If you have a home loan to apply for shortly, you should be aware of the total housing loan interest rate charges that you will pay over the tenor.
This way, you will have an idea of your total expense. And to arrive at your payable home loan interest rate charges, you don’t need to do anything manually. It is because it is possible using the online home loan interest rate calculator.
Let’s know about it and how to use it in some simple steps! Read on!
What is an online home loan interest rate calculator?
As the name suggests, you can use the online home loan interest rate calculator and know about your total payable interest charges over a tenor.
The tool is made available for free and works 24x7 on most leading lenders’ websites. Using the tool can help you plan out your finances even before the loan application.
How to use the home loan interest rate calculator?
- Land on the website of a lender you want to apply with and open the home loan EMI calculator from the ‘calculators’ section on the home loan page.
- On the calculator, you need to enter your desired home loan amount, the interest rate applicable and the repayment tenor.
- Once done, the tool will showcase an exact amount payable as the EMI and the total
home loan interest rate charges to be paid over the tenor. You will also come to know about the total loan cost (principal + interest).
What are you still waiting for? You can start using the home loan interest rate calculator and know your precisely payable home loan interest rate amount.
