4 features of a mortgage loan EMI calculator
People have various aspirations and desires for the future. They aim to live a lavish and stress-free lifestyle towards retirement and do not want to depend on others for money. They want to avoid running into debts and pay high repayment amounts that may seem unaffordable. It is essential to start saving for the future and remain cautious of expenses. The rates of property are also high, and many people surrender these as securities when taking a loan from banks and moneylenders.
A mortgage loan involves pledging property to the lender in exchange for the loan, such as residential, business, commercial, or plots and land. All loan borrowers should consider two more crucial things – check the eligibility and calculate the EMIs payable. They can conduct simple research and take the help of a mortgage calculator for computing the EMI amount accurately.
The calculator requires a simple calculation which users can easily access online. They can find the tool on the website or download an app for the same. The inputs needed for the calculator are –
· The principal amount
· The interest rate
· The loan tenure
After entering these figures, click on enter, and get instant and accurate results. If the EMI exceeds the budget, click reset, and enter new statistics, until the EMIs are affordable. Here are four features it offers:
1. Conducts comparative analysis
The calculator for mortgage loan allows loan borrowers to compare rates and tenures offered by different lenders to find a deal that fits their budget. They can use it to compare various schemes offered by banks, NBFC, and other financial institutions, and select the one which provides the cheapest loan along with flexible tenure.
2. Helps determine EMIs in advance
An essential feature of the calculator is that it reflects the exact EMI payable against the loan. It helps individuals understand the actual amount payable against their income and other mandatory expenses while calculating the EMI amount.
3. Increases the chances of loan approval
By using the loan calculator for a mortgage before approaching the lender, individuals can compute the interest rates and loan tenures offered by various banks and financial institutions. It increases the chances of loan approval as the loan borrower is already aware of the repayment capacity before selecting the lender.
4. Accurate results
Since the loan against property EMI calculator is electronic, it enables users to compute the EMIs against the loan precisely. There is no room for errors as opposed to manual calculations, where users must maintain long excel sheets with complicated formulas. The results are accurate and help loan applicants choose the favourable loan scheme.