5 Reasons You Must Use Home Loan EMI Calculator before Starting EMIs

5 Reasons You Must Use Home Loan EMI Calculator before Starting EMIs

It is nearly impossible to buy a home from savings alone without some mortgage. Hence the need for a substantial home loan that runs into several lakhs of rupees. However, a home loan is the most considerable amount of debt that a middle-class person usually bears. But, before you go ahead and connect with a home loan provider, you need to plan and analyze such a significant purchase.

Some of the questions you need to have answers for are:

Can I afford a home loan?

What will be my outgo?

How many EMIs will I have to pay?

This is where the importance of a Home Loan EMI Calculator becomes obvious. A home loan calculator India helps to plan your finances. It clearly shows your monthly outflow to repay the loan. With the help of this tool, it becomes possible to understand the interest chargeable and amount payable.

Benefits of Home Loan EMI Calculator

The key to affordable EMI is low-interest home loans. Input the interest rate, loan amount and tenure into the online calculator to get the repayment details.

Ease of calculation

It is possible to make the calculation manually using a pen, paper, and a calculator, but it will take hours. Home loan calculator India makes it possible to have the answer in a jiffy and saves you the hard work. The calculations are instant; the moment you enter the details, the EMI and amortization table will become visible.

Allows you to plan

With a calculator providing you details of your equated monthly payments or EMI, there remains no ambiguity about how much you have to pay. There are other expenses for your family, such as education and healthcare; it is, thus, necessary to know the monthly payments to plan your budget.

Increases your chances of loan approval

As mentioned above, using the calculator gives you a clear idea of your monthly out-go. It becomes easier for you to take an informed decision with regards to the loan amount and loan tenure. After that, it is just a matter of meeting the required eligibility and providing home loan documents for faster processing of your loan application. Keep in mind, home loan institutions rarely allow more than 40% of income after tax to repay loans.

Provides category of charges

Home loan calculators can provide a breakup and amortization table with details of all the charges, including your home loan interest rates. You have to remember that the EMI is fixed. But, at the start of the tenure, the monthly instalment you are paying back has a higher interest component while the principal amount paid back is lower. At the end of the loan period, this reverses.


Banks and financial institutions offering home loans in India also offer loan calculators on their site. The calculators give you a clear idea about your commitments and become a proud homeowner. Since the value of property rarely if ever decreases, a home is a perfect investment for your family’s future.

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