Home loan Emi Calculator UAE

Purchasing that fantasy home is an extremely exceptional minute in each individual’s life.
But a new home brings along huge costs and long-term financial planning which becomes quite a burden for many.
Not every one of us are millionaires who can undoubtedly oversee moment reserves for another home.
Most customers take a home loan to bring that dream home to life. In any case, by doing as such they tie themselves for next 15 to 20 years paying back that advance sum.
In order to pay less EMI every month, people lose a lot of their savings in paying the interest till they reach the loan maturity period.
But why pay more when your EMIs could be fine-tuned by few changes in your savings and managing other huge cost payments?
Let us make this important point that if you have taken a home loan, it’s time to be serious and manage your finances well before it’s too late!
  1. Focus on Home Loan first
    Many of us don’t realize the dangers that a Home Loan brings along and we sit back and relax thinking that we are paying the EMIs, so it is going to end at some point of time. That’s the wrong way! It’s time now to put your monetary skills to work. Think of all other big payments you need to do such as your PF, or insurance policies or some other small loans that you have availed. Put all those aside and calculate a figure for the EMIs you need to pay for your home loan. Check how much time you have to repay the money and invest in paying the home loan first. We never know! The loss related to other payments might not be that great as compared to the one you might incur through a home loan.
  2. Go for higher EMIs
    It might be difficult for you to manage the monthly expenses when you have availed a home loan. It covers 40–50% of your monthly income. But here you must know that if you pay a higher EMI every month, it will reduce your loan tenure and save the interest money that can be used for other important things.Try avoiding unnecessary expenses and use that money to pay more in your EMIs. After all it will reduce the overall burden of your home loan.
  3. Switch to a Loan with Lower Interest Rates
    You are at a point in life where managing your finances becomes your priority task. But the EMI that you are paying for your home loan doesn’t seem to end soon in the coming years.
There are certain ups and downs in the interest rates that the banks announce depending on the interest rate reset periods.
Check those new home loans which have a relatively lower interest compared to yours. Make sure you don’t have to spend extra on the new loan. You must choose the best alternative that can pull you out well from your current financial burden.
  1. Consider a partial Pre-Payment
    Make essential use of those promotions or appraisals that you get hold of from your employer. You may receive a lump sum in the form of a bonus, you can consider prepaying for the home loan partially using that money.
    It is like taking a totally different path from the normal EMI structure. But paying half the loan amount, in the beginning, will save you enough time and plan for other expenses. Make sure you check the prepayment charges that different banks ask for. Don’t worry the charges are usually minimal.
  2. Calculate EMI Properly
    Finding right EMI becomes a tedious job for many of us.We may find it difficult when dealing with numbers and end up paying wrongly for the entire home loan .There are many tools in UAE available online which helps in determining your EMIs very accurately . Home loan Emi Calculator which will help you find the right figure depending on the loan tenure, rate of interest and loan amount.
Make sure you will follow these steps to reduce the financial burden.

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