The initial stages of availing Home Loans involves some groundwork pertaining to finding the right lender and testing all available options. An applicant can choose from the Home Loans provided by banks and Non-Banking Financial Companies (NBFCs). The initial search for the right Home Loan scheme involves looking for lenders with simple eligibility criteria and flexible repayment options. Many lenders nowadays provide Home Loan EMI calculators on their web portals to make loan management and repayment easier and more streamlined.
After availing the loan, a major portion of the monthly income goes towards EMI payments. This EMI should not exceed 45% of the income. For home buyers seeking loans, the EMI calculator provides an accurate estimation of the instalment to be paid for a particular loan amount. This helps in prioritizing expenses, setting a monthly budget and preparing for the repayment in advance.
The EMI calculator is a free online tool that has a very simple and user-friendly interface- all that the user needs to do is fill in the details of the loan tenure, amount and rate of interest for the Home Loan; in case of some lenders, users can input values using the slider tool. Once, all the values are fed into the calculator, the tool will instantly display the results. In most cases, it is more advisable to use the calculator on the site of the bank or NBFC to get near accurate results.
UNDERSTANDING HOME LOAN EMI & BENEFITS OF HOME LOAN CALCULATOR
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.