Explained: what is an EMI Calculator, how it works & why you should use one.

Using an EMI Calculator is extremely beneficial - however, thousands of borrowers go ahead with their loan processes without even knowing that a tool like this exists. Keeping this in mind, the following article will tell you everything you need to know about these calculators, including how it works, where to find one and the benefits of using one before you apply for your home loan.

So firstly, what is an EMI Calculator?

It’s a simple online tool that provides you a complete break-up of your repayments in seconds. Just feed it with the specifics of your home loan - such as the loan amount, the tenure & the interest rate. Once you’ve submitted the details, complex algorithms will do the math for you and give you a tabularized breakdown of your entire repayment schedule – from the very first EMI to the very last one.

Where do you find these calculators?

Well, the internet is full of them. You just have to access your web browser, type in ‘EMI Calculator’ and hit enter. All major lenders have a calculator as do most renowned home loan aggregator sites. You should be able to find one without much of a hassle. The best part is that you don’t even need to pay to use these tools, anyone can use them without paying even a single penny, and you won’t even have to provide your personal details or subscribe to any sort of newsletter.

EMI Calculator

What are the benefits of using one?

The benefits are multifold. Firstly, knowing the EMI amount will help you understand your home loan affordability. If the EMI is too high, it simply means you cannot afford to apply for such a large loan amount. You can keep cutting back on the loan amount until the EMI provided by the calculator is financially viable for you.

The next benefit is error-free and next to accurate results. The kind of results you’d have to spend at least a couple of hours to compute on your own. And even if you do take the math into your own hands, there’s always a chance that there’s an error in your workings that you don’t even know about. This might lead to planning based on incorrect calculations. An EMI Calculator gives you peace of mind from such a scenario.

Finally, with the entire repayment schedule tabularized and neatly laid out before you, making financial plans to tackle the repayment phase becomes super easy. You know the EMI amount, allowing you slash unwanted expenses and adjust your monthly expenses to create space to accommodate the monthly payments of your home loan.

Are there other calculators?

Yes, there calculators to help you calculate your eligibility – this is essential before applying for a loan. It could save you from potential loan rejections and wasted processing fees. Then there are affordability calculators that help you with your home purchase budgeting and purchase. Some lenders also have Length Conversion calculators that help you get a better sense of a property’s dimensions.

We trust that after reading this article you have a better understanding of EMI Calculators. Hopefully, this will cause more borrowers to use these tools before they apply for a home loan and ensure they have a smooth borrowing experience. Good luck and all the best!

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.

5 things you need to know before opting for a home loan.

HOME LOAN EMI CALCULATOR

A home loan is potentially one of the biggest decisions of your lifetime. And to ensure you come out of this decision smiling and with a home to your name, it’s extremely important you get the preparation right before even applying for the loan. Like they say, what begins well ends well? Keeping this in mind, the following article will highlight some of the things you should see to before you apply for a housing loan to ensure you enjoy a smooth and hassle-free borrowing experience.

1. Your finances.
Before you apply for a home loan, you need to have an exact idea of your finances. You need to figure out the budget of your home, how much of the purchase amount you can cover with a down payment, the loan you need and the amount you are eligible for. Begin with your eligibility so you can then decide the budget for the purchase and the amount you’ll need to foot out of your own pocket. Most lenders have an eligibility calculator that you can use for that should give you a rough but better idea of your eligibility.

2. Your credit score.
Credit ratings are very important. A good score will ensure a smooth application process and also bring quick approvals. A poor score, on the other hand, could hinder your plans or cause you to settle for a poor loan offering (the better loans require higher scores). Generally, CIBIL is one of the more recognized credit rating companies in India for a home loan. A CIBIL score above 700 is considered as good, anything below that, not so good. So get your credit score, look for any errors in the report and see if you can improve the score before applying.

3. The repayment schedule of the home loan.
It’s important you know what your repayment schedule would be like before you apply. This way, you can see if you can handle can handle the applicable EMIs or if you’ll need to look at a smaller amount. Further, having the entire repayment schedule before you will help create better financial plans to cover the EMIs. Using an EMI Calculator will help you get the entire repayment schedule tabularized and neatly presented for you.

