Since a home loan comes with a longer tenor, many borrowers go for an extended-term to easily repay a smaller EMI amount and manage other outlays.
But, repaying a home loan over a longer tenor also means paying higher interest rate charges. It is where many people want to get an exact idea about the payable home loan interest rate charges.
And with modern-day tools like the home loan interest rate calculator, it is possible to know about the EMI amount and total interest charges.
Let’s know how to use the online home loan interest rate calculator in this short post!
Using the online home loan interest rate calculator made easy
- Access the home loan EMI calculator from the ‘Calculators’ section of the home loan page.
- Once it is open, you need to enter or choose your desired home loan amount, the applicable rate of interest and the repayment tenor.
- Once done, the home loan EMI calculator will display an exact EMI amount payable over the tenor. Not only this, but you will also come to know your precisely payable home loan interest rate charges. You will also know about the overall home loan cost (principal + interest).
Once you have an idea of the payable home loan interest rate charges and the EMI amount, you can easily readjust your loan amount. This way, you will arrive at your suitable housing loan EMI amount.
The longer is your repayment tenor; the higher will be your home loan interest rate charges and vice versa. Therefore, you should opt for a home loan tenor prudently.
Read Also: Home Loan Interest Rate Calculator Making Process a Lot Easier
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