Can I use the calculator to compare different lenders offering home extension loans?

Yes, you can utilise a home loan EMI calculator to compare loan options from different loan providers for your home extension needs. Here is how to use the calculator effectively for comparing loan providers:

• List down the interest rates and other charges offered by shortlisted financial institutions. Also, note variations in loan amount or tenure available.
• Use the same loan amount, tenure and repayment frequency for calculations across loan providers.
• Input the interest rate, time period, etc., for each loan provider one by one into the calculator. Note the EMI and total interest outgo with each institution.
• Compare the EMIs and total interest outgo in a table to identify the most affordable option. The loan with the lowest EMI and overall interest payout should be your preferred choice.
• Also use the calculator to evaluate the impact of varying loan amounts and tenure. See if a higher loan amount on a longer tenure reduces the EMI burden.
• Consider all factors, including rates, charges, flexibility of terms and prepayment options before finalising the lender.