What is a home loan calculator?
It is one of the easy and quickest ways to find out the EMI you will be paying before you apply for a home loan.
Buying a home with the assistance of housing finance brings a huge financial responsibility on the borrower. Generally, repayment tenure of home loan varies from 20 to 30 years. Thus, borrowers need to be prepared in advance so that they don’t face any hassle during the repayment. The major aspect of loan repayment is EMI.
What is an EMI?
The full form of EMI is Equated Monthly Installment. It includes repayment of both, the principal amount and the interest amount levied on the loan. EMI is directly dependent on your tenure. If your tenure period is longer then your EMIs will be less and EMI will be higher if your tenure is shorter.
A home loan calculator will help the borrower to figure out the exact EMI and interest rate.
How to use a home loan calculator:
*Provide the appropriate data.
*Your answer will be generated directly.
Home loan calculator gives a clear picture of repayment to borrowers. After calculating, borrowers get an exact figure of EMI, interest rate and overall picture of a loan amount. Knowing the EMI in advance will help you to prepare yourself for future repayment. Along with the planning, it will help you with the home loan amount you are eligible to borrow.