The developments in technology have brought many changes in how several industries work. Numerous banks and lending institutions have introduced financial apps and numerous financial products online to make it easier for consumers to have online access to their accounts. With the current pandemic situation, housing loan facilities have become increasingly popular, primarily because of their accessibility and low home loan interest rates. Home loans are the metaphorical building blocks for people who lack financial resources to purchase a house. Even after facilities like an online home loan or PMAY one problem persists among borrowers, i.e., home loan EMI calculation, eligibility criteria and loan tenure. Moreover, the solution for this is Easy-to-use home loan calculators that are readily available online.
Why Is Home Loan Calculation Important?
For First-time home loan borrowers getting a loan and dealing with the process might be a bit overwhelming. A borrower has to make numerous decisions while deciding housing loan terms. Interest rates, loan tenure, EMI repayment, documentation, eligibility, etc are all factors that help the borrower to assess their credit rating and compare different lenders based on their requirements. Online calculators help save time and provide accurate results instantly on the other hand manual calculations often result in human errors. Relying on self-made home loan calculations, especially when they are erroneous, leads to regret when it comes to making critical financial decisions. Hence, it’s safer to use calculators while working with numbers like home loan interest rates as you do not want to leave any room for errors.
Types of Home Loan Calculators
The purpose of a home loan calculator is to make your housing loan calculations swift and easy. Let’s have a look at the most important of them all
Home Loan EMI Calculator
Your loan EMI is a monthly instalment of the loan amount that is to be repaid. For easy and quick EMI calculations, you can use the home loan EMI calculator. You will get an estimated amount that is to be repaid every month towards your home loan till the end of your repayment tenure. To be able to use the EMI calculator you just need to fill in the below-mentioned details and get your results:
- Home Loan Amount: The desired loan amount that you wish to avail with the home loan
- Home Loan Tenure (In Years): The desired loan tenure to repay the loan.
- Loan Interest Rate (% P.A.): The rate of interest applicable to the home loan
Home Loan Eligibility Calculator
When you apply for a home loan you will find that every lender has a different set of criteria for a home loan. For a smooth loan process, you need to first qualify the loan criteria. With the help of a home loan eligibility calculator, you can calculate the home loan amount that you’re eligible to borrow based on your credit-worthiness. By using this EMI calculator tool you can save yourself from loan rejection and make better decisions when it comes to availing a loan from the right lender.
Home Loan Eligibility Criteria
For a smooth application process, you fit the basic home loan eligibility criteria. The criteria are as follows:
- To qualify for a home loan you must be a citizen residing in India.
- You need to have a work experience of at least 3 years to qualify.
- Individuals between 23 to 70 years of age are eligible for a loan
- The applicant must have a CIBIL Score of over and above 650
To complete the home loan application process you need to submit a list of documents. They are as follows:
- Address Proof such as Aadhaar Card/Passport/Electricity/ Phone bill
- Identity Proof such as Aadhaar Card/Passport/Driving License
- Form 16 or the applicants latest salary slip
- 3 months bank account statement
Every bank and lending institution provides a calculator for a home loan where you can easily calculate your home loan requirement whether it is your eligibility or loan EMIs. Making use of such online tools will help you get accurate results and save you time and effort, in the long run. To get an attractive interest rate on loan you can choose a home loan at Finserv MARKETS, and avail loan of up to Rs. 3.5 crore with flexible tenure of as long as 360 months. Finserv MARKETS offers credit for a wide range of monetary necessities at an affordable rate of interest or the tenure of the loan for an advantageous EMI instalment. With the Finserv MARKETS app, you can access the customized pre-approved offers and instant loan approvals. You can make use of the loan EMI calculator available online and get an estimate of the loan repayments that are to be made every month. Doing, so will help you take better lending decisions and manage your finances responsibly.