Are you looking to unlock the potential of your property to secure a loan? Whether you’re planning a major investment, consolidating debts, or managing unexpected expenses, a Loan Against Property (LAP) can be your gateway to financial flexibility.
At Credit Dharma, we make the process seamless with our intuitive Loan Against Property Calculator. Discover how much you can borrow and take the first step towards achieving your financial goals today!
What is a Loan Against Property Calculator?
A Loan Against Property (LAP) calculator is an online financial tool designed to help individuals estimate the potential loan amount they can obtain by pledging their residential or commercial property as collateral.
This type of loan is also known as a secured loan, where the property serves as security for the lender in case of default.
Key Inputs for the LAP EMI Calculator
- Property Value: The current market value of your property.
- Loan Amount: The amount of loan you wish to borrow.
- Interest Rate: The annual interest rate offered by the lender.
- Loan Tenure: The duration over which you plan to repay the loan.
How to Use Loan Against Property EMI Calculator?
Our Loan Against Property EMI Calculator is easy to use and gives instant results. Follow these steps:
- Select Loan Amount: Move the slider to choose the amount you want to borrow.
- Adjust Loan Tenure: Use the slider to set a convenient repayment period.
- Pick Interest Rate: Shift the slider to select the offered interest rate.
- Check EMI: The EMI will automatically update as you adjust the sliders
How Does a Loan Against Property EMI Calculator Works?
Scenario: You decide to take a Loan Against Property of ₹90,00,000 for a tenure of 12 years at an annual interest rate of 9.5%.
Step-by-Step Calculation
- Identify the Parameters:
- Principal (P): ₹90,00,000
- Annual Interest Rate: 9.5%
- Loan Tenure: 12 years
- Convert Annual Interest Rate to Monthly Interest Rate (R):
R = Annual Interest Rate / 12*100 = 9.5 / 12*100 = 0.0079167 - Convert Loan Tenure to Number of Monthly Installments (N):
N = Loan Tenure in Years*12 = 12*12 = 144 months - Apply the EMI Formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1] - Plugging in the Values:
EMI = [90,00,000*0.0079167 * (1+0.0079167)^144] / [(1+0.0079167)^144) – 1]
EMI = ₹ 1,04,922
Benefits of Loan Against Property Calculator
- Quick eligibility check
- Personalised loan estimates
- Transparent interest rate insights
- Flexible repayment planning
- Hassle free budget management
- Compare different loan offers
Conclusion
Your property holds the key to unlocking substantial financial resources. With Credit Dharma’s Loan Against Property Calculator, you can effortlessly estimate your loan eligibility and make informed decisions. Don’t let financial constraints hold you back—empower your aspirations today!
Ready to take the leap? Get Started with Credit Dharma Now and transform your property into the financial support you deserve!
Frequently Asked Questions
Yes, as long as you repay the loan as per the agreed terms, your property remains safe. Failure to repay may result in the lender repossessing the property.
Loan tenures for LAPs can range from 5 to 20 years, providing flexibility to suit your financial plans.
Both residential and commercial properties, including apartments, houses, offices, and shops, are generally eligible.
Typically, lenders offer up to 60-70% of the property’s market value, depending on factors like the property’s type, location, and borrower’s creditworthiness.
HDFC Home Loan
SBI Home Loan
