Calculate your Home Loan EMI Online in 3 Simple Steps
home loans allow you to buy your dream home easily. you can get a loan to buy a ready-to-move house property or an under-construction property. the emi is the monthly instalment payable over the repayment tenure. the emi contains the principal and interest and helps you repay the home loan over time. if the emi is affordable, you would be able to repay the loan quickly, so calculating home loan emis is necessary.
thanks to online home loan calculators, you can calculate your emis instantly. here are three simple steps in which you can calculate the emi using a home loan emi calculator -
step 1 - enter the amount of home loan in the calculator
find out the house property cost that you want to buy, including stamp duty and other charges. then, assess the total savings that you can use for making the down payment on the loan. deduct the down payment from the property's total cost, and you would find out the amount of loan you need. enter this loan amount in the calculator to start with the first step of emi calculation.
step 2 - enter the repayment tenor
lenders allow long repayment tenures for the repayment of the home loan. assess how long it would take you to repay the loan. then, enter the repayment tenure, in years, into the home loan calculator.
step 3 - enter the interest rate
find out the interest rate charged by the lender. enter this interest rate into the calculator to complete the last step of the calculation.
once you have entered all the values, click on 'calculate' or 'enter' and the home loan calculator would calculate the accurate emi payable for the loan.
moreover, you can use the calculator to change or adjust the emi as per your suitability. if the calculated emi is high and you want to bring it down, you can -
one or both of these changes would reduce the emi and make it affordable for your pockets.
on the other hand, if the emi is low and you can afford to pay more, you can -
therefore, the home loan emi calculator can help you find the most suitable emi amount for the loan. it is dynamic and can be used as many times as you want until you arrive at the home loan's right emi.
cred also offers home loan calculators. you can use cred's home loan eligibility calculator to determine the home loan amount you are qualified to avail. once you know the loan quantum, you can use cred's home loan emi calculator. just follow the above-mentioned 3-step process, and you would be able to calculate your home loan emi online in the simplest manner. you can also adjust the inputs, viz., loan amount, and/or tenure to find the loan's ideal emi.