Why you should use an EMI Calculator & other home loan calculators.

Why You Should Use An EMI Calculator & Other Home Loan Calculators.

Why you should use an EMI Calculator & other home loan calculators.

EMI Calculator and other home loan related online calculators are a huge boon, both for potential borrowers and those currently repaying a home loan. They provide near-accurate calculations that are vital for a smooth home loan experience.

Unfortunately, not many individuals opt to use these innovative, free and quick online calculators. That’s why this article will explain why you should EMI and other housing finance calculators such as the eligibility and home affordability calculators.

They calculate how much of a loan amount you should apply for.

Applying for a home loan comes at a cost known as a processing fee. This fee could be as much as 2% of the loan amount. So for a loan amount of Rs. 10, 00,000, the processing fee could be as much as Rs. 20,000. And this amount is non-refundable, even if your loan application is rejected.

To ensure this amount does not go to waste, it’s very important you apply for the right loan amount. Apply for a loan amount that’s too high and your application could get rejected and your processing fee wasted. This is where an eligibility calculator can help.

Simply key-in your monthly income and expenses along with the interest rate and the tenure into the eligibility calculator. Within seconds you will have the loan amount you are eligible for on the screen before you.

EMI Calculator helps you create financial plans to repay the loan.

Simply type in the loan amount, interest rate and tenure into the calculator and hit enter. Within seconds you will be provided with the entire break-up of your repayment; from the first EMI to the last along with a comprehensive amortization table. Knowing the EMI amount will help you create financial plans to accommodate this cost in your monthly expenditures.

Another way an EMI Calculator can be helpful is in deciding whether or not you can afford the loan amount, and if not, it can also help you find an amount you can afford. It’s simple really if the EMI amount provided is too high, you cannot afford to borrow the given amount. You can keep lowering the loan amount until the EMI is within your financial reach. In some ways, it’s like double checking your eligibility.

Home Affordability.
Aside from calculating your home loan eligibility and EMI amount, you can also use home affordability calculators to fix a budget for your home purchase. You will be required to in out details such as the down payment you have ready, your gross monthly income, loan tenure, the rate of interest and the total amount of any other EMIs you currently pay. After entering these details and hitting enter, the calculator will provide the budget for your home purchase and the loan amount you should borrow.

EMI Calculator and other such online tools provide a near accurate calculation that helps you go into the decision of a home loan well-informed and better prepared to come out of it successfully. We hope this article has been helpful,

Good luck and all the best!

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