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Cholamandalam HFL Home Loan EMI Calculator

You are Eligible for EMI Amount
₹56,409
Principal Amount
₹6,500,000
Interest Amount
₹7,038,042
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  • Lowest Interest Rate
  • Highest Loan Value
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₹8,000,000
8.5%
20 p.a

You are Eligible for EMI Amount

₹69,426
Principal Amount
₹8,000,000
Interest Amount
₹8,662,206
Why Suganta for Home Loan?
  • Offers from 34+ Banks
  • Lowest Interest Rate
  • Highest Loan Value

Need a more accurate EMI estimate?

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Your Repayment Details

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balances
January ₹650000 ₹5620 ₹1043 ₹4577 ₹648957
February ₹648957 ₹5620 ₹1051 ₹4570 ₹647906
March ₹647906 ₹5620 ₹1058 ₹4562 ₹646848
April ₹646848 ₹5620 ₹1065 ₹4555 ₹645783
May ₹645783 ₹5620 ₹1073 ₹4547 ₹644710
June ₹644710 ₹5620 ₹1080 ₹4540 ₹643629
July ₹643629 ₹5620 ₹1088 ₹4532 ₹642541
August ₹642541 ₹5620 ₹1096 ₹4525 ₹641446
September ₹641446 ₹5620 ₹1103 ₹4517 ₹640342
October ₹640342 ₹5620 ₹1111 ₹4509 ₹639231
November ₹639231 ₹5620 ₹1119 ₹4501 ₹638112
December ₹638112 ₹5620 ₹1127 ₹4493 ₹636985
Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balances
January ₹6525000 ₹5620 ₹1654773 ₹4452 ₹648957
February ₹648957 ₹5620 ₹1051 ₹46540 ₹647906
March ₹647906 ₹5620 ₹1058 ₹4656 ₹646848
April ₹646848 ₹5620 ₹15555 ₹4555 ₹645783
May ₹645783 ₹56550 ₹1073 ₹4547 ₹644710
June ₹644710 ₹5620 ₹10330 ₹4540 ₹643629
July ₹643629 ₹563430 ₹1088 ₹4532 ₹642541
August ₹642541 ₹5620 ₹1046 ₹4525 ₹641446
September ₹6341446 ₹5620 ₹1103 ₹4517 ₹640342
October ₹644342 ₹5620 ₹1111 ₹4509 ₹639231
November ₹639231 ₹5620 ₹1119 ₹4501 ₹638112
December ₹638112 ₹5620 ₹1127 ₹4493 ₹636985

Cholamandalam HFL Home Loan EMI Calculator

The Cholamandalam HFL Home Loan EMI Calculator is an essential tool for anyone planning to finance their dream home. India’s third-largest public sector bank serves over 130 million customers. Following its 2019 merger with Vijaya Bank and Dena Bank, it has become a leading home loan provider. As of November 2024, the bank offers competitive home loan interest rates ranging from 8.40% to 11.10% per annum. This wide range allows for flexibility based on various factors such as the borrower's profile, loan amount, and tenure.

Benefits of Cholamandalam Home Loan EMI Calculator

  • Competitive Interest Rates: Cholamandalam provides attractive interest rates, making home financing more affordable.
  • Flexible Loan Options: They offer various loan types, including self-construction, purchase of new or resale properties, home extension, and balance transfer with top-up loans, catering to diverse needs.
  • Quick Processing: With streamlined procedures and minimal documentation, Cholamandalam ensures faster loan approvals and disbursements.
  • Customized Eligibility Programs: They provide personalized eligibility assessments for salaried and self-employed individuals, enhancing accessibility to home loans.
  • Tax Benefits: Borrowers can avail tax deductions on principal and interest repayments under Sections 80C and 24B of the Income Tax Act, respectively.

These benefits make Cholamandalam Home Loans a viable option for individuals seeking to finance their dream homes.

How to Calculate Home Loan EMI

Calculating your home loan EMI doesn’t have to be stressful. SuGanta.com offers a free, easy-to-use EMI Calculator to help prospective borrowers understand their monthly payments instantly. Simply input your loan amount, interest rate, and loan tenure, and the SuGanta EMI Calculator will provide an accurate breakdown of your future EMI payments.

This tool not only saves time but also allows you to explore various loan schemes, enabling you to make informed financial decisions for your home financing needs. Use SuGanta.com’s EMI Calculator today to simplify your home loan planning.

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How To Use SuGanta Home Loan EMI Calculator

Calculating your home loan EMI is straightforward with SuGanta's Home Loan EMI Calculator. Follow these steps:

  • Access the Calculator : Visit the SuGanta Home Loan EMI Calculator.
  • Enter Loan Amount : Input the desired loan amount you plan to borrow.
  • Specify Loan Tenure : Select the loan tenure in years.
  • Input Interest Rate : Enter the applicable interest rate for the loan.
  • Calculate EMI : Click on the Calculate Your EMI button to view your monthly installment.

Home Loan EMI Calculation Formula

If you want to cross-check the EMI amount, use the following standardized formula:

E = P × r × (1 + r)ⁿ / [(1 + r)ⁿ - 1]

Here,
P = Principal or Loan amount
E = applicable future EMI
r = Interest rate applicable
n = Number of EMIs or applicable tenure

For example, if any borrower avails a home loan of 45 lakh for 10 years at an 8% rate of interest, the applicable EMI will be:

E = 45,00,000 × 0.0067(1+0.0067)¹²⁰ / [(1+0.0067)¹²⁰ - 1]
E = ₹54,523 per month.

Amortization Schedule for Cholamandalam HFL Home Loan

An amortization schedule for a Cholamandalam Home Loan provides a detailed breakdown of each Equated Monthly Installment (EMI), illustrating how each payment is divided between principal repayment and interest over the loan tenure. This schedule aids borrowers in understanding the progression of their loan repayment and the reduction of the outstanding balance over time.

Illustrative Example

Consider a home loan of ₹50 lakh with a tenure of 15 years at an interest rate of 10.5% per annum.

Month EMI Principal (₹) Interest (₹) Outstanding Balance (₹)
1 55,270 10,270 45,000 49,89,730
2 55,270 10,348 44,922 49,79,382

Cholamandalam HFL offers flexible, customer-centric home loans with competitive rates and easy repayment options. Experience a seamless home financing journey designed to make your dream of homeownership achievable and stress-free.

 

Home Loan FAQs

+
EMI stands for Equated Monthly Installment. It's the amount you pay each month to repay your home loan, which includes a part of the principal amount and the interest.
+
Home loan EMI is calculated using the formula: EMI = P * r * (1+r)^n / ((1+r)^n - 1), where P is the principal amount, r is the monthly interest rate, and n is the total number of months.
+
The main factors that affect your home loan EMI are the loan amount, interest rate, and loan tenure. A higher loan amount or interest rate will increase your EMI, while a longer tenure will decrease it.
+
Yes, most lenders allow prepayment of home loans. However, there might be certain terms and conditions, including prepayment charges. It's best to check with your lender for specific details.

Contact Us

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📞 Call us: +91 782 769 4613

✉️ Mail us: homeloan@suganta.com

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