Importance of Home Loan EMI Calculator

There is no doubt about the widespread popularity of Home Loan among customers. The reason being is the sky-touching prices of real estate and that’s why people opt for Home Loan. There are several lenders who provide the required loan amount at affordable interest rates to customers. But there is one thing which is often ignored among customers because of which they need to face some serial consequences such as Loan Default. This is known as the estimation of monthly installments of the loan amount which can be done with the Home Loan EMI Calculator.

Home Loans are generally considered to be high-ticket purchases and this is why it is important to know the estimate of monthly installments beforehand so that you can manage your finances better. Let’s say you opted for a home loan without using Home Loan EMI Calculator, and the EMI amount is above your income capacity, it would be quite hard for you. Moreover, you may miss the repayments and end up being default. In this article, we will be telling you about the advantages of Home Loan EMI Calculator and how Home Loan Interest Rates determine your EMI amount. So, keep reading.

Advantages of Home Loan EMI Calculator

As we said there are several advantages of Home Loan EMI Calculator that a customer can enjoy. We are showing some of them below. Have a look.

• As we said earlier, Home Loan EMI Calculator helps customers manage the finances and also in choosing the suitable home loan lender.

• The most amazing benefit of this tool is customers don’t need to perform the tiring manual calculations as it provides the results instantly.

• With the Home Loan EMI Calculator, you cannot only calculate EMI amount but also interest outgo and amortization table. This table helps customers in understanding the outstanding principal balance at different points of your tenure.

• The calculator is endlessly flexible so you can put different values for as many times as you want until you get the satisfactory results.

How to use Home Loan EMI Calculator?

Well, to use Home Loan EMI Calculator, you need a few basic details such as Required Loan Amount, Home Loan Interest Rates, and Required Tenure. As soon as you put these details into the tool, you will get the results. Let’s have a look at these details.

• When we talk about the required loan amount, every borrower has a definite amount in his or her mind. Also , the loan amount directly depends on the overall price of the property for which you are going to opt for a Home Loan.

• The second thing you need to put is the most important thing - Home Loan Interest Rates. Higher your interest rates, higher would be your EMI amount and vice versa. That’s why it is advised to choose a lender with low-interest rates.

• The third and last thing you need to fill is the required number of years. This can be a maximum of 30 years from the side of the lender. Remember that a longer tenure can make you pay a higher interest outgo.

On putting these details into the Home Loan EMI Calculator, you will get EMI amount, Interest Outgo and Total Amount payable. If the EMI amount is within your repayment capacity, you should opt for the home loan.