Loan Against Property EMI Calculator

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.