Can I use the home extension loan calculator for renovation purposes as well?

Yes, you can use a home extension loan calculator to estimate loans for renovation purposes, too. The calculator works by allowing you to input key details like the loan amount, interest rate, and time period.

Based on these inputs, it calculates your monthly EMI outgo and total interest outgo over the full tenure. It also shows the breakdown of principal versus interest components in each EMI.

The mathematics involved in calculating a renovation loan is no different. You can use the same calculator to estimate monthly repayments by entering your required loan amount, the rate of interest offered by lenders, preferred loan term.

Whether you are renovating your kitchen, bathroom, flooring, electricals, etc. or doing a complete house makeover, the calculator helps you arrive at the EMI amount you will pay each month and the total amount payable including interest.

This helps you plan your loan amount and tenure wisely based on repayment capacity. Compare rates across banks and NBFCs before deciding, as interest rates vary. Also, opt for a tenure that suits your budget to avoid repayment stress.