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A Home loan brings you one step closer to becoming a proud homeowner. But, taking a home loan will mean that you will have to shell out a significant amount of money at the end of every month as Equated Monthly Instalments (EMIs) towards it, which could disturb your finances.
Although monthly home loan repayments are inevitable, you can definitely decide what percentage of your monthly income you are willing to give away as home loan EMIs. A home loan EMI calculator can help you do just that. This article will take you through the various benefits of a home loan EMI calculator. Read on to know more.
The Advantages of Using a Home Loan EMI Calculator
Accurate, Convenient and Simple
If you try to calculate your home loan EMI amount manually, chances are that your answer may significantly differ from the actual figure. This rarely happens in the case of a home loan EMI calculator. If you are using a home loan EMI calculator, all you will have to do is simply enter a few variables to get an accurate estimate of your potential home loan EMI outflow.
Quick Calculations
Apart from delivering results accurately, a home loan EMI calculator will also help you receive them quickly. It will only take you a few minutes to enter the relevant details and before you know it, your estimated home loan EMI figure will flash in front of your eyes.
Helps With Your Financial Planning
Since the main function of a home loan EMI calculator is to compute how much money you will be paying as EMIs, it will also help you with managing your finances. After the tool has calculated the EMI amount for you, you will be able to easily make adjustments for it in your financial plan. This way, a home loan EMI calculator can help you pick up a loan option that you will not feel the burden of later on.
Helps With Loan Management
If you already are repaying any of your existing debts and plan on taking a home loan on top of that, you must definitely use a home loan EMI calculator tool. Such tools will help you pick a loan option that you can repay easily along with all of your other existing credit obligations. Either that or it will help you take a call whether or not you can manage a home loan. Either way, you will be better off using such a tool.
No Need of Sharing Personal Details
Unlike the home loan application process, an EMI calculator tool for home loans will not ask you for your personal information. You can simply help yourself to any such tool, such as the one available on Finserv MARKETS, and feed in the information that strictly pertains to the loan terms.
Conclusion
Given that a home loan is a serious financial commitment, you must pick one that can be repaid comfortably by you. Tools such as the home loan EMI calculator tool on Finserv MARKETS exist simply to help you make the process of picking one easier.
You can log on to Finserv MARKETS right now and see which home loan option will suit your needs best. You can also perhaps take up a home loan from one of the various lending partners of the portal, all of which come with appealing repayment terms.