Home Loan Installment Calculator - Know the Uses and Benefits

Jun 29 2020 10:45 AM
Home Loan Installment Calculator - Know the Uses and Benefits

What is a Home Loan?

A home loan is a money you can borrow from a bank to purchase a home. The home loan amount is to be repaid with EMIs (Equated Monthly Installments) every month at a particular chosen rate by you. The loan has to be taken against a certain property that is kept as a security by the company or bank that lends money. If you fail to pay the due amount within the timeframe, the outstanding amount can be recovered by selling that property. There are various types of home loans from Home Purchase Loan to Home Improvement Loan and Home Extension Loan to Home Construction Loan. You are offered two types of interest rates by the financial institutions that vary from bank to bank. These are floating, and fixed interest rates and you can compare these rates according to what is affordable to you. 

What is a Home Loan Installment Calculator? 

Since the Home Loan EMI involves a huge amount, Home Loan EMI Calculator aids in calculating the loan installments, i.e. the installments that you have to pay for your Home Loan. It is a simple financial tool that will make it easy for homebuyers to plan and calculate the cost. Also helping in the purchase, the EMI calculation shows a clear picture and gives a proper understanding of the amount that is outstanding and has to be paid. It helps you keep track of your monthly outgoing, helping you plan the requirements. It is a vital part of your journey of buying a home. 

Customized housing loan with efficient and quality services eases the process of buying a home. Efficient and best quality services will help you in your decision of taking a home loan and help you meet all your requirements. Using Home Loan EMI Calculator is extremely easy and convenient, and the installments can be calculated considering factors like principal amount, interest rate, and tenure of the loan.

Benefits of the Home Loan Installment Calculator:

  • Easy Calculation: EMI Calculator will assist you in calculating your home loan amount. All you have to do is just put the amount of the loan, rate of interest, and tenure of the loan. The home loan calculator will calculate for you and provide you with the amount. 
  • The Option of Choosing a Tenure: You can also choose the tenure of the loan right after you get the EMI amount according to what suits you. Depending on the amount that you can afford to pay per month, you can choose to pay a high EMI with a shorter tenure or a low EMI with a longer tenure.
  • Makes Comparison Easier: You can also use this calculator to compare the offers from multiple banks. You will be able to see the cost and EMI and then choose from the option that is viable for you.
  • Accuracy: Manual calculations may cause errors and lead to wrong amounts that you might overlook or not realize. The results calculated by the EMI calculator will be accurate and lead to a smooth process and also avoid human error. It saves you time and is pretty convenient for you to calculate the amount. 

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