Loan against property calculator
A Loan Against Property EMI calculator is an online tool that computes monthly instalments, interest payable, and the total cost of loan. It also allows you to adjust the loan amount and tenor to arrive at an EMI value that suits your repayment capacity, enabling you to plan the repayment in advance and thereby, minimize the chances of defaulting.
A Mortgage Loan Calculator also gives the total interest payable, and a detailed look into several other factors. Some of the details you can find are:
- EMI for every month of the entire tenor
- The interest and principal component of every EMI
- The outstanding balance after paying every EMI
Note: The principal and interest component of EMI change every month during the repayment tenor. Typically, in the initial phase of repayment, a major part of your EMI comprises interests and as the tenor progresses, the principal part increases.
In a nutshell, a property loan calculator gives you all the details pertaining to loan repayment, facilitating better decision making before you avail of financing.
Facts to consider for mortgage loan calculator
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 mortgage loan. Some advanced calculators also reveal the entire amortisation schedule.
Benefits of a mortgage loan EMI calculator
You may wonder why utilising a mortgage loan interest rate calculator is important? It is because its findings are accurate and far easier to reach, than making such complex calculations manually. Here are some other features of the Mortgage Loan EMI Calculator:
- 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
The Loan Against Property Calculator is a type of calculator that helps you calculate your monthly instalments for the repayment of your loan against property.
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.
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
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
- 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.