Many people want to calculate and know about an exact home loan EMI amount to pay over the tenor. They calculate it manually and face many errors.
It is where it becomes a must to arrive at the correct home loan EMI amount. But, it is possible to calculate your actual home loan EMI online.
All that you have to do is – use the EMI calculator for home loans.
Let’s know how to calculate your home loan EMI using the housing loan EMI calculator!
Easy steps to calculate your housing loan EMIs
- The first step is to open the online EMI calculator for home loans on your lender’s portal.
- The next step is to enter your desired home loan amount, the home loan interest rate, and the repayment tenor.
- As soon as you choose or enter these home loan’s vita details, the online tool will now display your precise housing finance EMI.
The online tool will also showcase your precisely payable home loan interest rate along with the home loan EMI amount. And even the total loan cost (interest and principal) will be displayed.
If you are confused about your loan tenor, you should not select a very long and extremely shorter tenor.
A longer tenor means paying lower EMIs, but that will increase your home loan interest rate charges.
On the other hand, opting for a shorter tenor means paying bigger EMIs, but that will let you save on interest charges.
Thus, you should select a balanced tenor with enough savings on interest charges and manageable EMI payments.
Additional Read: Major Factors that Influence your Housing Loan Interest Rate & EMI
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