Home loans are affordable options for an individual who plans to buy a house. Home loans are available a lower interest rate which range between 9-10% of the home loan with a nominal processing fee of 1-2 % 0f the principal loan amount. The home loans are given by various banking and non-banking institutions across India. They are a better option than the traditional finances and the personal loans. As they provide flexibility in the interest rate and the tenure of the repayment as well as the mode of the repayment.
Home loan EMI calculator is a feature that enables you to understand the monthly amount you need to pay to the lending institution on a specified date of every month. Emi is the equated monthly installment you need to pay every month to the lending institute every month on a specified date . It is the multipurpose calculator hence, it serves in 4 ways:
How much will be the monthly payment of the EMI for the home loan?
How much an individual can afford to borrow from the lending Housing Finance institution?
How long it will take to repay the loan amount?
How much interest a person need to pay behind it.
This home loan emi calculator is available on the company’s website and you can avail for the service for free. You don’t need to pay for it. So when you go to the home page of any institution you simply enter the amount of the loan that is availed to you, the interest rate at which the loan is availed and the tenure for which you need to repay this loan. You can also set the start date of your EMI payment schedule. The interest rates that are offered by various banking and the non-banking institutions. Hence, the interest rate plays an important role which will decide the amount you are going to pay to the banking and the non-banking institutions.
Home loan EMI calculator is more like the home loan affordability calculator as it gives you an insight into the future whether you can afford this loan or not. It will give you the estimated value you need to pay every month. Unlike earlier where you had to sit down with your financial expert make the bills of you income expenditure and then calculate the emi. Also the emi had manual errors as it was not the accurate value which was received by the person. One slight mistake would barge the whole calculation also the manual process was very much confusing and was time consuming.
The home loan EMI calculators have thus replaced this whole process and they have been helping in easing the pain considerably. All you need to do is insert the values correctly which will help you in saving a lot of time. Enter the amount at which the loan amount which is sanctioned to you, the interest rate at which the loan is availed, the tenure for which the loan is supposed to pay. Hence, home loan emi calculators give you an insight into the EMIs you have to pay and you can plan your month accordingly.