Home loan EMI Calculator helps the person who plans to avail the loan with the figure of amount to be paid every month. This planning of Home loan EMI before acquiring loan helps the person to decide if the loan is within their limits. More information on how to use Home Loan EMI Calculator, different methods of calculating EMI, its benefits are explained in this article.
|#2.||Home Loan Interest Rates|
|#3.||HDFC Home Loan|
|#4.||SBI Home Loan|
|#5.||HDFC Home Loan Login|
|#6.||SBI Home Loan Interest Rate|
|#7.||DHFL Home Loan|
|#8.||HDFC Home Loan Interest Rates|
|#9.||Indiabulls Home Loan|
|#10.||ICICI Home Loan|
|#11.||Axis Bank Home Loan|
|#13.||Home Loan Eligibility Calculator|
|#14.||LIC Home Loan|
|#15.||SBI Home Loan Calculator|
|#16.||HDFC Home Loan Calculator|
Overview on Home Loan EMI CalculatorMany types of personal loans are provided by the financial institutions. Among which the procurement of the home loan is very high because of the rise in population. Owning a house has become a necessity nowadays, for security as well as investment. Since the investment is high for construction or renovation of a house, it is necessary to get the support from the financial institutions which ultimately gives a rise to the home loans. Because of the competition, many banks provide home loans with the EMI feature for feasibility of the person availing the loan. In order to calculate the home loan EMI, the Home Loan EMI Calculator helps the people to a greater extent. Home Loan EMI Calculator assures to provide approximate figure of monthly EMI amount. Home Loan EMI Calculator are of great use to the people planning for loans. Home loan amount being a large amount, it is advisable to use Home Loan EMI Calculator and know the monthly EMI in advance to home loan application. Using Home Loan EMI Calculator helps to repay easily. As home loan is a long term commitment, plan ahead with the help of the Home Loan EMI Calculator.
Inorder to use the home loan EMI calculator, one should have the details of the home loan. The EMI amount can be ascertained within few seconds by using the home loan EMI Calculator. Home Loan EMI Calculator are available on the internet. To help their customers for easy assessment of the home loan EMI, every bank has set up Home Loan EMI Calculators in their official site. Home Loan EMI Calculator helps to plan the monthly budget planning of the people. The details required to calculate the home loan EMI using home loan EMI Calculator are listed below.
What are Details Needed to Calculate EMI Using the Home Loan EMI Calculator ?
- Loan amount
- Rate of interest per annum
- Number of monthly installments
- Down payment amount
There are many home loan EMI Calculators available on the internet. Many banks have set up the home loan calculators on their respective websites. One can search the Home Loan EMI calculator in the google website. People who are new to the internet, can also easily calculate the EMI using the Home Loan EMI calculator. Follow the given steps to know the estimate of the monthly EMI payment using Home Loan EMI calculator.
How to Use Home Loan EMI Calculator?
- Visit google website and search for the home loan EMI calculator or the official website of the particular bank in which you are planning to obtain home loan.
- Choose any of the websites for using Home Loan EMI calculator.
- In the Home Loan EMI calculator page, fill in the spaces provided for loan amount, rate of interest, number of monthly installments, enter their values respectively.
- Click “Calculate” to know the EMI in the Home Loan EMI calculator.
- With the help of the Home Loan EMI calculator, results are displayed within few seconds.
With the technological advancement, the task of the people is made simpler. Introduction of Home loan EMI Calculator has helped the people in planning and investing. Home loan EMI Calculator has helped the people indirectly in achieving their dreams of acquiring a dream house. The home loan EMI Calculator has many benefits to the loan borrowers. Some of the Home loan EMI Calculator benefits are listed below :
What are the Benefits of the Home Loan EMI Calculator ?
- The home loan EMI Calculator gives instant results even for large amount.
- Home loan EMI Calculator is free of cost.
- Home loan EMI Calculator saves the efforts and money of the people.
- Home loan EMI Calculator is very easy and simple to use.
- Home loan EMI Calculator helps in pre-planning of the loan amount.
- The Home loan EMI Calculator helps for estimation and comparison between different schemes of different banks.
- Precise planning is possible through Home loan EMI Calculator.
