Loan Against Property EMI Calculator

What is Loan against Property EMI calculator?

By using a loan against property EMI calculator one can easily calculate his/ her monthly EMI for loan against property. Such a loan can be availed against both types of property i.e. residential as well as commercial. All you need to do is just get your property mortgaged on your bank’s name (from which the loan is to be availed). Depending on the market value of property and other eligibility criteria like total income of self and spouse, age, net income, etc., bank will sanction a specific amount of loan in percentage of the value of property.

Generally banks sanction an amount equal to 40 to 60 percent of the value of property. You can calculate the EMI of your loan against property in two ways, viz. using the mathematical formula or using an online calculator for loan against property. Using an online EMI calculator to calculate the EMI of your loan against property is simpler than other ways to derive EMI for the same. The only things you need to know for calculation of EMI in an online calculator are:

  • Loan tenure
  • Loan amount- principal
  • Rate of interest to be charged by the bank

Just after you enter all above mentioned values, the calculator will display the monthly EMI of loan you wish to avail. You can find numerous EMI calculators online for calculating EMI for your loan against property but the main information required by all of them will be same (as mentioned above). You can also take help of loan against property eligibility calculator to understand your eligibility for the loan.

How Loan against Property EMI Calculator Works?

In case you wish to use MS excel spreadsheet or mathematical formula to calculate EMI for your loan against property, you just need to know three values which are, number of periods, rate of interest agreed upon and amount of loan to be taken. These values can be put in below mentioned formula to derive at the value of EMI.

EMI = [P x R (1+R) N]/ [(1+R) N – 1]

Where, P: loan amount, R: rate of interest, and N: time period for which loan is to be availed. This is the concept based on which online EMI calculator loan against property works. However, using this calculator is easy and fastest to know the monthly installment you have to pay.

How to Use Loan against Property EMI Calculator by Loanbaba?

You need to follow following steps to calculate EMI from online EMI calculator for loan against property:

  1. You just need to fill the amount of loan you wish to avail from bank (principal amount).
  2. Then the interest rate to be charged by the bank needs to be entered in the field.
  3. Now, you need to enter the time period (tenure) for which you wish to avail the loan. For loan against property, the tenure generally ranges from 10 years to 15 years.
  4. As soon as you enter the above mentioned details, EMI payable by you will be shown on the calculator page. You can change the values in those fields if you intend to know EMI of any other loan or in case you want to compare rates of two different banks. The values can be changed by simply moving through slider or by entering them manually.

What are Features and Benefits of a Loan against Property EMI Calculator?

Below mentioned are the features and benefits of loan against property EMI calculator.

  • You can arrive at exact amount of EMI for your loan against property as the probability of error is very less. It saves your time as it may take several minutes if you calculate the EMI manually.
  • There is no need of any knowledge of applying the formula. In case you wish to calculate the EMI through excel spreadsheet or even manually, you need to know excel formulas or mathematical equation and then perform calculations by self. This is only possible if you have knowledge about the same.
  • You get to know the amount of EMI and then you can manage your spending accordingly. The calculator also shows you the amortization table which helps you to know that what amount you have paid so far as principal and interest at a point of time and what you still have to pay.

Loan against Property EMI Calculator FAQs

Below mentioned are FAQs of loan against property India.

  • add1. Which features of property loan defines the EMI?

    Property loan is a secured form of loan and hence you need to mortgage your property (either residential or commercial) to avail the loan. The interest rate for this loan varies with various factors and type of property to be mortgaged. Processing fee of this loan is as less as 1%. The repayment period is quite flexible and one can repay the loan in period up to 15 years. A loan amount of as much as Rs. 1 crore can be availed depending upon the value of property to be mortgaged.

    This is a multi-purpose loan as you can use the loan thus availed anywhere you wish to. The bank does not ask for the reason of the loan. You can utilize the property loan amount anywhere you want. Bank lends irrespective of the purpose of loan. You can avail a loan against property for personal or professional needs like education, marriage, business purposes, purchase of another property, etc. here are various EMI options available with you to repay the loan.

  • add2. Can I check EMI amount for leading banks and NBFCs in India at loanbaba.com?

    Yes you can avail SBI loan against property EMI calculator, HDFC loan against property EMI calculator and equated monthly installment online calculator on our website from leading banks and financial institutions in India.

  • add3. How to calculate the interest rate on loan against property?

    The rate of interest on property loan is calculated on daily reducing balance. The equated monthly installment you pay is much lower when compared to interest levies on annual reducing balance.

  • add4. Can I repay the property loan ahead of schedule?

    You can make prepayment in case of loan against property without being charged any prepayment fee. However, the prepayment is free of charges after 6 months of taking the loan, and when you pay from your own source and funds, also the loan should not be transferred at the time of prepayment.

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