One crucial factor to consider before applying for a loan against property in India is to evaluate your EMIs. EMI is an abbreviation of Equated Monthly Installment. It is a fixed amount you have to pay to the lender on a specified date, every month till the tenure of your loan to repay the entire loan amount along with interest.
An explicit knowledge of the amount that you will be required to pay towards EMIs will help you make an informed financial decision. The EMI calculation is based on the principal loan amount, loan tenure and the applicable interest rate. You can calculate your EMIs manually but the process is tedious and time-consuming. However, to get the best approximation towards EMIs, you can use a loan against property EMI calculator. It calculates loan EMIs instantly and gives you a fair idea of the monthly amount you must pay on your loan.
What is a Loan Against Property EMI Calculator
A loan against property EMI calculator is an online tool that helps you check if you qualify for a loan before you formally apply for it. It is available on the lender’s website. An EMI calculator can help you determine your exact financial commitment over the duration of the loan. This will help you know the exact amount you need to set aside every month to pay your EMIs.
In case if you are not satisfied with the loan offer, you can always revise the loan amount, tenure or rate of interest to arrive at the offering that matches your expectations.
Why should you use a Loan Against Property EMI Calculator
It is better to use a loan against property EMI calculator before availing a loan. Calculating EMIs ahead can help you determine if you have a high or a low chance of being awarded a loan. EMI calculators help you identify whether or not you are capable of repaying the loan amount. Moreover, it also gives you an idea about the monthly instalments you would have to pay so that you can plan your monthly expenses accordingly.
What are the Advantages of using a Loan Against Property EMI Calculator
A loan against property eligibility calculator has multiple benefits such as:
Saves your Time
An EMI calculator saves your valuable time by calculating your loan EMIs within seconds. You are only required to feed your loan amount, interest rate and tenure to get the comprehensive schedule.
Provides Accurate Results
With manual calculations, chances of getting wrong results are high, but an EMI calculator gives accurate results, eliminating errors.
An EMI calculator is very easy to use. You have to input necessary loan details like amount, tenure and interest rate to derive the EMIs. You do not have to worry about the calculations; the calculator will do the math for you.
An EMI calculator provides flexibility by allowing you to alter the loan amount, interest rate and tenure so that you can try all possible combinations to arrive at an option that best suits your repayment or servicing capabilities.
Helps you Make Informed Decisions
The most significant advantage of using an EMI calculator is that you get a fair idea of whether or not you will qualify for the loan, your eligibility for the loan amount you can avail, EMIs, etc. It also minimises the risk of loan rejection and its negative impact on your credit score. Based on all this information, you can make a careful and thoughtful decision.
Additional Read: Understanding The EMI Outgo with A Loan Against Property Calculator
It is Free
You can use an EMI calculator on a lender’s website free of cost. Moreover, you can use it as many times as you want and at your convenience. There are no restrictions on its use. With an EMI calculator, you can easily compare the cost of multiple loan products without a fee.
It is an excellent idea to use a loan against property EMI calculator before you make a loan application. To avail a loan against property, ensure that your documentation is proper. In general, loan against property documents required includes, the signed application form, property documentation, KYC documents and income documents.
If you are looking for a loan against property, browse through loan against property that gives you access to finance up to Rs. 3.5 crore, based on the value of the property you pledge.