4 Facts You Must Know About Home Loan EMI Calculators

Some home loan EMI calculators in India seem simplistic. But, all are not same. Each home loan EMI calculator is different. So, here are 4 important facts you must know about them.

Fact No. 1- It is more than a calculator

Some are equivalent to calculators. But several home loan EMI calculators in India are suitable for complex home loan calculations. You can calculate your monthly housing finance EMI obviously. But, you can also take a look at entire repayment schedule with amortization table. You can check how any variation in housing loan tenure affects your EMI. The inter-relation between facets of housing loan becomes clearer with these multiple home loan calculations.

Fact No. 2 – It has limitations

It is a helpful online tool. There is no doubt. But, it may lead you the wrong way if you depend on this tool to offer you conclusive information. Home loan EMI calculators are for basic calculations. You cannot depend on it for precise calculations. Your principal amount will include a lot of other factors such as stamp duty, taxes, housing loan protection plan, etc. You cannot calculate hybrid interest rates with it. You cannot calculate step up repayment plan with its amortization table. So, refer to your loan officer for advanced home loan calculations. That is your best chance of getting most accurate information possible.

Fact No. 3 – It has multiple uses

Most people believe that home loan EMI calculator is for calculating your monthly home loan EMI. But, several people use it to reverse-calculate the home they can afford. Some calculate square footage within their budget. Some check out the neighbourhood they can consider. Some help you confirm interest rate and tenure they will need to afford their dream home. It has multiple uses. You can use it to gain insights into multiple facets of home loan calculations. So, make the most out of this online tool.

Fact No. 4 -All calculators are not same

There are several home loan EMI calculators in India. Each financial website focuses on these calculators differently. Each business offers these calculators for different purposes. Therefore some are simple and some are advanced. For generic calculations, even a basic calculator will be sufficient. Are you a potential home loan borrower? Then you will a well developed home loan EMI calculator. The best one in today housing finance market is DHFL’s housing loan EMI calculator.

So, select the right one for your needs. It will allow you to gain most out of this online tool easily and quickly.