Steps to Use Home Loan Calculator in India - Loan Trivia


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Monday 6 March 2023

Steps to Use Home Loan Calculator in India

The home loan calculator in India is a digital tool which is used to calculate home loan (Equated Monthly Installment) EMIs. With the help of this self-help tool, borrowers can quickly check the EMIs payable on a home loan from a financial institution over a specific tenor. 

Various financial companies provide this digital tool on their official websites, allowing borrowers to check their EMIs by filing in the primary entries as per their choice. 

Steps for using a home loan calculator in India 

With an advancement of digital technology, an online tool like a house loan EMI calculator has been developed to generate quick results before loan application. Here is a step-by-step guide to using this home loan EMI calculator.

Step 1: Visit the official website of a reputed lending institution and open a home loan calculator on the website. 

Step 2: In this step, users must enter the preferred loan amount, repayment tenor, and interest rate. 

Step 3: One must then select the “submit” button. The calculator will reflect results showing the total payable interest and EMIs applicable as per the loan repayment tenor chosen. 

To assess EMIs, the home loan calculator in India follows a formula which is: 

P x R x (1+R) ^N / [(1+R) ^N-1]; where P stands for the principal loan amount, N stands for loan tenor in months, and R stands for monthly interest rates.

The inception of this digital instrument not only helps in the easy evaluation of EMIs but also helps a barrower to manage one’s finances in an effective way. Moreover, being completely free of cost, and a quick, reliable tool, the calculator ensures that borrowers can plan their repayment well in advance. 

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