Calculate your EMI and decide how much loan you should avail
Home sweet home is one such cliché line that can make anyone’s day. The very thought of owning a house, your own house, is something which is one of the landmarks in a person’s life. Not only owning a house is an asset, but the name fame that it brings to you within your community, and the security and comfort of getting a home is priceless. But today’s market values on land and commodity are so high that owning a house can still remain just as a dream.
The dream of buying a flat or house would just remain a dream if only paying at one time was the only available option. With the different market situation and different economic background of people, the possibility of paying more flexibly and reliably was inevitable to come. And there you have EMI as the saviour of the middle and low-income section. EMI or Equated monthly income is a way of paying your lump sum in small and manageable monthly payouts. EMI acts like you get a loan of a lump sum from the bank and the pay the mix of principal and interest to the bank in a fixed duration.
The advantage of EMI is that it makes it easy for low but stable income people to purchase a good and enjoy the benefits while paying for it sustainably. Be it your electronic gadgets or furniture or something big like a house; you can now go and get it with the option for EMI. With EMI you get a range of choice and flexibility to purchase your house over a range of period which makes it easy to buy a house as early as 20 years. If the income is stable and there is not further financial load, then it makes sense to purchase a house on EMI and reap the benefits of your home at earliest possible.
But before making such step, it is important to make a reality check of how much you will be paying as EMI for your dream house. It can be a cumbersome act to make the purchase only to realize that it will be difficult to do so. Therefore to help you out, there are EMI calculators to your rescue that makes it easy to calculate the EMI value.
One of the best EMI calculators out there is that of upwardly.in. It provides a user-friendly interface to enter the required value like the principal, time of payment and interest rate and it quickly gives the output as the EMI that you will need to pay to clear the home loan. It also features a graph to compare the interest with the principal to be paid.
So using an EMI calculator is a better method when approaching for a home loan. You should take full advantage of it and save yourself from preliminary faults that many other borrowers commit foolishly.