123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

The Pros And Cons Of Online Home Loan Calculators

By Author: Aishwarya Mahurkar
Total Articles: 33

When you seek a housing loan to buy your dream home, every website, calculator and article is just a mere step on the way. However, some borrowers presume home loan articles providethe most important tips. But, actually, none is more useful than a home loan calculator. You must take this fact with a pinch of salt as wrong home loan calculations through the EMI calculator can turn out to be expensive mistakes as well. Therefore, understand the pros and cons of the home loan calculators so that you can make the most of it without falling for its potential disadvantages.


Pros:


If you use an online home loan calculator smartly, then you certainly haveanedge. These home loan calculators have many more features than the basic calculators available on every personal computer or laptop. They offer more value through the amortization tables and other details. You can figure out that a shorter tenure can be the better choice, if you can afford to repay the EMIs; which will be a bit higher. Secondly, this tool is a great advantage for people who are first time loan borrowers and without any background in the home loan industry. Home loan calculators will guide you to select a suitable neighbourhood, type of property and frills based on your affordability.


Cons:


Home loan calculators in India are limited by what users do not know about them. Most first time borrowers do not knowthe potential variations that they need to accommodate in the home loan interest rates and the respective EMIs. At times, most borrowers are not exactly clear about the total ancillary expenses that need to be included in the principal amount of the home loan. If you calculate the monthly home loan EMIs with the help of the EMI calculator and base your finances on it, you might not be ready for potential fluctuations and cash flow challenges.


Conclusion:


Home loan calculator is a useful and advanced tool that can harm you if you do not equip yourself with the right information. Use of any tool without the required information can be a harmful choice indeed. Additionally, there are several home loan calculators in India today. You cannot consider all these EMI calculators as interchangeable either. Each organization designs a tool with an intention to offer variety of information. For example: Use EMI calculator with an amortization table if you need to see how your home loan EMIs pan out over the years. So, choose the most suitable one to make the right decision and you will head into your future confidently.

Author Bio :

The author is a seasoned writer on finance topics and through her writing; she articulates aspects of home loan that are important to people availing the housing loan facility. She writes about a variety of topics covering the home loan documents, rates, online home loan calculator & Home loan calculators in India that help to make the best decision.

Total Views: 101Word Count: 490See All articles From Author

Investing / Finance Articles

1. Asset Reconstruction Company For India
Author: Arnav Desai

2. Summary Of Value Investing: Famous Value Investors?
Author: BhartiJoshi

3. Comparing Quickbooks Pro, Premier & Enterprise At A Glance
Author: Jessica Haizel

4. What Is A Share And What Is A Share Market?
Author: BhartiJoshi

5. Loans Without Guarantor & Credit Check To Fuel Your Financial Strength
Author: Adela Jones

6. What Does Systematic Withdrawal Plan Mean In Mutual Funds?
Author: Bhagath Varma

7. Beat The Summer Heat With 0 Percent Interest Loan On Air Conditioners!
Author: Meenal Wahi

8. Industry Research Reports
Author: Chetan Rathod

9. How To Start Investing In Sip Online?
Author: Bhagath Varma

10. What Is A Mutual Fund And How Do I Invest In Them?
Author: Bhagath Varma

11. Advantages Of Export Documentation
Author: Laural Smith

12. Option Trading - A Free Style Of Trading In India
Author: Mahendra Rajput

13. How Stock Market Advisory Firms Are Helpful In Trading
Author: rajveervyas

14. Fundamental Analysis Of A Company
Author: Aniket Vichare

15. Important Factors To Know About The Sme Loan
Author: Manish Damani

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: