It is quite possible that people who are applying home loan for the first time might find it a bit daunting task. It is good that you carry out a bit of research before you apply for the home loan. There are many things that can make a difference such as the interest rate and the tenure of the home loan. There are also several home loan calculators which have a lot of benefits. For calculating your EMI to your loan eligibility, you can find out many important things.
Listed are a few important home loan calculators which can be handy before you apply for the loan.
Prepayment Calculator:
This calculator will help you increase your EMI payment each month which will be deducted from your principal loan amount. This will lead to great savings. The prepayment Calculator for home loan
shows the increased EMI payment alongside the regular loan payment schedule so that you can compare both methods.
Eligibility Calculator:
The eligibility calculator will tell you what home loan amount you are eligible. It calculates the eligibility based on your income, number of applicants, and existing loans. The advantage of the home loan eligibility calculator
is that it gives you an idea what loan amount you are eligible for better planning.
EMI Calculator:
The EMI calculator for the home loan is where you can calculate the payment you can expect to pay every month. You will have to put your loan amount, interest rate, and the tenure of the loan to calculate the EMI. The home loan EMI calculator
gives you a quick idea about the EMI you will need to pay.
this article is all about different types of home loan EMI calculator.