Owning a home is a dream come true. Many people wish to own a place that they can call home. But with the current inflation in the real estate market, buying a home is tough. Also, paying the whole amount at once can put you under financial stress. So, many go for home loans to help them accomplish their dreams. Also, you need to plan your finances before investing in a home. So, it’s important to understand the factors that may affect your repayment situation.
The home loan helps you buy the property. But you need to ensure that you pay your EMI on time every month. There should be no delay in the EMI schedule. This reduces the chance of defaulting on EMI payments. Also, if you repeatedly fail to pay the EMI on time, you may lose ownership of your home. So, consider all the finance options before selecting home loans. Ensure that the EMI amount is within your budget. It shouldn’t adversely affect your monthly expenses.
But, many times, it is difficult to get an affordable loan. Check for several combinations that suit your plan. But this kind of calculation takes longer if you do it manually. But a home loan calculator gets you the result in a click. Check out Piramal Finance’s home loan calculator.
A housing loan calculator is an easy-to-use digital tool. You can calculate the amount that you need to pay in instalments. You just need to enter the interest rate and duration. Play with the three variables of the EMI to figure out which condition suits you. You can plan your repayment accordingly. For example, you may increase the tenure to decrease the EMI amount. Or you can increase the EMI amount to decrease the tenure.
Here, we have discussed how a home loan calculator works. We also dive in to understand how it helps with owning a home.
How to calculate Home Loan EMI?
The formula used for arriving at the EMI is:
EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]
Here, P= Principal loan amount, R= Rate of interest, and n= Number of monthly instalments.
The manual process is lengthy. The chances of errors are high. So, you can use the home loan EMI calculator by Piramal Finance.
Benefits of using a home loan EMI calculator
- No technical knowledge is necessary for using the tool. A home loan EMI calculator is user-friendly, quick, and easy to use. You don’t need to have the technical prowess to use this application. The online home loan calculator is open-source and available on smartphones as well. You just need to input simple values. It will give you results in less than a second. It simplifies your initial steps when choosing a home loan.
- It saves you from performing complex calculations.One of a home loan EMI calculator’s key benefits is the speed with which it gives results. Although it is possible to manually calculate a loan’s EMI using the aforementioned technique, doing so takes a lot of time. You may save a lot of time and effort by using a specialist home loan EMI calculator to simplify the calculating procedure and view the results quickly.
- Provides nothing but accurate results.The accuracy that a house loan calculator provides is an added benefit. Errors are less likely to occur with a home loan EMI calculator. Even a small calculation error can result in inaccurate EMI calculations. With a dedicated loan EMI calculator, you can exclude all computational errors. As long as the values you enter are accurate, the computations will be fully accurate and dependable.
- Helps you maintain your credit score.The calculator is also handy for calculating the cost of borrowing. It also helps evaluate if a loan is affordable. You will thus have a better idea of how to repay the loan within the allotted period if you calculate the EMI before taking out a loan.
- You won’t miss an EMI payment deadline. This will also prevent your credit score from falling. Keep in mind that having a solid credit history is essential since it will influence your credit in the future. Poor scores make it difficult to obtain credit.
Make decisions by modifying components of EMI.
Your loan amount, monthly interest rate, and duration are used to calculate your EMI. The EMI directly relates to the loan amount and interest rate. Additionally, it is inversely proportional to the loan’s duration. Therefore, choosing a longer term will lead to a lower monthly payment.
You may change the loan amounts, periods, and interest rates using an EMI calculator to find the most affordable terms for your situation. By doing this, you’ll be able to choose the right loan amount without making your daily life more complicated.
No requirement to share personal details:
Home loan EMI calculators don’t ask for your name or personal information. Hence, you need not worry about your privacy while using this tool, making it safe to use.
Now that you know much about home loan EMI calculators, it’s time to use one. Use the Piramal home loan calculator to take the next step toward your dream home.
Reduce the chances of missing EMI payments. Plan your home loan process carefully. Use a home loan calculator. Hence, an ideal way to start obtaining financing is by calculating your EMI in advance. This simple and free tool, the EMI calculator, will prove to be a lifesaver.
Furthermore, Piramal Financial is the ideal destination if you’re looking for a dependable finance partner to meet your financial requirements. We offer an easy-to-use home loan EMI calculator for budgeting your payments. The service is free, simple, and always produces accurate results.
Other highlights of service provided by Piramal Finance include expert legal and technical advice to assist you in making the best possible property purchase decision, loans serviced anywhere in India, etc.
You will also receive flexible credit periods and affordable loan interest rates. Additionally, there are absolutely no additional prices or hidden fees. We support total transparency in all lending dealings. Go to our website right away.