If you were looking to apply for a home loan, it would be good to calculate your eligibility for an exact amount.
Borrowers also find it good to know about a precise EMI amount payable over a tenor. It is where the housing loan EMI calculator can help you do that easily.
Read on and know how to use the EMI calculator for home loans easily!
How to use the housing loan EMI calculator?
- Land on your lender’s website and open the housing loan EMI calculator.
- Once it’s open, choose your desired home loan amount, applicable interest rate and the repayment tenor.
- Once done, the home loan calculator for EMI will showcase an exact EMI amount you will pay over the tenor.
It is not the end of this! The home loan EMI calculator also displays your exact housing loan interest rate charges. And the total loan cost (principal + interest) will also be available for viewing.
Once you are aware of these crucial loan elements, you will be able to indulge in proper financial planning and repay without hurdles. You can also use the home loan eligibility calculator on your lender’s site and know an amount that your income can get.
Do you have a robust CIBIL score, have made timely EMI repayments and have been employed consistently? Your home loan eligibility will be higher.
You should check out your lender’s eligibility terms mentioned on their websites. This way, you will be able to meet all and keep documents ready. It will ensure that your home loan application will be smooth with fewer chances of rejection.
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