Home loan calculators work as an alternative that simplifies the calculation procedure. You can conveniently estimate your monthly installments by altering details like loan tenor and principal amount on the house loan calculator. It will also help you determine the correct home loan amount according to your repayment capability.
Let us understand the calculation with the help of an example -
Example 1
- Principal amount – Rs. 40 Lakh
- Loan tenor – 18 years (216 months)
- Rate of interest – 8%
Total cost of loan = Rs. 75,59,548
Example 2
- Amount availed or principal amount – Rs. 40 Lakh
- Loan tenor – 20 years (240 months)
- Rate of interest – 8%
Total cost of loan = Rs. 80,29,707
Example 3
- Amount availed or principal amount – Rs. 40 Lakh
- Loan tenor – 16 years (192 months)
- Rate of interest – 8%
Total cost of loan = Rs. 71,03,430
Similar Read: Top Uses and Benefits of Home Loan Instalment Calculator
- Amount availed or principal amount – Rs. 50 Lakh
- Loan tenor – 20 years (240 months)
- Rate of interest – 8%
Total cost of loan = Rs. 1,00,37,297
With such ease of calculation using a house loan calculator, it is advisable to estimate your EMIs before applying for a credit to make sure that you do not exceed your budget and decide on the loan amount and tenor as per your financial stability. It will also help you plan your finances to purchase a residential property.
Also Read: Know How a Home Loan Calculator Help You in Determining Your Home Loan EMI
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