A home loan is a secured loan wherein the borrower will pledge the property they are purchasing to the lender to obtain a large sum of financing. A home loan is accompanied by low interest rates and affordable monthly instalments, making it an attractive borrowing option. Lenders are generally less hesitant when approving home loans because of the reduced risk factors because the loan is secured against the collateral.
Purchasing your dream home has never been more affordable and possible for everyone, but before you apply for a home, you must conduct in-depth research of available lenders in the market to avail of the best possible offers.
A house loan EMI calculator is an online tool that helps you with your financial planning and establishes your home loan affordability. Here is how you can use an online home loan EMI calculator:
Step 1: Visit your preferred online home loan EMI calculator’s website.
Step 2: In the blank spaces provided, enter the details required, such as:
(i) Enter the required loan principal amount.
(ii) Enter the rate of interest offered.
(iii) Enter the tenor period that best fits your budget.
Step 3: Upon clicking on "Submit," the calculator will display a detailed breakdown of the following details:
(i) Your total loan amount is
(ii) Your total amount of interest payable
(iii) Your month's instalments
A home loan EMI calculator is easy to use and provides you with accurate and error free results every time. You are free to make as many adjustments as necessary to get the desired loan affordability outcomes.
0 Comments