Online Tools to Help Plan Your Home Loan Application
Home loans, although an easy credit option, call for systematic thought and planning. It is important to take time out to research the different schemes in the market and understand their terms and conditions. Several financial tools are available online that can come in handy during such times. These can boost your chances of securing hassle-free home loans so that you can apply with more confidence and expect quicker approvals on your housing loan application.
Online Financial Tools That Help Plan Your Home Loan Application
To ease your home loan journey, most lending institutions offer several useful financial tools on their official websites. These user-friendly online calculators can be easily accessed by everyone for free. They are aimed at simplifying the complex tasks integral to housing loans, which involve heavy number crunching. Given below is a list of some common home loan tools:
1. Home Loan EMI Calculator
A home loan EMI calculator makes your housing loan application process smoother and error-free so you can enjoy swift loan approvals and disbursal. They can arrive at the desired principal amount that is well within their means, thereby planning the loan repayments effectively by using the calculator tool.
Prior to filling out the loan application form, use the EMI calculator for home loan to figure out the loan deals that cater to your needs. One can estimate the payable EMIs by entering basic details such as the principal, rate of interest and tenor. Keeping in mind your income and liabilities, you can use these variables to determine the loan amount, tenor and EMI that suits you best. Additionally, the calculator gives you a break-up of the loan principal and interest components over the course of the tenor.
2. Home Loan Eligibility Calculator
Potential loan borrowers can use a home loan eligibility calculator to check their eligibility in obtaining favourable loan schemes. Fulfilling eligibility requirements increase your chances of easy loan processing and sanction. The factors that primarily qualify you for a home loan are age, income, existing obligations, credit score, employment type, city of residence, etc.
Individuals can assess their eligibility for suitable loan amounts as per their income and repayment capacity. They can input their date of birth, city of residence, monthly income and existing financial obligations such as payable EMIs, fixed expenses and credit card outstanding. The calculator will immediately reflect the loan amount that one is eligible for.
3. Home Loan Balance Transfer Calculator
You can calculate your expected savings through a balance transfer using a home loan balance transfer calculator. Doing these calculations beforehand can help you understand the financial implications of a loan transfer so that you can decide if it is the right time to switch your lender.
The manual calculations involved herein are complex and time-consuming. The calculator simplifies this task, computing complicated numbers in an instant.
4. Home Loan Prepayment Calculator
A home loan prepayment calculator allows borrowers to establish the viability of a prepayment option. They can provide a few essential details - the loan amount, interest rate, tenor and the part pre-payment amount to gauge the savings involved.
The calculator helps you determine four crucial loan elements upon pre-payment completion - the revised instalment amount, EMI savings after pre-payment (net amount and percentage) and the probable tenor reduction. This data will give you the necessary insight to plan a pre-payment before you actually proceed with it.
5. Stamp Duty Calculator
Home buyers need to pay stamp duty and registration charges when purchasing a property in any state. Since stamp duty differs from state to state, a stamp duty calculator proves beneficial in this regard. It calculates the charges accurately per the varied regions. Thus, one can estimate the costs in advance, enabling smarter credit management as one can set aside the requisite cash. To access the calculator, users can just fill in the state of residence and value of the property, and the total payable amount will be instantly displayed.
Summing Up
Property purchases facilitated through home loans necessitate judicious preparation well in advance. The online tools mentioned here can benefit immensely during this procedure, letting home loan applicants make informed financial choices at the right time. These calculators are convenient, simple to use and minimise errors, which can help users arrange for their housing finance; and eventual home purchase even more efficiently in a budget-friendly manner.
