Using Home Loan EMI Calculator for an Effective Budget - Loan Trivia

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Saturday, 28 April 2018

Using Home Loan EMI Calculator for an Effective Budget

Buying a home is a big decision and is followed by a lot of “ifs and buts”. To be honest, we have all seen this happening, people take the plunge but end up regretting later. Big financial decisions like that of buying a house should be pursued only after extensive financial planning. Therefore, a proper budget is not just some monetary calculations, it’s a roadmap that will help you in your endeavor.

Now, in order to satisfy all possible and unforeseen financial queries in your budget, you need to follow the prerequisites.

Find out the EMI of your Home Loan: Knowing the exact amount that you’ll be liable to pay towards your Home Loan will allow you to regulate your other expenses accordingly. You can either send an enquiry email to the lender and ask the Bank/NBFC official to share the exact figure in a proposal, or you can use the Home Loan EMI Calculator and calculate the EMI of your Home Loan.

Find out the Required Figures:  In order to use the Home Loan EMI calculator, you’ll need clarity on the amount that you need to borrow, the exact interest rate, and the repayment tenor. When you have all the aforementioned figures, you can use the calculator and get your monthly EMI. 

Bottom Line: While choosing the Home Loan, just make sure you are opting for the most fitting scheme.

Reference Read:

How to Calculate the EMI on Your Home Loan

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