Loan Against Property EMI Calculator

Mortgage Loan Calculator: Introduction

A mortgage loan calculator is a specialised online tool that allows for the easy computation of monthly instalments for loans against property. It’s always best to check your liabilities before applying for loan against property, which is where this tool comes of use. It helps you compute the monthly instalment by considering three factors, namely:

• Loan principal – This is the loan amount applied for. For a loan against property, the maximum quantum can be up to 90% of a property’s market price. For example, if the immovable asset is worth Rs.50 lakh, the resulting principal sum cannot be higher than Rs.45 lakh. For property loans, the maximum limit is usually 80% of the property value.
• Repayment tenor – This is the repayment term within which the credit is to be settled. High-valued loans, such as loans against property, come with increased repayment flexibility. One can opt to repay the loan over a term extending up to 20 years. This factor is crucial for mortgage loan calculator to function.
• Rate of interest – The last factor necessary for a mortgage loan calculator to work is the interest rate applicable against the said loan. This rate is quoted based on the borrower’s eligibility and market conditions, among other factors.

Upon entering the information in these three fields, a mortgage loan EMI calculator displays the monthly instalment amount, the total interest outgo, and the total cost of the loan. Some advanced calculators also reveal the entire amortisation schedule.

Benefits of a Mortgage Loan EMI Calculator

Why is utilising a mortgage loan interest rate calculator important? It’s accurate and far easier than making such complex calculations manually.

• Fast - Such tools ensure speedy calculations, allowing borrowers to bypass time-consuming manual computations
• Accurate - Calculators such as these work on algorithms, which eliminates the possibility of a manual error
• Free and unlimited - These tools allow for computations at no additional charge; use them as many times as you wish or need
• Easier comparison - Calculating your EMI in advance enables you to compare offerings across lenders, helping you choose the most suitable option