A plot loan EMI calculator, as the name suggests, is an online calculator that helps individuals evaluate their monthly installments before applying for such credits. This simple online tool helps applicants pick the right loan amount and tenor that will make their EMIs affordable.
Users only have to enter the following data –
- Loan amount.
- Tenor.
- Rate of interest.
The housing loan EMI calculator will show the EMIs instantly after individuals enter the above three numbers. They can freely abject the data to arrive at a suitable monthly installment.
An EMI calculator is exceptionally easy to use, prompt and accurate. It eliminates the need for a manual calculation.
Not only EMIs but this online tool also helps individuals choose the right loan tenor. While a longer tenor accounts for affordable monthly installments, it increases the total cost of loan. A shorter tenor has the opposite impact.
A plot loan EMI calculation is based on an amortisation schedule, which displays the interest and principal portion separately throughout the tenor. This table can help home loan borrowers to part-prepay or foreclose at the right time to save more on interest.
Also Read: Tips to Efficiently Manage Housing Loan EMIs
Apart from an EMI calculator, individuals can also use a home loan eligibility calculator. This online tool shows the loan amount a borrower is eligible for based on his or her income, existing liabilities, and other details.
Applicants can avail a home loan and plan the repayment easily by using these two online calculators before applying.
