Buying a house is a proud achievement for any individual. However, arranging the finances for a house purchase is no easy feat, especially with the exorbitant real estate prices in today’s times. But this should not come in between you and that home you have been dreaming about. This is where a home loan can save the day. Such a loan provides the finances required to buy the house and offers a long tenure, which you can take to repay the loan.
Now, before you go ahead and apply for home loan, it is very important to understand whether the repayment process is going to be smooth or not. This is why it is advisable to make use of a home loan EMI calculator.
5 reasons why every borrower should use this calculator before applying for a housing loan:
- The calculator is very easy to understand and use
With a home loan EMI calculator, all you need to do is fill up the information in three fields i.e. loan amount, the interest rate, and the tenure in which you plan on repaying it. Once you fill in all the information in these three fields, the home loan calculator will then provide you with the monthly instalment figures in just a couple of seconds!
- It is free of cost and can be used multiple times
One of the biggest advantages of this calculator is that it can be used totally free of cost. You can try out multiple variations by making changes in the loan amount and repayment tenure. This will give different results of the monthly instalments, giving you an idea of whether the loan plan will be suitable for you or not.
- It does not require any kind of personal details
A home loan EMI calculator can be found on any reputed financial institution’s official website and used by anyone. It does not ask the user to provide any kind of personal details of any kind. You can simply check the loan details and see whether the EMI results are ones in alignment with your requirements or not.
- You get instant and accurate results
Manual calculations are not just time-consuming; they can also lead to human errors. This will never happen with a home loan EMI calculator. It is not just accurate but also very easy to use. Once you have filled in all the required information, the calculator will give you the EMI results in seconds.
- It helps in finding out whether a loan plan is affordable or not
There are many lenders out there and it is quite understandable that not every loan plan is going to suit your preference. Using a housing loan EMI calculator will help in learning which loan plan is actually fitting your budget.
Using this calculator will help in being aware of the monthly instalments of the home loan. This way, you will be prepared to pay off all the EMIs without any hassles, which is a positive sign for your credit score too.