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Loan Against Property EMI Calculator
Loan against property (LAP) helps you obtain high-value loans conveniently by leveraging all sorts of properties including residential, commercial, industrial properties & plots. Being a secured loan, it is a cost-effective and easier funding option to meet your financial requirements. But before opting for a loan, effective planning and research is essential to enjoy the best deals. Use our Loan Against Property Calculator to plan your finances and make the most of your borrowings.
IDFC FIRST Bank offers high amounts of up to ₹ 10 Crore on loans against property with attractive interest rates and a flexible loan tenure of up to 20 years for your convenience. You can obtain up to 80% loan against your property’s value. Read More
Know your monthly EMIs, find a suitable tenure for convenient repayments, and your overall loan cost, using our integrated Loan against property EMI calculator. Read Less
CALCULATOR
Loan Against Property EMI Calculator
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Manisha Chowdhury
"I would definitely like to make a special mention of my experience of Loan Against Property (LAP) that I have availed recently for my business. I was really struggling to communicate with some other banks which are faceless and operating only through call centers. I approached IDFC FIRST Bank with two major requirements - Lower Rate Of Interest and a longer Loan Tenure than what is being offered by terms of my ongoing LAP.To my amazement, both the requirements were perfectly addressed and to the extent I needed."
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Arun Popli
"The time taken for sanctioning our LAP, from the date papers were submitted was less than other banks normally take. There was constant follow-up done with our accounts department. It seems like banking is changing with the time, and IDFC FIRST Bank is the first to come forward. Special thanks to branch executives for coordinating and going an extra mile for making things happen in shortest time possible."
Facts to Consider for Mortgage Loan Calculator
Also known as a mortgage loan, the loan against property can help meet your urgent financial needs affordably. However, to plan your finances, you can use an online mortgage loan calculator which precisely determines your monthly EMIs, and the interest payable based on your loan amount. To calculate your EMIs, the tool considers the following factors.
· Principal Loan Amount – It is the amount that you borrow from the lender against your property, and it forms the key factor in determining your monthly instalments. With IDFC FIRST Bank, you can acquire up to 80% cost of your property as loans.
· Loan Tenure – The period within which you must repay your loan against property is referred to as the loan tenure. It is a crucial factor considered by the Loan Against Property Calculator to determine the EMI. A longer tenure provides a lower EMI option and convenience in repaying large borrowings. IDFC FIRST Bank offers flexible tenures of up to 20 years for hassle-free repayment.
· Rate of Interest – It is another essential factor considered when calculating your LAP loan instalments. The lower the interest rate, the more affordable your loan is. IDFC FIRST Bank offers competitive interest rates on mortgage loans for your affordability.
How to use a property loan EMI calculator/ Mortgage loan calculator?
Our integrated Loan Against Property Calculator is user-friendly and provides precise results based on your loan requirements. To use the LAP calculator tool, you just need to select a suitable loan amount, tenure, and interest rate using the slider and follow the steps below.
Choose a suitable loan amount by adjusting the slider
Now move the Loan Tenure slider left or right to adjust a convenient tenure
Shift the Interest Rate slider to select the offered rate of interest
The Loan Against Property Calculator tool will display the EMI simultaneously as you adjust the slider
You can recalculate the EMIs for different loan amounts and tenures by shifting the sliders in either direction.
The mortgage calculator tool will help you find a suitable amount that you can repay conveniently within your planned tenure.
How to Calculate the EMI of a Loan Against Property?
You can calculate the EMI of a Loan Against Property using the following mathematical expression:
EMI amount = [P x R x (1+R) ^N]/[(1+R) ^N-1]
Where P is the principal loan amount,
R is the rate of interest offered,
N is the number of years for repayment
While calculating the monthly EMI, we convert the annual interest rates into monthly interest rates by dividing the annual rate by 12 and converting the number of years into months. For instance, if you take a mortgage loan of ₹30 Lakhs for 15 years at an interest rate of 10.0% per annum. Using the formula, you will get an EMI of:
EMI = [30,00,000 x 10/100/12 x (1+10/100/12) ^180] / [(1+10/100/12) ^180-1] = ₹32,238 per month
So, you must pay ₹ 32,238 every month to repay your Loan Against Property. However, manual calculations are often hectic, so it is always better to use an online Loan Against Property Calculator tool.
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Benefits of Loans Against Property EMI Calculator
Calculating Mortgage Loan EMI manually is time-consuming and can be inaccurate. An online LAP EMI calculator, is a smart option as it provides accurate and quick results, saving you time and effort. In addition, you get extra benefits such as:
· Free to Use – IDFC FIRST Bank Loan Against Property calculator is free to use and doesn’t require any specific expertise. Moreover, you can use it any number of times and get accurate results every time for better financial planning.
· Saves you time and effort – Manual EMI calculation is complex and time-intensive. A Loan Against Property Calculator tool can save you much time and effort.
· Accurate Results – A LAP EMI calculator omits any chance of error and provides accurate results each time based on your entries.
· Offers insightful comparison - You can easily calculate and compare various mortgage loans and find a suitable borrowing option.
FREQUENTLY ASKED QUESTIONS
What is a Loan Against Property EMI Calculator?
A Loan Against Property EMI calculator is an online tool that helps determine the monthly instalment of your Loan Against Property conveniently and precisely. It facilitates your financial planning and comparing various loans when you wish to apply for a mortgage.
How much loan amount can I get against my property?
Banks offer a percentage value of your property on loan against property, and it can go up to to 80%. With IDFC FIRST Bank, you can get a loan amount of up to ₹ 10 Crores depending on the value of your property. We offer you a maximum of 80% loan amount of the value of your property.
How does a loan against property EMI calculator work?
A loan against property EMI calculator works on the mathematical expression: EMI amount = [P x R x (1+R) ^N]/[(1+R) ^N-1], which uses three inputs i.e., Principal loan amount (P), tenure (N), and rate of interest (R). You can enter these details using the slider to get your monthly EMIs.
What is an EMI?
EMI stands for Equated Monthly Instalments. It is a pre-specified amount that a borrower needs to repay against their loan amount every month on a set date. An EMI consists of both the principal loan amount component and the interest component.
