Are you thinking of buying a house with the help of a home loan? If yes, then it is a good idea to calculate your EMI amount before signing on the dotted line. A useful tool such as the home loan EMI calculator can help you out with this.

What Is a Home Loan EMI Calculator? 

Since a housing loan is a considerable amount, the borrower generally repays it in Equated Monthly Instalments or EMIs. With the help of an online EMI calculator for home loan, you can accurately find out the EMIs (principal amount + interest) you need to pay each month towards home loan repayment. 

Home loan EMI concept isolated on white background

Benefits of Using a Home Loan EMI Calculator

A home loan EMI calculator offers a host of benefits. This useful online tool helps plan your home loan accurately.

  • Accuracy

When it comes to home loan planning, you cannot afford to go wrong with the numbers. Manual calculations are highly susceptible to errors. A home loan EMI calculator solves this problem as it gives you the correct result, every single time.

  • Speed

Not only are manual calculations prone to a fallacy, but the process is often lengthy and tedious. A home loan calculator for EMI works at lightning speed, displaying the results automatically and within seconds. 

  • Finance planning

An EMI calculator for home loan enables you to steer clear of future financial problems. By knowing your housing loan EMI in advance, you can plan your budget more efficiently and borrow an amount that fits your bill. 

  • Easy comparison

Different lenders offer different home loan interest rates. Even a mere 0.03% of a difference in home loan rates can significantly affect the EMI amount. The home loan EMI calculator makes it convenient and easy to compare interest rates offered by different lenders on their housing loans.

  • Easy to use

Besides being fast and accurate, a home loan EMI calculator is exceptionally user-friendly. The only three inputs that you need are your principal loan amount, tenure, and home loan interest rate.

How to Use a Home Loan EMI Calculator?  

Once you have the three inputs with you – principal loan amount, home loan rates, and loan tenure – you can enter the three in their respective slots on the home loan EMI calculator. Alternatively, you can also use the sliders to adjust the figures, depending upon the type of calculator available on your lender’s website. Once you have entered the three values, the calculator will automatically display the home loan EMI amount within seconds.

Furthermore, you can keep changing and adjusting the figures, and the calculator will show you instant and accurate results, thereby helping you customise your home loan based on your comfort.

Avail customised home loan online by using handy tools – home loan eligibility calculator and home loan EMI calculator, which give accurate and instant results. Enjoy high home loan eligibility, an easy application process, minimum documentation, and low-interest rates.

Disclaimer: The contents of this article are for information purposes only and does not constitute an advice or a legal opinion and are personal views of the author. It is based upon relevant law and/or facts available at that point of time and prepared with due accuracy & reliability. Readers are requested to check and refer relevant provisions of statute, latest judicial pronouncements, circulars, clarifications etc before acting on the basis of the above write up.  The possibility of other views on the subject matter cannot be ruled out. By the use of the said information, you agree that Author / TaxGuru is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof.

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February 2024