The home loan EMI calculator makes monthly loan repayment easy. Loans are part and parcel of life. Home loan, car loan, education loan… There are many loans. In today’s age and time, most people take some of the other loans at least once during their lifetime. That said, the home loan is the most sought out loan.
Repayment Schedule
After the home loan is sanctioned and availed by the borrower, comes the time to repay the loan along with interest. There is a repayment schedule and borrowers have to adhere to the schedule or be punished. That being said, all loans including the housing loan have a tenure—which translates to the time allotted to complete the repayment process.
The EMI Loan Calculator
Repayment also brings into focus EMI or what is called the equated monthly installment. While on EMI, there is the home loan EMI calculator and the education loan EMI calculator. The EMI calculator is an online tool that is not difficult to access and which allows the easy calculation of the monthly installments to be made towards repayment of a home loan. The EMI calculator uses the loan amount, number of months, and interest rate to calculate the EMI for the housing loan. The EMI calculator takes into account both the principal loan amount and the accumulated interest.
Making Calculations Easier
With the EMI loan calculator, the calculation of EMI becomes easier. The EMI is calculated even before the loan process begins. Before the loan formalities are completed. Thereafter, whether the loan is availed or not depends on the EMI calculated by the home loan EMI calculator. To calculate EMI, enter the loan amount, the interest rate, the loan tenure and processing fee. The online EMI calculator will give you the EMI and based on that how much you should borrow.
Accessibility
The EMI calculator can be easily accessed. From anywhere and at any time. The EMI calculator can be accessed and used as many times as you want. There is no need to go to the bank for, say, a housing loan. No mathematical genius is required. All you gotta do is search the internet and requisition the EMI calculator. It will appear and reappear.
Saving Time
The manual calculation is time-consuming, tedious and prone to errors. It tests the patience of the most stoic person. The home loan EMI calculator is by far more convenient and fast. Keeping with all online calculations, the EMI is calculated in a jiffy. Also, the EMI loan calculator is correct every time it is accessed and used.
Easier Comparisons
With the EMI home loan calculator, it is possible to compare the loans offered by multiple banks— their interest rates and the total cost of each of their loans; and, of course, their EMIs. This helps the borrower make an informed decision. With the total cost of the loan and the EMI known, the borrower can zero in on the best home loan EMI calculator. Even the minutest difference in interest rates will impact the EMI.
It is a good thing to calculate home loan EMI before applying for a Home Loan. It provides you an idea of your payable EMI. Also, keep your documents ready and maintain a good CIBIL Score for instant approval on the home loan process.
Summing Up
The big advantage is there are loan-specific EMI calculators. The potential housing loan borrower can use different EMI calculators for different types of loans—one for a home loan, one for a car loan, one for education. The loan-specific EMI calculator is the best thing that happened to loans and repayment of loans.
