The home loan calculator for your dream home and its advantages

When it comes loan eligibility and loan repayment people used to prefer to leave it to the bank. However in the recent days with the advent of the loan calculator, folks are able to get the eligibility for a loan, its repayment structure, and number of EMI, frequency of EMI and other details of the loan. The same has also been applicable in case of the home loan calculator. There are several advantages of the home loan calculator and here we will brief you about the various advantages of the home loan calculator.

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Home Loan Calculator

Easy access of the monthly repayment: Once you have the home loan calculator, you will come to know how much you need to repay monthly for the loan. All you need to do is to put the principal amount you have taken form the bank, rate of interest, and the number of EMI. The home loan calculator will give you the details of your monthly repayment value. At the same time you will have the advantage to make extra or increased monthly payments for the loan which you owe to the bank and how quickly you would be able to pay off your loan if you did so.

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Schedule of amortization: When it comes to home loan the amortization is a most common phenomenon. In fact most of the home loan borrowers prefer to have the option of amortization for the loan. It is very important to calculate your amortization schedule well in time so that the penalty for the loan will be avoided. The home loan calculator comes to picture here and it reminds you the schedule about the based on pre-payments you can still get a monthly figure.

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User friendly: All the home loan calculators have been designed in such a user friendly way that, you will be able to get all your detail relevant information in no time. Operating the home loan calculator is also very handy and persons without having any knowledge can also found it convenient to operate. In getting your desired data, the home loan calculator will prompt you to enter the necessary value at the right time, so that the result can be achieved.

Bi-weekly mortgage payment calculator: The rate of interest will be constant for the loan and accordingly you will pay the interest and the principal towards the repayment of the loan. However if you will repay the loan in advance you will be exempted from some interest. However calculating the bi-monthly mortgage value is a tedious and time consuming. By using the home loan calculator, you can figure out additional payments by doing some bi-weekly mortgage payment calculations for the home loan which you owe. By implementing the home loan calculator you can save some money for you with the additional payments which can save you paying interest and thus shorten the term of the loan.

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Know the basics of the home loan

Home loan is something which everybody has taken in their life. Yes, the home loan is the easiest loan to get it sanctioned form a bank. As far as risk associated with the home loan is concerned, it is almost zero. In case of the hole loan the bank will take only the collateral security and title of deeds. Whenever you are approaching the bank for a home loan you have to keep in mind that you are pretty aware about the basic guidelines of the bank. Here we will let you know the basic of the home loan.

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Documentation:  For any sort of loan the documentation id the first thing which the bank will ask. In order to put a proposal the bank will ask for some documentation in the proper format. If you have the necessary documentation in the correct form, you can save a lot of your time in getting putting the home loan proposal.  As far as documentation is concerned, you have to submit the KYC norms, title of deeds and any other document required by the banks. Make sure you have all the relevant documents in order to process the paper work smoothly.

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Knowing the rate of interest: The rate of interest varies from bank to bank.  You have to make sure that you have done enough research in knowing the rate of interest for various banks over the internet. In fact the base it always remains same for all bank, below which no bank can sanction the home loan. Hence always keep a close eye on the base rate; whenever the base rate is reduced you can approach any bank for the home loan to get a home loan at a cheaper rate of interest.

Repayment of loan well in time: Once the home loan is sanctioned, the next important thing you need to consider is the repayment of EMI well in time. Make sure that you are paying the EMI well in time in fact if you are paying the EMI before the due date it will always be a wiser option. The bank will remind you to repay the EMI, but don’t wait for the reminder.

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Home LoansHow to compare the various home loans: The home loan offered by various bank can be compared with various aspects. It is always to compare the home loan offered by various banks so that you can save a lot with your home loan. The loan duration, EMI amount, rate of interest, length of the loan, closing cost, processing fees and documentation fees are the various factor which can he you to save on your home loan. In general practice if the loan duration is shorter you will have to pay lesser interest compared to the loan where you have longer repayment period. Similarly the documentation fees also have a larger share while sanctioning the home loan. Chose a bank where you have to pay lesser documentation fees. These are the basic of the home loan, which you must know.