Most first time borrowers
are under assumption that calculating home loan EMI is easy. All you need is a
housing loan EMI calculator. You have to agree with that. It does seem like if
you have EMI calculator for home loan, all you need to do is enter right
numbers. But, believe it or not it is more complex than that. Here are two
reasons. Firstly, lots of factors in the equations remain unaccounted for.
Secondly, EMI calculator will not help you get the specifics you actually need.
So, here are three common methods.
Manual calculations:
Most of the formulae for
home loan EMI calculations are available online. You can easily note them down
and calculate EMI as per repayment option, home loan tenure, etc. The ease of
doing them manually depends on your mathematics skills. But, most websites do
offer an example in order to assist readers calculate home loan EMI. This
process is the most tedious one. But, there are few high-level calculations you
cannot see with online tools. For example, EMI as per balloon repayment option.
Manual calculation is the way to go.
Online calculations:
Most borrowers are
familiar with online EMI calculators. Thing is, there are a lot of housing loan
EMI calculators in India. All of them do not offer real help. Some are just an
online version of basic mathematical calculator. Yet, it does simplify your
job, especially if you are not a maths geek. But, there are some efficient EMI
calculators for home loan. They support your calculations well with several
additional online tools like amortization table. DHFL has one of the best EMI
calculators in housing finance industry.
Computer calculations:
You can use excel sheets
on a computer to get the job done. It will be as good as some of the Property Loan Emi Calculator.
But, with basic asthmatics skills and few formulae, you can check the basic
structure of repayment options too. However, it is not as good as some of the
advanced online tools.
Either way, the best
method for your calculations is the one that give accurate results instantly. Online
home loan calculator is a great choice but not for more customised
calculations. However, you will need to know the following before you calculate
the EMIs and other details. For example, cost of property, processing charges,
stamp duty, legal fees, and realistic interest rates. This information can be
made available to you when you meet a relationship manager for the same. Even a
third-party personal finance consultant is a great person to meet for these
details.
Source: http://bit.ly/2cXvaEn
Use the interactive Home Loan EMI Calculator India to calculate your home loan EMI. Get all details on interest payable and tenure using the home loan calculator.
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