Are you planning to take a home loan and quite confused about what would be your monthly installment? Well, this is a common question that floods everyone's mind when planning to apply for a housing loan. Since, this is one of the biggest borrows in life you have to be careful and understand the loan expenses from every front like interest rate, principal amount, processing fee, administrative charges.
It's because a slight misjudgment in calculations will costs you a bomb on your loan value. Therefore, it’s important you compare apple-to-apple and then carefully choose your lender as well as the principal amount.
In olden days, people use to sit with experts in banks and private lender's office to manually calculate the amount, the interest rate occurred, and equated monthly installment. However, with technology at its' par, you need not worry about the tedious calculation because the home loan EMI Calculator will calculate your EMIs for you within a couple of minutes.
With EMI Calculator you will be well-informed about your loan and its detailed structure even before you approach the bank or non-banking finance company.
EMI Calculator gives you a clear picture of your monthly installment when you enter details like your loan amount, tenure, interest rate and processing fee. They are quite simple and easy to use tools available on some of the leading banks and private players who are willing to offer home loans. They are a fast and reliable source of information to calculate your home loan monthly installment and the good thing is it won't costs a penny in your pockets when you use EMI Calculator.
When applying for a home loan, the loan amount will be your first option. Once you decide on the property and its price, you have to calculate your down payment as well. Also, you need to know the tenure of your home loan. Ideally, you can opt for the tenure of up to 25-30 years. However, borrowers have to bear in mind the longer the tenure of your loan, higher would be the amount you have to pay back. You can modify the tenure on the EMI Calculator and choose a suitable tenure that will work for you.
Once you have put the loan amount and tenure on the EMI Calculator, the next thing would be entering the interest rate being offered by the lender. You can easily check online the various housing loan rates being offered by lenders online and enter this in the calculators.
Generally, lenders charge around 1-2% processing fee on housing loans that need to be accounted for as well when calculating your monthly installments.
EMI Calculator available online also have the option to display the amortization details of your housing loan. They help you understand your principal loan amount, the interest rate paid and the total outstanding details on a yearly, half yearly basis.
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