- Financial crisis can be avoided by planning ahead using the Home loan EMI Calculator.
- Home loan EMI Calculator of the banks provide accurate results if correct details are entered.
- One can come up with different combination of amount in the Home loan EMI Calculator to finally decide with the loan amount which would help them overcome the financial expenses without much difficulty during the loan repayment period.
Apart from using a Home loan EMI Calculator, one can easily calculate the Home loan EMI using the formula. The below formula is used even by the Home loan EMI Calculator for estimately the monthly EMI.
How to Calculate Home Loan EMI Using Formula ?
EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1].
In this formula,
- P - Original loan amount or principal
- R - Rate of interest per annum
- N - Number of monthly installments/ loan tenure.
Home loan EMI Calculator has various benefits. It has only one demerit is that the result sometimes varies with the real EMI calculated by the banks. This is because the charges levied by the banks differ from bank to bank. So it affects the accuracy of the Home loan EMI Calculator in rare cases. The other demerit of Home loan EMI Calculator is that it does not have features to calculate in case of step up and step down EMI. Also when there is a default in the payment of the EMI, the bank might make some changes in the EMI payments of the future installments and this cannot be calculated in the Home loan EMI Calculator . If the rate of interest is flexible or is floating rate of interest, then the Home loan EMI Calculator cannot produce exact results. So it always advisable to approach the bank directly at least once before application of loans for knowing the details regarding the terms and the information related to the EMI.
What are the Demerits of the Home Loan EMI Calculator ?
Home loan EMI can be calculated through different means. With the help of improvement in the technology, the calculation of home loan EMI is very simple and the result is achieved instantly. Calculating home loan EMI manually takes more time. So depending on Home loan EMI Calculator is an easy way to achieve the results. Some of the methods through which one can calculate home loan EMI are as follows.
What are the Different Methods of Calculating Home Loan EMI ?
- Through mobile applications
- Home loan emi calculator available in the websites
With the introduction of smartphones, it is very easier to have any type of applications. There are many home loan EMI calculators are available as an application in the Google Play Store. One can download it in their smartphones and easily calculate the emi. These applications are user-friendly and saves a lot of time. Also keeping the Home loan EMI Calculator on mobiles helps at all times, as it is very handy. One needs mobile data or wifi connection to use the Home loan EMI Calculator applications on the mobile phones. Follow the steps to use Home loan EMI Calculator on smartphones.
Can we use Home Loan EMI Calculator on Mobiles?
- Open Google Play Store in the smartphones.
- Search for Home loan EMI Calculator in the search box.
- Open the Home loan EMI Calculator application and click “Install”.
- Open the Home loan EMI Calculator application after it has been installed.
- Enter the loan amount, interest rates and loan tenure in the given spaces.
- Click “Calculate” to view the EMI results within a few seconds.
The home loan EMI can be easily calculated on a spreadsheet. This saves lot of time. One need not be a expert in computers in order to calculate it on Microsoft excel. Microsoft Excel has inbuilt formula for the calculation of the EMI which helps anyone who wishes to do so. Steps below are to be followed to calculate the home loan EMI.
How to Calculate Home Loan EMI Using Microsoft Excel?
- Open the Microsoft excel.
- In the cell, enter the PMT function in order to calculate emi.
- The format for this PMT function is = PMT (RATE,NPER,PV,FV,TYPE)
- In the syntax, RATE stands for the rate of interest per annum, NPER is the number of installments or the period of time, PV is the principal value, FV is future value or cash balance after last payment, TYPE is to denote whether the payment is at the beginning of the month or at the end of the month. FV and TYPE are optional where if not provided, then it is assumed as 0.
Home loan EMI is the primary thing one should consider before applying for loan to avoid financial burden in the future. The home loan EMI varies from person to person because of the circumstances and time period. Home loan EMI is influenced by various factors. Some changes in the factors either bring a increase or a decrease in the monthly EMI. The major factors that influence the EMI are as follows.
What are the Factors Affecting Home Loan EMI ?
- Loan principal amount
- Repayment tenure
- Rate of interest
- Down-payment amount
- Step up and step down Repayment of EMI
- Pre-payment of the home loan
- Shifting home loans to other lender
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