Calculate Your Monthly Payments with a Mortgage Loan EMI Calculator
Loan repayment planning has been made easy by the easy availability of online calculators, such as the loan against property EMI calculators, mortgage loan prepayment and eligibility calculators, etc. For those unaware, mortgage loans are loans availed of by pledging a residential or commercial property as collateral. Some lenders also sanction these loans against the land.
Mortgage loans are also referred to as loans against property or property loans. Low mortgage loan interest rates, long and flexible repayment tenor, substantial loan amounts and flexible end use are some of the key factors that make these loans highly popular.
However, since these loans demand that borrowers pledge a property they own as security, it is necessary that one avails of these loans only when they are fully prepared for financial responsibility. They must also borrow what they can comfortably repay and a mortgage loan EMI calculator can help lenders decide the right loan amount, loan tenor and EMIs for them.
What is a Mortgage Loan EMI Calculator?
A mortgage loan EMI calculator is an online tool that lets users calculate the loan EMIs they will need to pay each month if they decide to borrow the loan amount they have in mind and repay it over the loan tenor that they find desirable or favourable.
A mortgage loan EMI calculator not only helps borrowers with repayment planning and budgeting but it also lets them try out different combinations of loan tenor and loan value and arrive at a combination that’s most ideal for them. In this article, we discuss the benefits of the mortgage loan EMI calculator as well as its various features.
Mortgage Loan EMI Calculator: Features
1. Free-to-Use
The mortgage loan EMI calculator is free to use. All lenders host this tool on their websites and lenders need not pay any fees or charges to use this calculator. This makes this tool even more useful and one that all loan applicants must necessarily use.
2. User-Friendly
Loans against property have a pretty easy-to-understand user interface. These calculators do not ask for too many details and therefore, are very easy to use.
If you want to use these calculators to calculate your loan EMIs, all you need to feed into the calculator is the loan amount you wish to borrow, the loan tenor in months and the lowest housing loan interest rates you have been offered. These are all the details that the mortgage loan EMI calculator asks for.
3. It Helps Save Time
One can calculate loan EMIs manually too. However, calculating loan EMIs is not an easy task. Further, it requires both time and effort and the calculations are almost always prone to errors. A mortgage loan EMI calculator helps borrowers save time and effort by doing the calculations for them.
Furthermore, these calculators completely eliminate all chances of any type of errors creeping into one’s calculations. Further, the time saved can be devoted to other important tasks, such as searching for the right lender, negotiating with them, hiring the right legal experts to help you with the process, etc.
Mortgage Loan EMI Calculator: Benefits
1. Helps You Decide the Right Loan Amount for You
To start with, the mortgage loan EMI calculator gives borrowers the loan EMIs they will need to pay each month. If the loan applicant finds the loan EMIs unaffordable or way below what they can afford, they can change the loan amount and tenor to arrive at a comfortable figure.
Thus, a mortgage loan EMI calculator saves borrowers from underestimating or overestimating their repayment capacity and therefore, making wrong decisions related to their loan.
2. Helps You Compare Loan Options
Mortgage loan EMI calculators also help borrowers compare different loan offers and select the best one for them. However, loan applicants must not just think about mortgage loan EMIs but also other things, such as prepayment and foreclosure charges, legal fees, administrative charges, and processing fees. while deciding the best loan offer for them.
3. Helps Plan Prepayment and Foreclosure
Lastly, the mortgage loan EMI calculator gives borrowers an elaborate amortisation schedule and borrowers can look at this schedule to figure out the most ideal time for loan prepayment and foreclosure.
Conclusion
In conclusion, a mortgage loan EMI calculator is a highly advantageous tool that is free to use and is also easily available on the internet. So, if you are planning to apply for a mortgage loan, make sure to use this calculator.