Is your most awaited goal to buy a house of your dreams still incomplete or still needs to be fulfilled? Then, applying for a Home Loan can prove to be a quick and result-oriented resolution for you. Moreover, you can reach out to different banks, Financial institutes such as NBFC, or online lenders to apply for a Home Loan. Besides, there are a bunch of details you must consider before applying for a Home Loan, as cyber fraud has reached its peak. You can apply for a Home Loan whether you are looking for a new home or want to renovate an existing one. Furthermore, to escape from juggling between calculating EMI, Interest rate, Credit ratings, eligibility, tenure, comparison, and other things.
It is advised to access an online Home Loan EMI calculator via calculatoremi.com. If you don’t know, the online Home Loan EMI calculator is a tool that a loan applicant can access for free via the calculatoremi.com interface. By using the Home Loan EMI Loan calculator, you can calculate your monthly or annual EMIs. Plus, know about the interest rate, credit ratings, customization, loan tenure, and minimum eligibility that you need for your applied Home Loan. To simplify it, here you have an example that brings the 10 most considerable points about the Home Loan calculator to light.
Suppose here’s a person whose name is Vikram Sharma who is a resident of Delhi and looking for a home. But due to a lack of money or finance, he has decided to opt for a Home Loan to buy his dream home. And like most people, he is also a fresh applicant for Home Loan. Therefore, to avoid stressing himself out, he has decided to reach out to the Home Loan EMI calculator. But accessing the Home Loan EMI calculator is something he has never tried. That’s why he must go through the below 10 points before accessing the Home Loan EMI calculator to avoid silly mistakes.
Key Characteristics of Home Loan EMI Calculator
As we discussed above, the specifications and productivity of the Home Loan EMI calculator. Hence, without waiting anymore, let’s begin with the 10 crucial points about Home Loan calculators. And these are:
- First and foremost, the Home loan EMI calculator is an online tool that doesn’t need a third-party interface. When it comes to usage, it is an easy-accessible tool that even a first-time applicant can access without assistance. Moreover, you can best use this Home Loan EMI calculator to calculate your monthly or annual EMIs (Equated Monthly Installment).
- The second thing puts light on the eligibility criteria on which a loan applicant needs to stand out. Plus, the Home Loan EMI calculator calculates your EMI and informs you about the finance of your property value apart from calculating your eligibility.
- There is a particular inbuilt formula to calculate the EMI for all Home Loan applicants. And the formula is E = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]. You can apply this formula manually to cross-check your calculations.
- The next important thing is about some significant terminologies. Remember, learning about this terminology matters for a Home Loan applicant. And these are first, E, which stands for EMI; next, P, which stands for Principle. Or R, which indicates the Rate of Interest on a monthly basis. Last but not least is the N that tells about the tenure of the home loan.
- Besides providing personal and professional details, the applicant has to provide a few basic loan details. Moreover, basically, these are some queries, being a Home Loan applicant, you need to answer. And these: How much loan amount do you want to avail? Next, What is the repayment period? And also, What property value EMI can be calculated?
- You can easily find Home Loan EMI calculators on the websites of banks and financial corporations. People can appreciate the Home Loan EMI calculators for taking running loan EMI, state taxes, local and insurance into account or consideration.
- The applicant doesn’t need to worry as the Home Loan EMI calculator has a tracker. And using this tracker, all your input information can easily be tracked in a loan agreement, reducing the chances of data loss.
- Have you heard about the “Amortization Schedule”? If not? Then, it explains your monthly EMI segregation between paying off the loan amount and interest. And also your remaining balance of the applied Home Loan, which lasts until the end of the month.
- Before accessing the Home Loan EMI calculator, being an applicant, you must know that EMI is calculated based on a fixed interest rate. The basic interest rate is 12%, but it fluctuates on the basis of marketing activities. Hence, you can find different interest rates in different banks and financial institutes.
- The last tenth point takes the Home Loan EMI calculators’ ability to do bulk numerical calculators in one place into the light. Nowadays, home loans are coming along with packages and other attractive offers. And here, the Home Loan EMI calculator comes out as flexible in figuring out the best for you.
Read Also :- The True Cost of Instant EMIs and EMI Conversion