Home loan is an extremely colossal financial decision and a daunting task of EMI calculation for housing loans. Further, depending on predefined formulas is quite time-consuming.
Therefore, it is suggested to count on the advanced and AI Urban Money home loan EMI calculator to make informed decisions in a brief period of time. The Urban Money home loan calculator can calculate your monthly EMIs and yearly outstanding amount with utmost ease.
The Urban Money calculator will assist you in calculating the exact monthly EMIs using principal amount, interest rate and loan tenure as input.
Home Loan EMI Calculator
A tool that helps you in calculating your monthly instalments (EMIs) in a single click is known as the home loan EMI calculator. A home loan calculator is a helpful tool, especially when you want to plan your home loan budget and EMIs.
Before preparing a checklist for a home loan, plan your monthly expenses and the amount you can spend as EMI without disturbing your budget. Urban Money home loan EMI calculator has AI technology. And can help you in determining the amount you want to borrow from a bank or finance provider.
What are the Components of a House Loan EMI Calculator?
The Urban Money House loan EMI calculator consiste of the following components:
Loan Amount: Any individual can easily enter the principal amount in the loan amount text box.
Tenure: The time period under which an individual will repay the complete amount apart from EMIs.
Rate of Interest: The chargeable interest amount. The rate of interest is variable depending on the bank or finance provider.
Home Loan EMI: An amount that the borrower is accountable to pay every month to the lender. The Urban Money home loan EMI calculator will help the borrower to know how much amount is affordable.
Payment Breakup: The breakdown of the principal amount and interest is liable to pay at the end of the loan tenure.
Amortisation Schedule: After deduction, the remaining amount to be paid towards an outstanding home loan. It also displays the loan repayments, loan amount, and the time frame of scheduled payments, along with the remaining loan.
Steps to use Urban Money Home Loan EMI Calculator
The Urban Money Home loan calculator is very simple to use. If you are looking to get a home loan or want to check the payment break up schedule you can use Urban Money. Here are the small and easy steps to check EMIs using this advanced calculator:
Step 1: Enter the principal amount you want to borrow from the bank or the finance lender.
Step 2: Now, enter the time period by which you will repay the complete loan amount.
Step 3: Write the rate of interest at which your bank or finance lender is providing your home loan.
Step 4: On the right-hand side you will be able to see the detailed calculations.
The detailed calculations will include the
- Monthly Home Loan EMI
- Principal Amount
- Total Interest Payable
- Total Amount Payable
You will also be able to see a detailed payment breakup along with the amortisation schedule.
How the Urban Money Home Loan Calculator Helps You?
Preparing ahead before entering into new things is a wise idea! And when it comes to a home loan with repayment in decades, it is wise to plan.
Use the advanced Urban Money calculator to calculate your EMIs in advance to plan your monthly budget and overall expense. Also, these calculations will help you in knowing whether you fall under the eligibility criteria or not.
Using the EMI calculator to know your EMIs prior to applying can be helpful in many ways. Here check the reasons why you should use it:
How much loan amount should you borrow?
The Urban Money EMI calculator can guide you in deciding your home loan amount, based on the EMI affordability you can pay from your monthly income.
For how long the tenure should be?
With the right EMI amount that you can afford to pay on a monthly basis you can know the right time period for the repayment of your loan. How much must be paid as a down payment?
The AI Urban Money house loan EMI calculator can help you in figuring out the amount you must pay as your down payment. This can help you in saving maximum money on your interest while also keeping EMIs at a minimal level.
The plan of action for cash flow and finance for on-time loan repayments.
Factors That Affect Your Home Loan EMI
The home loan EMI is influenced by several factors. Once you know the eligibility for housing finance, start setting out the home loan. Check the below-depicted factors as they can highly affect your home loan EMI:
Interest rate: Fluctuations of interest rates are key influential factors and had a major impact on home loan EMIs. Therefore, it can create either positive or negative impacts on home loan EMI.
Tenure: The exact EMI is determined through the time frame and even the slightest change in time can affect the imposed EMI. So, acquiring a home loan for a short time frame can be daunting with an increased monthly instalment amount.
Prepayment: The prepayment before the completion of the loan tenure will have a great effect on the EMIs. However, some banks or lenders may charge you for prepayment due to their losses. But this step can reduce the burden directly from the outstanding balance.
Down payment: While applying for the house loan you will only get a maximum 75% to 90% value of the amount. And the rest will be paid as a down payment.
Change of Lender: If you are paying a higher interest rate, be sure to change your lender.
How to Reduce Your Home Loan EMI?
Get the EMI burden off your shoulders using the following tips. These tips and tricks won't remove the burden entirely but can surely help you in several ways.
- Make sure to check with multiple financial lenders before finalising the loan.
- Choose the great offers for the best deals with the lenders.
- Do not borrow the amount you won't be able to afford or to repay within the decided tenure.
- Make a down payment of a higher amount. It is because the higher the down payment lowers the EMIs amount.
- Choose the tenure wisely.
- Make pre-payment of your loan once a year if possible.
- Apply for a balanced transfer of the home loan to get a better deal than the current one.
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