Home Finance What are the Benefits of Using a Home Loan EMI Calculator?

What are the Benefits of Using a Home Loan EMI Calculator?

Taking a home loan is an important life decision. You do not want to start on the wrong foot. It is a long-term financial commitment and you need to know how much you will end up paying back and over how long a period.

Fortunately, today, you can calculate your home loan EMI with the help of a home loan eligibility calculator. It helps you to decide on the repayment plan that is most suitable for you.

It is not difficult to get a home loan. The catch is to get one that suits your requirements. For this, you should have prior knowledge of what to expect out of a home loan.

Most online home loan calculator tools are user-friendly. You can change the variables to see what your final equated monthly installments (EMIs) will be. 

Equated Monthly Instalments (EMIs)

The primary feature of a home loan is the Equated Monthly Instalment (EMI). Most people apply for home loans without an idea about what their final EMIs will be. However, today you can get some attractive options from lenders due to the competition in the market.

The interest rate may begin from 6% to 7% for a salaried person for a loan tenure that stretches for up to 30 years. For a long tenure, you can access up to ₹5 crores as a loan and your EMIs could be as low as ₹645 per lakh.

For the above loan conditions, you need to meet specific eligibility criteria. But if you do, then you might like to use a loan eligibility calculator to see how much your EMIs are going to be.

Benefits of Home Loan Calculators

So what are the benefits of using a home loan calculator? If you use a home loan calculator, before you apply for a loan, you can be at an advantage in several ways. Here are a few of the primary advantages of a home loan calculator:

Control Your EMIs

Once you have a calculator in hand, you can key in your details including how long you want to pay the loan for (the tenure), the minimum interest that you expect, and other variables. You can vary the amounts to bring the EMI to a comfortable figure.

Better Clarity

With the information that a home loan calculator gives you, it becomes easier to understand what lenders are offering you. It helps you to compare various lenders so that you can get the best deal.

Error-free Calculations

You may have read about home loan calculations to find out your EMI. With a home loan calculator, you can complete complicated home loan calculations within seconds. The results you get will be highly accurate.

Show Your Upper Hand

If you can show some knowledge about home loan calculations by using a home loan calculator, your lender will see that you are well-informed. You can hope to get the best deal from such a lender.

Get the Best Interest Rates

You can calculate interest rates linked to different EMIs that lenders are offering. By comparing these interest rates, you can identify a suitable loan like a PNB home loan which offers some of the most competitive interest rates in the market.

How to Use a Home Loan Calculator

  • Go to a website that offers a home loan calculator (you will see options for home, personal, and car loans).
  • Key in your details.
  • You will have to provide information like home loan amount, rate of interest, and your preferred loan tenure.
  • You will see the EMI at the bottom. It will also show you the total interest payable and the principal amount.
  • You will usually also see easy-to-read graphics based on the figures generated by the home loan calculator.
  • Most home loan calculators also feature your EMI repayment schedule for the duration of your loan.


You can enjoy many benefits from a PNB Housing Home Loan. You can get customized repayment facilities, quick approval, less documentation, and many other benefits from such home loans.

All transactions are digitized for easy accessibility to all your information on demand. Use a home loan calculator today to calculate your EMI and apply for a home loan for your dream home.


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