Understanding the Benefits of a Home Loan EMI Calculator

Understanding the Benefits of a Home Loan EMI Calculator

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Investment oi-Sneha Kulkarni

By Staff

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The best way you can prepare yourself to undertake a financial commitment the size of a home loan is by knowing exactly how much you will have to pay back, through the course of your loan tenor. To enable you to do so, there are many online Home Loan EMI Calculators that help you draw up a realistic repayment plan, allowing you the foresight to financially prepare for your future.

The online calculator tools are designed to ensure maximum user-friendliness, and even let you toggle with your desired interest rate, loan amount, and loan tenor – showing you many possible repayment schedules, based on what you choose.

Understanding the Benefits of a Home Loan EMI Calculator

EMIs for Different Home Loan Amounts

There are many attractive home loan options available in the market today, including that which is offered by Bajaj Housing Finance Limited, where interest rates begin from 6.70%* p.a. for salaried professionals, with a loan tenor stretching up to 30 years. Besides gaining access to a sizeable loan amount of Rs.5 Crore* and even more, EMIs start as low as Rs.645/Lakh* for those applicants who meet the eligibility criteria. If you’re interested in applying for this loan, and want to look at the tentative EMI forecast, all you have to do is use their Home Loan EMI Calculator.

To give you a better idea, the following table showcases various EMI amounts, based on the change in the principal amount and loan tenor. The rate of interest considered here is 6.8% p.a.

Particulars Home Loan Repayment Tenor
5 Years 10 Years 15 Years 20 Years
EMI per lakh on housing loan Rs.1,971 Rs.1,151 Rs.888 Rs.763
Total payable interest Rs.18,241 Rs.38,087 Rs.59,737 Rs.83,298
Total payable amount Rs.1,18,241 Rs.1,38,087 Rs.1,509,737 Rs.1, 83,298

Benefits of Using the Online Home Loan EMI Calculator

We strongly recommend using the Online Home Loan EMI Calculator before you start making formal home loan applications. Here are the benefits of using this handy tool.

1. Realistic EMI Forecast

The most prominent feature of the Online Home Loan EMI Calculator is that it gives you an accurate representation of the EMIs you will have to pay, based on the loan amount, interest rate, and loan tenor you choose to input.

It also offers a breakup of your loan amount – showing you how much you will have to pay as the principal loan sum, and how much you will have to repay as the interest on your loan.

2. Error-free Computations

When we do our own calculations manually, there is always room for human error. Why leave it to chance, when you can avail of the free services of the online Home Loan EMI calculator, to give you accurate and error-free data based on the information provided by you. This approach also gives you a heads-up as to how you need to plan your finances if you plan on seeking a home loan in the future.

How to Calculate Home Loan EMI

Using an online home loan calculator:

The online Home Loan EMI Calculator also uses the same formula to display your EMI schedule, saving you the effort of manual computation. While this gives an overview of the home loan repayment plan, it is essential to remember that actuals change in case a borrower opts for part prepayment.

Home Loan Part-Payments and EMI Changes

A borrower can make part-prepayments as many times as they wish to, within their loan tenor and their EMIs will change accordingly. The amount paid goes toward reducing the outstanding home loan amount, reducing the net home loan interest payable. In such a case, you can use the Bajaj Housing Finance Part-Payment Calculator for an estimate of the EMI and tenor savings.

Final Thoughts

Applicants can access a range of benefits with Bajaj Housing Finance Home Loan, including customized repayment facilities, fast processing, and quick approval, and external benchmark linked loans (repo rate). The home loans are designed for ultimate convenience; a user can complete the process while taking calls or responding to emails. The only time a user is required to meet someone is at the final stage in the process, where they must sign the home loan agreement and mandatory registration formalities. With a plethora of benefits, a user can now make their dream home a reality.

Original news source Credit: www.goodreturns.in



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