Important Points to Remember About A Home Loan EMI Calculator

A home loan EMI calculator is an online tool that helps you establish your monthly instalment and interest payable in a quick and easy manner. This tool is important because it helps you with your financial planning based on your affordability. 

Here are some important points you need to remember when using a home loan EMI calculator:

1. A home loan EMI calculator uses a simple formula: P x R x (1+R)N/[(1+R)N - 1], where P represents the principal amount, R represents the applicable interest rate, and N represents the tenor period.

2. An online home loan The EMI calculator in India is free to use and does not incur any charges. You need not be a customer to be able to use the online calculator.

3. When you are using an online home loan EMI calculator in India, you need to input only three required details. Your result is based on the loan amount you require, the interest rate applicable, and the tenor period you are comfortable with.

4. With the help of a home loan EMI calculator, you can compare the offers that you receive from multiple different lenders. This comparison will help you avail of the lowest rate of interest and the best lending terms being offered to you.

5. Some advanced home loan EMI calculators will compute the amortization schedule. This will help you financially plan your monthly instalments.

6. The most important factor of a home loan EMI calculator is that this tool is easy to use and it is designed in such a way that anyone can use it.

1. A home loan The EMI calculator removes the possibility of any human errors that may occur when calculating your EMI manually.