How Home Loan Calculator Helps to Take Right Financial Decision
Although his long-cherished desire of having his own dream home was fulfilled, he was a bit disappointed with the Home Loan. Why? It’s because he was paying a comparatively higher Home Loan EMI which he was finding difficult to afford while managing his monthly spending. He had forgotten to use a handy online tool available free at his lender’s website. Yes, before availing a Home Loan from the lender, he could not know how much EMI will be paid. Since an online Home Loan calculator helps anyone helps any borrower to know his/her exact EMI that he/she would pay after availing the loan, he was unaware of the tool and made the mistake of not knowing an exact EMI value. This made life difficult for Rajashekhara Reddy as he had opted for a shorter tenor that made his EMIs bigger.
Had he known this, he would have applied for a longer tenor and smaller EMIs. If you are set to apply for a Home Loan, you should not make a mistake like Rajashekhara Reddy. Always avail a Home Loan calculator to be aware of how much you would put down each month so that it is affordable and don’t burn a hole in your pockets. What is a Home Loan calculator? A Home Loan calculator is an amalgamation of many useful calculators that help you take a right financial decision while applying for a Home Loan. Home Loan calculators include: - Home Loan EMI Calculator A Home Loan EMI calculator lets you calculate an exact EMI value on a Home Loan that you would pay to your lender. All that you have to do is – enter the loan amount, and the tenor. Once you enter these details, the Home Loan EMI calculator will show your exact EMI per month including total payable interest, total payment (principal and payment). Balance Transfer Calculator balance transfer calculator enables you to know the new loan eligible amount including top-up loan amount. You will need to provide details of your existing loan such as sanctioned loan amount, existing loan tenor, existing interest rate on the calculator to know discussed amount. - Home Loan Eligibility Calculator You need not physically visit the offices of any lender these days to know if you are eligible for a Home Loan for the desired amount or not. Leading online lenders have made a Home Loan eligibility calculator available to know it online. The calculator would ask you to enter date of birth, city, and net monthly salary, tenor, other monthly income, existing EMIs or obligation. Once you put these and click on ‘submit,’ you would come to know if you are eligible for the desired Home Loan or not. If you have a good credit score, a good source of income, and a clean repayment history, you should be allowed a Home Loan easily. Some of the other vital Home Loan calculators available free of cost at a lender’s website these days are 3-EMI holiday calculator, debt consolidation calculator, part pre-payment calculator and foreclosure calculator. These Home Loan calculators home handy to suit your different stages of possessing a Home Loan. The Bottom Line Now that you are aware how a Home Loan calculator can help you know vital details related to a Home Loan, it would help you take a good financial decision. Once you have assessed your needs and affordability, you can always land on a lender’s website and know what would be affordable for your using these Home Loan calculators. All the best!
ARTICLE SOURCE- BUSINESS STANDARD.