Loan Against Property EMI Calculator
A Mortgage Loan Calculator is a financial tool designed to simplify loan planning. It calculates your EMI based on your loan amount, interest rate and tenure. Input the loan amount, the rate of interest and the loan tenure, EMI amount will display on the screen you will need to pay each month. It's that simple.
Click here to Calculate Loan Against Property EMI
How to Calculate EMI of Loan Against Property?
Here is the formula to calculate EMI:
E = P*r(1+r)^n/([(1+r)^n]-1)
E = EMI amount
P = Principal loan amount
N = Loan tenure
R = Interest rate
For example, 15 lakh loan for a tenure of 10 years at a 6.90% interest rate, according to the formula-
E = P*r(1+r)^n/([(1+r)^n]-1)
So, the EMI per month will be rs.17,339 for 10 years or 120 months.
Benefits and Features of Loan Against Property:
Easy to use: A quick, easy and simple tool to determine your Loan EMI based on the loan amount, interest rate, and tenure.
Accurate Results: It gives exact results for your monthly installment amount, which helps in better financial planning.
Customisable: Change the loan parameters (amount, duration and interest rate) and observe the impact on your EMI amount.
Time-saving: The Home Loan EMI calculator online is available 24/7, getting immediate results without having to visit a bank branch.
Interest rate comparisons: The calculator helps you to compare different loan offers.
FAQs About Loan Against Property
Can I use a mortgage loan for my personal or business needs?
Yes. The sanctioned loan amount can be used to purchase or maintain a home, plot of land, other real estate and business as well as personal needs. However, it's important to get in touch with the lender for additional information. For instance, some banks don't offer a mortgage loan for individual use.
What is Loan Against Property (LAP)?
A Loan Against Property is a Secured Loan, where you can mortgage your residential or commercial property to get funds for any purpose, business expansion, child's higher studies, wedding or medical emergency.
Who can apply for a Loan Against Property (LAP)?
Any Resident Indian salaried or self-employed individual can apply for a Loan Against Property as long as you meet our eligibility criteria.
What types of properties would be considered as collateral for Loan Against Property?
All types of properties such as residential, commercial, industrial, plots, schools, hospitals, restaurants, godowns, etc.
Which documents are required to avail a loan against property?
Along with application form you need Passport / Driving License / Aadhaar Card / Voter's ID card / NREGA JOB Card, PAN Card, Bank statement, Salary Slips and property documents.
What is the interest rate for loan against property?
Loan Against Property interest rates depend on the loan amount and the loan tenure, starting ranges from 8.25% to 24% p.a.
How long will the process for loan approval be?
Loan approval would take 5 working days after submission of the application form and required documents.
Can I foreclosure my loan?
Yes, you can foreclosure your loan post completion of 12 months. Self-employed individual availing a loan against property with floating interest rate enjoys nil foreclosure charges.
Do I need a guarantor to avail of a loan against property?
Generally you do not need a guarantor. You may require a guarantor or co-applicant if your financial strength is weak.
What is the maximum loan tenure?
We offer Customized EMI repayment options with a maximum tenure of 15 years.