What Are the Important Benefits of Using a Home Loan EMI Calculator?

Calculating your home loan EMI and overall interest incurred is not a simple task. Conducting the home loan calculation manually using the mathematical formula is a tedious job and may take several hours. By using an online home loan EMI calculator, you can easily compute home loan EMI of any amount, may it be a 40-lakh home loan EMI, 35 lakh home loan EMI or 90 lakh home loan EMI. The best part about using the calculator is that you can get the result instantly in just seconds, which allows you to conduct as many computations as you want as per your preference. 

Home loan EMI computation formula

Home loan formula to manually compute home loan EMI and details are offered below – 

Home loan EMI = [p X r X (1 + r) ^ n] / [(1 + r) ^ n – 1], wherein, 

∙       EMI – equated monthly instalment, 

∙       P – loan amount or principal

∙       R – the rate of interest per month (annual rate of interest must be divided by 12 for a monthly rate of interest) and, 

∙       n = loan repayment tenure in months. 

In addition to the rate of interest over principal constituent, financial institutions even levy processing charge, which is included in your thorough loan cost. You can simply negotiate the processing fee of a home loan with a bank to avail a better deal on the home loan. In case you are planning to avail a home loan, then you can consider using an online home loan calculator to compute various details linked with the home loan amount, repayment tenure, rate of interest, overall interest constituent to be paid, and others. 

Why should you take the help of a loan-specific calculator?

There are various kinds of loan calculators available online. However, it is advised that you must use the online loan-specific calculator, an EMI calculator, which is way simpler to use and can allow you to make your work simpler and smoother. There are distinct kinds of calculators available on the online space for every loan, for instance, online personal loan calculators, auto loan calculators, financial loan calculators and others. While the fundamental aspects of all kinds of loans are more a less same, there are specific aspects where you may require using a loan-specific calculator. Thus, it is recommended that you use an online home loan EMI calculator to get accurate details according to your preference and requirement. 

Also Check: 35 Lakh Home Loan EMI

There are numerous benefits of using an online home loan EMI calculator. Mentioned here are the major key advantages of using an online home loan EMI calculator – 

Makes computation easier

Home loan computations are complicated processes and may take plenty of hours to compile. However, it is crucial for you to compute all the necessary details linked with EMI and overall interest constituent to be paid before submitting your required documents for processing the home loan application. The decision to take the correct amount of home loan proceeds for the apt tenure and appropriate rate of interest – all depends on computation. Thus, if you are looking to place a home loan application, it is recommended that you must take the help of an online calculator. With the assistance of an online home loan calculator, you can simply compute all the crucial details linked to a home loan in 3 simple steps. You just require inputting the required home loan proceeds, the offered interest rate, and the preferred loan tenure. Input all these 3 details, and in just a few seconds, the online home loan calculator will show the EMI constituent and overall interest to be paid along with the principal constituent.   

Use it anywhere and at any time.

With the assistance of a home loan calculator, you can simply compute all the information linked with a home loan at any time from anywhere. As per your preference and requirement, you can easily make changes to any of the inputted variables on the online home loan calculator, namely – principal proceeds, loan repayment tenure and interest rate, to get the desired result at your convenience. 

You can use a home loan calculator to save energy and time, which you may have otherwise used in figuring out complex home loan computations through manual mode. 

Saves plenty of time

Manual computation to compute your home loan EMI and overall interest outgo in a home loan over the tenure can be a time-consuming and tedious procedure. If you manually consider computing the same, then you will lose patience and interest during the process. To avoid such scenarios, it is recommended to take the assistance of an online home loan EMI calculator, as it works easily and smoothly and is extremely efficient in displaying accurate and fast outcomes in just seconds. Home loan computations are extremely crucial, and thus you cannot afford to go wrong with the figures. With a home loan EMI calculator, you can be assured that the outcome will be correct and accurate every time you input your preferred figures. 

Makes it simpler to compare various home loan offers

When purchasing a home loan, it is crucial to compare distinct home loan rates offered by different banks. Home loan rates differ from one lender to another lender. As home loan repayment tenure is higher than other credit options, any slight difference in the interest rate of a home loan can considerably affect your EMI constituent and overall interest constituent paid against the loan amount. You can use the free online home loan EMI calculator to compute the best offer on home loans alongside their respective EMIs. 

Zero needs to reveal personal information.

When you use an online home loan calculator, you do not require revealing your personal information and other details. Thus, it is one of the safest modes of computing the loan EMI details without the need for fretting about security issues. Now that you are aware of what an online home loan calculator is, it is time for you to use one. You can easily embark on the journey of availing of a new home with the assistance of an online home loan calculator from a reliable and authentic lender.