Benefits of a Home Loan EMI Calculator

Even though individuals can manually calculate home loan EMIs, the formula is complicated and time intensive. Moreover, the chances of receiving an error-prone result are also high. However, home loan borrowers can use a home loan EMI calculator to resolve this. There are multiple benefits associated with such a smart tool. Some of the major advantages are as follows.

It Helps You Determine Your Borrowing Capacity

Using a home loan EMI calculator before applying for the loan permits borrowers to gauge their monthly payable. A calculation can give an idea of how much they can afford to spend monthly. EMI calculators can help individuals adjust their home loan tenor and the loan amount to decide on the most affordable EMI option available. It also helps decrease the home loan EMI outgo by adjusting the tenor accordingly.

Helps with Home Loan Prepayment Planning

Before availing of a home loan in India, an aspiring borrower must make provisions for part-prepayment to clear off the debts faster. This reduces the home loan interest rate, and borrowers can repay the loan sooner. Any standard EMI calculator can help estimate how part prepayments will reduce a person’s interest outgo.

Saves time

One of the major advantages of a home loan EMI calculator is that it is free and available 24x7. The tool shares accurate results within seconds and saves time taken to do rigorous calculations manually. Hence, individuals find it more reliable to use this tool to calculate their home loan EMIs. Besides saving time, it also makes sure that borrowers know of their monthly liabilities ahead of time.

It Provides Reliable Results

The result that a user can get from an EMI calculator is trustworthy. The tool uses a formula and advanced algorithms. Even if an individual chooses to calculate manually, it is always a good idea to cross-check for discrepancies with the tool. The tool will help compare the offers shared by different lenders and check the estimated EMI outgo and interest payable. It helps them secure the most competitive interest rates.

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