Owning a home is one of the costliest purchase decisions that a person makes in his lifetime. For a reason, getting a house of their own is like a dream for many. So obviously, the home loan amount that an individual borrows from the banks or NBFCs is also hefty. This means the EMI payments will also take away a major chunk of your net monthly income. Paying off a home loan can be very tricky. If not done with planning, can put you in a financial crisis. As home loans include hefty amounts, it can get tough to pay it sometimes, while juggling with other monthly expenses. The Home Loan EMI calculator helps you from not getting into a situation of financial crisis. The role of the calculator is to determine your monthly EMI (Equated Monthly Installment), well-in-advance, so that you have the clarity of how you’ve to live your life after the loan.
Let’s see some of the benefits of using a home loan calculator. No Complex Calculations: The last thing you want to do while applying for a loan is to do Maths. And calculating the interest and EMI is not as easy as it looks. It involves compounding and various other formulas to get the final result. But the home loan EMI calculator does it all by itself without stressing you out. All you have to do is enter some details and boom, the results will be on your screen within milliseconds. Helps You In Planning: Planning is involved in every aspect of life. Same is the scenario when you apply for a home loan. Things will never be the same as before after you take a home loan. Home loan EMI chews on 40% to 50% of your salary, only leaving the other half for your monthly expenses. You can’t be living the same luxury life when you a home loan EMI to pay on your head. All this needs immense planning. But planning can only be done if you’ve an estimated figure. Before you dive into the pool, you should ascertain what your EMI is going to be so that you can plan better. Free Usage: The Home Loan EMI Calculator is like a free add-on service provided by the Banks and Non-Banking Financial Companies. Yes, using the home loan EMI calculator is absolutely free. You can try ‘n’ number of combinations and you won’t have to pay a penny out of your pocket. Instant Results: It’s not that you have to wait for results to be emailed to you or an executive has to call you to determine your EMI. The moment you hit ‘enter’, within milliseconds the results will be on your computer or mobile screen. How does the Home Loan EMI Calculator Work? The home loan calculator is very simple to use. It was designed, keeping in mind, the needs of the common people. Thus, made in a very simple manner, with a few input requirements. The home loan EMI is calculated based on three factors - the Home Loan Amount, the Repayment Tenure and the Interest Rate. All you have to do is adjust the three sliders according to your needs and requirements. Keep in mind that these calculations are approximations and not absolute. The rate of interest that you will get from the bank is going to be slightly different from the value entered by you on the calculator.
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Anika Sharma
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