Apps

Housing Loan Calculator App – Is it a good app?

Taking a loan involves the need to study a lot of taxes and possibilities. Check out this app that can help you get a loan that fits you!

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Simple financial and economic are rather easy, but when we talk about loans, credit, and almost everything bank related, the amount of taxes and minor details can make it very difficult for an average person to keep up with so many details.

In the era that we live in, one of the greatest things that happened to us was the creation of apps.

It is true that many people think they are an issue more than a solution, especially if you focus on those used mainly for entertainment and keeping the attention of the user only for the sake of keeping it, without gaining anything productivity in return.

If we look at this point of view, yes, apps may be harmful. But we are talking about those kinds of apps that take most of the complicated work and allows us to save time and make sure the results are right, so we can take more assertive decisions in our life.

This is exactly the app that Housing Loan Calculator is, it helps you understand in such a clear and easy way how much time and how much money will it take, so you can already prepare yourself before getting a loan.

This definitely is a powerful weapon so you don’t get it.

Things you should never do with your money

Talking about money is one of the most important subjects one might take care of, here are some of the things you should never do with it.

How does this app work?

Loans for buying a house are one of the trickiest deals you can make with a financial institution, you need to keep an eye on many details like interest, installment, monthly mortgage, and such.

House Loan Calculator is an app where you input some information and it will itself make all the complicated calculations for you.

The app shows valuable information, being completely honest, for some people it may even show more than they truly need to decide to take a loan.

One very important disclaimer is that this app was designed for Malaysians, and it can only be seen in the Malaysian loan rates.

Some countries may have their rates like the U.K., Canada, and some states of the U.S.A.

However, this does not take away the merit of the app, since you can download it almost worldwide and use the Malaysian rates as a reference, so you can calculate it through your country’s rate.

It is only available on Google Store.

Let’s take a look at some of the main features:

Calculate loans

Here, the app itself calculates most of the information and taxes regarding the loan. All you need to do is fill the current loan amount, effective interest rate, and loan term in years.

With this information, the app is able to calculate loan amount, effective interest rate, loan terms, monthly installment, total Interest, and monthly average.

Check a property valuation

This is a very important feature if you think that for any reason the bank maybe not give you such an accurate valuation of the property you want to use the loan for.

You need to fill in some blanks like size (SF), land area, number of units, floor level, car park/s, unit condition, and renovation cost. It is also necessary to indicate the unit attachment like kitchen cabinet, wardrobe, etc.

Affordable loan calculator

This is pretty much like the loan calculator we discussed before, however as the name suggests, it is more focused on finding out if you can afford or not the loan you want to engage in.

You may already get the picture, will fill in some information, and the app you give you important information like monthly payment and the total payment. A very important value.

Conclusion

The best way to guarantee you are doing a good business is by having all the information and knowledge necessary to make sure you are not getting blindsided in any way.

This app, although focused on the Malaysian people, can certainly help you understand how to prepare yourself before making a decision on taking a loan or not.

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