When you apply for a home loan, you also need to pay your lender interest charges on it.
If the tenor of your home loan is longer, you will have to pay more home loan interest rate charges. If it is smaller, your EMI amount may increase, but you can save on home loan interest rate charges.
Many people continue paying increased home loan interest rate charges and EMIs.
It is where being aware of the precise home loan interest rate amount before the loan application is a good step. It can help you go for efficient financial planning.
If you want to calculate your housing loan interest beforehand, this post is for you!
Calculating home loan interest rate amount online made easy
- Open the home loan interest calculator the EMI calculator on your lender’s website.
- On the tool, choose your desired housing loan amount, the applicable home loan interest rate and your repayment tenor.
- Now, the online tool will display your exact payable home loan interest rate charges and the total loan cost (principal + interest). You will also come to know about your precise housing loan EMI amount.
If you wish to know about availing lowest home loan interest rate, you can do that after maintaining a robust CIBIL score.
If you are also consistently employed and have repaid your bills without defaults, a lender can let you enjoy reduced home loan rates.
A CIBIL score of 750 more can help you get the loan approval at a lower rate.
Timely repayments towards your loans and other debts can keep your credit score higher.
Read Also: Paying High Interest on Home loan? Here is How to Reduce Your EMI
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