Home » Articles » Benefits of Home Loan EMI Calculator
Are you planning on buying a home with the help of a home loan? If so, it’s a good idea to calculate your Home Loan EMI count before signing the dotted line. A useful tool such as a home loan EMI calculator can help you with this.
EMI means the equivalent monthly installments that you must pay in exchange for loans from banks and financial institutions. You can easily calculate your EMI with the online EMI calculator.
Calculate Home Loan Eligibility
What is Home Loan EMI Calculator?
The Home Loan EMI Calculator is an online tool for calculating monthly EMI. Based on some details about home loans, the calculator will give you the exact amount EWI has to pay. It also includes a chart showing the payment schedule and details of the total payment.
Benefits of Home Loan EMI Calculator:
The loan EMI calculator has many advantages. This useful online tool will help you plan your home loan with care. Let’s take a look at the various advantages of the EMI calculator.
It is simple, convenient, instant, and accurate:
When it comes to home loan planning, you can’t go wrong with the numbers. Manual calculations are prone to errors. The home loan EMI calculator solves this problem because it will give you the right results every time.
Fast Calculations:
Using a pen and paper, it will take hours to make calculations regarding your loan. However, with the emi online calculator, you can perform these calculations with a single mouse click. With this emi online calculator, you don’t have to check and double-check your calculations all the time.
Financial Planning:
The EMI loan calculator can help protect you from financial troubles in the future. Knowing the EMI of your home loan beforehand can help you plan your budget more efficiently and get an amount that fits your bill.
Beneficial for loan management:
With EMI payments, sometimes customers have additional funds to prepay. If a customer wants to review financial data and find out how the prepayment will help repay the loan before the deadline, the home loan EMI calculator will help the customer with this.
Comparing Loan Offers:
Customers can use a loan calculator to compare loan offers from different banks. The results show the total cost of borrowing together with each EMI. This will help narrow down the best options for clients and choose a loan that fits their specific details.
No personal details needed:
Using a free online home loan EMI calculator means you don’t have to worry about security issues as you don’t have to reveal your identity which makes it completely safe to use. Have you overcome obstacles to getting a home loan and are you ready to embark on your journey to your new home? If so, the next step is to find out the EMI of your convenience using an online loan calculator, e.g., a Home loan EMI calculator.
If not, you can use other helpful online tools such as a home loan eligibility calculator to ensure you apply for an eligible amount and that your home loan application is not rejected.
How to Use Home Loan Calculator:
Home Loan EMI Calculator Formula:
EMI Amount can be ascertained with the following numerical equation:
EMI Amount = [P x R x (1+R) ^N]/[(1+R) ^N-1], where, P, R, and N is the variable, which implies the EMI value will change each time you change any of the 3 factors.
Here,
P, Stands for the ‘Principal Amount’. The principal sum is the first loan amount given to you by the bank, on which the premium will be determined.
R represents the ‘Rate of Interest’ set by the bank.
N implies the ‘Number of Years’ for which the loan has been taken. Since EMIs are paid each month, the duration is determined in the number of months.
You can use the formula above to calculate the EMI of a home loan manually. But the manual calculations are not only time-consuming but also painstaking. With an online home loan calculator, you don’t have to spend a lot of time on these tedious calculations. The EMI Loan Calculator allows you to get results instantly by simply entering values in the required fields.
Apart from that, you can still change and adjust the numbers. The calculator will give you instant and accurate results, helping you personalize your home loan based on your convenience.
Use HomeFirst calculators – a home loan eligibility calculator and a home loan EMI calculator that provide accurate and instant results. Enjoy high home loan eligibility, a simple application process, minimal paperwork, and low-interest rates.
Share this article on WhatsApp
Also read:
