Have you applied for a Housing Loan to fulfill a large amount of money requirement? And need to learn about how the EMI and interest calculation takes place? Then, it would help if you tried your hands on a Housing Loan EMI calculator. Using the Housing Loan EMI calculator eases your work of calculating and keeping records of the monthly EMIs of your applied loan. Besides calculating EMIs, it also helps to know the interest you need to pay along with your monthly EMI.
You can also directly access the Housing Loan EMI calculator via the calculatoremi.com interface. Furthermore, by using this online Housing Loan EMI calculator tool, you can even know about your loan eligibility before applying for a Housing Loan. Plus, an option to compare different loans lets you choose a compatible loan for you. Adding on, you can reach out to banks, online lenders, and financial institutes like NBFC to claim a Housing loan for you.
Housing Loan EMI Calculator Formula
However, if you have doubts, the EMI calculating formula is already built-in into the Housing Loan EMI calculator. Then, you can cross-check it by following this formula which is EMI Amount = [P x R x (1+R) ^N]/[(1+R) ^N-1]. Remember, in this EMI, formulas P, R, and N is the variable where,
- P represents the ‘Principal Amount,’ which is the total sum of the amount you received from the bank or any financial institution as a loan.
- R belongs to the ‘Rate of Interest,’ which is usually 12%. Still, sometimes banks and financial institutes set it on their own.
- And N implies the tenure or duration for which the Housing loan has been taken. It is also known as the “Loan Tenure,” Whether you have taken it for months or years.
What is a Housing Loan EMI Calculator?
Before digging into the benefits of the “Housing Loan EMI” calculator, let’s understand the Housing Loan EMI calculator in brief. So basically, it is an online tool that helps in calculating monthly EMIs. Along with EMIs, it also includes the interest rate, eligibility, and graphic charts showing the payment schedule and details of the total payment.
Benefits of Housing Loan EMI Calculator
Now, here are the benefits of a housing loan EMI calculator that you can uplift after applying for a Housing Loan. In order to learn more about these significant 6 benefits, let’s follow the below information:
Simple, convenient, instant, and accurate
The very first benefit denotes the accuracy in outcomes, which we can hardly find in the manual calculation. A manual calculation of a Housing Loan can be filled with errors and mistakes. But using this simple and convenient Housing Loan EMI calculator reduces the chances of any mistakes.
Comparing Loan Offers
In the second benefit, the users get an option to compare loan offers from different banks. Comparing different loans results in showing the difference between the total cost of borrowing different loans together with each EMI. And this will help the EMI loan calculators to choose the loan that fits their needs and budget.
Fast Calculations
In this fast-paced world, we all want everything in fast mode, which is impossible via pen and paper. Finding out the EMI by using pen & paper is a little time-consuming and carries risks of mistakes. But the same thing can be done in a few seconds if you use a Housing Loan EMI online calculator. Also, using the Housing Loan EMI calculator via calculatoremi.com denies the need to recheck and cross-check outcomes.
Financial Planning
As we all know, Precaution is better than Cure,” whether it’s about claiming a Housing Loan. Knowing about the entire loan tenure EMIs in advance of your applied Housing Loan amount works as a strong backup plan for you. And from the future perspective, knowing EMIs in advance helps you in planning your budget and finances.
Beneficial for loan management
Besides loan repayment in the form of EMIs, there are some additional funds and processing fees that you need to prepay. And here, the Housing Loan EMI calculator helps you in repaying the loan before the deadline after analyzing the financial data. That’s how you can make the prepayment even before the loan repayment deadline.
No personal details needed
The part is that the user can provide personal details to access this Housing Loan EMI calculator. Hence, it reduces the security risks and chances of data loss. Another benefit is that you don’t need to spend a single buck to access this online Housing Loan EMI calculator. So go ahead and use this Housing Loan EMI calculator via calculatoremi.com, as it’s completely safe and free.
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