Aavas home loan EMI calculator will tell you the exact amount of monthly EMI in less than 2 seconds based on your salary or business income. Just enter the required housing loan amount, the number of years you need the loan for and rate of interest and you are done. This online home loan calculator is so simple that anyone can use it. You can even know EMIs for different years and different rate of interest as per your requirement.
What is Home Loan EMI?
Home Loan EMI means Equated Monthly Installment. Popularly known as monthly installment. EMI includes the principal plus interest a borrower has to pay each month to the bank.
How to use EMI calculator for home loan ?
A home loan calculator helps you to know the exact amount of your home loan EMIs that you have to pay to your home loan. Using a home loan calculator is really simple. In just 3 simple steps you can know the exact EMI amount.
Step 1) Enter the loan amount you need like 5 lacs, 10 lacs, or whatever loan amount you want to take from the bank.
Step 2) Select the Rate of Interest.
Step 3) Enter Loan Tenure like how many years you want to take the loan for. You may enter the duration in months as well.
Once you enter all the above information EMI calculator will evaluate your monthly EMI, total Interest payable, and total payment which will include principal as well interest.
Once you are satisfied with loan EMI, you can directly apply for home loan by clicking Apply Now.
How does EMI calculation help in planning the home purchase ?
Well, the Home Loan EMI Calculation helps you to know the exact amount you need to pay every month as a monthly installment. Once you know how much you have to pay then you can plan your budget accordingly.
Which mathematical formula does Housing Loan EMI Calculator use to calculate EMI?
The formula is simple to calculate EMIs. It is = [P x R x (1+R) ^N]/ [(1+R) ^N-1] where:
How does a home loan EMI calculator help?
The calculation of monthly installments can be confusing for a new loan applicant. But a home loan EMI calculator helps in calculating the installments accurately and smoothly within seconds.
Why online EMI calculator should be used?
The online home loan EMI calculator provides the exact and correct amount for the EMI to be paid by the loan bearer, so you can plan the payout.
How does EMI calculator work?
The home loan EMI calculator works on the principle of the basic mathematics formula. It calculates the monthly installments based on the rate of interest of the bank, the principal amount, and the tenure for which the loan amount is taken.
How to reduce EMI amount?
Want to reduce the amount of your home loan EMI. The following methods are helpful in lowering it: -
What are the advantages of knowing the home loan in advance?
The proper planning of the finances is required to maintain an appropriate understanding of the monthly expenses. Calculating the EMI amount in advance helps to prepare a budget for all the monthly expenses.
Here are the five benefits of the EMI calculator that would make things easier in making you pay your monthly payments towards your loan
Loans have become an important part of our lives. From buying a house, a car to managing children’s overseas education, we can’t do without loans. And, when we talk about loans, the word EMI (Equated Monthly Instalment) immediately comes to mind. EMI implies monthly amount payments we make towards a loan we opted for. An EMI calculator like a home loan EMI calculator is an online tool, easy to access, and enables you to calculate the amount you need to repay each month towards your loan. The EMI calculator factors three important aspects: the loan amount, number of months, and interest rate. An EMI is an amount that is payable by you every month to the lender in order to satisfy the principal and the accumulated interest.
Calculation much easier
The calculation makes the world go round. It is extremely important to calculate your EMI amount before completing all the formalities of the loan. Because everything hinges on calculation. So, if you are one of those customers who have applied for a loan, enter the loan amount, rate of interest, loan tenure and processing fee. The home loan calculator will do the necessary calculation and give you the EMI amount. The loan amount calculator will tell you how much you can borrow.
Access the calculator at home
The best thing about a calculator is that it can be accessed anytime and anywhere. You can use the calculator umpteenth number of times depending on your convenience. That is much better than paying a visit to the bank and figuring out complex mathematical calculations that might drive you crazy. If it’s not too much to ask, just access the internet at home and use the EMI calculator.
Less time consuming
If you are planning to rely on your manual calculations to work out the details of your loan amount and interest rates, better avoid this tedious route. Moreover, manual calculation is generally lengthy and time-consuming. It would test your patience at every step. Better go for a home loan calculator for EMI as it works smoothly and quite fast, displaying the results in the blink of an eye. Home loan planning involves proper calculations and so you can’t go wrong with the numbers. A home loan EMI calculator gives you the correct result, every single time.
Comparing loan offers of banks
When you go for a loan, the important thing that needs to be kept in mind is to compare the loan offers from different banks. Here, your EMI loan calculator would come in handy. You can find out the total cost of the loan along with the respective EMIs. As a result, you can easily choose the best loan option available that suits your requirement. Loan interest rates vary from lender to lender. Even a mere 0.04% difference in home loan interest rates can significantly impact the EMI amount.
Go for a Loan-specific EMI calculator
Using a loan-specific EMI calculator is much easier and makes your job that much smoother. In other words, one can use a different calculator for every type of loan be it one for education, home or car. The parameters for every loan may be basically the same, but there can be instances where you will need to use loan-specific EMI calculators. The suitability of the EMI calculator can be measured in terms of a particular loan and to be used for only the specific one.
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