Ever heard of an EMI calculator for home loans? If not, it’s nothing to be worried about because there are thousands of borrowers do not know what these tools are but apply for their home loans anyways. However, since the internet brought you this article, you will now have the upper hand as it will explain everything you need to know about the useful yet mostly unknown calculators.
1. What is an EMI Calculator?
It’s a simple online tool that you can use to compute all your home loan EMI payments. Right from the first EMI amount to the last EMI payable; it will calculate it all in nothing but a few seconds.
2. How do you use the calculator?
Using a calculator is relatively easy. Just tap in simple details related to your home loan such as the amount, the tenure, the interest rate and give the enter button a tap. Within seconds, you should see a tabularized repayment schedule.
3. Where can you find one?
Finding an EMI Calculator is just as easy as using one, in fact, it’s probably easier. Most lender websites have one you can use and leading housing finance aggregators will also have one.
4. Is there any charge to use one?
These useful tools are made available to you for free. No need pay anything, subscribe to pesky newsletters or provide your details. Just find the calculator, fill in the fields and hit enter!
5. Reasons to use an EMI calculator.
There is the number of reasons why you should use a calculator before applying for a home loan. Firstly, you can create better plans to repay the loan successfully.
This ensures you enter into the decision of a home loan already well prepared. Knowing the EMI amount helps you adjust your income and expenses to accommodate this monthly cost.
Moreover, knowing the EMI amount helps you decide your loan affordability. If the EMI provided is too high, you cannot afford to borrow the given loan amount. If you were to skip on using a calculator, you would have applied for the amount and seeing that you cannot afford to pay that sort of EMI, the lender might reject your loan application.
However, you can keep reducing the loan amount you enter in the calculator until the EMI amount provided is within your financial capacity.
6. What are the other calculators besides an EMI Calculator?
There are a couple of other useful calculators that you can use. They are the home loan eligibility calculator, the length conversion calculator, and the affordability calculator. Using all of these in combination with the calculator for EMIs will ensure you are well-informed and ready to take on the home loan.
We hope these 6 points in regard to EMI Calculator help your decision making process and provide you with a hassle-free and smooth home loan journey. For any further assistance, you can turn to a financial expert or just reach out to one of the leading home loan providers. Good luck and all the best!