Different Types Of Home Loan Calculators in India

Home loan EMI calculations are the most important aspect of the loan package for any borrower. The affordability of a housing loan comes down to home loan EMI. That’s why; different organizations offer different home loan calculators. Different tools calculate monthly home loan EMI differently. In addition, they offer different insights in loan package too. So, let’s explore different types of home loan calculators in India. They can be divided into three following categories.

Repayment and amortization:

This is a basic category. These are the most common home loan calculators in India. You can calculate monthly home loan EMI based on a principal amount, home loan rates, and tenure. You can vary these factors to run simulations, narrow down property cost range or identify right EMI. These EMI calculators may include an amortization table too. However, it is a highly advanced home loan calculation and not available in every calculator available online.

Prepayment:

Most housing loan borrowers avail home loans with the floating interest rates for two reasons. Firstly, they have lower home loan interest rates. Secondly they offer 0% prepayment charges. If you plan to prepay with bonus, salary increment or lottery winnings, you need a different type of home loan calculator . A home loan part prepayment calculator identifies interest and tenure you can save successfully. This will empower you to choose a right strategy for home loan repayments. Though, it is not a common home loan calculator in India, it is available.

Repayment options:

Repayment option is not the most common concept in home loan borrowers of India. But, people can avail to repay it through one of the many repayment options available. Traditional home loan calculators in India are futile for such borrowers. They need advanced mathematical solutions to understand EMIs over period of time. They can calculate monthly home loan EMI manually or in excel sheet. But, few websites do offer unique calculators to you understand the repayment options and EMIs easily. The most common calculator based on repayment option is a balloon repayment calculator. Most businesses prefer to avail this type of loan. Do consider using it if you plan to take similar loan. But, excel sheet based amortization table is a good choice for borrowers with step up or step down repayment options.

So, these different EMI calculators are available online to offer this crucial information conveniently. So, make the most of these while making crucial home loan decisions like selecting a repayment option, accepting a home loan offer, making part prepayments, etc.