Loan Against Property EMI Calculator

The Loan Against Property (LAP) EMI Calculator is an online tool that helps you estimate the near-exact EMI (Equated Monthly Instalment) amount. Determining this amount enables you to plan your LAP repayment schedule. 

It also helps you manage your monthly finances hassle-free. Simply put, a Loan Against Property EMI Calculator enables you to compute the amount you need to set aside every month to clear your dues on time.

When you avail a loan against your property, you pledge your property asset as collateral as this is a secured loan. Your asset remains with the lender until you repay your dues. An EMI calculator for LAP is thus crucial as it helps you with financial planning. 

To know more about the LAP interest calculator, read on.

The EMI calculator for LAP is a digital tool that enables you to stay financially healthy throughout your loan tenure. Here are a few ways in which a Loan Against Property EMI Calculator can come to your aid:

1. Helps you borrow the right loan amount per your requirements

The Loan Against Property EMI Calculator computes essential information such as the EMI and the total amount you need to pay. By knowing your monthly instalment, you can decide how much to borrow.

Similarly, when you assess the total interest payable by the end of the tenure, you can judge how your LAP affects other long-term financial goals. 

2. Helps you pick the right loan terms

You can tweak the loan amount and the tenure based on your repayment capacity. While a lower loan amount makes your repayment easier, this may not be ideal for your goals. Likewise, choosing a longer tenure causes less strain on your monthly budget. 

However, you may end up paying high interest on your loan. Thanks to the EMI calculator for LAP, you can compare various combinations before deciding on a suitable repayment tenure and loan amount. 

All you have to do is adjust the values for the variables until you find the perfect balance.  

3. Helps you plan for prepayment

The Loan Against Property EMI Calculator does not only display your loan against property EMI, it also shows the breakup of the interest and principal components of each EMI in the amortisation table. 

This helps you gauge your interest savings when you repay your loan early. Furthermore, using this online computational tool is simple and easy. All you have to do is follow the steps mentioned below to compute your monthly loan instalments:

• Step 1: Visit the Loan Against Property EMI Calculator page 

• Step 2: Enter the principal loan amount.

• Step 3: Key in your choice of tenure in months or years.

• Step 4: Enter the interest rate.

That’s all! You can see the results on your screen instantly. You can view the total payable amount along with the loan EMI and total interest due.

Loan Against Property EMI Calculation Examples

Your LAP EMI is calculated using the following formula:

EMI = [P x R x (1+R) ^ N] / [ (1+R) ^ N-1]

Here,

• P stands for your principal loan amount

• R means the applicable interest rate 

• N is the loan tenure in months

You can compute your EMIs using the formula mentioned above. However, calculating this manually can be cumbersome and time-consuming. Plus, there is always a chance for errors. 

If you enter the wrong value in any of the parameters, you may not get the correct result and may have to redo it again. Another disadvantage of manual calculation is you may find it difficult to compare various EMI options across tenures before choosing the right one.

For all these reasons, a Loan Against Property EMI Calculator comes in handy. It empowers you to make the right choices about the tenure and loan amount after comparing various options. 

Here is a hypothetical example to help you understand how easy it is to use the Loan Against Property Interest Calculator. Consider a loan of ₹10 Lakhs at an interest rate of 10% p.a. 

See the table below to understand how you can instantly compute various EMIs by changing the tenure.

From the table above, you can see that as the loan tenure increases, your EMI decreases. However, you pay more interest when you opt for a longer duration.  

Using an EMI calculator for LAP, you can instantly compute the monthly instalment and total interest charged on your loan against the property. Comparing the figures across various options helps you pick the right loan terms. 

Benefits of Loan Against Property EMI Calculator

A Loan Against Property Calculator is a perfect tool for applicants due to the following benefits. 

• Easy to use: The Loan Against Property EMI Calculator is easy to operate. Simply enter the principal amount, expected interest rate, and the desired repayment tenure to know your EMI and the total amount payable.

• Accurate computation: If you manually calculate EMI on a loan against property, you may end up with errors as the EMI formula is complex. You avoid such a scenario when you use the online Loan Against Property EMI Calculator. 

With this tool, you can rely on instant and accurate results. 

• Free of cost: The EMI calculator is free to use and is available online 24x7. You can use it as many times as you want without limit or restriction. 

• Helps you compare loan options: Different lenders offer loans at varying interest rates and repayment tenures. With the EMI calculator for LAP available on Bajaj Markets, you can easily compare these options. 

This will help you assess which loan against property offer works best for you.

Factors Affecting LAP EMI Calculation

Principal amount: Higher loan amounts translate to higher EMIs. Hence, you must choose the principal amount wisely according to your needs and capacity to repay. 

• Loan repayment tenure: Long loan repayment timelines translate to smaller EMIs and vice-versa. However, long tenures also increase the interest component of your loan, consequently increasing the overall amount you pay toward the loan. 

Note that the repayment period offered depends on your current age. 

• Interest rate: The EMI and total amount payable hinge on the interest rate offered by your lender. Higher interest rates lead to costlier EMIs and vice versa.

Note that the applicable interest rate will depend on factors such as the property being mortgaged, your credit score, and your monthly income.

The Loan Against Property EMI Calculator helps you determine your EMI, compare loan offers, and manage your overall financial budget. 

Check out the various LAP options with lending partners of Bajaj Markets. Make sure you compare the options using the calculator and select the LAP offer that suits you best!