Owning a home of our own is a dream that every one of us possesses. Whether you buy a new home in the form of a pre-constructed flat or villa, or to purchase a land for building your dream home. You can either opt to pay the lump sum amount and get the possession of the property, or you can apply for home loans from any of the leading money lending organizations of the country. Paying the lump sum amount does save us from the hassle of the monthly payment of installments coupled with interest rates, but availing home loans have benefits of its own. Not only home loans help us toprocure a property in our name without paying the full amount at one go, but it also helps us get a tax rebate. As a borrower, we need to pay a fixed and equated monthly installment or EMI to the bank. These are used to pay off both the principal amount borrowed and the interest applied to it each month so that we can pay off the loan in full ina certain number of years.
The interest rates on the home loans vary from lender to lender. Also on the duration which you have applied the home loan for. For a person to find out the rate of interest offered by various money lending organizations and consequently the EMI amount you need to pay to remit the loan amount in full, by himself is challenging. There are uncomplicated yet efficient EMI calculator tools available online which helps you to calculate the EMI which is payable for home loans.
To calculate the EMI, you just need to enter the loan amount you are planning on availing, the interest rate at which the loan is offered to you, and the loan tenure that would be needed to pay off the whole loan amount. This efficient tool also displays the difference between the loan amount and the total payment that you will be making the application of the loan interest in a simple graph. The calculator also shows the total payment which you will have to make at the end of loan tenure, total interest and total EMI payable by you under proper headings.
Before applying for a home loan, we always spend a considerable amount of time comparing various interest rates offered to us by various organizations and the total amount payable.We do have similar concerns over the EMIs that we have to pay monthly throughout the loan tenure. This tool makes our task easy by providing us a simple EMI calculator. It also features a complete table with brief information on EMI payable for different time durations. You can just refer this table and get an idea about the EMI which you will have to pay for a certain amount of loan availed at different durations of time. This online service can also be used to calculate the EMIs of both cars and home loans.