4. Upfront costs.
Besides the down payments, there are a number of upfront costs you need to account for. They include the processing fee, stamp duty, and registration fees. If you are going to take an insurance policy as a safety net, the premium is another cost you would have to consider.

5. Terms and conditions.
Before you sign along the dotted line and commit to the decision, you need to know all the terms and conditions. You will have to set aside time and go through the fine print thoroughly – it won’t make for leisurely reading but it’s a must. If you find any points that are above your understanding or that require clarity, do approach the lender and have your doubts cleared before finalizing. It’s extremely important you go into a home fully aware and informed about what you are getting into.

These were some of the more important things you need to be well aware of before you take a home loan. We hope these pointers provide you a smooth borrowing experience and help you come out the decision as a proud homeowner and with an immense sense of accomplishment.

Good luck and all the best!

A few reasons why EMI calculator has proved to be a boon for the people

There are a number of banks and NBFCs (non-banking financial companies) in India which provide financial assistance in the form of loans. The people can make use of these loans in order to take care of their business as well as personal needs. The housing loans have proved to be quite quintessential in relieving the worries of the common man. The middle-class citizens of India can now dream to own a place of their own, thanks to the housing loans provided by banks and NBFCs (non-banking financial companies).

People can make use of the home loans in order to buy a new plot or residential property and even to refurbish any pre-existing property. The financial institutions give out secured loans and charge interest rates on the loaned amount. An EMI Calculator comes in handy in these situations, as it helps you to calculate the equated installments which you would have to pay out every month.

An EMI (equated monthly installment) is calculated after combining the principal loaned amount, interest rates on the amount and the tenure of repayment. Your monthly installment is drastically affected by the changes and the choices that you make in either of the variables. For e.g., if you choose to opt for a shorter tenure then you will have to pay lower interest rates but the same is applicable in case you want to switch for a longer tenure. Thus, an EMI Calculator helps you significantly, as it gives you an insight as to which plan is best suited for you.

This calculator is available online and can be used by anyone and at any given time. The fact that people can make use of this tool from their phone or laptops has proved to be a great boon for the people. EMI Calculator has helped people to save their valuable time; which is otherwise wasted on making multiple bank visits.

The various advantages of making use of an EMI (equated monthly installment) calculator are as follows:

1) By making use of this calculator you can get your future installments calculated in advance. Thus, you can plan your future repayment schedule in advance and ensure that you never default on any repayment. This will help you to maintain a good credit history and live a hassle-free life.

2) An EMI Calculator is not just available for the calculation of a home loan installment amount. There are a number of other loans which can be calculated by making use of an online EMI (equated monthly calculator). The various other loans which can be calculated are education loans, personal loans, etc.

3) You can calculate and achieve multiple results for a certain principal amount that you borrow from the financial institutions. This gives you a rough idea about the various options available in front of you. Therefore, you can make use of this tool and choose the repayment pattern which is best suited for you. Hence, by making use of this tool, you can borrow loans without worries.

A few important factors regarding EMI calculator

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:

1. 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.
2. 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.

Some vitals facts to consider while applying for housing finance.

When you start searching for home loans, it means you're planning to move into a new flat and make a new beginning of your life.

Home Loans would be an ideal way to finance your abode, however, managing it efficiently is not an easy task and you will have to pull up your socks right from searching the property, the lenders, interest rates, monthly EMIs and flexible ways of repayments. The right housing finance provider will not only save time and money but also give a smooth and seamless processing experience through the loaning process.

You will have to assess your current financial liquidity and then arrive at a suitable loan amount you can afford. While deciding the amount you will have to take future income patterns, interest rates fluctuations and your lifestyle need as well.  Paying your EMI is something that you can easily calculate using online home loan EMI calculators. This way you will get a thorough future plan.

