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A loan against property (LAP) is a secured credit facility generally taken for larger expenses. This implies that you may need to pay hefty Equated Monthly Instalments (EMIs) towards its repayment. But proper planning can help ensure that repayment is affordable all through.
One way to go about it is to opt for a loan against property balance transfer. This is a facility that allows you to transfer your existing loan to a lender that is offering you a lower rate. But, before you transfer the rest of your loan against property 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. Read on to learn more about the loan against property balance transfer EMI calculator, its features, benefits, and more.
Your monthly EMI is
at % interest rate for months
The loan against property balance transfer EMI calculator on Bajaj Markets considers three crucial factors affecting your EMI amount. These factors are your loan amount, repayment tenure, and interest rate.
Simply put, the loan amount, in this case, would be the outstanding loan amount on your existing loan. You can find this information by checking your latest loan statement or checking the amortisation schedule.
The tenure is the repayment timeline, and it affects your EMIs. Longer tenures generally lower the EMI amount and shorter tenures increase it. Lastly, the rate of interest is the cost of availing the loan, and is determined by the lender.
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
Step 3: Your remaining LAP repayment tenure
Once you enter the variables into the tool, it instantly calculates your loan against the property balance transfer EMI amount. But, to arrive at an accurate result, make sure you consider all costs associated with using the transfer facility into account.
Considering that it is a free tool that you can use at any time, there are several benefits it offers. Some of these are as follows.
It is a known fact that calculating a loan against property balance transfer EMI through the traditional formula is tedious. However, you do not have to undertake that herculean task when using an online tool.
To arrive at the correct result, you only need to enter a few details regarding your loan against property. Upon submitting the details, your estimated EMI amount is instantly displayed on your screen.
The key purpose of a loan against property balance transfer EMI calculator is that it gives you an estimate of the EMI you will be paying. This helps you manage finances better as you know the monthly amount you need to keep aside.
Given that you can use the loan against the property balance transfer EMI calculator several times, you can easily compare different loan amounts with varying repayment tenures and interest rates. This helps you decide which terms best suit your requirements.
Manual errors can produce inaccurate results, which may differ from the amount you have to pay. Additionally, making plans based on an erroneous result can harm your finances. Given that the calculator tool is based on an algorithm, the margin for error is negligible.
No, you can use the tool for free and as often as possible.
The loan against property balance transfer EMI calculator estimates your EMIs, not the property value.
The interest rate for a LAP balance transfer will vary depending on the lender. You can check on the lender’s website and use the loan against the property balance transfer EMI calculator to estimate the interest amount.
To use the loan against the property balance transfer EMI calculator, enter the loan amount, interest rate, and repayment tenure.