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Home Loan EMI Calculator: Here’s How to Use It

· home loan emi

Buying a home can be a little tricky given the fact that a lot of factors have to be taken in to consideration. As a home buyer you have to make sure whether the maximum loan amount available is enough or not, whether you can pay the downpayment yourself or not, is the repayment time and monthly EMI in accordance with your repayment capacity. Once you get through all this, you’ll have to devise a repayment plan in accordance with your applicable EMIs.

Devising a repayment plan would make sure of the following things given the plan is feasible in nature:-

  • You can comfortably pay the EMIs on time and in full.
  • You don’t have to compromise with your future needs or your present financial obligations. 
  • Plus, you’re able to save just enough to invest in investment plans for your short and long-term financial goals.

However, all this is possible only if you know the EMIs of your home loans in advance. You know your applicable EMIs, you’ll be able to create your repayment plan more efficiently. Now, talking about finding the EMIs; you can use the home loan EMI calculator - an online tool provided by different housing loan providers on their website. These calculator are no different from our regular calculator except the fact that home loan calculator is pre-equipped with a defined EMI calculation formula.

How to use the EMI calculator?

The process of using EMI calculator is pretty easy, just fill in some important details, cross-check once and then click on the calculate button and the calculator will automatically show your results.

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