Home Loan EMI Calculator

What a Home Loan EMI Calculator can do for you!

Buying your own house can be a huge milestone in your life and gives you that sense of accomplishment. But buying a house can also put you in a lot of stress as there is a huge amount of financing involved.It is almost impossible to buy a home with just our savings considering the soaring real estate prices and this is where a home loan comes to our aid. A home loan works like any other normal loan. The bank aids you financially in buying a home and you repay the lender over a period of time with a pre determined interest. Almost 90% of individuals opt for a home loan when it comes to buying a house. The repayment is done in EMIs(Equated monthly installments) over a defined period of time.

How will a Home Loan Calculator help you?

But before jumping into buying a home loan it is important to know what you are in for and how much you will be paying the bank as it is a serious long term commitment. This is where a Home Loan EMI Calculator can help you. An EMI home calculator will aid you in determining how much EMI you will be paying exactly. The Home Loan  EMI calculator is easy to use and very efficient.

How does it work?

Home Loan EMI Calculator is surprisingly easy to use and very convenient too. To be able to get the desired output from the tool, the individual needs to provide a few details before calculating the EMI.

Listed below are the parameters that needs to be entered in the EMI calculator in order to get the desired result.

• Loan amount- This is the loan amount you are availing from the bank for your home loan.
• Tenure-This parameter defines the term period of your loan.
• Interest rate- The interest offered for the loan.
• Processing fee(if any)- Processing fee charged by the bank. Some banks don’t charge any kind of processing fee.

Once you are done submitting the required parameters you can proceed to click the ‘Calculate EMI’ option on the Home loan EMI calculator.

Results from the EMI Home Loan Calculator :

Once you are done entering the details in the Home loan EMI calculator, you can click submit and avail the results. The highlight of the EMI calculator is that it not only provides information just about  the EMI payable but it also provides other details about your home loan. Given below are the results provided by the home loan EMI calculator.

• EMI-The main aim of using an EMI calculator is to know the payable EMI of your home loan and the calculator provides just that. It provides the monthly EMI you have to pay the lender.
• Break up of the total amount you owe the bank- The EMI calculator also provides details about the total loan amount payable to the lender. This loan amount includes the principal loan amount, interest payable and processing fee(if any).

Home loan EMI calculator really does act as a blessing to all those who would want to know about the EMI they’ll be paying the bank before opting for the loan. This will also help you in determining if you are capable of making the necessary payments to the bank every month and choosing the suitable EMI option. The home loan EMI calculator can be found on many of the bank’s official websites and also on third party financial websites which also help you compare between different home loans.