A home loan in India may be the most significant financial commitment you undertake in your lifetime. So, before you commit to such an obligation, you must research every aspect to make sure that the loan availing process is smooth and the repayment is within your reach.
This includes checking the housing loan eligibility criteria and forecast your EMIs in advance to plan the repayment process beforehand. While determining whether the monthly out-going will be affordable for you, use a house loan calculator of your preferred lender.
Why Use Housing Loan EMI Calculator in India?
A housing loan EMI calculator in India computes your monthly equated installments quickly and provides you with an accurate result of the total payable loan amount along with interest.
Besides, you can use this calculator online from your preferred lender’s website and perform the desired calculation conveniently – as many times you want at free of cost.
Benefits of using housing loan EMI calculator
To understand the significance of a housing loan EMI calculator, take a look at the ways it can prove beneficial for you.
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Compare different loan offers to avail the most affordable option
The best way to avail the maximum value from your housing loan is to avail the most lucrative option suited to your requirements. It is only possible if a borrower compares the different advances available in the market and performs an accurate comparison. By leveraging the power of a home loan EMI calculator, you can determine the maximum value for your commitment.
Make sure you check the lender’s home loan eligibility criteria beforehand to avoid any unnecessary hassles while procuring advances.
Adjust your credit requirements
You can use a lender’s EMI calculator to help you determine the loan amount you desire to borrow. Borrowing a significant amount (up to Rs. 3.5 Crore) means higher EMIs, which might pose a financial burden in time of repayment.
Using a housing loan EMI calculator in India can help you estimate your monthly out-going by putting the values of home loan rate of interest, loan amount and tenor. This helps you to re-evaluate your investment altogether, thus, allowing you to plan your budget accordingly – keeping in mind your fixed monthly obligations.
Gain an insight into the components that make up the EMIs
When it comes to your monthly installments, it is essential to know what part of an EMI contributes to the principal and interest repayment. While a borrower needs to discuss the details of his/her EMI breakup with the lender, an EMI calculator provides a valuable insight nonetheless.
How to calculate EMIs using a Housing loan EMI calculator?
Follow these steps to estimate your EMI amount.
- Use the slider to select your loan amount.
- Select the loan tenor in months or input manually in the box.
- Use the slider to select the interest rate provided.
- EMI will be calculated instantly when you do the above.
You can recalculate your EMIs anytime and as many times you want by adjusting the sliders.
All of these aspects point out that the housing loan EMI calculator is an efficient financial tool that helps you to plan your repayment process. Thus, ensure that you use the calculator before applying for a home loan. This way, you will attain a detailed knowledge about the credit you are availing, and you can take an informed decision.