Below are few factors to consider before applying for a home loan:

Eligibility:

You can just visit the lender and ask for the amount you desire. There are certain factors under which your eligible loan amount would be evaluated. These are your income source, risk appetite, job or business stability, age, existing debts, property location, its market value and future value, additional income source and most importantly your credit score. After evaluating these facts lenders will offer you a particular loan amount. Lenders generally give loans up to 80 % of the total property value and it might vary based on the eligibility of the loan applicant.

Types of loans:

Home Loans serve as a host of purpose. Right from buying a new or resale property to constructing your own dream home. Home extensions to home improvement loans and plot loans, rural financing, Balance transfer are some of the categories offered by pioneer players of the market. You can visit the branch or chat online to know more about their interest rates, loan parameters, processing fee, and general terms and conditions.

Lenders Companies & banks:

It is obvious we will try to save as much as possible in terms of monetary benefits. However, other than interest rates, the post-sale service also matters a lot to consumers. One often looks for best customer service like personal assistance, understanding requirements and helping through the home loan process such as guiding you through interest rate calculations, tenure, repayment options, terms and conditions, policies and other parameters. One should look for the lending institution in a holistic way to get the best services from them.

Interest Rate:

The interest rates form the crux part of the entire home loan process. Interest rates can be fixed or floating, partial fixed-floating. There is a number of ways where you can negotiate for better interest rate deals such as having a good income source, good credit score, a property that has rising value, joint application, etc. This way you can bring down the costs of the interest rate on the home loan. A reduction of even 0.05 -0.10% can make a huge difference in your repayment amount.

Hidden Charges:

One should be aware of all the charges like processing fee, pre or post penalty charge, cheque delay, bounce or is-electronic payments, service, and administration fee, etc. All the charges will be hit upon the percentage of the home loan amount so it's going to impact your finances. Therefore, you have to give due importance to every aspect before you sign on the dotted lines of your home loan application.

Calculate your monthly installment with easy online way

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.

Home Loan EMI Calculator is the easiest way to cut down the hassle of tedious calculations, save your time and energy and also get an exact structure your monthly installment. So, what you're waiting for? Use the EMI Calculator and kick-start your dream of owning your home!

5 things that make for the best home loan.

The best home loan – it’s something every potential borrower is looking for when considering housing finance loans. Contrary to common belief, the best loan isn’t the one that comes with the least charges. Rather, the best loan is one that suits your needs the best and covers every possible aspect to ensure your journey through debt is a smooth and hassle-free one.

In case you are in the market for a home loan but aren’t exactly sure how to choose the best for your needs, this article will cover 5 things that you should look for when on the hunt for the housing finance loan for your homeownership plans.

1. LTV ratio.
The best home loan will come with high LTV or loan to value ratio – a financial term lenders use to express the ratio of a loan to the value of an asset purchased. Most lenders will provide up to 0% of the property’s value as the loan amount, depending on the loan slab you fall into. A higher LTV means you have to arrange a lower down payment ensuring you become a homeowner at the least possible cost out of your pocket.

2. Longer tenures.
The longer the tenure, the easier it is to repay a loan. This is because when you opt for a longer loan tenure, you spread out the repayment over more months resulting in lower EMI amounts. Sure, longer tenures also mean more interest payable but you can always cut short the tenure to reduce the total interest paid by making the prepayment as and when you are in a financial position to do so.


3. Lower charges.
Besides for the interest rate, there are a number of expenses that accompany a home loan. For instance, when you apply for the loan, you’ll have to pay a processing fee which could be as much as 2% of the total loan amount. So if your loan is of 20 lakhs, the processing fee is around 40K. Other charges include prepayment charges, document handling charges, stamp duty, late payment charges, etc. Remember to compare all the charges carefully before selecting a lender.

4. Value-added services.
Some lenders will offer you expert legal and technical counseling to help you make the right home buying decision. This will be very useful considering that taking a home loan is big-ticket debt and you’ll any and all the help you can get to ensure you make an informed decision.

5. The best home loan comes with multiple repayment options.
Another vital factor you need to look for is the number of repayment options being made available to you. The more options you have, the easier it will be to choose a plan that suits your financial needs and requirements. Most lenders offer at least 5 different repayment plans.

