purchase home/flat being resold. The next option is the loan for home repair/renovation. The next option is the loan for home extension. Then, it also has the loan for land/plot for investment. Lastly, it has the loan for a plot/land to construct a home option. Through this, you will have a better estimation of your loan repayment because each purpose given has a different element to its compound interest computation.
  
• The fourth information asked by the HDFC loan calculator is the location of property. The HDFC loan calculator has a drop down list to choose from on where the home you want to loan for is located.
  
• The fifth information asked in the HDFC loan calculator is the nationality of the loaner. It also has options. The choices are Indian, NRI, and Foreign National. The rates of interest and other elements of the loan differ for each option. Again, this will help give the user a better estimation of the loan repayment process.
  
• The sixth information asked by the calculator is the type of loan. It is either a fixed or a floating type of loan. This is for the rates of interest of the loan. It is either fixed or floating which means it could change throughout the loan process.
  
• The last information asked by the HDFC loan calculator for home loans is the question: Are you willing to take a life insurance cover of upto the loan amount?. This is answerable by yes or no.

After this, all you have to do is click the submit button in the HDFC loan calculator and get your loan estimation and schedule, as well. Good luck!