What is a Home Loan EMI Calculator and How to Use it?
About Home Loan EMI Calculator
A house EMI calculator is an easy-to-use tool that allows a potential borrower to calculate home loan EMIs easily in an instant. This, in turn, helps the borrower to make an informed decision regarding the home loan amount to be availed.
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Home Loan EMI Calculator Formula:
EMI= [P x R x (1+R) ^N]/ [(1+R) ^N-1]
Here, P is the principal amount, or the loan amount borrowed, R denotes the home loan interest rate applicable on a monthly basis, N represents the number of monthly instalments.
Calculating EMIs using this formula, however, might prove to be a tedious task. This is exactly where a home loan EMI calculator comes in handy, as it processes the entire calculation in a few simple steps.
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How to check EMIs Using a Home Loan Calculator?
The steps to use a house loan calculatorinIndiaareasfollows-
● Step 1: Enter the home loan amounttobeborrowed.
● Step 2: Fill in the rate of interest applicable.
● Step3: Provide the loan tenor over whichtheloanwouldberepaid.
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Benefits of Using a Home Loan EMI Calculator
The several benefits of using a housing loan
EMI calculator are as follows -
● Accurately and instantly displays the payable EMIs.
● It is an online tool that can be accessed from anywhere.
● Allows a borrower to select the ideal loan tenor.
● Helps a borrower to make an informed decision on the loan amount.
● Offers assistance regarding repayment planning.
● Loan comparing becomes easier.
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6 Website:- https://www.bajajfinserv.in/home-loan-emi-calculator
Question? You can visit Bajaj Finserv official website
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