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The Different Methods Of Calculating Home Loan EMI


Use the interactive home loan calculator to calculate your home loan EMI. Get all details on interest payable and tenure using the housing loan calculator – PowerPoint PPT presentation

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Title: The Different Methods Of Calculating Home Loan EMI

The Different Methods Of Calculating Home Loan
  • Most first time borrowers are under assumption
    that calculating home loan EMI is easy. All you
    need is a housing loan EMI calculator. You have
    to agree with that. It does seem like if you have
    EMI calculator for home loan, all you need to do
    is enter right numbers. But, believe it or not it
    is more complex than that. Here are two reasons.
    Firstly, lots of factors in the equations remain
    unaccounted for. Secondly, EMI calculator will
    not help you get the specifics you actually need.
    So, here are three common methods.

Manual calculations
  • Most of the formulae for home loan EMI
    calculations are available online. You can easily
    note them down and calculate EMI as per repayment
    option, home loan tenure, etc. The ease of doing
    them manually depends on your mathematics skills.
    But, most websites do offer an example in order
    to assist readers calculate home loan EMI. This
    process is the most tedious one. But, there are
    few high-level calculations you cannot see with
    online tools. For example, EMI as per balloon
    repayment option. Manual calculation is the way
    to go.

Home Loan EMI Calculator
  • Online calculations
  • Most borrowers are familiar with online EMI
    calculators. Thing is, there are a lot of home
    loan emi calculator in India. All of them do not
    offer real help. Some are just an online version
    of basic mathematical calculator. Yet, it does
    simplify your job, especially if you are not a
    maths geek. But, there are some efficient EMI
    calculators for home loan. They support your
    calculations well with several additional online
    tools like amortization table. DHFL has one of
    the best EMI calculators in housing finance

Computer calculations
  • You can use excel sheets on a computer to get the
    job done. It will be as good as some of the
    online EMI calculators. But, with basic
    asthmatics skills and few formulae, you can check
    the basic structure of repayment options too.
    However, it is not as good as some of the
    advanced online tools.
  • Either way, the best method for your calculations
    is the one that give accurate results instantly.
    Online home loan calculator is a great choice but
    not for more customised calculations. However,
    you will need to know the following before you
    calculate the EMIs and other details. For
    example, cost of property, processing charges,
    stamp duty, legal fees, and realistic interest
    rates. This information can be made available to
    you when you meet a relationship manager for the
    same. Even a third-party personal finance
    consultant is a great person to meet for these
  • Source http//

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