Benefits and Usage of Home Loan EMI Calculator - Loan Trivia

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Tuesday, 30 March 2021

Benefits and Usage of Home Loan EMI Calculator

Considering the recent growth in India’s home loan market, it is safe to say that more individuals are interested in investing in the real estate sector. Since home loans usually involve acquiring a substantial quantum, borrowers look for ways to reduce the home loan EMI to make the repayment process flexible.

Handling the monthly installments automatically gets challenging when the borrower opts for a short repayment tenor or has to pay high interest rates. Therefore, it is wise to rely on financial tools like a home loan EMI calculator to assess the EMIs beforehand before making a borrowing decision. 

Following is a look at the benefits of using an EMI calculator:

  • Accuracy: As far as financial planning is concerned, you need to make sure that the EMI amount computed is free from errors. This allows you to choose the repayment tenor and other necessary aspects accordingly. 

  • Comparing lenders: Using a home loan installment calculator is mandatory when you are comparing different lenders before availing a home loan. Since the results directly affect the EMI amount, you can easily compare the interest rates offered by different lenders and choose the most convenient option. 

Usage of EMI Calculator

Unlike manual calculations, online home loan EMI calculators follow a simple approach where you need to enter details like the principal amount, home loan interest rates, and loan tenor for accurate results. You can even adjust any of these parameters to check which one suits your repayment capacity before you opt for a lender. 

In order to conveniently handle your home loan EMI, make sure to go through the eligibility criteria once you check what your monthly instalments will be for the entire tenor. You can further work on those aspects to increase your loan eligibility and manage your finances better.

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