Home Loan, which is basically the first thing you will search for while you plan on buying a home of your own; can be a tough decision. This is essential because of two reasons: (1) the plethora of options available in the market can easily knock down one’s ability to think and make a good decision for themselves, (2) following the prerequisites such as calculating the EMI, incorporating them in the current monthly budget, and ensuring the availability of sufficient funds throughout the repayment tenor to avoid EMI default can be an overwhelming task.
Well, we can’t help you with deciding the right Home Loan scheme for yourself. You can make a list of requirements and compare your options based on that list. In the end, gauge the credibility of the lender and make up your mind about one particular scheme before applying for it. However, we can help you with the Home Loan prerequisite to ensure a strong repayment plan by your side. To start with, calculate the incurring EMIs using the Housing Loan EMI calculator. This would ensure a few things,
- You’ll be aware of the size of the obligation: Using the EMI calculator helps you find out the exact amount you’ll have to pay as EMI. Given that, accurate results are only possible if you put in the correct details: (1) Interest rate, (2) Principal borrowing amount, (3) the repayment tenor (it can be in between 10-20 years).
- You can tweak the repayment tenor to ensure the EMI is within your limit: The EMI should always be in accordance to your repayment capacity. Accordingly, you can increase or decrease the repayment tenor to find out the right EMI amount as per your repaying ability