#### Overview

Taking a Loan Against Property (LAP) would imply that you will need to pay hefty amounts as monthly Equated Monthly Instalments (EMIs) towards its repayment. But, those amounts do not have to be so big that they will start weighing heavy on your pocket. Loan Against Property Balance Transfer facility which is offered by several prominent Indian lenders can allow you to pay your mortgage off at a lower rate of interest. This should automatically translate into lower`Loan Against Property EMIs.

But, before you transfer the remainder of your Loan Against Property balance to some other lender, you must ascertain if it is worth the effort. This is exactly what a Loan Against Property Balance Transfer EMI calculator can help you with. This article will take you through the features and benefits of using a Loan Against Property Balance Transfer EMI calculator. Additionally, it will also take you through the factors that affect the EMI amounts of a Loan Against Property.

## How to use LAP Balance Transfer EMI Calculator?

To use the Loan Against Property Balance Transfer EMI calculator effectively, you must enter the following variables into the tool:

• Step 1: Your remaining LAP balance amount

• Step 2: The rate of interest at which the other lender is letting you repay your LAP post transfer, and

• Step 3: Your remaining LAP repayment tenure

• Step 4: Once you enter the variables into the tool, it will calculate your Loan Against Property Balance Transfer EMI amount for you instantly. But, in order to arrive at an accurate result, make sure you take all of the costs associated with using the facility into account.

## Benefits of using LAP Balance Transfer EMI Calculator

• Saves Time: It is a known fact that the calculation of a Loan Against Property Balance Transfer EMI amount through the traditional formula is a tedious task. In the case of the calculator tool, you do not have to undertake that herculean task. To arrive at the result, all you will need to do is enter a few details regarding your Loan Against Property.

• Helps With Budget Planning: A Loan Against Property Balance Transfer EMI Calculator can help you determine the EMI amount you will be paying towards the remainder of your loan. This will essentially help you manage your finances better as you will know the exact amount you must keep aside every month for the same. Hence, it is safe to say that using a Loan Against Property Balance Transfer Calculator would be a proactive act on your part.

• Easily Compare Different Loan Amounts: Given that a Loan Against Property Balance Transfer EMI calculator can be used several times over, you can always compare different loan amounts with varying repayment tenures and interest rates. This will help you decide which repayment tenure and interest rate you will be comfortable honouring your LAP balance on.

• Delivers Accurate Results: Human errors can cause answers derived from traditional EMI calculation formulas to look very different than the actual amount they will have to pay. Given that the calculator tool is based on an algorithm, the margin for error is way less.

## Factors Affecting LAPBT EMI Amounts

• Principal Amount: The larger your outstanding principal amount, the bigger will be your EMIs and vice-versa. Hence, the outstanding principal amount is one of the prime factors that affects LAPBT EMI amounts.

• Interest Rate: The interest rate applicable to your LAPBT account is also one of the major variables that will affect your monthly LAPBT EMI amounts. Higher the interest rate will translate to a higher LAPBT EMI amount, and the opposite of the same is true too.

• Loan Repayment tenure: Longer repayment tenures would mean that you will pay smaller amounts as Loan Against Property Balance Transfer EMIs over a long period of time. If you choose a shorter loan repayment tenure, it would mean that you will have to pay higher amounts as Loan Against Property Balance Transfer monthly EMI amounts over a smaller period of time. Therefore, the length of time over which you would like to repay your remaining LAPBT obligations must be given some serious thought before making the switch.