Why should You Use EMI Calculator before Availing a Home Loan?

Why should You Use EMI Calculator before Availing a Home Loan?

Mr Prakash Kajariya, a resident of Jabalpur, Madhya Pradesh wanted to take out a Home Loan for a long time to buy a property in the prime location in his city.

He has also saved some money for making at least 30% down payment so that he can make repayments only for the remaining 70% and save on the interest burden.

Although, he has the arrangements for the House Loan down payment, what he was unaware of was his Housing Loan eligibility and the loan EMI that he would pay.

Since he was unaware of these aspects and feared that he may be unable to manage the housing loan, he was avoiding the application for the Housing Loan.

One fine day, he met one of his friends who had also availed a Home Loan a few years before. He discussed his problems with him and his friend advised to apply for a Home Loan fearlessly as the digital tool such as the Housing Loan EMI calculator could help.

He also told him about the standard Housing Loan eligibility terms which were also easier to prove such as:

  • The Home Loan applicant should be a citizen of India
  • The age of the applicant needs to be between 25-58 years
  • An employment history not less than 3 years is mandatory
  • The minimum loan amount is Rs.10 lakh and the maximum is Rs.3.5 crore

Home Loan Documents that You Need to Furnish

Along with the Home Loan eligibility, you also need to furnish some documents required for Home Loan online such as to process your House Loan application:

  • KYC documents
  • Address proof
  • Identity proof
  • Recently clicked photograph
  • Latest Salary Slips or Form 16
  • Last 6 month’s salaried bank account statements

Home Loan Interest Calculator – Use It and be Sure of your Total Costs

Nowadays, leading banks and non-banking finance companies (NBFCs) are leaving no stones unturned to make it simpler for you to apply for a House Loan.

In the context of the discussion, they have come up with some digital Home Loan calculators to help you determine your eligibility, EMI and interest beforehand.

One of those digital and easy-to-use tools is none other than the Home Loan interest calculator/EMI calculator. The calculator works when you enter some of your basic elements such as:

  • The desired loan account
  • The loan tenor
  • The applicable rate of interest

Once you enter these parameters in the Home Loan interest calculator, the digital wizard quickly showcases an exact Home Loan EMI amount and total interest payable.

When you are aware of these vital Housing Loan aspects even before applying for a House Loan, it helps you make all preparations so that you can get ready for a Housing Loan.

Since a Home Loan is a long-form of obligation and on for years, the knowledge of these vital stats helps in assessing one’s financial condition to decide if it’s fine to apply.

Along with the Home Loan interest calculator/EMI calculator, you can also make the most of the Housing Loan eligibility calculator to know Home Loan eligibility beforehand.

The Bottom Line

Prakash quickly used the Housing Loan interest calculator/EMI calculator on a leading lender’s website and adjusted his loan amount as per his needs and repayment. Now he owns a home that he calls his mansion of peace.

If you are also looking to know your vital House Loan stats beforehand, go online and use a Home Loan interest calculator/EMI calculator right away. All the best!

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