When purchasing a home, most individuals turn to home loans to help finance the purchase. However, understanding and planning for the financial obligations is essential to ensure smooth loan repayment.

To make informed decisions, it’s important to be familiar with the different tools available online, such as the Home Loan EMI Calculator, Home Loan Eligibility Calculator, and Home Loan Interest Calculator. Each of these tools serves a specific purpose and offers unique benefits in the loan planning process.

Home Loan EMI calculator

A Home Loan EMI Calculator is an essential tool for calculating your monthly repayment amounts. By entering the loan amount, interest rate, and loan tenure, this tool helps you estimate your monthly EMI, giving you a clearer understanding of your repayment commitment.

  • Purpose: Though we already know the installments we are required to pay back to the bank monthly, it would always be beneficial to take a rough estimate.
  • Function: You can use this calculator as follows: if you input the loan amount, interest rate, and tenure, the calculator immediately provides your EMI amount. Many calculators also provide an amortisation table that reveals how much of every EMI is applied towards the principal and into interest.
  • Benefits: The House Loan EMI calculator enables one to budget monthly, determine the right amount to borrow on a mortgage, and increase the months required to pay the loan as boring restricts the borrower’s options.

Home Loan Eligibility Calculator

The Home Loan Eligibility Calculator determines how much you can borrow based on several personal and financial factors, such as your income, age, current loans, and employment status.

  • Purpose: The loan calculator calculates the amount one becomes eligible to borrow based on various parameters such as income, age, current loans and employment status.
  • Function: You enter your monthly income, other housing loans, age, and so on. After the calculator estimates these, it explains the minimum and maximum loan amount one is eligible for and how much one can borrow.
  • Benefits: Using the Home Loan Eligibility calculator enables you to discover your lending limit, thus assisting you in ascertaining appropriate properties and whether you need to work more on your income or your debt to get a favourable loan.

Home Loan Interest Calculator

The Home Loan Interest Calculator is a tool that helps you estimate the total interest payable over the course of your home loan.

  • Purpose: It gives you the impression of the total repayment of the loan given varying interest rates. Since home loans have different interest rates, it would be good to check on various rates to come up with a repayment plan; thus, the overall plan would not cost too much.
  • Function: Entering the amount you want to disclose, the interest rates and the length of your loan allows you to get a view of how much you will spend on interest overall. Adjusting tenure would help you realise the savings on interest incurred by a shorter or longer loan.
  • Benefits: Awareness of the interest burden enables an assessment of the offers made by different lenders, particularly in an environment of change in Home Loan interest rates and if one comes across a better deal.

Conclusion

These three calculators, the EMI calculator, eligibility calculator and interest calculator, are very useful. Applying them makes one’s home purchase process much smoother in securing the right type of loan within the set budget and plans. One can handle monthly house loan payments with a house loan EMI calculator. These tools help verify the eligible loan amount and estimate the total interest cost, providing transparency and accuracy in home loan planning.