Many think that just identifying the property they want to buy and approaching the lender is all they have to do to avail of a home loan. While borrowing home loans have become considerably easier in the recent years, aspiring applicants are still advised to a basic standard of research and homework before they apply for the home loan to enjoy the perks of modern day borrowing. We know that home loans today take lesser time to be approved, sanctioned and disbursed but there are other perks to availing of the loan in the present times, such as lower home loan interest rates, flexible repayment options and feasible EMIs, amongst others. Making a strong home loan application won’t just ensure that your home loan is disbursed in time, but it will also help you secure competitive lending terms that make saving on your repayment journey easier.
Here’s one way to ensure that your home loan application is top notch – the use of a home loan calculator. The tool helps you calculate your tentative EMI amount, based on the principal amount you input, along with your desired repayment tenor (in months) and home loan interest rate. This helps you try out several home loan combinations till you arrive at the home loan amount that is ideal for you – meets your home buying needs seamlessly and fits your repayment budget, both.
Using the home loan EMI calculator has several other advantages as well, even for those, whose home loan applications are not up to mark yet. It allows such applicants to identify the gaps and misses in their application, so they can work towards optimising their application for easy approval and favourable terms.
Still unsure of why you should use the home loan EMI calculator if you’re in the market for a new home loan? Read to know why.
Here are some of the privileges a home loan EMI calculator brings to you:
Why rely on tedious manual calculations when you can use the calculator tool and arrive at accurate results in a matter of just a few clicks. The tools functions using the same EMI formula that is used for manual calculations, but complex numbers and changing variables can increase the chances of errors, when doing it by hand.
What can take us almost an hour, the calculator does in almost under a minute. Along with its accuracy, the home loan EMI calculator also computes your results in real-time, saving you both effort and time, while preparing your home loan application.
The home loan EMI calculator tool computes your results based on the information provided by you, namely:
This gives you the scope to sample various home loan combinations to see the EMI results calculated in real time, letting you assess whether the amount can be fit in your repayment capacity. This means that you now have the insight to tweak or change the important aspects of your home loan before you make your application, so you can refine your profile and make it as strong as it can be.
While the calculator tool helps you assess your own home loan eligibility and affordability, it also allows you to compare the offers and terms that lenders stand to give you. This helps you zero in on the right lender, whose terms match your eligibility the best, making the process of home loan verification and approval a lot simpler.
One may wonder whether these calculator tools require the disclosure of their personal information, or whether they snatch one’s financial information to calculate their home loan eligibility and EMI feasibility. However, the tool requests no such information, and requests only three fields to be filled – home loan principal amount, repayment tenor and home loan interest rate.
