Latest Home Loan EMI Calculator- Know How to Use it

A home loan is a large financial obligation that requires careful planning before you apply for one. If you are not fiscally responsible and fall behind on your monthly payments, you risk losing your home because the lender has a legal claim on the property and may liquidate it to recover their losses. To avoid making these mistakes when applying for a home loan, you should consider using a home loan EMI calculator and a home loan eligibility calculator.

Home Loan EMI Calculator

A home loan EMI calculator is an online tool that allows you to easily calculate your home loan EMI. Because this calculator is free to use, you are free to make as many changes as you need to determine the feasibility of your home loan. Furthermore, this calculator is simple to use and simplified in such a way that almost anyone can use it without any difficulty.

Here's how to use an EMI calculator for a home loan:

Step 1: Visit an online home loan EMI calculator. 

Step 2: Enter the required details such as:

• Required loan amount
• Tenor period
• Rate of interest

Step 3: Upon submitting these details the calculator will display the following results:

• The monthly installments (EMI) you will be paying.
• Total interest 
• Total principal amount

Home Loan Eligibility Calculator

Another online tool that you can use to determine your home loan affordability is a home loan eligibility calculator, which you should consider using before applying for a home loan.

Here's how to use a home loan eligibility calculator:

Step 1: Visit your preferred online home loan eligibility calculator.

Step 2: Enter the required details such as:

• Gross Monthly Income
• Tenor Period (in years)
• Annual Interest Rate
• Other Financial Obligations (current EMIs) 

Step 3: Following the submission of these details, the calculator will display the following results:

• Your Home Loan Eligibility 
• Your Home Loan Monthly Installments (EMI)

CIBIL Score

A CIBIL score is an important factor to consider before applying for a home loan because your credit score influences loan approval. You should check your CIBIL score on a regular basis to ensure that you are aware of your financial capacity. Maintain a healthy CIBIL score of 750 or higher to qualify for a home loan with advantageous lending terms such as low interest rates, longer tenors, affordable EMIs, sizeable sanctions, and faster approval. If your CIBIL score is low, you should consider improving it by paying off your existing debts. 

Have a Look at: What is a good cibil score?