How to calculate monthly instalment ease?

Buying a home needs a lot of calculations and preparation of your finances. When you take a home loan, it’s important to know the monthly installments that you would be paying to the lenders every month towards loan repayment. Experts say a wise person should not exceed the EMIs more than 30% of the take-home salary. Else, it can seriously disrupt your finances. In prior days, to determine the EMI people had to sit with the financial expert along with pen and paper, do all the brainstorming and arrive at a consensus of suitable EMIs. However, it was quite tedious, time-consuming and also couldn't guarantee 100% solution. A slight miss-misjudgment could cost a huge sum on your pockets.

But, all thanks to the internet due to which you can get to know the EMIs of your home loan in a couple of minutes. All you need to do is input few parameters like interest rate, loan amount, tenure and it will display the desired result of EMI, total interest outgo and the money you have to repay.

EMI CALCULATOR

The parameter on which your home loan EMI gets calculated is as follows:

Principal Amount: The borrower needs to enter the principal amount in the calculator.

Interest rate: It would be preferred rate as per banks or non-banking finance companies minimum to maximum mentioned rates. And also you have to specify the type such as fixed or floating interest rate.

Tenure: It would be the time duration you require repaying the loan and usually it varies from 20-30 years of timespan.

You can try different combination as per your requirements to come at a suitable figure for your home loan repayment.

Benefits of using housing loan EMI calculator:

EMI Calculator online can quickly determine the monthly installment. By entering a few details like loan amount, interest rate and loan tenure, you can check the payment details.

Definitely, it saves your hours of time as this tedious calculation is done within a few seconds. You can do this calculation on your own sipping a cup of coffee at cozy corners of your homes or offices.

The calculation done through online calculators are accurate and provide genuine payment details. Thus, you have a guaranteed solution on the EMIs

You can visit EMI calculator page of different websites of lenders and check the difference between interest rates before you come to any conclusion. You can choose the lowest home loan interest rates.

When you know what does your repayment graph look like you can stay prepared, keep your saving intact towards the monthly installment and make a disciplined effort for loan repayment.  You will stop splurging on unnecessary things as well.

When you're in the middle of repaying a home loan you can revisit your finances and replan it with EMI calculator. You can pay off the loan before the term ends, with proper planning using EMI calculator.

Home loan EMI calculator are one of the preferred options to tech-savvy borrowers who can check their loan eligibility, EMIs and interest outgo and accordingly make an informed decision on their loan.

The various benefits of using an EMI Calculator.

The costs of properties have increased tremendously in recent years. Thus, there are a lot of people who find it difficult to buy a place of their own. But thanks to the home loans provided by banks and NBFCs (non-banking financial companies) people can make use of it and purchase their ‘dream house’. Other than that, people can also make use of these loans for home extension or to refurbish any of their existing property. One of the major benefits of the home loans provided by banks and NBFCs (non-banking financial companies) is that they charge lower interest rates when compared with traditional financiers and loan sharks. There are also a number of special discounts given on interest rates for women borrowers. They are offered home loans at 0.05% lower interest rates when compared with the interest rates of male borrowers. The financial institutions also offer an EMI Calculator to ease the repayment process.

There are a lot of benefits of making use of home loans. A few of them are here as follows:

1) The tenure time given for repayment of home loans is generally longer when compared with other types of loans. You can opt for a maximum repayment of 30 years, which is given by most of the banks and NBFCs (non-banking financial companies).

2) The repayment of these loans is done in the flexible form of EMIs (equated monthly installments); thus, you can easily plan and pay all of your future repayments. The banks and NBFCs (non-banking financial companies) have also started providing EMI Calculator on their online website. Thus, you can simply make use of it by having an online connection and a suitable electronic device (laptop, computer, tablet, etc.).

3) The financial institutions have also started offering transfer of balance option. Thus, people can make use of this feature and switch from one financial institution to another. This helps you to re-negotiate on the applicable interest rates.

But the best tool provided by financial institutions is indisputably an EMI Calculator. This calculator has got a number of benefits to making use of them.

A few of them are here as follows:

Free-of-cost: This calculator is free for your use. Meaning, you don’t have to pay any money to financial institutions for making use of them. There are a number of banks and NBFCs (non-banking financial companies) which have started providing this tool on their online website.

Easy to make use of: This calculator is extremely easy to make use of. Each and every person can use this calculator. You don’t have to be a technical wizard to make use of this tool. You only need a few details such as your principal amount, repayment tenure you wish to opt for, and you can get the desired results.

Multiple outcomes: The biggest benefit of making use of an EMI Calculator is that it gives out multiple results. Thus, you can get multiple variables by entering different principal amounts and tenure.

Thus, these are the following ways in which a calculator is useful. Hope this article will help you understand the various benefits of making use of an equated monthly installment calculator.