With the family growing in strength, you are thinking of buying a home immediately and with all the facilities the real estate agents are offering, it seems very tempting indeed. But when it comes to financing, you start thinking all over again as buying a home is a big financial responsibility that needs to be borne for the next decade or so. However, with banks offering financing facilities, just apply for a home loan and have all your fund-related issues solved. Just select the lender offering the best home loan interest rate and get the funds for your home. Remember opting for a home loan can also help you avail of home loan tax benefits.
But, how will you know what your EMI is, and will it be feasible for you to pay the same? The Bajaj Housing Finance home loan EMI calculator can help to plan your finances in such a way that you can pay EMI as per your ability without having to face too much pressure.
Plan Your Budget Using a Bajaj Home Loan EMI Calculator
A home loan EMI calculator can be a useful tool in planning your budget if you are planning to avail of a home loan. Since in the case of a home loan, the EMI is calculated based on the amount borrowed, the loan repayment tenor, and the rate of interest and interest rate and tenor of the loan depends to a certain extent on your credit score and your monthly income, we can say that your loan EMI is also determined by your income and your credit/CIBIL score. Here is how the Bajaj home loan calculator can help you to get your finances to pay the loan EMIs:
It Gives You an Estimated EMI – The home calculator’s main function is to give an estimated EMI amount that will need to be paid for the home loan based on the amount borrowed, and the rate of interest offered by the lender, and the tenor of the loan. This estimated EMI can help one plan the budget for the rest of the month keeping aside the fund for the EMI and find out how savings can be made from the same so that they can be used for investment purposes or foreclosure.
Helps to Choose the Right Interest Type – Lenders often provide home loan borrowers with mainly 2 types of interest rates namely: floating and fixed interests. The floating interest rates are variable and move up or down with the market but are cheaper. On the other hand, the fixed interest remains fixed as mentioned in the loan agreement. Using the home loan EMI calculator can help you decide the best interest type for you so that the funds saved can be used for other financial needs and your monthly budget is not disturbed in any way.
Choosing the Right Tenor – You can use a home loan EMI calculator to calculate your monthly EMI for a loan tenor. If you think you can manage a higher EMI, you can choose a shorter loan tenor. However, if you think that you will need more funds than what you have, then the loan tenor can be extended for a longer period so that interest rates are lesser and funds can be saved to keep your budget on track. A home loan EMI calculator can help you zero in on the right loan tenor to save the maximum.
Helps Make the Right Financial Decisions – Managing the monthly budget can at times be difficult and frustrating. The significance of a budget is to determine where your money is going. The housing loan EMI calculator helps to show your income and monthly expenditures so that you can see how much you have left to save and where exactly the rest of your money is being spent. Knowing an approximate monthly home loan EMI outgo helps you to make a place for it in the budget so that the home loan EMI does not disturb your finances.
Compare Different Home Loan Options – The home loan EMI calculator tool can help to compare the offers by various home loan lenders, their interest rates, home loan amounts, and tenors, and check if you meet the home loan eligibility criteria. This knowledge helps you to choose the most pocket-friendly home loan option for you so that you can save up on the loan EMI amount. Bajaj Housing Finance offers home loans at one of the lowest interest rates any lender is offering in the market. So, if you are planning to take a home loan, choose us.
Home Loan Balance Transfer – Even a small amount saved on interest can impact your financial future and budget. So, if the home loan EMI calculator shows that doing a home loan balance transfer can help to save on the EMIs, then one must be open to the suggestion. A home loan can be transferred from one bank to another offering home loans at lesser interest rates. It allows anyone with an existing home loan in one bank to transfer the remaining amount to another lender offering more favourable terms (lower interest rates). This allows the borrower, to get his finances in place while paying lesser EMI.
A home loan EMI calculator is an online tool that helps you calculate your home loan EMI so that you can plan your monthly budget around it without any problem and have a smooth financial future. It can help you plan your dream home and financial future in a smooth and effective way.