You can easily calculate your Equated Monthly Installments for loan against property by using a Loan against property EMI calculator.
Now, what is a loan against property (LAP)? As the name suggests, a loan against property refers to a loan sanctioned and disburdened against your property. Loan against property is granted against both residential and commercial property. What you have to do is to keep your property as collateral to get the loan. Based on your property value and other eligibility conditions such as your age, total income, assets, spouse’s income etc. bank will sanction a certain percentage of amount as Loan against Property. Usually, banks offers around 40% to 60% of your property value as LAP.
Like personal loans (Click here), loans against property helps you fulfill your diversified personal needs. The amount received as loan against property can be used for fulfilling following purposes:
Thus, you can accomplish a lot task by using the amount offered by a loan against property. Many banks in India such as State Bank of India, HDFC, ICICI, Axis Bank to name a few offer loan against property at attractive rates of interest.
There are two ways calculating your EMIs on loan against property. Either you can use the mathematical formula or you can use the online Loan against Property Calculator your monthly EMIs liabilities for loan against property. Calculating EMIs through an EMI calculator is very simple among all other means of calculating EMIs. The only thing you have to do is put the following information in the calculator:
Once, you enter these information, the calculator will instantly reveal your monthly EMIs liability for a specific loan. Different banks may offer different Loan against property EMI calculators. But the key information that you have to enter remains the same.
If you use the mathematical formula or excel spreadsheet for calculating your loans against property EMIs, you need to know three variables which include the rate of interest, number of periods, and the value of the loan or present value. Then you can calculate it manually by using the following formula: EMI = [P x R (1+R) N]/ [(1+R) N-1]. Here P stands for the loan amount taken, R for rate of interest and N for the time period for which the loan is taken.
A Loan against property EMI calculator EMI calculator can be useful for you in various ways. Listed below are the major benefits offered by a Loan against property EMI calculator: