Plan your Finances: Utilise Loan Against Property EMI Calculator
If an individual is planning to get a property, they must calculate their monthly EMIs before beginning the loan application process. One method for determining LAP loan EMIs involves using the loan against property EMI calculator.
These calculators are simple and easy to use, allowing individuals to determine their monthly instalments based on various factors. Interested individuals can go through this blog, to learn the repayment amount in advance. It can assist them in better budgeting and financial planning.
How to calculate the EMI of a loan against property?
To use a loan against property EMI calculator online, the loan applicant needs to follow the steps mentioned below:
Step 1: Visit the official website of a lending institution.
Step 2: Search for the loan against property EMI calculator.
Step 3: Enter the loan amount, loan tenor, and rate of interest. Alternatively, adjust the sliders to input the data.
Step 4: Review the details provided and click on the ‘Submit’ button.
After completion, the LAP EMI calculator will provide the total interest payable amount, the amount to be repaid and the tentative EMI.
What is the loan against property EMI calculation formula?
Following is the loan against property calculation formula an individual uses to calculate their EMIs:
EMI = [P*R*(1+R)^N]/ [(1+R)^N-1]
Here,
- P indicates the principal amount
- R indicates the rate of interest in percentage
- N indicates loan tenor in months
How does an EMI calculator for a loan against property help a borrower manage finances?
Besides EMI calculation, the loan against property calculator helps an individual manage their finances in the following ways:
- Compare the tenor of repayment
An EMI calculator helps in comparing repayment tenors, assisting individuals in determining the most suitable option for them. With repayment tenors extending up to 18 years for property loans, users can make informed decisions by comparing and selecting the optimal tenor for their financial situation.
- Analyse down payment
Using the loan against property EMI calculator, individuals can assess their down payment options. Opting for a bigger down payment results in reduced monthly instalments, offering potential savings for those with sufficient income or savings.
- Compare different loan amounts
An individual can change the values according to the pricing of the property and check how different prices can impact their monthly EMIs enabling them to select a suitable loan amount comfortably repayable.
- Plan budget
Budget planning becomes streamlined as users can determine the amount needed for monthly instalments well in advance, facilitating early budgeting and saving efforts.
What are the features of a loan against property EMI calculator?
Here are some crucial features of a loan against property loan EMI calculator:
- Accurate results
The calculator provides fast and accurate results within a few seconds. This tool has zero chances of human errors as it is an automated tool.
- No restrictions
This online calculator has no limitation and therefore borrowers can use this tool multiple times with varying combinations.
- Available 24 hours
Some financial lending institutions provide this tool 24/7 in their online platform.
Individuals can access pre-approved loan offers from various lending institutions, including a loan against property and a home loan. These offers are available to existing customers with a good repayment history and help in speeding up the loan approval process. Individuals can check these offers on their lender’s website by providing their name and other necessary details.
Using a loan against property EMI calculator empowers borrowers to manage their finances efficiently. With its user-friendly interface and ability to provide instant results, the calculator serves as a valuable tool in the loan acquisition process.
