Applying for an online home loan and knowing the exact eligible and EMI amount payable over the tenor is possible to know.
You can do that using the online home loan calculators for eligibility and EMI.
If you want to know how to use them, here is a quick post!
How to use the home loan eligibility calculator?
You can open the eligibility home loan calculator on a lender’s site and enter your age and city name. You also have to enter your loan tenor, monthly Salary, total monthly outlays and other income. After you click on the ‘Check Your Eligibility’ button, the tool will display an exact amount your income can support.
How to use the home loan EMI calculator?
Using the home loan calculator for EMI is easy to use. You can open the tool on a .lender’s site and enter your desired loan amount and the tenor. You also have to input the repayment tenor.
Once done, the tool will showcase the precise home loan EMI amount and the total home loan interest rate charges. You can also know the total loan cost (principle and the tenor).
When you have an idea about an amount that your income can support as a home loan, you can apply for the same.
This way, you can avoid the chances of rejections. Also, being aware of the actual home loan EMI amount makes you indulge in proper financial planning.
In turn, it can help you to manage your outlays without worries and the risk of default.
Read Also: How Home Loan EMI Calculator Helps in Purchasing a Home
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