Housing loans are a convenient option to purchase one’s home. A home loan is a long-term financial commitment that enables borrowers to buy a house without having to shell out a hefty amount upfront The entire housing loan amount is converted into EMIs (Equated Monthly Instalments). Many rely on a housing loan EMI calculator to get an idea of the EMI amount. Read on to know the reasons to use a housing loan EMI calculator in 2022.
What exactly is a housing loan EMI calculator?
A home loan EMI calculator is a self-help tool that ascertains the estimated EMI amount犀利士
. It is an online tool that calculates the EMI amount based on specific parameters. Reputed lenders like Grihashakti provide the EMI calculator on their official websites. It can help people check the estimated EMI amount before submitting the housing loan application. In addition, it can allow the loan applicants to judge their repayment capacity before the loan is approved. The online EMI calculator provides the necessary results. The inputs required by a loan EMI calculator are as follows:
- The principal amount of the housing loan
- The interest rate of the housing loan
- The tenure of the housing loan
After entering the details mentioned above, the calculator will display the EMI payable (per month) to the user. Applicants can access an online EMI calculator via their desktop, smartphone, or tablet.
Pros/reasons to use a housing loan EMI calculator
8 reasons to use an online EMI calculator for housing loans are as follows:
1. Know the right housing loan amount
A housing loan depends on the price of the property/house. Based on the property value, the appropriate loan amount can be decided with an EMI calculator. It will help you arrive at the loan amount that can be paid off over a tenure.
2. Check interest rates
It is important to check the interest rates before submitting the home loan application online. Interest rates on housing loans can vary from one lender to another. Since the interest rates can significantly affect the EMI amount, it is better to check them beforehand.
3. Know the suitable loan tenure
The EMI amount depends on the housing loan tenure. For a housing loan with a longer tenure, the EMIs will be smaller. However, the borrower might pay more interest charges for a longer tenure. For a small repayment tenure, the housing loan EMI amount will be higher. With a home loan EMI calculator, the apt repayment tenure can be ascertained. The EMI calculator on Grihashakti’s website lets you choose a repayment tenure between 1 to 30 years.
4. Easy results
A pre-loan assessment is necessary for applicants. An online EMI calculator allows us to skip the tedious calculation part. One can get the exact EMI payable every month by entering a few details. The EMI calculator displays instant results within seconds.
5. Secure results
With a secure online platform, Grihashakti allows users to check instant results without any security concerns. Login credentials aren’t needed to use the free online EMI calculator. Since the online portal is secured, it ensures the protection of your personal information.
6. Compare housing loan schemes
With an EMI calculator, users can compare different housing loan plans. They can enter different loan amounts and interest rates each time. By doing so, they will know the best loan features to look out for.
7. Finance management
A home loan calls for financial discipline. EMIs have to be repaid on time to prevent the credit score from going down. Loan applicants should plan the EMIs before submitting the housing loan request. An EMI calculator can help loan applicants with financial management and planning.
8. It’s free!
Lending institutions provide the EMI calculator free of cost. No personal information is required to use the free EMI calculator. If used prudently, it can be a powerful tool for financial planning.
The EMI calculator is useful in planning your finances for servicing your home loan. Plan your EMIs with the online home loan EMI calculator now!