Many of you have to take home loans when you want to buy your dream home. However, calculating a housing loan is tough if you are not aware of the handy Home Loan Calculator. By taking home loans, more people get opportunities to own their dream property.
Therefore, let's find out more about the Home Loan Calculator now!
A home loan or mortgage loan in Malaysia is the amount of money that is borrowed as a loan from a bank or financial organization to help you purchase the property.
This is an exceptional calculator invented to help homebuyers find out how much money they need to pay monthly and how long it may take to fully pay the loan.
Using this tool, homebuyers can easily determine their monthly loan repayments affordability.
You can get a proper estimation of the monthly housing loan repayments for your house while using some property related websites. The procedure is almost the same for all websites –
Here are some popular websites you can look up for the procedures –
However, do not consider Home Loan Calculator as a certified source for actual understanding of installments since it is just estimation. The developers or the sellers are going to provide the actual information regarding installments. To get the most accurate figure, the lender needs to provide their interest rate to check if they qualify.
The size of down payment given by the homebuyer plays a very important role. If the buyer pays a large down payment, he/she can secure a high credit ceiling. The home loan amount would also be low in this case.
Check out why securing a high credit ceiling is important in this video.
Nevertheless, those who cannot afford to pay a large down payment can choose a longer loan term so that they can keep the monthly home loan repayment low as well.
There are four factors that affect housing loan eligibility –
Check out the below to understand your housing loan eligibility!
Using the House Loan Calculator and understanding the results can now help you get a clearer perspective and move on to the next step!
Find the calculations confusing, or wondering what is the next step? Don't worry, we can help you with all that!
Just drop your details below, and our agents will reach out to assist you in all your property needs.
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