![]() ![]() In the initial stages, the interest component is substantially high. In the case of repayment tenure, the EMI decreases as the tenure goes up, and vice versaĪs the EMI remains constant for every set of specific parameters, the principal and interest repayment components vary accordingly.Similarly, the rate of interest is also directly proportional to the EMI amount.An increase or decrease in the loan amount causes a corresponding change in the EMI.You can calculate HDFC mortgage loa EMI using the HDFC mortgage loan calculator. The rate of interest applicable to the loanĪny change in the above three factors affects the EMI.The EMI depends on the following factors: The very term suggests that the instalment should be equal every month for a given set of circumstances. The EMI ConceptĮMI represents Equated Monthly Instalments. HDFC has different ways of repayment for home loans depending on the age of the borrower, the repaying capacity, the income generation, and the repayment tenure. The EMI concept is the most effective of all repayment methods. You can also use Loan Against Property Interest Rate Calculator to find out how much you will save on interest and how it affects your Loan EMI.Īs with home loans, the ideal mode of repayment of Loan Against Property is the EMI, which can be calculated using the HDFC mortgage loan EMI calculator. In the case of loans against property, the LTV ratio should not be more than 50% for new customers and 60% for existing customers. The LTV ratio of a housing loan can be in the range of 75% to 90% of the value of the property.Housing loans have an extended repayment tenure that could extend up to 30 years, whereas loans against property have a repayment mandate of 15 years.As the purpose of the Loan Against Property is for meeting individual needs, the interest rate on such loans is higher than that of housing loans.Individual needs can be anything ranging from medical expenses to education of children, and marriage expenses to going on a holiday tour. The purpose of the property loan can be to meet business and individual needs.A home loan involves the creation of an asset, whereas a property loan is against an existing asset. ![]() A home loan is a financial assistance for purchasing or constructing your house or flat, whereas a Loan Against Property is a loan against an existing property, residential or commercial.A Loan Against Property differs from a home loan in various respects: ![]()
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