Read Us 24x7
Contribute
No Result
View All Result
  • Home
  • Technology
  • Entertainment
  • Reviews
  • Others
    • Digital Marketing
    • Insurance
    • Social Media
    • Business
    • COVID 19
    • Lifestyle
    • Sports
    • World Wide
  • Submit Press Release
  • Tech Q&A
  • About
  • Home
  • Technology
  • Entertainment
  • Reviews
  • Others
    • Digital Marketing
    • Insurance
    • Social Media
    • Business
    • COVID 19
    • Lifestyle
    • Sports
    • World Wide
  • Submit Press Release
  • Tech Q&A
  • About
No Result
View All Result
Read Us 24x7
No Result
View All Result

Top Reasons Why Using a Home Loan EMI Calculator is a Must in 2023

Sayan Dutta by Sayan Dutta
December 25, 2022
in Business
Reading Time: 4 mins read
Home Loan EMI Calculator
Share on FacebookShare on TwitterShare on PinterestShare on Whatsapp

A quick scan of the Indian credit industry suggests that home loans are the most popular and flexible financing option. Almost any Indian citizen can afford a home loan on easy terms and repay conveniently for 30 years. However, since the repayment term of a home loan is much higher than other loans, proper planning is crucial to avoid falling into a debt trap.

A home loan EMI calculator is a free online tool that enables you to calculate your home loan liability and make sensible decisions. You can visit any lender’s website and open a home loan EMI calculator to check the monthly amount you have to pay.

This article explains why you must use an EMI calculator before applying for a home loan in 2022. But, before understanding the benefits of an EMI calculator, let’s learn about the mechanism.   

Table of Contents

  • How to Use the Home Loan EMI Calculator?
  • Top Reasons Why Using a Home Loan EMI Calculator is a Must in 2022
    • Simple and Accurate
    • Appropriate Tenure Selection
    • Professional Loan Management
    • Compare Loans
  • Conclusion

How to Use the Home Loan EMI Calculator?

You can use a home loan EMI calculator to get accurate estimates about your home loan in four simple steps:

  • Open an EMI Calculator – Visit a lender’s website and look for the home loan EMI calculator. EMI calculators are generally free, meaning you don’t have to pay any fee to use them. Besides EMI calculators, you can also find free tools like home loan affordability calculator, stamp duty calculator, eligibility calculator, tax benefits calculator, etc. 
  • Enter the Principal – The principal is the loan amount you want to get from your lender. The loan amount can be up to 90% of the market value of the property you wish to purchase or construct. But lenders evaluate your net income before determining the principal you are eligible for. 
  • Enter the Interest Rate – The home loan interest rate depends on the MCLR (Marginal Cost of Lending Rate) set by the RBI (Reserve Bank of India). If the MCLR changes, so does the interest rate. Check the latest interest rate before entering it here. 
  • Enter the Tenure – Home loan tenure refers to the maximum term you need to repay your loan. Generally, you may select a tenure between five and 30 years.    

Now that you know the primary mechanism of a home loan EMI calculator, let’s discover the top reasons to use a calculator before applying for a home loan. 

Top Reasons Why Using a Home Loan EMI Calculator is a Must in 2022

Simple and Accurate

As already mentioned, the home loan EMI calculator is a simple tool that provides accurate figures. However, without it, it becomes challenging to calculate the EMI. As a fact, the mathematical formula used to calculate home loan EMI is not easy. 

And even a minor mistake in using the formula can display erroneous results. So, a home loan calculator shows exact EMI figures in the simplest possible way.  

Appropriate Tenure Selection

A home loan EMI calculator enables you to select the loan term appropriately. For instance, if you keep the tenure at less than 15 years, your home loan EMI will shoot up. 

But, if you want to pay more affordable EMIs, increase the term on the calculator to check the adjusted EMI. So, an EMI calculator provides excellent flexibility in changing the figures to arrive at an appropriate tenure for your home loan.

