The decision to buy a home is a decision that will impact your life for many years to come. The real estate sector is one of the only sectors that has delivered stellar returns year after year. Your home will not only ensure a roof over your head during the tough days but also fetch you an excellent return on your investment. Property prices, unfortunately, however, are showing no signs of slowing down.

Most tier-1 and tier-2 cities have witnessed a massive surge in residential prices. Consequently, buying a home without a home loan is almost impossible for most people. The best home loans give buyers the required home loan amount at low housing loan interest rates, making loan repayment easy.

This article discusses home loan calculators and how they can help loan borrowers compare different loan offers and choose the right one. We also talk about home loan eligibility calculators and we close this article with tips on how to avail of a home loan on the lowest housing loan interest rates.

Home Loan Calculators and How They Can Help You Compare Loan Offers

A home loan calculator is an online tool that lets home loan applicants calculate their loan EMIs beforehand and start repayment planning. The calculator requires loan applicants to enter three details: loan amount, loan tenor and the housing loan interest rate at which they are being asked to repay the loan. Once these details go into the calculator, the users can see on the results page the EMI they will have to pay each month, the total interest payout on their loan and the total cost of borrowing your home loan.

So, how does the home loan calculator help borrowers compare loan offers from different lenders? The home loan calculator is quick and accurate. It delivers results within seconds. Thus, home loan applicants must reach out to as many lenders as they can. They must apply for a loan with them and negotiate for the best loan terms and conditions. They must then compare all the home loan offers using the home loan calculator and go with the offer that gives them the most affordable EMIs along with affordable interest rates. Other than helping borrowers select the right loan offer for them, the home loan calculator can also help with budgeting, prepayment planning and selecting the right time for a home loan balance transfer.

Home Loan Eligibility Calculator and Its Importance in the Home Loan Process

The home loan eligibility calculator is an online tool that lets home loan applicants work out the loan amount they are eligible to apply for. The home loan eligibility calculator is also fairly straightforward to use. It prompts users to enter four details: gross monthly income, loan tenor, housing loan interest rate and other existing EMI obligations. Once these details go into the calculator, the calculator gives borrowers the home loan amount they are eligible for. When one applies for a loan amount that one is eligible for, the chances of loan default decrease considerably and thus, lenders sanction such loans on better loan interest rates.