EMI Calculator in Home Loan: How Does it Help? - Loan Trivia


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Tuesday 18 December 2018

EMI Calculator in Home Loan: How Does it Help?

We often talk about the importance of planning in life. However, when the time comes for us to plan things for ourselves, we completely ignore it. To be frank, success comes easily to those who plan and stick to it. On that note, planning is one of the key prerequisites for people planning to take a home loan. One of the first things you should do before taking the loan is to plan it using an EMI calculator. 

Perks of using Home Loan EMI Calculator

Home loan EMI calculator helps you plan your loan better: For instance, you can use the home loan calculator well before applying for the loan and decide the right tenor. The loan repayment tenor must be in accordance with your repayment capacity instead of how quickly the lender wants to retrace the money. For instance, if you can save only Rs 10, 000 a month after meeting all the other expenses, you have to plan your loan in a way the EMI amount doesn’t exceed the figure. This can be done by increasing or decreasing the repayment tenor as long as the EMI amount doesn’t turn out to be Rs 10, 000 a month.

Apart from that, the EMI calculator helps you obtain the per year principal + interest breakup. You can use that whenever you plan to part-prepay or foreclose your loan. 

Bottom Line: A home loan EMI calculator helps you plan your finances for the entire tenure of the loan. It saves you a lot of time and calculates the EMI for your housing loan in seconds.

Reference Read: Understanding the Concept of EMI Calculator in Home Loan

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