Home loan from HDFC Bank..? EMI how much..?

Sowmiya Sriram
Home loan from hdfc Bank..?  EMI how much..?
HDFC raises interest rates on home loans for the fourth time. On june 9, hdfc announced that it had hiked interest rates on home loans by 50 points. It is noteworthy that hdfc home loan interest rates start at 7.55% as a base point is one-hundredth of a percentage point. It has been announced that the minimum interest rate for borrowers up to Rs 30 lakh will be 7.70 percent and the minimum interest rate for loans above Rs 30 lakh to Rs 75 lakh will be 7.95 percent. Similarly, the interest rate for loans above Rs 75 lakh will be 8.05 percent for women. It has also been announced that an interest rate of 0.05% will be available on these loans.
Borrowers have to pay higher interest rates on their loans as soon as their reset date arrives. If you have an hdfc home loan, you can see here how much the EMI you have to pay will increase after the recent interest rate hike.
If you had taken a home loan of Rs 30 lakh in 20 years' installments, you would have been paying Rs 23,620 per month with 7.20 percent interest so far. But now it has to pay Rs 24,536 per month with 7.70 percent interest. That means you have to pay an additional Rs 916.
Similarly, if you have taken a home loan of Rs 50 lakh in 20 years' installments, so far you will be paying Rs 40,127 per month with 7.45 percent interest. But now it has to pay Rs 41,667 per month with 7.95 percent interest. That means you have to pay an additional Rs 1,540.
Similarly, if you had taken a home loan of Rs 80 lakh in 20 years installments, you would still be paying Rs 64,692 per month with 7.55 percent interest. But now it has to pay Rs 67,164 per month with an interest rate of 8.05 percent. That means an additional Rs 2,472 has to be paid.
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