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

Monthly EMI

Rs. 82,512

Mortgage Loan Calculator: Introduction

Mortgage loan calculator are specialised online tools which allow for easy computation of monthly instalments for loan against property. Check your liabilities before applying for such loans with the help of this calculator. It helps to compute the monthly instalment due by considering three major factors of a loan against property. These are as follows –

  • 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 loan against property, come with increased flexibility. Loan tenor can range up to 20 years. This factor is crucial for mortgage loan calculator to function.
  • Rate of interest – The last factor necessary for a home mortgage loan calculator to work is the interest rate applicable against the said loan. This rate is quoted based on borrower eligibility and several other factors.

Upon entering such information, mortgage loan EMI calculator display the monthly instalment amount, total interest outgo, and the total cost of loan. Some advanced calculators also reveal the entire amortisation schedule.

Benefits of Mortgage Loan EMI Calculator

Understanding its operation is not enough. Assess why utilising a mortgage loan interest rate calculator is also important.

  • Fast calculations – Such tools ensure speedy calculations, allowing borrowers to bypass time-consuming manual computations.
  • Accurate results – Calculators, such as these, work on a particular algorithm. They never make mistakes, provided users input the required data with precision.
  • Free and limitless use –These tools allow for computations at no additional charge. Use them as many times as you wish or need, without bearing any charge.
  • Easier comparison – It encourage comparison of credits offered by various lenders. This helps you to choose the most suitable option.

Assessing EMIs beforehand enables planning finances effectively. This calculator helps limit financial strain significantly.

Loan against Property EMI calculator: FAQs

What is a LAP EMI calculator?

LAP EMI calculator is a type of calculator which helps you calculate your monthly instalments for repayment of your Loan against Property.

What is an EMI?

EMI stands for equated monthly instalment. It is the total amount payable every month until the loan has been fully repaid. EMI consists of a principal amount and interest on the loan.

How does a Loan against Property EMI calculator work?

LAP EMI calculator works on three main criteria – loan amount, tenor and Loan against Property interest rates.

Here’s the Formula where
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?

Property Loan Calculator or a Mortgage loan EMI Calculator is very easy to use. All you need to do is enter the following information:
1.The Loan Amount
2.Tenor( In Months)
3.Rate Of Interest
You can move the sliders to your left or right to adjust the value or you can directly type the values.

You can calculate your eligibility using the Loan against Property eligibility calculator and also schedule full repayment of loan using Loan against Property foreclosure calculator.