Home loan EMI calculator is a financial tool that borrowers can use to calculate their EMI payable beforehand. Besides that, they also have to check their eligibility for the credit to ensure instant approval.
Following is the procedure to use this home loan EMI calculator.
Visit the official website of the lender and navigate to EMI calculator page.
Enter the loan amount, tenure, and the interest rate offered to you.
The result will appear on the screen, including EMI amount, net interest payable and total payment (interest and principal).
Using this tool, individuals can plan their finances with efficiency and avoid the chances of default on loan repayment. Thus, borrowers can readjust their loan amount or tenure accordingly so that they can repay the loan without straining their finances.
Benefits of using a calculator
Following are some of the benefits of using this calculator.
It simplifies the calculation
It saves a significant amount of time.
Eliminates the risk of error
Allows borrowers to compare different lenders
Enables borrowers to weigh their repayment capacity
Another vital thing of availing a home loan is checking the eligibility that varies with different lenders. Based on the eligibility, individuals can negotiate for better interest rates from the lenders. Some of the standard prerequisites are mentioned below that borrowers need to fulfil.
They must have a credit score of 750 and above.
Salaried individuals should have a minimum of 3-years of work experience.
The self-employed individuals should have a business vintage of 5 years.
They must be a citizen of India.
In support of their claim, borrowers also have to submit a list of documents. Some of them are listed below.
Identity proof
Address proof
Passport-sized photographs
Latest salary slips
Bank account details of the last 6 months.
Proof of business ownership (for self-employed individuals).
However, prospective borrowers should contact their preferred lender before applying for the advance. Along with that, they can also use a home loan EMI calculator to check the amount they have to pay as monthly instalments.
Read Also: How to Check your home loan EMI with the help of Loan calculator
