Factors Affecting EMI Calculated by the HDFC Home Loan EMI Calculator
When considering purchasing a home, one of the most crucial aspects to understand is the Equated Monthly Installment (EMI) – the fixed amount you need to pay each month towards repaying your home loan. The HDFC Home Loan EMI Calculator is a valuable tool that helps individuals estimate this amount accurately. However, several factors influence the EMI calculated by this tool, shaping the borrower's repayment journey and overall financial planning. Loan Amount: One of the primary factors determining the EMI is the loan amount sanctioned by HDFC. The higher the loan amount, the higher the EMI will be, assuming all other factors remain constant. Borrowers should carefully assess their financial situation and borrow only what they can comfortably repay to avoid financial strain. Interest Rate: The interest rate is a significant determinant of the EMI. HDFC offers home loans at both fixed and floating interest rates. A higher interest rate leads to a higher EMI and vice versa. Borrow