Look for a loan that provides you all above factors at the least interest rate; the one that does is the best home loan for your needs. We hope this article has been helpful, good luck and all the best.

Need a home loan? Here is what you have to keep in mind…

Acquiring new home is one of the most auspicious moments in life. Due to falling interest rates, housing loans are now available quite cheaper. The process of online application has made the loan application, approvals and disproval quite a simple and hassle-free process.

But, you get an approval for a housing loan once lenders evaluate your credit history and check your borrowing capacity.

Here are few things to keep in mind while availing a home loan:

Interest Rate

The interest rate on housing loan is determining factor whether you should take a loan from a particular lender. Lower the rate, lesser would be the EMI outgo and more affordable it proves on your pockets. Home loans are fixed interest rates or floating rates. The fixed rates give you constant monthly installment options through the loan duration, floating rate charge with lender's economic factors, growth and changing lending practices. So, compare and weigh options before you zero in on a particular loan amount.

Check affordability

Customers should know their risk appetite and then choose a particular amount for a monthly installment that you can afford. Consider the possibilities of not getting raise very soon or due to the unexpected circumstance you can eye on loan to income ratio of 20% to 30%. This way you can at least don't develop a break in EMI payments. You can make changes in the tenure to reduce or increase monthly installment depending on your affordability

Shop around

There are hundreds of banks and private finance lenders that offer home loan at low-interest rates. But before taking a home loan, just visit online and compare the interest rates of leading players, charges structure of all available loan products. Comparison helps you to choose a loan which is not only the most reasonable interest rate but also limited fee and charge.

Take an insurance plan

Once you have taken a loan, it’s obvious you have to clear it on time. However, if anything unfortunate may happen and you might perish from the world, the liability falls on your family's shoulders in your absence. Hence, you can buy insurance cover to cover up the loan repayment costs.

Property Papers

There are a lot of fraudulent builders out there who might dupe you with fake property papers. Once the amount is transferred to the bank account they might vanish somewhere. Therefore, before you lay your hands on a property, make sure the builder is reputed and all property papers are in place. With RERA implementation, check the builder's profile online on RERA website. Lenders may often refuse to give loans if the builder is not in the approval lists.

Credit Score

One of the most important parameters, lenders adjudges loan to value is the credit score. A good credit score means you’re a responsible citizen and make all your debt payments on time. This helps you maintain good credit score and it will help you to negotiate for low-interest rate deals as well.

Follow these simple tips and apply for a suitable home loan online, now!

All you need to an EMI calculator, how it works & 3 benefits of using one.

EMI Calculators are a blessing for anyone planning to apply for a home loan. They provide near-accurate calculations that would otherwise take you a good amount of time and mental racking to arrive at and without which, your home loan application could be rejected or your repayment experience could turn into a difficult one. That’s why this article will explain what these calculators are, how to use them and 5 benefits of using one, in the hope that you’ll end up using one before you apply for a home loan.

So what is an EMI Calculator and how does it work?
It’s a simple online financial tool that provides you the entire break-up of your home loan repayment schedule. Right from the monthly EMI from the first to the last month of the repayment to the break-up of every EMI into principal prepayment amount and interest amount.

All you have to do is find one; they are easily available on the websites of lenders and home loan aggregators, then enter your loan variables such as the loan amount, interest rate and tenure. Upon hitting enter, algorithms are put to work and provide you the amortization table for your home loan.

Let’s now take a look at the benefits of using an EMI Calculator.

i) Helps to budget.
Using a calculator can help you create full-proof budgets and financial plans to repay your loan successfully. Since you know the EMI amount, you can figure out how to adjust your monthly income and obligation to cover the said amount.

ii) Helps you adjudge your affordability.
It’s a simple deduction if the EMI provided by the calculator is too higher, it means you cannot afford to borrow the loan amount you’re entered. If you apply for the given amount, either your application will be rejected or you will experience turbulent times when the repayment begins.

iii) Help borrow the right amount.
You can keep on reducing the loan amount you enter until the EMI amount calculated is something you can afford to set aside each month. This will help you borrow the right amount and ensure your loan application and repayment process sail through without any hassles.

