Loan against Property EMI Calculator

Whenever we need a huge capital influx, we take loans. If the loan is for purchasing a house then we take a home loan, if it is for the car then car loan.
But there are some types of loans where we have some personal non-tangible purchases to make which require capital and for this, you can seek a loan against your property.
One good example of such a purchase is an education loan, it is non-tangible yet requires a huge capital especially when it comes to studying abroad.
For all these purchases, you can mortgage your property and receive the funds as a loan against your property.
If you are planning to get a loan against your property then it is advisable to calculate your monthly EMI before seeking the loan as it will help you in planning out the repayment of the loan.
For this calculation, you do not need to do a lot of math, you can simply use the Mudra Nidhi’s Loan Against Property Calculator. It is easy and convenient and provides you with details on the monthly EMI that you’ll have to pay.

What is the Loan Against Property EMI Calculator?

Loan Against Property EMI Calculator is an online calculator that helps you plan your debt repayment by forecasting the EMI amount that you’ll have to pay every month until the completion of the tenure.
 This type of planning and calculation is very important because this minimizes your chances of defaulting on your loan.
The calculator also provides you with detailed information on the EMI you’ll have to pay, the total interest payable, and the total amount that you’ll have to pay.

How to Use Loan Against Property EMI Calculator?

A loan Against Property is a very common loan that many people take whenever in need of money. If you are planning to take the loan for yourself, then planning the entire repayment schedule is also important.
Loan Against Property EMI Calculator contains three variables that can be manipulated based on your requirements and offers received by Banks and NBFCs. These three variables are- Loan Amount, Interest rate, and Tenure.
You can use the Loan Against Property EMI Calculator to plan your repayment strategy. For this, you can use these steps to use the Loan Against Property EMI Calculator-

• The very first step for using the Loan Against Property EMI Calculator is to enter the amount that you want to get. You can use the field to enter the amount to use the slider to set the amount
• Now, select the number of years you want the loan for, from 1-year to 30-year option is available and most of the loan falls under this tenure only
• After setting these two variables, you’ll have to enter the interest rate at which you are offered this loan.
• Now, the monthly EMI that you’ll have to pay to the bank or NBFC will be displayed and you’ll also find the total amount of payment along with the total amount of interest that you’ll have to pay over the years

How to Calculate EMI of Loan Against Property?

The formula for calculating Loan Against Property is as follows-
Monthly EMI= P*r(1+r)^n/([(1+r)^n]-1)
Whereas, P = It is the principal Amount that you want to borrow.
R = This is the rate of interest accrued every month.
N = This is the tenure of the repayment (typically in months)

Example

For instance, you borrow a loan of Rs. 10 lakhs at the interest rate of 6.90% for a tenure of 5 years. Then the monthly EMI of the loan comes out to be as follows-
Monthly EMI= P*r(1+r)^n/([(1+r)^n]-1)
Monthly EMI= 10,00,000*6.90(1+6.90)^10/({(1+6.90)^10}-1)
Monthly EMI= Rs.5,805

Benefits of Using Loan Against Property Calculator

The following are the benefits of using the Loan Against Property EMI Calculator-

• The Loan Against Property Calculator helps you calculate the monthly EMI that will have to pay
• It saves you a lot of time and effort by simplifying the calculation process
• The formula for the calculation is complex and Loan Against Property Calculator helps you to navigate through the complexities of this and simplifying the process
• Calculating in advance helps you manage the loan easily and strategize the repayment plan which saves you from defaulting.
• It is a free-to-use Loan Against Property Calculator which is convenient and simple to use

Why Take Loan Against Property?

The following are the reasons why you should take the loan against property instead of other types of loans-

• The biggest advantage of a Loan Against Property is a large sanction amount. You can receive a sanction of up to 70% of the value of your property
• You can enjoy a low interest rate as you are providing an asset to the bank which secures your loan
• You also get a longer tenure for repaying the loan when you get a Loan Against Property instead of a normal loan
• You get tax benefits for the repayment of the loan