Home Loan EMI Calculator: A Magic Wand That Makes Your Journey Memorable

If you are willing to buy a new home, this article is worth reading for you. Yes, because what’s coming next is surely let you something new, something which you were not aware of. So, without wasting any time further, let’s get started and tell you the interesting facts about home loan. Now, the moment you start thinking of buying/purchasing your dream home, apart from Home loan interest rate what is the other thing that strikes your mind. I am sure what you are thinking, it's the EMIs, isn’t it? Yes, it is Equated Monthly Installments that you always need to consider while availing a loan as it allows you to plan your expenses well. It would be of great help, if you know the exact amount that you need to give to the lender each month. And, all this and much more can easily be possible with a home loan EMI calculator.

Yes, you read that right! This smart, time-saving and effective tool actually does all the work for you by allowing you to know the exact calculations behind your monthly installments. It is important that your monthly installments should be pocket-friendly so that you can easily repay your loan in the future without any default. However, knowing your EMIs has become the easier and hassle-free since the inception of these device. It lets you know everything in just few seconds. However, now just imagine the scenario, when this device was not there, what was the situation be like? How people used to calculate their monthly installments with that manual formula? It was complicated, time-taking and at the same time confusing, don’t you think so?  Hence, to ease the burden, here this tool is that gives you the results in the most hassle-free and easiest manner.      

All you need to do is just enter few credential into the device, i.e. loan amount, tenure and interest rate, and rest it will handle. It will do all the hard work for you by letting you know your monthly installments in the most quickest and convenient manner. Another crucial factor about this device is the fact that it is available online, which means you can use the same anytime from anywhere. It is easy to access the same no matter where you are, and this is the reason that this tool has been widely used by many people so as to know the exact figures and calculations behind their monthly installments. In order to give you the better understanding of the same, let’s just take a look at the example below…

Suppose, Gaurav Kapoor working in a multi national company wants to buy a beautiful home in Gurgaon. Though he has some savings, but he still need a home loan of Rs.20 Lakh from a lender. And, the best thing is that one lender has agreed to offer him the same loan amount at an interest rate of 8.40% per annum for a tenure of 20 years. Now, Gaurav wants to know what would be the exact amount of EMIs he needs to pay each month to the bank. Now if he uses the manual calculation or the formula, it gonna take him many hours to solve the puzzle and churn out the results. But, to ease the burden, an EMI calculator is there that enables you to know the results in the most easiest and quickest manner.So, let’s see what’s gonna be the monthly installments that Gaurav needs to pay each month.