New Delhi : The EMI (Equated Monthly Instalment) mortgage is a monthly payment you make to pay off a mortgage. The amounts vary, and in some months you may pay a higher amount than in other months. To get an accurate calculation of your EMIs, we recommend that you use a home loan EMI calculator.
An online home loan EMI calculator will tell you how much your home loan will cost you. You simply provide personal information, such as loan details, and your EMI details are displayed on the screen. Using the home loan calculator ensures that you are paying what is right and that you are opting for a home loan with the lowest interest rates. It all starts with an efficient EMI calculator for home loans.
Read on to find out what a home loan is and why it’s your best bet for buying or renovating a home or property.
What is a home loan?
A home loan is a type of loan that you can apply for from a bank or housing finance company (HFC). The home loan comes with a fixed / variable interest rate that guides your monthly payments on the loan. Here, your lender takes the property you are purchasing as collateral. This is to ensure that you will repay the loan amount and interest at the agreed time.
Additionally, you grant the lender the right to resell the property or house if you are unable to complete the mortgage repayment. This is done so that the lender can get back the loan amount that was paid to you in the first place. You make home loan repayments through the Home Loan EMI. To determine this repayment schedule, your lender relies on the loan amount to be borrowed, the mortgage interest rate, and the length of the loan.
Some home loans are used to buy or build homes on a property. But that’s not all. You can use a home loan to pay for your home improvement or home expansion project. Most home loans are offered at 80-90% of the property’s value, although the final amount is provided at the discretion of the lender. It depends on the amount paid out as a home loan and other factors such as credit rating and interest rates.
Read on to find out what a home loan calculator is and why it’s crucial to use it to make informed decisions about your future home loans.
What is a home loan EMI calculator?
Home Loan EMI Calculator is an online method used to calculate mortgage EMIs payable monthly on a home loan. The main features of the EMI calculator are its easy to use user interface and its ability to deliver accurate results. All you have to do is enter a few details about the loan, and it does the rest for you.
Home Loan EMI Calculator serves as a home loan interest calculator. It indicates the exact amount of interest payable on your home loan. It also reveals the EMI mortgage repayment schedule and the full details of your mortgage repayment. Having a resource like this is very helpful as it ensures that you don’t go for a loan that you can’t pay back in full.
With this calculator, you are aware of your position and the mortgage offer that suits you the most. It is also a real tool for your financial planning.
What is the EMI home loan?
An EMI home loan includes the repayment of the principal amount of the loan and the payment of interest affixed to the loan amount. Your lender determines the interest on your home loan.
A quick tip: When you apply for a long term home loan, say 30 years, it helps you get a reduced EMI on the loan.
Why you need the home loan EMI calculator to plan your home purchase
When you use a home loan IME calculator to determine the IMEs to pay on your home loan, you have an accurate view of how much is needed to repay. It also ensures that you are making informed decisions regarding the type of property or house you are buying. The calculator helps determine the exact amount of home loan you qualify for. It also helps you determine the total cost of ownership.
Thus, knowing the IME payable on your home loan helps you to know your eligibility for a home loan. With the EMI Calculator for Home Loans, your decision to buy a property or a house becomes a smart one.
Why you should determine your EMIs before taking out a home loan
You must calculate the monthly amount owing on your home loan before you even apply for it. Here are some reasons to support our recommendation:
● This helps you know how much you can receive as a home loan.
● You will know if a short term home loan or a long term home loan will work for you.
● It helps you determine how much to set aside as a down payment for the property you want to buy.
● It also helps you to plan efficient management of your finances to always face EMI payments.
Now that you know what Home Loan EMI is and how the Home Loan EMI Calculator helps you determine your Home Loan EMI, use the Online Home Loan EMI Calculator to get accurate results.