Home Loan Calculator – A Technological Gift to Home Buyers
Home loans have made it easier for people to fulfill their dream of owning a house. But you often feel that determination of home loan eligibility and home loan EMI is a herculean task.
With the introduction of Home loan calculators, this task has become very simple and easy. These calculators are a gift of progressive technology to the home buyers.
There are two types of home loan calculators- Home Loan Eligibility Calculator and Home Loan EMI Calculator.
What is a Home Loan EMI Calculator?
EMI is the first thing that comes to your mind when you apply for a housing loan. You always want to know your EMI beforehand so that you can plan your financial budget. Earlier you could calculate your EMI only by using a standard mathematical formula. But now with the progress in technology, EMI calculators are available for calculating housing loan EMI.
Home Loan EMI calculator is a tool that calculates your monthly installment or EMI on the basis of your housing loan details like loan amount, the tenor of the loan and the rate of interest.
How does an EMI Calculator help home buyers?
Home Loan EMI Calculator is very helpful for you as a home buyer. When you calculate the EMI on your own, you might make a mistake. But when you use a loan EMI calculator, there is no possibility of any mistake as it is a digital tool. This calculator helps you in the following ways:
1. Accurate and reliable result – It gives you the exact amount that you would have to pay as EMI every month. Since it is an electronic tool, there is no chance of error and you can rely on the result.
2. Saves time – It is definitely a time saver device as it gives you instant results. It also saves your time of going to different money lenders personally.
3. Decision-making – The most important thing is that it helps you in decision-making. You can use this calculator for trying different combinations of the loan amount, loan tenure and interest rates. This helps you in selecting the combination that is ideal as per your affordability.
4. Free of cost – This calculator is available free of cost. You do not have to spend any money to use it and as such it does not add to any miscellaneous expenses for availing a housing loan.
5. Planning a budget – When you know your EMI with the help of this calculator, you can plan your monthly budget accordingly.
What is a Home Loan Eligibility Calculator?
A home loan eligibility calculator is a tool that helps you in finding out the amount of loan that you are eligible to borrow. It gives you an estimate of the amount that you can apply for home loan.
How does an Eligibility Calculator help home buyers?
Home Loan Eligibility Calculator is beneficial for home buyers as it helps them in identifying their loan eligibility. While you can calculate your home loan eligibility on your own, but using a home loan eligibility calculator is helpful for the following reasons:
1. Easily accessible – This calculator is available online on the websites of money lenders. So this is easily accessible and can be used anytime from anywhere.
2. Reliable results – The home loan eligibility calculator is specially designed by experts to calculate loan eligibility. Hence, it provides reliable results that can be used while making a decision.
3. Time saver – The calculator gives you the result of your eligibility status in few minutes. A quick result not only saves your time but also saves you from the harassment of going to the money lenders personally for finding out about your eligibility.
4. Comparative analysis – It helps you in making comparisons between your loan eligibility determined by different money lenders.
The Bottom Line
Home loan calculators require only basic information about your home loan and your financial stability for calculating your loan eligibility and loan EMI. These calculators are definitely a twenty-first-century gift to home buyers.