From selecting the right property to selecting the right home loan, your home buying venture can
get quite adventurous. While mistakes are considered learning steps, some mistakes can cost you
dearly – which is also the case when it comes to selecting the right home loan that is perfect for you.
Your margin of errors, when it comes to finetuning your home loan application can be minimised
with the right research and the right tools. This not only boosts your chances of being approved for a
home loan of your preference that include a high sanction amount, low home loan interest rate and
a flexible repayment tenor, but also avoiding home loan rejections – that not only stall your home
buying plans, but also impacts your credit score negatively.
So how does one go refine their home loan application, so it meets both their needs and the lender’s
eligibility criteria? We recommend thorough research and the use of various online calculators – one
of which is the home loan EMI calculator. The tool assists in making your EMI calculations easier
through its digital computation, allowing you the visibility to gauge whether your home loan request
is feasible in the long run.
Using the EMI calculator for home loan can make the process of planning your home loan
application substantially easy, as you will have data and numbers by your side to tell everything you
need to understand your repayment capacity and schedule. Take a look at the benefits of using a
home loan EMI calculator, before applying for your home loan next.
EMI Calculations Made Easier
The foremost advantage of using the home loan EMI calculator is its instant EMI calculations that
save you both time and effort, giving you error-free results to base your judgement on. Let’s take a
look at how the calculator computes your EMI result.
Formula for home loan EMI calculations
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
P: Home loan principal amount
R: Home loan interest rate
N: Repayment tenor in months
Note: This calculation does not include processing fees and other overhead charges that can
accompany the home loan. These charges are usually paid at the time of disbursal and is one time in
nature.
While this formula seems easy, making calculations with complex numbers and variables manually
can increase one’s margin of error. To stay clear of such mistakes and to get the right idea of your
home loan ask, use the home loan EMI calculator.
How to use the home loan EMI calculator
While several lenders have their own home loan EMI calculator tools built for the benefit of
potential home loan borrowers, the functionality of the tool remain common across builds.
Here is how to use a typical EMI calculator:
1. Use the first sliding scale to select your home loan principal amount
2. Use the second sliding scale to select your repayment tenor in months
3. Use the last sliding scale to select your preferred or the current interest rate
Using these factors keyed in by you, the tool then calculates your potential EMI amount in
the calculator window. Alongside that, some tools also offer you an additional repayment
schedule or even an amortisation schedule.
Other Benefits of the Home Loan EMI Calculator
Aside from simplifying complex EMI calculations, the home loan EMI calculator tool has other
benefits too.
● Available for all time use
● Free usage without any charges
● No restrictions on the number of attempts
● Accurate and precise results
● Instant results without any delays
● Helps in boosting applicant’s profile
Apply for a Home Loan Instantly
Once you’ve used the home loan calculator tool to your satisfaction and have decided the right
home loan amount, proceed with your home loan application to make your dream home a reality.
