EMI Calculator for Loan Against Property
A loan against property calculator quantifies the number of EMIs and its amount to be paid towards the loan against property. It is an automatic calculator which factors the principal amount, the tenure and the interest rate to offer accurate results. It is designed to offer convenience and ease, helping the borrower to arrive at informed decisions without losing time. It is free and always available for the perusal of the borrower.
Factors Affecting Loan Against Property (LAP) EMI Calculation
The Loan Against Property EMI calculator leverages a basic mathematical formula for determining the monthly instalments, based on the loan against property interest rate, tenure and principal amount chosen by you.
- Rate of Interest: The interest rate is the percentage of the principal amount that is levied for availing a loan against property. It depends on your loan against property eligibility, chosen tenure and principal amount.
- Tenure: You can choose a tenure between 3-20 years, as per your comfort. With an increase in tenure, the EMIs and interest amount decreases and vice versa.
- Principal Amount: The principal amount is the amount you borrow. An increase in principal amount increases the EMIs in number or amount.
How to use a Muthoot FinCorp Loan Against Property EMI calculator?
Calculating your EMIs is quick and convenient with a loan against property calculator. Follow the steps below to understand your EMIs towards your loan:
- Step 1: Click on the loan against property calculator.
- Step 2: Enter the principal amount.
- Step 3: Choose the tenure as per your comfort.
- Step 4: Choose the interest rate. (The final interest rate will be decided by Muthoot FinCorp)
The loan against property EMI calculator will instantly populate figures for EMI, Total Loan Amount and Total Amount Payable, and an amortization schedule, based on the chosen figures.
Once the numbers in the amortization schedule and the structure of the loan are suitable to you, it is time to apply for the loan. Muthoot FinCorp offers your reliability along with quick processing and extensive support for all your loan against property requirements.
Benefits Of Loan Against Property Calculator
Muthoot FinCorp’s Loan Against Property EMI Calculator determines the required figures within seconds. Here are its benefits:
- Instant Planning: Simply move the sliders left or right as per your convenience and decide the structure of your loan.
- Free-to-use: The loan against property calculator is completely free for anyone to use. You can use it multiple times without any fee.
- Transparent: The loan against property calculator offers complete transparency in populating each figure. The amount includes the processing fee and charges too. Borrowers can plan their finances to the last rupee to avoid any unforeseen situations.
- Access Anywhere: The loan against property EMI calculator is always available on the website for your convenience. Access it from anywhere and from any device.
Frequently Asked Questions
In simple words, a LAP EMI calculator calculates the amount borrowers pay as monthly instalments and the total cost towards the loan taken against property. Use the calculator to decide a principal amount and tenure for the loan that you can pay comfortably.
The loan Against Property EMI Calculator is designed considering three factors — the principal amount you plan to borrow, the rate of interest, and the loan tenure.
The LAP EMI calculator has sliders for all the above factors that you can move freely to see the EMI amount changing in real-time. Move the sliders to view multiple variants of the structure of the loan to make an informed decision.
There are several differences between a home loan and a loan against property.
- Definition: Home loans are loans you take to buy or construct a home. Loan against property comprises home loans and loans that you can take by mortgaging a self-owned property.
- Purpose: You can take home loans only to buy or construct a particular home you are getting financed. On the other hand, you can take a loan against property to meet any financial requirement like education, medical or wedding expenses.
- Value: You can take a home loan for up to 80-90% of your property’s value, while a loan against property is limited to 50% of the property value.
Calculating your EMIs beforehand helps you know if loan against property is a feasible option for your situation. The LAP EMI calculator helps you plan your loan and EMI payments structure. You can view the total and monthly cost towards the loan and change the loan structure so that it fits comfortably within your budget.
The loan against property EMI calculator helps to plan for a loan before the process of application commences.
View multiple variations of the loan structure by changing the factors to borrow an amount that is comfortable for you to repay. Checking the LAP EMI calculator before applying for a loan saves unnecessary hassle during the process.
The LAP EMI calculator is a free tool available on our website 24×7.
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