Are you planning to buy a home on a home loan? Congratulations as you are one of the many few lucky people in the world or realize their dream of having own homes.
Now that you have decided to purchase a home using a home loan, you will need to take into account some aspects before applying so that you can manage it easily.
If you have the required housing loan eligibility, you can apply for a home loan worth Rs.3.5 crore.
You can also enjoy using some of the modern-finance tools such as home loan EMI calculator, home loan eligibility calculator and more to help plan your home loan easy.
This post will shed some light on the importance of the home loan EMI calculator and how it can help you plan your finances in advance to make way for loan repayments.
What is a home loan EMI calculator?
A house loan calculator is a modern-day tool which is developed by leading banks and non-banking finance companies (NBFCs) which is available on their websites.
One of the major things that many of the prospective home loan takers are concerned about the home loan amount that they will get and how much EMI they need to pay.
Earlier, people used to compute their home loan EMIs manually leading to mistakes and not knowing an exact amount available as home loans lead to wrong EMIs.
Hence, the wrong calculation of the EMIs also mean higher EMIs and this leads to not streamlining the month finances.
How has a home loan EMI calculator changed the scenario?
The availability of the home loan EMI calculator on leading online home loan lenders’ website has helped people to come up with the exact EMI calculation.
When one is aware of the EMI figure that he/she would need to pay even before applying for the home loan, it leads to a better planning of the finances.
How does a home loan EMI calculator work?
A home loan EMI calculator is a hassle-free online tool which is super easy to work on and gives you the exact EMI amount so that you can start arranging funds beforehand.
Here’s how a home loan EMI calculator works:
- Visit the website of a leading lender from whom you want to avail a home loan
- Search for the home loan EMI calculator in the search bar and land on the product page
- Once you reach on the home loan EMI calculator page, select some details such as:
- Your desired home loan amount
- The tenor or duration for which you wanted to avail a home loan
- The rate of interest applied to your home loan
- Once you select these details, the home loan EMI calculator will showcase the exact home loan EMI amount that will be payable after applying for the loan
- It will also show the housing loan EMIs along with total interest payable and overall total payment (principal + interest)
- Once you get an idea about your exact home loan EMI, you can click on ’apply now’ and go ahead with the application of your home loan easily
The Bottom Line
Home loans are available at the best home loan interest rates these days and with the home loan EMI calculator to help you calculate the EMI in advance, it can help you. Once you are ready to apply for a home loan, you can apply for an online home loan.