Home Loans are tedious loans. To service home loans, one needs to master the art of planning and management. When you’ve the burden of a home loan on your shoulder, you can’t afford to have the regular luxury life. The reason being, the Equated Monthly Installments (EMIs) compromises of a major chunk of your salary. You should know how important it is to strike a balance between savings and expenditure. You should get your priorities right and spend on those things only. Rest everything should be dedicated to pay your loan. The sooner you get rid of the burden, the better it is for you. Thus, you should know what you are getting into before hand itself. The Home Loan EMI calculator helps you do that. Let’s explore some of the benefits of the home loan EMI calculator:
1. Helps you take Informed Decisions: The EMI calculator helps you get a vivid understanding about the home loan you are going to take. It tells you about how much outflow of cash will happen from your net monthly income so that you can manage your lifestyle accordingly. Generally, EMIs subsumes 40-50% of your monthly income and leaving you with only 50% to live your life. So, the home loan EMI calculator is good in terms of planning and management. 2. Transparency: The EMI calculator draws a clear bifurcation of interest rates, monthly installments, tenure and principal amount left to pay. You will know how much interest rate you’ll be paying exactly. This is help you gain transparency and clarity. 3. Very Easy to Handle: It doesn’t involve any rocket science. It is very simple to especially designed for the usage of common man. You just have to deal with a couple of variables and you’re all set. 4. Choice of Right Tenure: Home loans are generally deals in high amount which is difficult to be paid during a short period of time. So, it is important to choose the right tenure which is not too soon also, not too long. If the loans are taken for a long tenure, then the interest you pay is humongous. With the help of home loan EMI calculator, you’ll know the right tenure to pick for repayment. 5. Loan offer comparison: Using the EMI calculator puts you in a spot where you’ve better clarity as you become aware of certain things. Now you know loan offers made by different banks. This information can be leveraged to compare loan offers basis which decisions can be made. Some of you may be wondering where and how to use this calculator. It’s extremely easy to use it, as stated above. Almost all banks are providing this service for free on their websites. Or, you can use it on the website of financial technology companies. They give you the privilege let you comparing different loans so that you don’t have to navigate to different bank websites in search of their offers. This is how you can use the home loan EMI calculator:
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Anika Sharma
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