Most first time borrowers are under assumption that
calculating home loan EMI is easy. All you need is a housing loan EMI
calculator. You have to agree with that. It does seem like if you have EMI
calculator for home loan, all you need to do is enter right numbers. But,
believe it or not it is more complex than that. Here are two reasons. Firstly,
lots of factors in the equations remain unaccounted for. Secondly, EMI
calculator will not help you get the specifics you actually need. So, here are
three common methods.
Manual Calculations:
Most of the formulae for home loan EMI calculations are
available online. You can easily note them down and calculate EMI as per
repayment option, home loan tenure, etc. The ease of doing them manually
depends on your mathematics skills. But, most websites do offer an example in
order to assist readers calculate home loan EMI. This process is the most
tedious one. But, there are few high-level calculations you cannot see with
online tools. For example, EMI as per balloon repayment option. Manual
calculation is the way to go.
Online calculations:
Most borrowers are familiar with online EMI calculators.
Thing is, there are a lot of housing loan EMI calculators in India. All of them
do not offer real help. Some are just an online version of basic mathematical
calculator. Yet, it does simplify your job, especially if you are not a maths
geek. But, there are some efficient EMI calculators for home loan. They support
your calculations well with several additional online tools like amortization
table. DHFL has one of the best EMI calculators in housing finance industry.
Computer Calculations:
You can use excel sheets on a computer to get the job done.
It will be as good as some of the Property Loan Emi Calculator. But, with basic
asthmatics skills and few formulae, you can check the basic structure of
repayment options too. However, it is not as good as some of the advanced
online tools.
Either way, the best method for your calculations is the one
that give accurate results instantly. Housing Loan EMI Calculator
is a great choice but not for more customized calculations. However, you will
need to know the following before you calculate the EMIs and other details. For
example, cost of property, processing charges, stamp duty, legal fees, and
realistic interest rates. This information can be made available to you when
you meet a relationship manager for the same. Even a third-party personal
finance consultant is a great person to meet for these details.
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