A home loan is a huge amount that extends to a long duration of a person’s working life. So, before you take a loan, having a perfect estimate of the amount to be recompensated is the desirable way to go.
The amount for housing loans is paid monthly through EMIs. So, you should make an estimate of the number and amount of EMIs you need to pay to cover up the entire loan.
As calculations are prone to errors, we suggest you use a housing loan EMI calculator to get perfect estimates.
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Housing Loan EMI Calculator
A housing loan EMI calculator lets you calculate the monthly EMIs you’ve to pay. An EMI comprises the principal amount plus interest. Through this tool, you can easily calculate the amount to be paid.
An EMI Calculator lets you highlight three important factors involved in the loan payment:
- The loan amount
- The loan tenor (number of months)
- Interest rate
EMI Calculator makes the estimation job of a housing loan too easy. Therefore, you must consider using it. Below are the top 10 reasons why you must use an EMI calculator.
1) Ensures Accuracy
We know that calculations are pretty much tasking, and they always involve the possibility of errors. But the planning of a home loan must be error-free. There should be no room for any errors.
Thus, when you calculate your EMIs and the amount involved in your housing loan, we suggest you use a housing loan EMI calculator so that you arrive at accurate results.
There is no possibility of error when you calculate EMI with this tool. It hits on accurate results every single time.
2) Speedy Calculation
Okay, so calculations don’t just involve errors, but they are difficult and time-consuming as well. Even if you don’t calculate manually and use a normal calculator, that can also be sweat-inducing.
But an online EMI Calculator reduces this hassle, and it gives you accurate results at a lightning speed.
3) Ease of Use
EMI calculators are modeled in a user-friendly way. Getting accurate and instant results doesn’t mean that the process would be challenging or would be requiring expertise. You just need to feed the columns with the following 3 entries to get your results.
- Principal loan amount
- Tenor of loan
- Interest rate
4) Helps With Planning
We know the importance of planning involved in borrowing a housing loan. So, when you calculate all the amount you’ve to pay via EMI at the very start, you get saved from any unpredictable troubles in the future.
You also manage things easily along while also paying your pre-calculated and manageable EMI in a timely manner.
5) Comparison of Housing Loan Interest Rate
EMI estimation involves lots of calculations. These calculations expand when you are considering and comparing loans from different banks as all banks offer different housing loan interest rates. Therefore, comparison becomes extremely convenient if you use a housing loan EMI calculator.
6) Access at your Doorstep
Going to a bank for calculating an amount can easily feel annoying. When you’re planning your house, you cannot manage visits to banks now and again for trivial tasks. Thus, an EMI calculator saves you this trouble as you can access this calculator anytime and from any place.
You can calculate the amount as many numbers of times as you want, without the annoyance of anyone (especially your banker).
7) Specially made for Housing Loan
Different loan-specific calculators are available depending on the purpose. Suppose if you are considering borrowing an education loan, a separate calculator is available.
So, using a loan-specific calculator, such as a housing loan EMI calculator, makes your job easier as you would need to enter only the details relevant to your type of loan.
8) Secure calculation
The housing Loan EMI calculator does not require you to give away your personal details. Thus, your privacy is maintained and remains intact whenever you use it.
9) Helps in Reaching a Desirable Repayment Tenor
If you have calculated the amount of EMI payable each month, then you can calculate your loan tenor easily. Calculating the most suitable tenor is crucial as a shorter tenor means higher EMIs and vice versa.
Thus, if you need to extend or shorten the tenor, you should use this calculator to plan your finances properly.
10) Helps in Calculating Prepayment
You need not pay all your housing loan amount through EMIs only. To save yourself from paying unnecessary interest, you should plan to reimburse prepayments from your savings.
This will help you fend off the loan amount quickly, thus enabling you to look beyond interests and loans in the future.
A housing loan involves lots of calculations and brainstorming. It is important thus, that one uses a tool that provides error-free and hassle-free calculations. Therefore, you should always use a housing loan EMI calculator for easier, safer, and accurate estimations.