Make Money Online with Honeygain! - Download this free software for your Windows computer, Android or iOS phone and get paid to share your internet connection! Download, turn it on and earn!

How to prepare for an Emi calculator?

Posted by anuragmishra on February 23rd, 2017

Owning a home is one of the biggest dreams in individual’s house. But the loan is also considered as one of the biggest liabilities. Taking a loan is a wise financial decision but since it’s a long-term repayment procedure you need to be a bit careful about the interest rate applicable and principal amount, else it might make a big hole in your pockets. To catch the attention of the borrowers and to do great business, banks and finance companies come up with lucrative advertisements and financing offers.

While availing loans, obviously you have to pay interest rates based on floating or fixed basis. Banks and financial companies declare rates in every quarter based on various factors like availability of money in the market (liquidity), inflation and monetary policies. Often due to high interest rate charges and not so flexible repayment process you wish to switch the loans to another bank. If one wants to take advantage of the low interest rate regime and is not too happy with their existing lenders in terms of interest rates applicable and repayment options, he or she has the option of refinancing or opt for a balance transfer.

So, here are some tips to consider while we opt for Housing Loan EMI Calculator:

Generally, banks or finance companies keep talking about lower EMI’s and longer tenure. In case when you calculate the outflow and find that in the longer tenure you end up paying a higher loan amount then you should opt for the transfer option. Do online comparison and also talk to financial expert for better transfer deals. If your budget is not bootstrapped it is recommendable to stay up with the existing lender and pay off the loan as soon as possible.

There are some leading private sector banks and finance companies who offer home loan balance transfer at interest rates of around 9 to 10% to transfer your outstanding home loan availed from another bank / financial company. These loans come at attractive interest rates that make your home Loan affordable and easier on your pocket. They offer customized repayment options to suit your needs. The maximum rate for loan repayment is around 25-30 years, which means you have ample time to plan your finances well before. A Housing Loan EMI Calculator proves beneficial when you have enough savings and time. Some factors to consider while choosing balance transfer is total costs, remaining loan tenure, outstanding principal, time and efforts.

HousingLoan EMI Calculator makes sense during the early years of the loan and for a bigger outstanding amount, provided the difference in rate cut justifies the effort involved. Before approaching another banks or financial companies check with your existing bank if they are willing to revise the rates and retain you as a valued customer. Your processing fee, pre-payment charges and other rates matter a lot. Total savings can be determined after considering the total cost involved.


Also See: Emi Calculator, Home Loan, Loan Emi, Interest Rates, Loan, Emi, Rates

Trader On Chart - Position Size Calculator and MT4 Trade Panel
The Fastest Way to Calculate Lot Size and Open a Trade on Your MT4 Platform is by using the Trader On Chart MT4 trade panel.
Online Art Lessons
Visit us for hundreds of free online art lessons and classes. New tutorials added every week on how to draw and paint in Oil, Watercolour, Acrylic and more.

The Famous Musician Book
How to become a famous singer, rapper, music artist musician. The step-by-step guide and formula!

11 Minutes of Pure Energy Cleansing
At last! This new meditation is designed to bring you the most relaxation with the most versatile Sound Healing Solfeggio Frequencies and Visualizations.

Advertise Here