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Why is it Advised to Calculate the EMI Before Taking a Home Loan?

While this loan remains a driving force to fulfill people’s housing dreams, it is always advisable to consider a few factors

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EMI, Home, Loan
Today, by approaching the right lender, you can avail up to 80% of the property as a housing loan to fund its purchase. Pixabay

With a large amount and an extended repayment tenure, home loans are more of a commitment than a credit. Today, by approaching the right lender, you can avail up to 80% of the property as a housing loan to fund its purchase. While this loan remains a driving force to fulfill people’s housing dreams, it is always advisable to consider a few factors to bring out the best of your home advance. EMI

One such factor is the use of a housing loan EMI calculator to determine your EMIs. As these are long term loans that may extend up to 20 years, one must foresee and plan about the finances that will go into repaying the loan amount.

EMI, Home, Loan
Now, take a closer look at what a home loan calculator is all about before moving on to reasons that back up its use.

With the use of this calculator, you can arrive at the right decision as to the number of years you want this loan for, or the total amount you will be able to afford. Now, take a closer look at what a home loan calculator is all about before moving on to reasons that back up its use.

How do EMI Calculators help calculate the EMIs?

A housing loan calculator computes the EMI amount you will need to pay every month for the repayment of your credit. It also gives you an insight into the total interest you will pay by the time the repayment tenure ends.

To compute the monthly installments, you are required to input three specific details like – 

  • The total credit amount
  • Your chosen loan tenure
  • The rate of interest

After you provide these details, the calculator uses the amortization method to calculate your payable EMIs. Hence, if you change the home loan interest rates, or any other detail entered, it will compute a new EMI.

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You may, therefore, arrive at a suitable EMI as per your repayment capacity. It also defines the loan amount you should avail and the tenure you should opt for.

With these details about what EMI calculator is and how it functions, you may now check out why it is advisable to calculate EMI before you take a house loan.

Reasons why you should calculate your EMIs before taking a house loan:

 

  • You can make a sound financial plan for the coming years
EMI, Home, Loan
With a large amount and an extended repayment tenure, home loans are more of a commitment than a credit. Pixabay

 

With the computed EMI amount, it becomes easier to make better financial plans for the future. Like, if you have decided on a given loan amount and tenure, computing the EMI as per this input can give you an insight into whether you can go for a more substantial amount or not.

 

  • It helps find your eligibility for the loan

 

If you know your home loan eligibility beforehand, it reduces the chances of application rejection. Once you have calculated the payable EMI using home loan eligibility calculator, you can check your debt-to-income ratio, which is one of the factors that affect your home loan eligibility. With such eligibility, you can get a high-value loan of up to Rs. 5 Crore from reputed NBFCs.

 

  • You can compare and choose the best lender and streamline finances

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As different lenders offer housing loan at varying interest rates and loan tenure, calculating EMIs with an EMI calculator makes it easy to compare the offers. You can thus choose the best lender to avail a loan.

With this, you get a clear picture of your finances that go towards house purchase, and also plan for part-prepayment or foreclosure. Hence, it is always advisable to calculate your EMIs before you apply for a loan. With an estimated amount, you can proceed with the steps to easily get a home loan in India.

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This Urine Test Kit Can Detect Prostate Cancer Risk at Home

Home urine test kit can accurately spot prostate cancer risk

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Prostate cancer
Scientists have developed a urine test kit that can accurately detect prostate cancer at home. Lifetime Stock

Scientists have developed a novel urine test kit that can help detect prostate cancer risk at home. The test diagnoses aggressive prostate cancer and predicts whether patients will require treatment up to five years earlier than standard clinical methods.

The ‘PUR’ (Prostate Urine Risk) test could be performed on samples collected at home, so men don’t have to come into the clinic to provide a urine sample or have to undergo an uncomfortable rectal examination, according to researchers from the University of East Anglia and the Norfolk and Norwich University Hospital.

This is an important step forward, because the first urination of the day provides biomarker levels from the prostate that are much higher and more consistent.

The research team hopes that the introduction of the ‘At-Home Collection Kit’ could revolutionise diagnosis of the disease.

Urine kit detects cancer
This ‘At-Home Collection Kit’ could revolutionise diagnosis of cancer. Pixabay

“Prostate cancer usually develops slowly and the majority of cancers will not require treatment in a man’s lifetime. However, doctors struggle to predict which tumours will become aggressive, making it hard to decide on treatment for many men,” said lead researcher Dr Jeremy Clark from UEA’s Norwich Medical School.

The most commonly used tests for prostate cancer include blood tests, a physical examination known as a digital rectal examination (DRE), an MRI scan or a biopsy.

“We developed the “PUR” test, which looks at gene expression in urine samples and provides vital information about whether a cancer is aggressive or ‘low risk,'” Clark added.

The research team provided 14 participants with an “At Home Collection Kit”, and instructions.

They then compared the results of their home urine samples, taken first thing in the morning, with samples collected after a digital rectal examination.

“We found that the urine samples taken at home showed the biomarkers for prostate cancer much more clearly than after a rectal examination. And feedback from the participants showed that the at home test was preferable,’ the authors wrote in a paper published in the journal BioTechniques.

Cancer risks and treatment
Prostate cancer usually develops slowly and the majority of cancers will not require treatment in a man’s lifetime. Lifetime Stock

Because the prostate is constantly secreting, the collection of urine from men’s first urination of the day means that the biomarker levels from the prostate are much higher and more consistent, so this is a great improvement, they added.

“Using our At Home test could in future revolutionise how those on ‘active surveillance’ are monitored for disease progression, with men only having to visit the clinic for a positive urine result. This is in contrast to the current situation where men are recalled to the clinic every six to 12 months for painful and expensive biopsies,” the researchers added.

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“This is a very exciting development as this test gives us the possibility of differentiating those who do from those who do not have prostate cancer so avoiding putting a lot of men through unnecessary investigations,” said Robert Mills, Consultant Surgeon in Urology at the Norfolk and Norwich University Hospital.

The research team said the findings could also help pioneer the development of home-collection tests for bladder or kidney cancer too. (IANS)