Are you about to embark on one of life’s most exciting journeys? There’s quite nothing like taking that first step towards purchasing your own home. However, a home loan comes with a lot of responsibility – monthly EMIs. To ensure that you are ready to take on this responsibility, you can use a home loan EMI calculator. Let’s find out why and how.
What is a Home Loan EMI Calculator?
A home loan EMI calculator is a type of home loan calculator. This easy-to-use and useful online tool will help you know the amount you will need to pay as monthly EMIs (Principal loan amount +home loan interest) for the repayment of your home loan.
Why You Should Use a Home Loan EMI Calculator
Given below are the reasons why you should consider using an online home loan EMI calculator for computing monthly EMIs of your home loan –
- Accurate Results – Manual calculations are often prone to errors. Not to mention, the process is full of hassles and highly time-consuming. A home loan EMI calculator, on the other hand, will provide 100% accurate results – the value of your home loan EMI
- Speedy Tool – Besides delivering precise results, a home loan EMI calculator will give you speed with accuracy. Once you enter the relevant details, the calculator will automatically display the answer within seconds
- Simple-to-Use – The best part of a home loan EMI calculator is that it is a user-friendly tool and extremely easy to understand and use. All that you need to do is enter a few basic information and leave the rest on the calculator
- Proper Budget Allocation – A home loan EMI calculator lets you know the accurate value of the monthly home loan As a result, you will be able to have a clear idea of the amount you will need to shelve out each month. You can work around your finances accordingly so that you do not miss out on an EMI payment
- No Breach of Personal Information – The information that you are required to enter a home loan EMI calculator is far from personal. Meaning, you can rest assured that by using this home loan calculator, you will not be putting any personal info at risk of being misused
How to Use a Home Loan EMI Calculator?
Using a home loan EMI calculator is easy. All you need to do is enter in three important details – home loan amount, home loan interest rate, and loan duration or tenure – in the relevant boxes and the calculator will automatically show you the monthly EMI amount and the interest payable within seconds.
Once you meet the home loan eligibility criteria, make sure to use a home loan EMI calculator to know in advance the amount that you need to set aside each month for your home loan repayment. To enjoy low home loan EMIs, you can opt for a higher downpayment, choose a longer loan tenure, switch to a lender offering lower home loan interest rates (for existing home loans), among others.