Are you dealing with a financial emergency that requires you to have access to a substantial amount of money? Have you decided that you do not want to take financial help from friends and family and feel obligated to them later? Do you have a property in your name? If yes, a loan against existing property can be the answer to all your problems and a mortgage loan EMI calculator will help you in many ways.
Mortgage loans allow one to get access to a substantial amount of money almost immediately. Further, since these loans carry a minimum risk for the lender because of the involvement of a property as security, lenders sanction these loans at very affordable interest rates. Currently, mortgage loan interest rates vary between 9% and 15%, which is quite low.
However, if you decide to solve your problems with the help of a mortgage loan, make it a point to use a mortgage calculator. Borrowers repay loans against property in the form of EMIs which constitute a principal component and an interest component. Mortgage loan EMI calculator allow aspiring borrowers to understand their EMI obligation for a specific loan amount and prepare themselves for the commitment. Further, it also allows borrowers to get access to their amortization schedule and understand how much principal and interest are left to be repaid at the end of each month.
Before we can tell you where to find the best mortgage loan calculator, let us look at some of the benefits of using a mortgage loan calculator.
Benefits of a Mortgage Loan EMI Calculator:
1. Helps You Compare Offers and Choose the Best One
If you are planning to take a loan against a property, do not accept the first offer you receive. Talk to as many lenders as possible and negotiate hard for good interest rates. Once you have a few offers, use a mortgage loan calculator to understand your EMI obligation concerning each offer as well as your total interest outgo. Based on the results, go with the offer that looks most lucrative to you.
2. Helps You Plan Your EMI payments
A mortgage loan calculator will tell you your EMIs for a specific loan amount even before you have taken the loan. Once you have this information, use it to plan your monthly budget in such a way that you always have ample money to clear your EMIs. This way, you will never miss EMI payments and your credit report will always be exemplary, making you eligible for a second loan, if need be.
3. Helps You Understand How Loan Prepayments Can Help You
If you have taken a loan against property, you would want to clear the loan and have your property papers returned to you as soon as possible. Prepayments can help in this regard. However, many lenders charge a prepayment fee. With the help of a mortgage loan calculator, you can understand if this fee will outweigh the benefits associated with prepayment. Further, a mortgage loan calculator will also help you understand how prepayments will affect your EMIs, loan tenor and total interest outgo.
4. It’s Free and Quick
Loans against property, also known as mortgage loans or secured loans, are loans availed of by pledging a property — residential or commercial — as security. EMI calculations are tricky and prone to errors when done manually. A mortgage loan calculator removes the scope for errors. A mortgage loan calculator also delivers accurate results every time. Further, it does so in a matter of seconds.
Mortgage loan calculators are also free to use and thus, one can use them repeatedly until one has arrived at the right combination of EMI, home loan amount and tenor.
All in all, a mortgage loan calculator allows aspiring borrowers to not only figure out the right combination of loan value and EMIs but also allows one to plan their loan journey in such a way that there is never any scope for payment default.
How Can You Find Best Mortgage Loan EMI Calculator:
Now we come back to our main question: where does one find the best mortgage loan calculator?
The internet is rife with good mortgage loan calculators. Search for ‘mortgage loan calculator’ and you will see hundreds of results. However, if these results leave you confused, simply go to Bajaj Finserv’s website and access their mortgage loan calculator. The NBFC offers property loans at interest rates starting as low as 9.50% per annum along with a repayment period of 18 years. They also host a mortgage loan calculator on their website which is quite easy to use, quick and accurate. All you will need to do is input three values — desired loan amount, desired loan tenor, and the interest rate you think your lender will offer you — and the mortgage loan calculator will display your tentative EMI on your screen within seconds.
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