All you need to know about an EMI Calculator.
Posted by Anurag Mishra on July 31st, 2017
Thinking about taking a home loan? Then the term EMI will soon become an unavoidable part of your life. EMI or Equated Monthly Installment is the amount you pay the lender every month on account of the home loan you’ve taken. The EMI is deducted from the loan amount until the amount is completely paid off.
Not only that, it will give you a month by month break-up of your repayment schedule. It will tell you the balance after every EMI payments and tell you both principal and interest repaymentamounts of every EMI you will have to pay.
The benefit of using an EMI Calculator is that you can properly plan you repayment. You can budget your expenses better and make adjustment to pay the EMI. This is a very big advantage of the calculator, but besides this, it also helps you arrive at a loan amount you can afford. Also, knowing the loan amount will also help you calculate & arrange for the down payment amount. Seeing that you borrowing within your capabilities and that you’ve arranged for the down payment, the lender may also provide speedier approvals.
Wondering where you can get an EMI Calculator? Well, most of the lender’s provide you a calculator on their website. Some home loan aggregators provide calculators on their sites as well. You should definitely use one before applying for a loan.
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About the AuthorAnurag Mishra
Joined: December 13th, 2016
Articles Posted: 108
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