Top 9 benefits of using an online home loan EMI calculator

With the usage of these calculators, borrowers can get the following benefits: 

1. Making a financial plan is made easier by using a housing loan calculator for EMI to figure out the monthly instalment payments.
2. It makes calculating EMIs simple. The calculator will automatically calculate and display the house loan EMI amount once individuals enter pertinent data in the appropriate slots, such as the principal loan amount, interest rate, and loan tenor.
3. There is a chance for human mistakes while performing manual calculations. However, online tools generate reliable and error-free results.
4. It gives borrowers a breakdown of their loan amount, indicating how much they will have to pay as interest and principal amounts.
5. Borrowers can use the EMI calculator to compare offers from various banks. They can choose the best option based on their needs by looking at results that display the entire loan amount and the relevant EMIs.
6. In rare cases, customers might have more money to make advance payments. Then, they can calculate how prepaying will affect the loan tenor, the amount of interest due, and the EMIs using an online housing loan EMI calculator. Consequently, it aids in loan management.
7. Loan applicants have the freedom to create infinite permutations and combinations that aid in calculating the appropriate EMI.
8. Individuals can choose whether they want to take out a housing loan with a shorter or longer duration based on the information provided by the EMI calculator. They can obtain a house loan with a shorter term if they want to pay off their debt more quickly. On the other hand, borrowers can apply for a home loan with a longer term if they don’t want to change their lifestyle or reduce their daily spending.
9. Borrowers need not be concerned about security when using a free online home loan EMI calculator. It is entirely safe because they do not have to provide their identity.

Now that borrowers know the benefits of using a calculator for a housing loan, they should also know the steps to use one.

Steps to use an online home loan EMI calculator

All that individuals need to do to derive their monthly EMIs are:

• Step 1: Visit the lending institution’s website and click on the home loan EMI calculator option.
• Step 2: Enter the desired loan amount, the loan tenor and the housing loan interest rate
• Step 3: Borrowers can either input the numbers manually or use the sliders to get accurate results.

Apart from using online EMI calculators, borrowers can also use home loan eligibility calculators to get an idea of how much loan they can get. Although the exact amount would vary on a number of other things, using this will let borrowers negotiate a better offer to the lender.

The calculation of monthly EMIs in advance also has another benefit; that is, it would save borrowers from facing the outcomes of defaulting on their home loan EMI. In addition, they can improve their credit scores with regular repayments of their monthly instalments.

Furthermore, several financial institutions provide pre-approved offers to their customers on products including home loans and loans against property. These offers accelerate and simplify the home loan process. To check their pre-approved offers, borrowers can enter their credentials into the required section on the websites.

Thus, home loan EMI calculators are a free-to-access and easy-to-use tool that helps borrowers in several ways. However, borrowers should directly contact the lending institutions to negotiate the best offers. 

The post 9 Benefits of An Online Home Loan EMI Calculator appeared first on Eurasian News.

With just one or two simple clicks, you can know everything there is to know about your home loan and its repayment. It’s that simple. So, before you start with your house loan application, take advantage of this fantastic online tool and get the rewards. In this article, we will tell you how a home loan calculator can make loan planning easy. But before anything, here’s a quick tutorial on how to use the EMI calculator for a home loan: 

• Enter the principal you want to borrow.
• Enter the house loan’s applicable interest rate.
• Enter the number of years you will need to repay your home loan.

After you’ve completed the above procedure, the house loan calculator will give you your EMI, along with other information, such as the total amount owed and the total interest owed.

There are many benefits associated with using a home loan calculator, but the most simple reason is that home loan calculations are tricky and doing them manually can lead to many errors. Here is the formula used to calculate home loan EMIs:

e = [p x r x (1+r) ^n] / [(1+r) ^n-1]

here, e is the EMI amount, p is the principal, r is the interest rate, and n is the loan term. 

so, if you are applying for a home loan of INR 10 Lakhs for a 5-year term at an interest rate of 10%, your EMI would be:

e = [10, 00,000 x 10 x (1+10) ^ 20] / [(1+10) ^ 20-1] 

here, e amounts to INR 21,247.04 per month. 

A home loan calculator makes these calculations simple. Let us now look at how a home loan calculator makes loan planning easier for you. 

Reasons Why Home Loan Calculator Makes Loan Planning Easier for You

You Will Save Time on Difficult Calculations 

Because you’re using the same technique and performing same calculations over and over again, evaluating loans offered by different lenders can quickly become tedious and time-consuming. If you decide to calculate loans and their corresponding EMIs manually, you will take a long time. However, by using this online tool, you can save valuable time by completing all of the lengthy and tedious calculations in a matter of seconds. As a result, you can experiment with as many different amounts, tenors, and interest rates as you wish from the comfort of your own home.

It Assists You in Determining How Much to Borrow 

Using an EMI calculator, you can calculate an amount that fits into your monthly budget. You can make advantage of the free home loan calculator available online. To arrive at the most reasonable EMI, change the tenor and home loan interest rate parameters beside the loan amount. Modify the figures till you’re certain of the EMI you’ll be able to afford. 

Assists with Financial Planning 

When calculating the EMI for a loan, you need to know the amount you’ll have to pay if you take out a loan for a specified amount and for a specific term. This will assist you in arranging your money before taking out the loan, ensuring that your monthly budget is not burdened. You can also play with the loan’s parameters to get the best EMI for your needs.

You’ll Be Able to Handle Your Other Debts Better

Most people pay EMIs on many loans at the same time. If you’re one of them, you’re well aware that adding another debt to your existing ones will have an impact on your finances. The house loan EMI calculator allows you to include your other loans and assists you in determining the right tenor and principal while taking into account the other EMIs. Further, if you have the financial means to pay off your home loan (or other loans) before the end of the term, you can easily calculate the fees connected with foreclosure with a home loan calculator. 

It Helps You Plan Your Home Loan Prepayment

With the help of the house loan EMI calculator, you have manage your EMI payments and determine the best time to pay off your loan. The term “prepayment” refers to paying off a debt before it is due to close. Prepayment also helps to reduce interest payments by reducing the period of the loan. As a result, you can carefully examine the calculator’s results to determine the amount of time it will take you to save enough to prepay. You can then set aside money on a regular basis to pay off your home loan. If you haven’t been able to save enough, you can prepay in part to save money on interest.

Thus, home loan planning is much easier when you use an online calculator to your benefit.

The post How the House Loan Calculator Makes Loan Planning Easier for You appeared first on Eurasian News.