Use A Home Loan Interest Calculator to Plan Your Loan Repayments

Among the various factors that influence the cost of housing finance, the EMI amount figures right at the top. Which is why, individuals should ensure that they borrow a suitable loan principal that can make EMI pay-outs lighter on the pocket. To ease the task of computing the ideal instalment sum, the internet offers access to the home loan interest calculator on its website so that users can check their expected loan EMIs and amortization schedule. Additionally, this also enables borrowers to fulfil other monetary commitments. 

Merits of the Loan Calculator

The home loan interest calculator is a handy financial planning tool, which can prove beneficial in the following ways:

Assess Property Affordability

If the home loan calculator shows a higher EMI than what you are comfortable paying for your chosen property, you could consider other alternatives that fit the budget.

Decide the Right Loan Offer

When you decide to take a housing loan, see what loan products other lenders are offering. Use the calculator to choose the best loan by comparing the total cost of each scheme and the payable instalments. 

Schedule Pre-Payments

Making part pre-payments helps to lower the outstanding loan amount and close the loan earlier. Thus, when you have surplus funds during the tenor, refer to the online calculator to determine how pre-payments may affect your loan duration and EMIs.

Ease and Accuracy of Results

Once you input the desired loan values - principal amount, interest rate and tenor - the user-friendly interest calculator computes accurate results instantly. 

Loan Amortization Schedule

The online calculator displays the loan amortization table, which provides the break-up of both the principal and interest components of your home loan until complete repayment.