In addition to an EMI Calculator, you should also use the service of an eligibility calculator. Again, this is a simple online tool that requires you only to provide some basic details such as your monthly salary, your monthly obligations, the interest rate and the tenure. Within seconds the calculator will provide you a ball-park amount your lender is most likely to provide you.

Armed with information about your repayment schedule and the eligibility for the loan, you can go into the application with confidence knowing that your loan will be approved and that you will be able to repay it easily! This is the kind of peace of mind using an EMI Calculator can provide you.

We hope this brief write-up has helped your understanding of these online tools and gets you to use one.

Good luck and all the best with your home loan!

4 reasons why you need to use an EMI calculator before applying for a home.

Opting for a home loan is a huge financial decision and using an EMI Calculator before applying will ensure the road out of debt is a smooth one. If you haven’t heard of these online calculators or never thought of using one, then this article will highlight 4 reasons why you absolutely need to use one before you sign upon the dotted line of your home loan application form.

1. Know your repayment schedule.
It’s vital to know roughly just how much your EMI will be before applying for a loan. It will help you chalk out plans to accommodate your EMI payments within your monthly expenditures and help ensure you are well prepared to handle these payments.

Previously, knowing your EMI amount meant setting aside a good amount of time and sitting with a pen and paper or before an excel spreadsheet. Either way, you’d have to flex your mathematical skills to accurately determine the monthly outgo against your home loan.

However, times have changed and you can now use and EMI Calculator to get your entire repayment schedule in a snap. Just punch in your loan variables; the loan amount, the tenure and the interest rate – hit enter and you’ll be provided with a complete amortization table.

2. To know if you can afford to borrow the loan amount or not.
Whether or not you can afford to borrow a given loan amount boils down to whether or not you can afford to pay the EMI. So you hop onto the internet, find and EMI Calculator and get it to provide you the EMI for your loan. If the EMI is too high, it means you cannot afford to borrow that amount.

If you were to borrow a loan amount you cannot afford, most lenders would reject your application. This will result in you losing your processing fee and even cause your credit score to drop.

3. To know the loan amount you can afford.
So if the EMI amount is too high, you cannot afford to borrow that much. However, if you keep reducing the loan amount until the EMI provided is within your financial reach, you will arrive at a loan amount you can borrow keeping in mind your financial abilities at the moment.

4. Using an EMI calculator aids faster approvals.
If, after using an online calculator, you still apply for a home loan it could mean one of two things; the first being that you can afford the EMIs and the second being that you’ve adjusted the loan amount until the EMI amount provided was within your financial reach. Either way, it means you are applying within your mean and seeing this, most lenders should approve your loan quickly.

So there you have it, 4 important reasons why you should use an EMI Calculator. Besides for the above reasons, these calculators save immense amounts of your time and energy; the best part is that they are also free to use and will provide you near-accurate results without any cost!

Good luck and all the best!

5 things you must do before taking a home loan.

A home loan is a huge decision. There are so many things you need to watch out for and some many tinny details you need to see too. Moreover, the fact that a housing loan is something you need to deal with for long periods of time, sometimes up to 30 years, it’s essential you make all the right choices or else you might be staring down the barrel of prolonged financial turbulence.

Thankfully, if you keep a few parameters in mind and do a good amount of research and planning before going into the decision, chances are you’ll have a smooth housing finance journey.

To help you with your preparation, this article will highlight 5 things you must do before opting to borrow funds to finance your homeownership plans.

1. Compare funding options.
The first thing you should do when considering a home loan is a shop for options. Check out the funding packages on offer, the interest rates, the extent of funding on offer, the tenures, the charges, etc. You shouldn’t look for the least interest rate or the highest funding, instead, you should look for a finance option that offers to meet your needs and requirements better.

2. Use home loan calculators.
Calculations and financial planning is the framework for a strong repayment structure. Therefore it’s essential that you get the math right and create concrete budgets way before you even apply for the loan.

