Home loans have cut short the distance between an aspirant and their home sweet home. What was once far-fetched is today within the means of the average Indian. However, a housing loan is a significant financial commitment that requires consistent discipline. You will have to allocate your monthly income in such a way that you can pay your home loan EMIs without disrupting your lifestyle. With the help of home loan calculators, you will be able to get a much better understanding of your housing needs.
Different Types of Home Loan Calculators
The home loan EMI calculator is a handy and easy-to-use online tool using which you can find out in advance the amount of money you will have to shelve each month towards loan repayment. A precise knowledge of the amount that you will have to pay every month will assist you in making better-informed decisions. To find out about your home loan EMI, all you have to do is put your loan amount, home loan interest rate, and loan tenure.
The eligibility calculator is a type of online home loan calculator that allows you to check your eligibility for a home loan. Your home loan eligibility depends on various factors such as your annual income, current age, credit score, credit history, fixed monthly financial obligations, retirement age, etc. To use this calculator, all you are required to do is put your monthly income, rate of interest, tenure, and any previous EMI obligations to find out your home loan eligibility.
The PMAY calculator or the Pradhan Mantri Awas Yojana Calculator is a type of home loan calculator thatis used to calculate the home loan interest rate subsidy amount that your house is eligible for. All you have to do is put your family’s annual income, the loan duration, and the principal amount to find out about your subsidy percentage.
Balance transfer top-Up calculator
The balance transfer top-up calculator gives you a complete picture of your payment history and what you can save by transferring your home loan balance from your current home loan provider to a new loan lender that suits your budget more. For instance, you can find out your balance transfer amount by inputting your requested home loan amount, tenure, net salary, monthly obligation, cost of the property, the outstanding amount from your loan principal, and existing EMI into the balance transfer top-up calculator.
Area conversion calculator
Some of you understand the area of your property better in terms of square feet while others prefer acres. The area conversion calculator allows you to convert the area of your property from one unit to another. All you need to do is put the area of your property in the measurement unit available and then convert it into the unit you want.
Factors that Affect Your Home Loan EMI
The three primary factors that play a massive role in deciding your home loan EMI are – the principal loan amount, loan tenure, and the home loan interest rate. Any alterations in these three variables can bring about a change in your EMI amount.
Each of the above-mentioned home loan calculators can guide you in your decisions so that you can steer clear of financial repercussions. Hence, it is essential to use them before applying for a home loan. Tata Capital’s home loan calculators are easy to understand and equally easy to use. Apply for a home loan with us from Rs. 2 lakhs to Rs. 5 crores for a tenure of up to 30 years with home loan interest rates as low as 9.25%! Get in touch today.