The costs of residential properties in India have sky-rocketed in the recent years. Therefore, the middle-class population often finds it difficult to own a property of their choice. Most of the times, people even find it difficult to find a shelter over their heads and have to reside in rented properties. However, thanks to the various home loans provided by banks and NBFCs (non-banking financial companies), people can buy a house, which they always wanted to buy.
The interest rates provided by these banks and NBFCs (non-banking financial companies) are way lower when compared with the interest rates provided by the traditional financiers. Most of these financial institutions have even started giving out their loan services online, and have also started empowering people with various tools such as EMI Calculator. These tools make the loan process easier for the people and encourage them to apply for a home loan.
The reasons why people are opting for home loans are as follows:
Ø The housing
loans given out by banks and NBFCs (non-banking financial companies) provide
financial assistance to people, in the form of capital. People can make use of
this money in order to buy a new property or refurbish their previous property.
They can even buy a plot of other property of their choice.
Ø There are
special discounts on interest rates given out to women in India. This empowers
the female population and encourages them to live independently. Also, the
interest rates of home loans for non-resident Indians are the same as the
interest rates for resident Indians.
Ø The
repayment of the loan amount is done in the flexible form of EMIs (equated
monthly installments). The banks and
NBFCs (non-banking financial companies) also provide EMI Calculator to people, so that they can plan their future
repayments in advance.
An EMI (equated monthly installments) calculator is an online tool which calculates your monthly installments in advance. All you need to do is put in your principal loan amount and the repayment tenure you wish to opt for. Thus, by making use of the following pieces of information, your interest rates are calculated and an equated amount is given out. This helps you to plan out your repayments so that you don’t end up defaulting on a payment.
The various advantages of making use of EMI calculators are as follows:
- These calculators are way more convenient to avail as you can make use of them on the go. Making use of these tools is as easy as grabbing a bite, all you need is a phone or a laptop and a good internet connection. Therefore, you end up saving a lot of time which is otherwise wasted making those endless bank visits.
- An EMI Calculator is user-friendly in nature and can be used by anyone and everyone. They are specifically made in order to cater to the masses. Hence, all you need in order to make use of this tool is your principal loan amount and the tenure which you are opting for.
