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How to Use a Mortgage Loan Calculator?

· Mortgage Loan

Potential borrowers can find a mortgage loan calculator on the official pages of most lending companies. In fact, these portals also allow customers to use this calculator for free. But to compute the EMIs of your mortgage loan efficiently, you will have to know how to operate it.

 

Below are a few steps to follow to use this calculator -

  1. Visit the official portal of the financial company you want to borrow the loan from.
  2. Look for the mortgage or loan against property calculator.
  3. After visiting the designated page, enter the loan amount you need to borrow.
  4. Choose the tenor convenient for repayment.
  5. Now, enter the mortgage loan interest rate specified by that lender.
  6. Scroll below to check the three estimates (total interest outgo, total payment, and monthly EMI).
  7. If you find this EMI amount affordable, you can click on ‘Apply Now’ and proceed with the application formalities.

You can check property loan interest rates of different lenders beforehand so that you can calculate the EMIs against the same with this tool. You can also go ahead and make slight adjustments in other inputs to bring down the EMIs of your loan against property.

LAP loan repayment tenor could go up to 20 years. It is on a borrower to decide whether he/she wishes to close a loan sooner or keep repaying it steadily for a longer span. 

But to be sure of that, you must be well-acquainted with what a mortgage loan is, its term and conditions, eligibility, documentation, application procedure, and EMI liabilities. For the last one, you can use a mortgage loan calculator at any time.

 

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