Buying property is once in a lifetime investment for many. But instead of squandering all your savings to buy your dream home, you must apply for a home loan to keep your stash safe. There are many banks in India that offer home loans at attractive interest rates for minimum 5 years to maximum 25 years of tenure. If you are planning to get a home loan but don’t know how to get started, we advise you to use the home loan calculator to calculate the EMI (equated monthly installments) in advance by providing the principal amount you want to apply loan for, the expected loan term and the interest rate at which the loan is being offered.
Home loan calculator is an online tool that allows people to calculate loan EMI in advance by filling in the principal loan amount you wish to avail, loan term and the rate of interest at which the lender is offering you the loan. The online EMI calculators are user-friendly, easy to use and quick to perform. They give instant results with graphical representation. EMI calculators are different for each type of loan, which means to calculate a home loan EMI, a home loan calculator should be used, for a car loan, a car loan EMI calculator is used and so on.
The features of home loan calculator include:-
1. Quick process and instant results: A home loan calculator delivers instant results without wasting a minute of your time. It saves you from physical excursion by eliminating the need to stand in long queues at the bank. Calculating loan EMI using a pen and paper can take you hours. But with an online calculator, you can make the same calculations with just a click of the mouse.
2. Zero cost: Home loan calculators are free of cost and are easily available on the bank’s official website and also on several third-party websites. Using home loan EMI calculators, you can make as many searches as you want with different principal amounts, loan terms, rate of interests and processing fees so as to get appropriate EMIs that you can easily pay without disturbing your monthly budget. In the EMI calculator, you can either use the slider to adjust the values or type-in the numbers manually if you want to enter more specific values. Once the value is changed either using the slider or manually, the online calculator will recalculate the EMI amount.
3. Accurate: The results you get from the home loan calculator are 100% accurate and reliable. It is way better than using pen and paper to calculate the EMI of a home loan.
4. Saves times: Home loan calculators allow individuals to save a lot of time that would otherwise be spent in visiting different banks, standing in long queues and talking to the bank’s representatives individually.
5. Amortization table: Apart from calculating EMI, home loan calculators also provide amortization table that shows you how your loan will progress with time. In addition to this, home loan calculator will also provide a pictorial representation of each and every data points like principal outstanding, time remaining, interest rate, etc.
All in all, home loan calculators have made the life of borrowers simpler and convenient. It has also eased the loan getting process to a larger extent and reduced the bank visits significantly. An EMI is an equated monthly installment payable to the bank or other financial institutions every month till the time the entire loan amount is fully paid. Finding the EMI in advance using online calculator will help you manage your finances in a better manner and fix your future expenditures carefully.
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