As you are planning to avail a home loan from DHFL, be clear on the eligibility before pondering on the installments to be paid for the tenure you wish to opt for. Well, DHFL can extend the loan for a maximum of 30 years and so as to ensure a borrower pays off the debt smoothly, DHFL carries out the eligibility test.
The test aims to check the amount you are eligible to receive based on your income, repayment potential, credit score, etc. Plus, you would have the duty to pay off the EMI on your DHFL Home Loan. All that and more can be easily known using DHFL Home Loan Calculator. Let’s come and read that now.
DHFL Home Loan Eligibility Calculator
You can go wild in your dreams thinking you worth getting XXX loan amount from DHFL. But all that dreams vanish when you receive a finance much below expected. So, you should use the calculator to get an idea of the loan amount you are likely to receive. The best part is that it’s available online, making it easy for you to calculate. The calculator checks your income, the pattern of expenses and savings on a monthly basis before arriving at that coveted amount. It also calculates per lakh EMI based on loan amount, tenure and interest rate. There’s a formula based on which the calculator functions. Wanna have a look at the formula? Check it out below.
Loan Amount Eligibility – 1,00,000 x Savings/Per Lakh EMI
DHFL Home Loan EMI Calculator
Now comes the time to calculate the EMI, which stands for Equated Monthly Installment. The installments can be calculated easily using the EMI calculator. The calculator uses the loan amount, the rate of interest and tenure to compute the installments. You can experiment using different variables to figure out what is best for you. You can be tempted to choose a longer tenure just to cut down the size of installment. But doing so takes out a large chunk of money in the form of interest. So, be flexible in choosing a tenure that not only is affordable from the EMI perspective but also keeps the interest outgo in check.
DHFL offers loan at interest rates of 8.35%-9.95% per annum, while the maximum loan is given at about 90% of the property cost. Also, DHFL sets the loan amount based on your affordability to pay the EMI.
DHFL Home Loan Balance Transfer Calculator
So if you are already servicing a home loan somewhere but at interest rates higher than that of DHFL, you can switch the outstanding balance here and save on the interest. But before availing the option, make sure the interest rate of DHFL is lesser than that charged by your existing lender by 1% or more to gain big. With the help of EMI calculator, you must have checked the total interest payable on a loan. And, now in the midst of a loan tenure, you must check the total interest paid so far. Bring on DHFL interest rate and calculate the EMI and interest. Add the interest chargeable on Home Loan to the interest paid with the existing lender. Calculate the same and get it subtracted from the interest accrued on the original loan.