An Overview for home loan EMI Calculator & Its Benefits
A home loan has emerged as one of the best financial modes to arrange a large sum of money to build or buy a new home. Based on one’s eligibility, it is possible to acquire a significant amount to move into a dream home.
But, a home loan is a long-term obligation, and lenders approve applications of only eligible candidates. Since it comes with a long tenor, it also affects the outlays of a borrower for a long time.
Hence, they want to know an exact EMI amount to plan their finances. Many borrowers do that manually and make mistakes.
But with the facility of the online housing loan EMI calculator available, it has become easier to calculate housing loan EMIs.
Let’s know more about the home loan calculator for EMI and its benefits. Read on!
What is an online housing loan EMI calculator?
An online housing loan EMI calculator is a tool available on a lender’s website for free. It is also accessible 24x7. It helps a prospective home loan borrower to calculate the housing loan EMI amount accurately. Once anyone is aware of the exact home loan EMI amount, it becomes easier to plan finances and manage outlays.
Leading banks and non-banking finance companies (NBFCs) provide the housing loan EMI calculator facility on their platforms. They have designed the tool to help every prospective borrower ease off their loan application approaches. Hence, the number of people applying for a home loan has increased.
Other than the housing loan EMI calculator, an online home loan eligibility calculator is also available. Using the same, it is possible to arrive at the actual amount that a lender can approve if you apply.
How to use the housing loan calculator for EMI?
Using the housing loan EMI calculator is dead easy if you can follow a few easy steps. Let’s take a look:
- Land on the ‘Home Loan’ page of your preferred lender and open the home loan EMI calculator from the ‘Calculators’ section.
- Once you have accessed the tool, you have to choose your desired home loan amount, the applicable interest rate and the repayment tenor.
- After selecting those vital loan aspects, the housing loan EMI calculator will now showcase your exact home loan EMI. Along with the particular home loan EMI amount, you will also come to know about the interest charges and total loan cost (principal + interest).
What are the benefits of using the housing loan EMI calculator?
The most significant benefit of using the housing loan EMI calculator is to determine whether you can afford the financial obligation of the debt. If you want, you can always increase or decrease your EMI amount as per your home loan amount. If you see that you can’t afford the EMI, you can decrease the loan amount to suit your outlays.
Another benefit of using an online home loan EMI calculator is that you don’t need to do anything manually. You can be sure of the results showcased by the tool. There are no assumptions, as in the case of a manual calculation. Therefore, there are no errors compared to manual calculation.
Read Also: Financial Planning Made Easy with Home Loan EMI Calculator
The results showcased by the housing loan EMI calculator are real-time. Hence, there you don’t have to wait to arrive at the correct home loan EMI.
With the help of an online calculator for EMI, you can approach your home loan with confidence. The eligibility criteria and documents required for home loans are also easy and uncomplicated to furnish. If you are ready, you can check your lender’s eligibility and the documents required and apply online.