With an increasing temptation to make our life more comfortable and affordable there are lot of things that we adapt and one of them is borrowing a loan. Loan is becoming a requirement for everyone who want to own their house and fall short of enough funds.Even the self sufficient people of our society borrow a loan to suffice the required amount and are also ready to bear the extra cost towards the loan.This loan is not only borrowed by them to buy a house but also to utilise their own saved funds in other money generating schemes. This is what they call a rotation of money.
When anyone of us applies for any kind of a loan and becomes a Borrower, we all have to agree to a pre-determined terms and conditions, interest rate at which loan has to be repaid as discussed and decided between the lender and the borrower mutually. The borrower agrees to pay the principal amount along with the interest amount over a fixed period of time as decided in the final loan document. This repayment is divided into equal monthly installments for a certain period of time and this EMI includes the principal amount as well as the interest.
Nowadays, with growing technology and the awareness about the knowledge centers on all the topics over internet, new as well as the current Home loan applicants get a facility to calculate their EMI’s before hand they opt for the new financial responsibilities with the help of EMI (equated monthly installment) calculators provided on all the major financial portals.
The EMI calculator plays an important role to find an ideal scheme for all the borrowers. This means that with this feature the borrower can easily find the right EMI as per the selected financial product.For example, an individual looking for a housing finance loan (home loan) would like to borrow at a reasonable rate for over a period of 15-20 years. To bring this effect, there are several features that are used be the EMI calculator to predict the best possible EMI scheme which can be beneficial along with other terms and conditions: