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Calculate your EMI using the Loan against Property calculator? Arranging for funds when you have a property to your name becomes a lot easier and economical. You can simply mortgage your property and avail a loan against its value. It is called a loan against property. Since the property is mortgaged as collateral, the interest rates under a loan against property are lower. Moreover, the expected instalments of the loan can also be calculated beforehand using a loan against property EMI calculator. Let’s understand what this calculator is all about – What is a loan against property EMI calculator? A loan against property EMI calculator is an online calculator which calculates the EMI of the loan based on the loan amount which you want and the tenure over which you intend to repay the loan. The loan interest rate is also taken into consideration since the EMIs include interest payments too. How to calculate the EMIs? The calculator uses three details to calculate the EMIs of the loan. These details include the following :– ● The loan amount The amount of loan which you seek is directly proportional to the EMI calculated. If you avail a higher loan, the EMIs would be higher. Keep in mind, however, that the amount of loan would depend on the value of the property which is being mortgaged. Lenders allow 40% to 85% of
the property’s value (depending on the type of property) as loan. So, first find out the value of your property and then ascertain the amount of loan which you can avail. ● The repayment tenure The repayment tenure is the tenure over which the loan is expected to be repaid. You, as the borrower, have control over choosing the tenure. The higher the tenure you choose the lower would be your EMIs and vice versa. Under loan against property, the maximum tenure which you can choose is up to 15 years. ● The applicable interest rate The last detail which is required is the applicable rate of interest. Interest payments are an important component of the EMIs. Thus, the interest rate is required to calculate the actual EMI which would contain both principal as well as interest repayments. The interest rates for loans against property range from 8.75% to 15.10% across different lenders. After these details are entered into the loan against property EMI calculator, the calculator calculates the potential EMIs. You can also find the repayment schedule of the loan detailing the EMIs paid, the outstanding loan amount and the interest payments being made every month. Changing the calculated EMIs The loan against property EMI calculator is a dynamic tool which helps you in changing the calculated EMIs to suit your affordability. You can change any of the three variables to get a different EMI. If you increase the loan amount, the EMI would increase. If the interest rate is increased, the EMI would again increase. However, if the repayment tenure is increased, the EMI would reduce. Thus, you can manipulate the EMIs in the following ways – To increase the EMI Increase the loan amount Or Reduce the repayment tenure To decrease the EMI Decrease the loan amount Or
Increase the repayment tenure Though the interest rate can be changed as well, it actually depends on the lender. Increasing or reducing the interest rate is, therefore, not in your hands. That said, there are factors which influence the interest rates of the loan. If any of such factors are in play, the interest rate might increase or decrease. However, the final call in the interest rates is in the hand of the lender. You can, therefore, use the other two inputs, viz. loan amount and repayment tenure, to manipulate the EMIs. So, use the loan against property EMI calculator and calculate your EMIs easily. Make sure that the EMIs suit your affordability so that taking a loan doesn’t burn a hole in your financial stability.
