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A Home Loan is a long-term commitment that requires proper financial planning. The tenor for these loans usually goes up to 40 years. In other words, those planning to avail of a Home Loan are indirectly committing to paying EMIs for the next several years. Such a long commitment requires one to chalk out a proper financial plan.

A Housing Loan calculator is a handy tool that allows a borrower to understand their EMI obligation concerning a specific loan amount, thereby allowing them to better plan their loan journey.

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How to Calculate Home Loan EMIs?

These days, loan calculators are quite easily available online. Search for them and you will see a hundred different options. However, if you are confused regarding which calculator to use, simply go to your chosen lender's website and use their housing loan calculator.

Most home finance calculators are quite easy to use and require a user to input only three values: Home Loan amount, the selected tenor, and the rate of interest offered to you by your lender. Once you have input these values, click on the calculate button and the calculator will give you your EMIs.

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Benefits of a Using Housing Loan Calculator

It Omits Any Chances of an Error

Calculating Home Loan EMIs is no easy task. To calculate your Home Loan EMIs manually, you should use the following formula:

Home Loan EMI = Px R x (1+R)^N / [(1+R)^N-1]


P = Principal loan amount or the loan value

N = Loan tenor in months

R = Monthly interest rate

This is a complicated formula. Thus, manual housing loan calculations are often prone to errors. A house loan EMI calculator omits any scope of errors. The calculator delivers accurate results every single time.

You Can Use It Multiple Times for Free

Since a Home Loan is a long-term commitment, one must make sure to figure out the right EMI for them -- something they can easily afford to pay each month. Usually, figuring out this EMI value requires one to try various combinations of the loan amount, tenor and interest rate. With an EMI calculator, trying various permutations and combinations becomes easier. Further, all housing loan EMI calculators are free to use, so you can use them as often as you like.

It Helps You Plan Pre-Payments

Most Home Loan borrowers do not wish to stay in debt forever and try to prepay their loans to become debt-free sooner. A Home Loan calculator helps you understand how pre-payments will affect your loan tenor and monthly EMIs. It also helps you understand when should one make prepayments for maximum gains.

It is Safe and Helps You Save Time

A Home Finance Calculator helps you save time. Further, it is safe and any information provided by you will never reach any third party.

*Terms and conditions apply.

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