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:
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.
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.
You need to follow following steps to calculate EMI from online EMI calculator for loan against property:
Below mentioned are the features and benefits of loan against property EMI calculator.
Below mentioned are FAQs of loan against property India.
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.
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.
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.
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.