The EMIs on your home loan determine the overall affordability of your loan. The final figure of your EMI depends on the home loan interest rate, which vary across lenders. Calculating these EMIs in advance will help you plan your home loan better. However, this calculation can be tedious and time-consuming to perform manually and is also plagued by the possibility of inaccuracy. However, for accurate and instant results you can depend on the home loan EMI calculator. This calculator is a handy online tool that helps you check your EMIs within seconds.
There are several benefits you can gain from buy using this calculator.
1. It lets you select the most affordable loan option
By inputting different home loan rates of interest, you can compare various lender’s offerings and choose the most affordable loan. Since your loan is bound to be of a large sum, even a small different in rates impacts your EMIs in a big way. For example, if you are taking a loan of Rs.30 lakh for 200 months at 9% interest, your EMI will amount to Rs.29,009. Now, if you get a rate of 8.5%, your EMIs will change to Rs.28,099 keeping all other factors the same.
2. It helps you select the loan amount that suits your budget
The home loan EMI calculator enables you to check the EMIs of varying loan amounts. Taking the same example, if you find the EMI of Rs.29,009 too expensive, you can change the loan amount from Rs.30 lakh to Rs.28 lakh. Now your EMIs will be Rs.27,075 at 9% interest. This way, you can alter the amount to decide on the budget of your new home with ease and avoid over-borrowing.
3. It helps you decide on an appropriate tenor
You can also see the various EMIs at different tenors and choose one based on EMIs that are most suitable to your budget. For example, if you think the EMI of Rs.29,009 at 9% interest is too much at 200 months, you can increase the tenor to 240 months. Then your EMIs will amount to Rs.26,992. This way you can adjust the tenor, loan amount and interest to make the best decision about your home loan.
4. It lets you perform quick and easy calculations
The home loan EMI calculator has a user-friendly interface that consists of three bars that can be easily adjusted as well as a box where you can directly feed in the information. Its simplicity ensures that you can use it easily and its accurate results help you plan your home loan so you can save money. Since it is online, you can use it at your convenience no matter what time it is or where you are.
So, make use of the home loan EMI calculator and once you have decided on all parameters, considering taking a Home Loan from lenders such as Bajaj Finserv. This way, you will also be able to access nominal home loan interest rate and make sure to facilities like the Flexi Hybrid Loan that gives you a principal holiday for up to 4 years to organise your finances as well as customised insurance schemes.