You can use an EMI calculator to find out the kind of monthly payments you’ll have to deal with, the loan amount you can afford, etc. You can use an eligibility calculator to find out just how much a lender is likely to provide you with a loan amount and repayment calculator to chalk-out thorough repayment plans.

3. Read reviews.
The experiences of others will provide you with valuable insights into the workings and service quality of a lender. They will tell you, roughly, what to expect when you borrow from a certain financial institute or bank. Therefore, it’s essential to read-up and sees just how a lender treats its customers as you might soon be one.

4. Speak to a financial expert.
This is vital, they’ll tell you what kind of home loan you should opt for keeping in mind your current financial state. You can learn how to save money through the tax benefits of a housing loan. They’ll even guide you as to which type of interest rate, fixed or floating, suits you better. You can have them go through the terms and conditions of your loan offering to highlight any points you should be worried about or approach the lender for clarification.

5. Prepare yourself.
Get a good down payment ready, work on your credit score if it’s poor, find out all the documents needed and ensure that you are fully prepared to take on debt. Because, like they say, what starts well, ends well!

We hope this article will help you and your home loan decisions, good luck and all the best!

Want to know your monthly installment? Check the details on home loan EMI Calculators.

With leading banks and private finance companies reducing the interest rates home loans are quite affordable for most individuals who plan to buy a house. They are available with lower interest rates that range between 8.50 to 9.50% with a nominal processing fee of around 1-2% on your principal amount. Therefore, more and more Indians are eye-upon the exciting deals and purchasing or constructing their own abode.

Home loans are by any chance better option compared to traditional finances and personal loans. They offer flexibility in interest rates, tenure, repayment modes. However, since this loan has a huge amount often it becomes tedious to calculate the eligible amount, what would be your EMI, the processing fee, etc. The manual calculation seems to be an exhaustive job. To ease the process and understand loans in a simpler way most companies and banks have introduced home loan EMI calculators on their website that will give an exact overview of how your loan will look like.

Home loan EMI calculator enables you to understand the monthly amount you have to pay to the lending institute on a specific date of every month. EMI stands for an equated monthly installment that you have to pay every month to the lenders. When you visit the calculator page of any website you are rest assured that your couple of question would be addressed quite easily such as: What would be your monthly EMI for your housing loan, how much an individual can afford to borrow as per his or her risk appetite, how much they are eligible for, what is the maximum repayment tenure, what would be the interest rate and processing fee.

Home loan EMI calculators are available on the company's website and you can avail the service for free. You can visit the page and simply enter the amount you wish to avail towards the home loan, the interest rates you can afford to pay and tenure for you which you will need to make repayments. You will get a complete table array that will display your exact principal, interest rate applied and your monthly installment payment. You can set the start date of your monthly payment schedule.

Home loan EMI calculator gives you an insight into the future where you can afford to make complete EMI payments of the loan or not. It gives you can estimate value you have to save every month. It helps you stay prepared for future payments. Earlier you had to sit with financial experts and make bills of income expenditure and then calculate emi which would have a chance of manual errors. One slight mistake would barge the whole EMI calculation. Besides, the process was very much tedious and time-consuming.

But Home loan EMI Calculator is helping to ease the pain and confusions. All you have to do is insert the values correctly and save a lot of time. They give you complete insight into the EMIs you have to pay and you can plan your month finances accordingly. So, no more confusion and tension of EMI just visit calculator page and get easy options for home loan installment calculations, now!

Calculate your monthly installments with ease.

Many people avail home loans to complete the dream of owning a beautiful abode that will create moments and cherish memories for the lifetime. It’s a place where family members share a unique lifetime bond. Every house has innumerable stories and sentiment value being attached to it. It’s most often that people have a low salary, other financial responsibilities, and existing debt due to which it become difficult to take a home while dealing with cash. Also, buying a home means you need lot money which no one has in full. Therefore, most private finance companies and banks offer home loans that come at attractively lower interest rates, low processing fees, flexible ways of repayments and a fair amount of time to repay the debt.

