Loan Against Property EMI calculator

LOAN AMOUNT
Rs
|
20L
|
3C
|
9C
|
15C
|
21C
TENOR
|
1
|
24
|
48
|
72
|
96
|
120
|
144
|
168
|
192
|
216
RATE OF INTEREST
%
|
1
|
3
|
5
|
7
|
9
|
11
|
13
|
15

Total interest payable

Rs. 90,142

Total payment

Rs. 9,90,142

EMI Amount

Rs. 82,512

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

Loan Against Property EMI Calculator: FAQs

What Is A (Loan Against Property) LAP EMI Calculator?

A LAP EMI calculator is a type of calculator that helps you calculate your monthly instalments for the repayment of your Loan Against Property.

What Is An EMI?

EMI, or equated monthly instalment, is the total amount payable every month until the loan has been fully repaid. Every EMI consists of a principal component and an interest component. You can calculate your EMI in advance by using the Bajaj Finserv mortgage loan EMI calculator.

How Does A Loan Against Property EMI Calculator Work?

LAP EMI calculator needs three key inputs to work, namely loan amount, tenor, and Loan Against Property interest rates.

It then applies the below formula to compute your EMI.

  • E is EMI
  • P is the principal loan amount
  • r is the rate of interest calculated monthly
  • n is the tenor/duration of the loan

How To Use A Property Loan EMI Calculator Or Mortgage Loan Calculator?

A property loan calculator or a mortgage loan EMI calculator is easy to use. All you need to do is enter the following information:
  • The loan amount
  • Tenor
  • Rate of interest
You can move the sliders to your left or right to adjust the values or directly type them in.

Now that you have all the information you need, go ahead and calculate your eligibility using the loan against property eligibility calculator or even schedule the full repayment of your loan using the Loan Against Property foreclosure calculator.