Professional Loan Management

Besides allowing you to pick the best tenure, a home loan EMI calculator facilitates excellent loan management. You can use it to plan your repayments before applying for the loan. 

Also, you can use the calculator to check how prepayments reduce your home loan liability. It is wise to note that lenders do not levy any fee or penalty on floating-rate home loan prepayments. So, you may use the EMI calculator to avoid a debt trap. 

Compare Loans

Perhaps the best feature of a home loan EMI calculator is that it enables you to compare lenders and loans. Since EMI calculators are free, you can change the input figures multiple times to analyse which lender offers the best deal on home loans. So, you can use the calculator to find the best lender and save money. 

Conclusion

A home loan EMI calculator is one of the many free tools Indian lenders provide to enhance customers’ knowledge of home loans. Checking an EMI calculator is a must to stay fully prepared to repay the loan by avoiding a debt trap.

ShareTweetPinSend
Sayan Dutta

Sayan Dutta

I am glad you came over here. So, you want to know a little bit about me. I am a passionate digital marketer, blogger, and engineer. I have knowledge & experience in search engine optimization, digital analytics, google algorithms, and many other things.

Related Posts

Get Clients As A Law Firm
Business

How To Get Clients As A Law Firm?

January 23, 2023
myindigocard
Business

Myindigocard – Indigo Credit Card Login, Activation 2023

January 12, 2023
Best Urgent Loan For Bad Credit
Business

7 Best Urgent Loan For Bad Credit (2023)

January 10, 2023
Business Plan
Business

How To Write A Massage Business Plan – 2023 Complete Guide

January 8, 2023
Exness Signup
Business

Exness Signup- An Ultimate Step-by-step Guide 2023

January 7, 2023
Mutual Funds for SIP to Invest
Business

Top 10 Mutual Funds for SIP to Invest in 2023

January 4, 2023
Next Post
Blue Whale Bitten in Half

Blue Whale Bitten in Half 2021 - Truth Revealed

Recommended

500 Mbps

Is 500 Mbps Internet Speed Really That Fast?

February 2, 2023
Sons of The Forest

Sons of The Forest Release Date – Here’s What New in February 2023

February 1, 2023
att email login

AT&T Email Login | Easy Steps to Sign in to att.net [2023]

January 31, 2023
TP-Link Router Setup

6-Step Ultimate TP-Link Router Setup Guide

January 31, 2023
Employee Engagement

Top Key Metrics To Measure Employee Engagement And Performance In 2023!

January 31, 2023
p2p

15 Best Peer-to-Peer (P2P) File Sharing Programs for Lightning-Fast Transfers

January 31, 2023

About Us

Read Us 24×7 comes with the Latest News around the Globe. From Business to Entertainment, from Sports to Technologies you will find everything right over here.

Mail ID – [email protected]

google-play-badge

Is 500 Mbps Internet Speed Really That Fast?

Sons of The Forest Release Date – Here’s What New in February 2023

AT&T Email Login | Easy Steps to Sign in to att.net [2023]

6-Step Ultimate TP-Link Router Setup Guide

Top Key Metrics To Measure Employee Engagement And Performance In 2023!

15 Best Peer-to-Peer (P2P) File Sharing Programs for Lightning-Fast Transfers

google news

Protected by Copyscape DMCA.com Protection Status

  • Terms of Service
  • Privacy Policy
  • Contact Us
  • About
  • Sitemap
  • Write For Us
  • Submit Press Release

Copyright © 2022 Read Us 24x7

No Result
View All Result
  • Home
  • Technology
  • Entertainment
  • Reviews
  • Others
    • Digital Marketing
    • Insurance
    • Social Media
    • Business
    • COVID 19
    • Lifestyle
    • Sports
    • World Wide
  • Submit Press Release
  • Tech Q&A
  • About

Copyright © 2022 Read Us 24x7