As a popular type of secured loan, home loans offer several advantages such as high loan amounts, affordable interest rates and long repayment tenors. However, one must have a detailed idea about their loan to plan it efficiently. A home loan EMI calculator helps borrowers in this regard.

Use a Home Loan Calculator to Plan Your Home Loan 

Individuals can use an online home loan EMI calculator to plan their housing loan easily in the following ways:

Get Instant Error-Free Results

Housing loan-related calculations can be lengthy, complex and liable to mistakes. A home loan calculator saves time and effort, providing accurate results every single time.

Decide the Right Loan Amount

One can plan the loan amount, repayment tenor and the type of interest based on the results displayed by the calculator. This enables borrowers to pick the right amount of EMI that they can comfortably repay each month.

Easy to Use

An online home loan EMI calculator is user-friendly and can be used by anyone to quickly compute the loan figures. One can calculate the payable EMIs with the input of just three basic variables – 

• Home loan principal amount
• Home loan interest rate
• Loan repayment tenor

You can use the financial tool to alter these values and customise your home loan as per your financial condition and requirement. This free online tool is easily accessible on the official websites of financial institutions that extend housing loans.

Compare Home Loan Offers

Researching home loan offers of other lenders is a vital part of the loan application process. Individuals can use a calculator to check different loan deals in a matter of seconds. Simply enter the values of each loan scheme and then compare the results to make your selection. 

Also Read: All About Home Loans