Know All About Home Loan EMI Calculator

by Rudra Raghavan Financier

Should you apply for a home loan, and are you confused by what the EMIs will be? Okay, that's a common question everybody has when they plan to apply for a house loan. Nonetheless, you don't need to worry this at all since the home loan EMI calculator will automatically calculate your EMIs. In fact, even before you contact a bank official, you will be informed of your loan.

The EMI calculator for a housing loan gives you a clear picture of your monthly instalments when you enter specifics of your loan amount, term, interest rate, and processing fees. The EMI housing loan calculator is an easy, fast and reliable source of information to calculate the EMI's of your home loan, and it is free too!

Following are the various parameters of the calculator –

Loan amount

The loan amount is the first thing you need to pick when applying for a home loan. Once you have settled on a property and are mindful of its size, you ought to calculate your down payment loan figure. When completed, you will get a fair idea of what amount of loan you will need to apply. Do your valuations correctly to get your instalments to the correct value.

Home loan tenure

Once you have settled on the amount of the loan, pick the term that you would like to have, from 6 months to 30 years. Remember, the longer the loan term, the higher the total amount to pay. However, you can always modify the tenure on the calculator and work at a period that suits you.

Interest rate and processing fees

After you enter the loan amount on the EMI calculator and the length of the loan, the next detail you need to input is the home loan rates suggested by your selected bank. You can check online the different home loan rates proposed by various banks and feed this into the calculator.

In general, banks have a home loan processing fee which also needs to be considered when determining your monthly EMI.

Prepayment alternative

Most people choose to prepay their loan to a specific amount. The home loan EMI calculator offers you an option to decide whether you want to prepay the balance of your investment. The cost of your monthly home loan EMI is calculated based on whether you pick a Yes or No on the prepaid option.

Amortisation specifics

Additionally, the home loan EMI calculator has the option to reveal the housing loan's amortisation details. Such reports help you understand the value of your principal home loan, interest paid and specifics of the outstanding loan amount on a six-monthly or yearly basis.

The home loan calculator EMI makes it easy for you to get a clear picture of your monthly instalment amount plus allows you to know other relevant details as well.