Whenever you buy a product or a service, you do the necessary calculations to find out the pros and cons of your purchase. Understanding this with a very common example, let’s assume you plan to buy a home. When you do that, you are likely to do some calculations to know the insides and outs of your decision. You’ll calculate the down payment you’ll have to pay, the EMI you’ll have to pay etc. While calculating the down payment is pretty easy because it’s almost 20-20% of the property’s market value. Calculating the EMI is a little difficult because of the complexity of the formula. Even if you get the formula, ensuring accurate results is next to impossible through manual calculation. This leads to loopholes in your financial planning, creating issues later. Hence, the financial institutions have come up with Home Loan EMI calculator.
The Home Loan calculator is pre-equipped with the algorithms to deliver accurate results within a fraction of seconds. Plus, the results show a number of elements which make Home Loan planning easier. To give you a knack of it, below are a few ways EMI calculators help potential home buyers.
Know the interest payable:
The EMI calculator gives you an exact amount of interest payable against the loan. Also, the interest breakup per year helps you plan your income tax properly. You can claim a deduction of Rs 2 lakh under the section 24B of income tax act.
Gives you the lone break of every year:
The loan breakup which gives you an exact idea about how much you’ll be paying towards the interest and how much towards the principal component. This will again help you plan your self-assessment tax properly. Knowing the exact amount you paid as principal and interest you can claim the deduction of Rs 1.5 lakh under section 80C.
Read Also:
The Home Loan calculator is pre-equipped with the algorithms to deliver accurate results within a fraction of seconds. Plus, the results show a number of elements which make Home Loan planning easier. To give you a knack of it, below are a few ways EMI calculators help potential home buyers.
Know the interest payable:
The EMI calculator gives you an exact amount of interest payable against the loan. Also, the interest breakup per year helps you plan your income tax properly. You can claim a deduction of Rs 2 lakh under the section 24B of income tax act.
Gives you the lone break of every year:
The loan breakup which gives you an exact idea about how much you’ll be paying towards the interest and how much towards the principal component. This will again help you plan your self-assessment tax properly. Knowing the exact amount you paid as principal and interest you can claim the deduction of Rs 1.5 lakh under section 80C.
Read Also:
Know the Benefits of Home Loan EMI Calculator
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