Before applying for any loan, especially a Home Loan, you should always check the EMI amount that you need to pay every month. EMI is the most important part as it determines the overall affordability of your loan. Your EMI is dependent on the Home Loan interest rate, loan principal and the loan tenor. If you calculate the Home Loan EMI in advance, it will help you plan your Home Loan better. But, the calculation was tedious and time-consuming to perform manually and had the possibility of inaccuracy. So, to improve the accuracy and give instant results, you need EMI calculator.
Why to use EMI calculator?
Helps You to Make the Loan Affordable-
This calculator gives you the facility to put different Home Loan rates of interest and calculate the EMI. Different lenders have different rates of interest, so it helps to compare and find the best option for you. If you cannot reduce the loan principal, try to opt for a lower interest rate.
Helps to Select the Loan Amount that suits the Budget-
The EMI calculator enables you to check the EMIs of varying loan amounts. If the EMI is too expensive, you can alter the amount to decide on the budget of your new home with ease and avoid over-borrowing.
To know the other benefits, read:
Use a Home Loan Calculator to Plan Your Loan and Save Money
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.