Buying a house is one of the most important decisions in an individual’s life, checking your home loan repayment via online home loan calculator is a great step towards making a well-weighed and informed decision. You can use this tool to adjust input parameters like loan amount and loan tenure to reach that perfect repayment quantum that suits your pocket. Feeding in some important parameters and clicking the ‘calculate’ button is all that its takes to know the estimated monthly repayment amount for your home loan.
How to calculate home loan repayment using online home loan installment calculator
Here are a few steps that are generally involved in the use of online home loan installment calculator.
- Feed in your required housing loan amount. For e.g. you can input RM.50L if that is the loan amount you are looking for.
- Input your preferred home loan tenure. For e.g. you can key in 10 years if that is your preferred loaning period.
- Fill in the applicable interest rate of your home loan.
- Fill in the applicable processing fee for your home loan.
- Click the ‘Calculate’ button for seeing your corresponding housing loan instalment. The online home loan installment calculator also might work out a tentative pattern of your housing loan repayment and depicts it in the form of an Amortization Table which can be read to know various aspects of repayment like timelines, total interest payable, outstanding loan balance and so on.
Benefits of using repayment calculator for home loan
- Using the home loan calculator for checking your loan repayment plan and other related details, is a great way to ensure that you are well-informed and aware of all the related aspects of the loan before you decide to get your hands on one. Some of the most outstanding advantages of using an online calculator are –
- You get to know your tentative housing loan instalment beforehand; this enables you to plan your expenses more efficiently since you now know how much of your monthly income will go into loan repayment
- You can try varying your loan amount or loan tenure so as to reach that optimum monthly repayment amount which you know you will be comfortable to pay, each month. And you can then apply for that optimum blend of loan amount and tenure.
- You can easily check how much your monthly repayment is varying in case the processing charges are varied. This, though is not in a customer’s hand, but can lend you good knowledge in order to decide which bank to choose for availing a home loan.
Amortization refers to the process of paying off a loan or mortgage. An amortization table is a depiction of periodic payment details on a loan. This table generally illustrates the full summary of loan repayment, depicting the years against corresponding interest, principal payments made as well as the outstanding loan amount at each milestone.
Housing Loan Interest Rates Malaysia
MBSB Housing Loan- 4.75%
CIMB Housing Loan- 4.95%
Maybank Housing Loan- 4.65%
Public Bank Housing Loan- 3.65%
Bank Rakyat Housing Loan- 4.20% - 4.90%