Taking a home loan means understanding lot of terms and conditions, jargons, and calculations associated with it. Sitting down with pen and paper and working on tedious calculation will only add to their worries. To ease out the mental worry many online websites offer home loan EMI calculator which are quite user-friendly and easy-to-use tools.

These EMI calculators are very easy to understand and give complete transparency on loan details. Customers can use these flexible online home loan emi calculators to arrive at the amount that you’re comfortable with. The calculator will help you plan your finances accordingly and save for the loan repayment amount as per your requirements.

Experts say before availing your loan you should use these calculators that will guide you through the loan structure, interest rates applicable, processing fee, pre and post payment charges, loan repayment ways, etc. You can use these calculators to easily judge how affordable a particular loan can be on your wallet.

Some features of using EMI calculator before availing home loan:

• It helps you get a quick view on the overall finances for your home loan. Potential customers can easily calculate their monthly installments with these calculators
• Save your valuable time, energy and efforts from tedious calculations, visiting branches or financial experts, discussing options and then arriving to any consensus.
• These EMI calculators provide you a real-time data and the projected scenario of your home loan would look like in terms of finances and repayments. It will help you stay prepared and have a quick visual on the savings that you should set aside for your monthly installments.
•  Calculators require you to enter your monthly salary, additional income source, preferred interest rates, a type such as fixed or floating, tenure and required money. Once you key in these details the emi calculator will give you the maximum loan amount you get qualified for and the monthly mortgage payments you can make.
• These calculators can help you make big calculations look with ease. It has a very creative and simple interface which makes the calculations look much more easy and fun.

Taking a housing loan will reduce the stress but find the right one at affordable interest rates and low processing fee is a difficult task. Manual calculation only adds to your worries as they are not guaranteed solutions and could lead to mistakes. Even a 0.25 to 0.50% makes a huge difference in the long run. Therefore, use this emi calculator and make a defined approach for your housing finance. Visit online websites and check your interest rates, eligibility, repayments strategies, processing fees, now!

Why you need to go over the internet before applying for a home loan.

Taking a loan to buy a home is a huge financial decision. There are so many things you need to think of and keep in mind before you apply for one. The decision needs to be backed by truckloads of research and built on a strong foundation of groundwork and planning. Overlooking the slightest detail could cause you homeownership plans to come crashing to the ground. One tool that can come to aid & help you with the necessary resources needed to make sound housing loan decisions is the internet. Read on to find out how the internet can help with a housing loan and aid you in making better-informed decisions.

Check your credit score & eligibility online.
One of the most important factors that decide the approval of your housing loan is your credit score. Previously, getting your credit score meant visiting the branches of credit bureaus. But nowadays you can get your credit score in just a few clicks. Once you know your credit score, you know just where you stand in terms of approvals. If you score is below 700 you can find ways to improve your score on the internet and implement them before you apply.

The internet is also helping you find your eligibility in seconds.  See how much of a loan you stand to get with your current income and age. Wondering how? Simple, just use one of the many housing loan eligibility calculators available most financer’s websites.

Find, compare & apply for home loans online.
The internet is also your one-stop-solution to find, compare your options and apply for the loan that suits your needs. You can either visit the websites of the financers or go to a housing loan aggregator site where all the loan products from the various lenders are listed. People who are existing customers will also post their reviews online and this gives you valuable insights. Once you’ve finalized on a lender, go to their website and submit the application online itself, scan the required documents, upload them and even pay the processing fees online! The internet can have your housing loan application sent without a step outside your home.

Prepare yourself for your home loan online.There are many websites that provide you with an EMI calculator that you can use to get the entire repayment schedule for your housing loan. These calculators do what otherwise took a day and provides near accurate results that are more than helpful to create a budget perfect to pay back your loan without any turbulence.

These were some of the ways the internet is making a home loan easier for you. If you wish to have more guidance on the topic of housing loan, simply visit the leading housing finance providers’ websites, they have chat assistance wherein you can have your doubts answered with a few taps on your keyboard and couple of clicks on your mouse.