Home Loan EMI Calculator
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What is a Home Loan EMI Calculator?
A Home Loan EMI (Equated Monthly Installment) Calculator is a financial tool used to calculate the monthly installment (EMI) that a borrower will need to pay to repay a home loan. It helps the borrower to understand the amount of loan they can afford based on their monthly income and other financial commitments.
The Home Loan EMI Calculator takes into account the loan amount, loan tenure, and interest rate offered by the lender to calculate the monthly installment that the borrower will need to pay. The calculator provides an estimate of the total interest payable over the loan tenure and the total loan amount that will be repaid by the end of the loan tenure.
How can Home Loan EMI Calculator help you?
Using a Home Loan EMI Calculator can help borrower to plan their finances, understand the impact of loan tenure and interest rate on their monthly installment, and make informed decisions about their home loan. It can also help the borrower to compare the monthly installment and total cost of different home loan offers from different lenders and choose the best option that fits their financial situation.
How to use the SwiftTax Home Loan EMI Calculator?
Here are the steps to use the SwiftTax Home Loan EMI calculator:
- Visit the SwiftTax website, click Calculators, and select the “Home Loan EMI Calculator” option.
- Enter the loan amount you want to borrow from the lender for purchasing a home.
- Enter the loan tenure the number of years over which you will repay the loan.
- Enter the interest rate on which the lender will charge interest on the loan amount.
- After entering the above information, press the “calculate” button to see the estimated monthly installment (EMI) that you will need to pay to repay the home loan.
- Review the results to see the estimated monthly installment, the total interest payable over the loan tenure, and the total loan amount that will be repaid by the end of the loan tenure.
Additionally, it’s important to note that the estimated monthly installment and total cost are only an estimate and may not reflect the actual amount you will need to pay. The actual amount may depend on various factors such as the loan amount, loan tenure, interest rate, and other charges and fees that may be levied by the lender.