If you are in need of any kind of financial assistance, from business investment to your child’s education abroad and everything in between, one of the best options would be a loan against property. In simpler terms, it’s a loan that allows you to borrow a fairly large sum of money without you having to worry about repayment immediately. Finserv MARKETS ensures that the entire process of availing a loan against property is simple, easy, and convenient. The loan against property EMI calculator, on Finserv MARKETS, is a feature that lets you find out the exact (Equated Monthly Installments) EMI amount that you pay for a loan amount provided to you.
|Month||Starting Balance||EMI||Interest rate||Principal contribution||Interest contribution||Ending Balance|
Follow these easy steps to use Bajaj Housing Finance Loan Against Property EMI Calculator:
Enter the principal amount that you would like to avail.
Enter the tenure (in months) that you would like to repay the loan amount in.
Enter the rate of interest that is offered for your desired loan amount.
EMI on the loan can be calculated the following formula:
EMI = P × r × (1 + r)n/((1 + r)n - 1)
where P= Loan amount, r= interest rate, n=tenure in number of months.
Consider you have availed INR 10 Lakhs loan from a bank at the rate of 12% for a period of 10 years or 120 months. Then the EMI would be: INR 10 lakh *0.010*(1+0.010)^120/((1+0.01)^120-1))= INR 22,244 per month. In a span of 120 months, it will be INR 13,34,677. Out of this, INR 3,34,677 will be towards the interest.
Here are some of the factors that affect the Bajaj Housing Finance Loan Against Property EMI:
Your current employment status and salary is a major factor to assess your capability to pay the monthly instalments. Another factor that is considered is the number of years, you have been working in your current organization. Since LAP is a secured loan, lenders look into the proper documentation for the property, like permissions from local bodies, environmental clearances, building plans, etc. before disbursal of the loan. If there’s any discrepancy with documentation, your chances of you getting the loan reduce. Your income tax returns indicate if you have had a steady flow of cash during that period when you filed your returns, which greatly affects your disbursal limit and eligibility. If there are discrepancies in the income tax documents, your loan application may be rejected. All these factors enhance the EMI amount.
CIBIL Score indicates your creditworthiness and ability to repay the loan. If you have outstanding dues, then lenders might grant you loan with higher rate of interest thus affecting the EMI amount.
If your loan tenure, you opt, is relatively short as compared to your average monthly income, your loan EMIs will be quite high.
Loan Against property EMI is the EMI amount the borrower must pay, against the availed Loan Against Property.
With the higher rate of interest, banks/NBFCs provide the facility of longer repayment tenure to cover the EMI payment. If that is not sufficient, then EMI amount is increased. Prepayment of the loan can be used to reduce the EMI amount.
The LAP EMI calculation depends on principal loan amount, rate of interest and repayment tenure.