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Thursday 20 February 2014

Plan Your Home Loan with EMI Calculator

Every bird is seen returning to its nest, each evening. Like birds, you must be returning to your home, every evening. But, what if your home is rented, and you have to change it every time the contract ends?

Home is the place, where you relax and experience some finest moments in your life. Every piece of furniture in it, and every wall inside it, is known to carry a memory. Majority of you will be reluctant to drop the memories attached with home. So, why not opt a home, which will last with you for a lifetime?

For buying a home of your choice, you need ample amount of money. The prices of real estate are rising each day, and your savings may not be adequate enough for financing the purchase. For financing your home, you need to borrow a home loan. But before you jump into the deal, you need to decide some basic things like the amount of loan to borrowed, the loan tenure, the rate of interest, and the most important of all, EMI.

EMI of any loan is calculated by banking professionals. But, for making things easy and feasible, banks have started providing EMI calculators. An EMI Calculator is a web application hosted on bank’s website, and is useful to provide the quotes on loans. For instance, the calculator provided by HDFC is known to produce the installment amount, once you have entered the principal amount, tenure, and loan’s interest rate. You can use the sliders to alter any of these values easily.

On the same grounds, ICICI bank provides the loan installment calculator. However, you are required to open a few links before reaching it. The calculator provided by Union Bank is very simple. You are required to fill in all numbers, and a detailed result is available at end. Like these, there are many EMI calculators, which you are required to use, before borrowing a home loan.

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