Here's How a Home Loan Calculator Can Make Planning for a Home Loan Easier for You - Loan Trivia


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Friday 16 September 2022

Here's How a Home Loan Calculator Can Make Planning for a Home Loan Easier for You

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Planning is an important aspect of the home loan. Without proper planning, a home loan can affect your finances in terrible ways. On the contrary, adequate planning can lead you to your dream house without putting much stress on your finances. Also, planning increases the chances of home loan approval. The desired loan amount and better interest rate can be secured easily by reducing existing liabilities, maintaining a healthy credit score, making a joint home loan application and revealing all the sources of income. 

The concern of a prospective home loan borrower must not only be about home loan approval. You can easily avail a home loan by meeting the home loan eligibility criteria. Your bigger worry should be planning the repayment of the loan. For home loan borrowers, planning the repayment can be a tedious task. Using the home loan calculator, however, can make things considerably easier. 

Home Loan EMI Calculator

Because a home loan EMI calculator is available online free of charge, you can easily carry out all the loan calculations without spending a penny. The calculator is also simple and provides quick results. By using this calculator, you can execute all the planning for your home loan without worrying for errors creeping in your calculations. Here’s why you should use a home loan calculator while applying for a home loan or while paying off one.

  • Repayment information: While applying for a home loan, you generally have a certain home loan amount in mind that you need to purchase a house. Detailed planning means knowing how this amount would be repaid. With the use of a home loan EMI calculator, you get a complete loan repayment guide. This contains your tentative EMI amount, total interest payable and the repayment schedule. Surely, this assists you in evaluating your finances and decide how you will repay the loan.

  • Easy loan comparison: Securing a suitable and best home loan remains on the agenda for all home loan seekers. Loan comparison can help potential borrowers in their search of securing the best home loan deal. Comparison between lenders and their home loan offerings can be performed easily through the calculator. You can determine the cheapest loan and a suitable repayment tenor by adopting this method.

  • Accurate Results: Unlike manual calculations, all calculations performed using a home loan EMI calculator are absolutely correct and free of errors. The calculator carries out all the calculations based on the details keyed in by individuals. 

How to Calculate Your Home Loan EMI?

Performing home loan EMI calculation with the home loan interest calculator is easy. Here are the steps to follow:

  • Find a calculator online. You can use the home loan calculator of Bajaj Housing Finance.

  • Enter the home loan principal amount.

  • Next, select the tenor of the home loan.

  • Declare the rate of interest. 

Based on these details, the home loan calculator will automatically show you the results. You receive the EMI amount and the total interest payable. The tenor of the loan can always be changed to see the difference it makes to the EMI amount. Accordingly, you can choose the best EMI and plan your home loan in the best possible way to avoid any inconvenience. 

Remember that for home loans, the home purchased works as a collateral. In the absence of careful planning, default on EMI payment can happen. In this case, your chosen lender may confiscate the property to compensate for the unpaid loan amount. So, take a home loan only after proper financial planning. 

Read Also: Financing Tips for First-Time Home Buyers

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