Learn in Detail how your Home Loan EMI is Calculated
Anyone who wants to move into a dream nest can rely on the home loan facility to arrange a large amount of money.
Besides a significant amount, a housing loan interest deduction of up to Rs.2 lakh is also available. It is possible to avail of it when you repay the interest part of your housing loan.
Many people save all their lives; still, the funds needed to buy a new home are not sufficient. It is because the cost of a home keeps increasing as per an area and other factors. It is where the home loan facility is available to help you avail a big amount.
Based on your eligibility, you can get an amount of up to Rs.1 crore by top lenders. But, a home loan comes with a longer tenor.
Hence, when someone applies for it, he/she needs to pay the home loan EMIs over the tenor. But, the housing loan EMI may also affect borrowers’ outlays for a long time.
Thus, it becomes a must to know about the exact home loan EMI amount.
Is it possible to determine your home loan EMI even before applying for a housing loan? Yes, that’s possible!
You can use the house loan calculator on a lender’s website. This facility is available for free and accessible 24x7.
If you want to know how your home loan EMI gets calculated, here is a post to go through!
How is your home loan EMI amount calculated?
The house loan calculator for EMI is used to arrive at the precise home loan EMI amount. The house loan calculator for EMI employs using a formula to determine your housing loan EMI.
The formula used to calculate home loan EMI takes into account many aspects. They are your desired loan amount, the applicable interest rate and the repayment tenor.
What is an online housing loan EMI calculator?
The housing loan EMI calculator is an online tool available on a lender’s website for free. It helps you arrive at the right amount you will pay over a tenor if you apply home loan.
With the help of a house loan calculator for EMI, you can be confident of how much to pay per month over the years.
Based on your repayment capacity, you can also increase or decrease the loan value to suit your budget the best.
How to use the home loan EMI calculator online?
Using an online house loan calculator to compute EMIs is dead easy to use. Let’s take a look:
- Land on the website of a lender you want to apply for the home loan with. Navigate to the home loan page, and open the home loan EMI calculator from the ‘Calculators’ section.
- Once opened, you need to select your desired home loan amount, the applicable rate of interest and the repayment tenor.
- As soon as you choose these vital loan parameters, the home loan EMI calculator will showcase the exact EMI amount. Along with this, the tool will also display your actual home loan interest rate charges and total loan cost.
Once you are aware of the home loan EMI amount, you will be able to make a decision if your budget can afford the loan or not.
Read Also: An Overview for home loan EMI Calculator & Its Benefits
It is the endeavour of a lender to help you approach your home loan with confidence so that they can approve it.
It is beneficial for both — lenders and customers. One gets business, while another is able to get funds to invest in a dream home.
The availability of the house loan calculator for EMI is proving to be a game-changer to help borrowers approach the loan confidently.