Owing to escalating property prices, very few people are able to finance a house out of their pocket through a lump sum payment. To help such individuals buy their own residential property, home loans offered by leading banks and NBFCs in India play a vital role. Designed to suit the unique needs of today’s homeowners, these loans are apt for both salaried and self-employed professionals as it offers attractive interest rates that make these loans affordable.
There are times when due to extremely busy schedule you may fail to keep track of your home loan repayments. The immensely beneficial Home Loan EMI calculator makes the process of calculating your monthly EMI payouts easier by enabling you to get to the nitty-gritty of these payments without having to work out these complex calculations by hand. Using this service is 100% free and aids you in calculating as well as recalculating your home loan EMI and total interest due in a snap even if you are changing multiple variables in each calculation.
The obvious perks of Home Loan EMI calculator include the massive saving of time and energy. Apart from this, the time taking phenomena of boring calculations can now be completed in mere seconds, instead of hours. Using a Home Loan EMI calculator allows you to examine your EMI payouts for different loan interest rates and help you find the right home loan too.
With the Home Loan EMI Calculator, the usually tedious and time-consuming task of calculating the EMI related to your home loan is simplified and all the essential home loan repayment data including amortization details and ability to change components such as interest rate and tenure to test several combinations. Some basic loan parameters that are to be kept handy while using the Home Loan EMI calculator. These include the loan amount, applicable processing fee and pre-payments to be made. These factors would help you estimate your monthly EMI payouts better.
How does it work?
The free Home Loan EMI calculator service offered online possesses a user-friendly interface. As mentioned above, you are required to provide some key information such as Loan amount, relevant tenure and interest rate and press the ‘calculate’ button. The result page will provide you the details of the EMI applicable to your home loan, as per the information provided by you. In addition to this, amortization details i.e. a breakdown of the interest and principal payouts are also provided as part of the results displayed by the EMI calculator.
Home Loan EMI calculator Benefits:-
- Determines the EMI amount: It is one of the key benefits of using a Home Loan EMI calculator. Thanks to this unique friendly service, you can get the exact EMI amount you need to pay by simply providing basic inputs such as loan amount, the rate of interest and the loan tenure. ,
- Access to various finance charges: Using the EMI calculator will give you an access to processing fee value and the total interest that you have paid till date. Since banks and financial institutions treat this amount as a percentage of the principal amount, knowing the actual value will greatly help you in deciding the additional costs of taking out the loan.
- Evaluate numerous Loan Offers: You can use the calculator to compare home loans provided by several banks. All you need to do is to provide some basic details of the home loan, get access to various home loan offers of different banks, and compare them. You can even sign up for the most suitable loan option which suits your interest rate and charges.
- Helps in choosing the loan tenure: Once you know the EMI value through the home loan EMI calculator, it will further help you in choosing the loan tenure. If your EMI is higher and the tenure is short, you can try to extend your home loan occupancy depending upon your monthly income and budget.
- Assist in Managing your loan repayment: If you are in the middle of repaying a home loan and would like to pay off the outstanding loan before the end of the loan term, using the Home Loan EMI calculator can help you significantly in this regard.