How can a Home Loan EMI Calculator help you in paying your installments smartly?

At a time where almost all our leading banks and financial institutions are providing the home loan facility to ensure individuals a roof over their heads, the part which is still filled with many complexities is the payment calculations. Worry not, because, with the home loan EMI calculator, you can calculate the exact EMI amount in a hassle-free manner. The most important thing is that you can find the home loan EMI calculator on the official website of all leading banks such as ICICI Bank, State Bank of India, HDFC Bank, etc. In this article, we will be telling you about the reasons why you should use the calculator, benefits, and the details you will need. So without any further delay, let’s delve into it!

What are the reasons behind using the Home Loan EMI Calculator?

You must be thinking about why you should use this calculator? Well, your question is totally understandable as not many people realize the importance of having an estimation about the EMI amount. This is the amount that you’ll be paying over your loan period which usually lasts for 15 to 20 years. So if you have a pre-calculation of this amount, you would be better prepared to organize your finances in a way that your monthly budget remains unharmed even after paying the monthly installments.

By having an estimation about the EMI, you can make the adjustments in your loan amount. Because it’s simply a no-brainer that you shouldn’t opt for a home loan beyond your affordability. You can use the Home Loan EMI calculator to find that exact affordable EMI amount that is well within your capability.

Details that you’ll need to use the Home Loan EMI Calculator:

Like any other calculator, this EMI calculator needs a few basic values to work its magic on. These values are your desired loan amount, tenure, and rate of interest. By putting all these values into the calculator, you will get your desired results. EMI calculator not only gives you the EMI amount, but also the total interest amount payable and total loan amount payable over your loan period. You can have detailed information about all the values needed to get your result.

Desired Loan Amount: While settling for a home loan, you must have a fixed amount in your mind to buy your home. You should always remember to opt for a loan amount that your budget allows to take otherwise you could find difficulty in paying the EMI. Put the desired loan amount in the required space, or you can also scroll the scroller to your desired value. The loan amount also depends on your property value.

Rate of Interest: Various banks offer different rates of interest to different customers. Actually, it depends on various factors such as your age, employment type, annual income, job experience, etc. It depends mostly on your CIBIL score as a good CIBIL score (above 750) makes you a preferrable candidate to get a lower rate of interest.

Tenure Period: You can get a home loan facility for a maximum of 30 years. But it is advised to keep the tenure as short as possible because a higher period can make you a higher amount of interest. So, it’s better to choose a period according to repayment capability.

Benefits of using Home Loan EMI Calculator:

• You can save enough time of yours as this calculator gives results within flash of a second.
• By putting various values for multiple times, you can measure your repayment capability by getting the right amount within your budget.
• You can assure of absolutely accurate results from this EMI calculator.