Calculate Your Loan Against Property EMI
Repayment Schedule
All Loan Against Property Calculators
What is a Loan Against Property EMI Calculator
The Loan Against Property EMI Calculator, also referred to as a property or mortgage loan EMI calculator, is an online tool that calculates your mortgage loan EMI based on the loan amount, repayment tenor, and interest rate. Here are some ways in which the calculator tool helps with your Loan Against Property application:
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Accurate Calculations: The Loan Against Property EMI Calculator helps you with accurate and error-free EMI calculations.
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Instant Results: It may take you longer to compute the results by using the EMI formula, however, by using the tool, you can get accurate results in no time.
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Repayment Schedule: When you adjust the EMI parameters (principal amount, tenor, and interest rate) based on your financial needs, you can also assess if the projected EMI will fit your repayment capacity. The tool lets you tweak your loan particulars numerous times, till you arrive at your ideal Loan Against Property EMI. Using this, you can prepare a repayment schedule and tailor your loan application accordingly.
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Easy Availability: The EMI calculator for Loan Against Property is readily available online and is free to use for all.
Bajaj Housing Finance Loan Against Property eligibility criteria are easy to meet. With the help of the Loan Against Property EMI Calculator, you can have more foresight in planning your Loan Against Property repayment more efficiently.
How to Use a Loan Against Property EMI Calculator
The process to use a Loan Against Property EMI Calculator is easy and hassle-free:
- Select or enter the principal amount you wish to borrow.
- Select or add the tenor you want to opt for.
- Lastly, select or enter the rate of interest .
The Loan Against Property EMI Calculator will then show you the total interest payable, the tentative EMI amount and the total repayment amount.
Benefits of a Loan Against Property EMI Calculator
The mortgage loan EMI calculator is a free-to-use online tool that allows users to calculate their mortgage loan EMIs. Here are some of the benefits of using the property loan calculator:
Here are some of the benefits of using the property loan calculator:
- Quick Results: Know your EMI amount within seconds
- Easy-to-Use: It is a simple tool that almost anyone can use
- Different Combinations: Use different combinations of the principal loan amount, tenor, and rate of interest, to reach a monthly instalment amount that suits your budget
- 24*7 Availability: This calculator is available 24*7 and can be accessed on the Bajaj Housing Finance website
Formula to Calculate EMI of a Loan Against Property
Calculating the EMIs of a Loan Against Property (LAP) manually is a challenging task as the calculation is lengthy and there are high chances of errors. Therefore, use our mortgage loan calculator to arrive at an accurate EMI amount instantly. The mortgage loan EMI calculator uses the following formula:
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
In this formula:
- P stands for the principal amount of loan one borrows
- R stands for the applicable rate of interest
- N is for loan tenor or the number of EMIs to be paid
Let us understand the calculation with the help of an example.
Example:
Mr. Anurag, a corporate employee, avails a loan of Rs.15 Lakh at an interest rate of 7.10% p.a. for a tenor of 12 years.
Based on the above formula: EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1] = 15,00,000 x 7.1 x [(1+7.1) ^144]/[(1+7.1)^144-1]
Thus, EMI = Rs.15,506
Total interest component = Rs.7,32,834
The total amount payable = Rs.22,32,834
Factors that Affect the Loan Against Property EMI
The three important factors that have an impact on the Loan Against Property EMI are:
- Principal Loan Amount: Since the EMI you pay are portions of the total repayment amount, the original principal amount determines the size of your EMIs. The higher the loan amount, the larger your EMI can be.
- Loan Repayment Tenor: The time you take to repay the full loan amount also plays a role in deciding how much pay as an EMI. Borrowers with shorter repayment tenors pay bigger EMIs, while a longer tenor can mean smaller EMIs. Note that a smaller EMI amount does not necessarily save on your total interest outflow.
- Interest Rate: The interest rate on your Loan Against Property is one of the most critical factors to consider while calculating your EMI. If your interest rate is high, your EMIs may become more expensive.
Salaried, professional, and self-employed applicants can avail of a Loan Against Property at competitive rates by enhancing the loan application with the help of the property loan EMI calculator.
How to Apply for Loan Against Property?
Availing of a Loan Against Property is a simple process. Once you have gone through the loan details and estimated the EMIs payable, follow these steps to apply for a property loan:
- Visit the Loan Against Property application form and fill in your personal details such as your name, contact number, and employment type.
- Provide the details of the type of loan and your income.
- Enter your PIN code and the required amount of loan.
- Proceed to the next step by entering the OTP and providing the remaining financial and property details.
- Finally, click on 'Submit' to complete the application form.
One of our representatives will get back to you within 24 hours* to guide you through the next steps, which will include document submission and verification.
*Terms and conditions apply.
Disclaimer
This calculator is provided for general information purposes and only as general self-help planning tool. It should not be considered as financial advice. The results obtained from the calculator are estimates based on your inputs and may not reflect the actual terms or conditions of any loan. Users are responsible for verifying the accuracy of the calculator. Actual loan figures may vary based on specific loan products, interest rates, individual financial circumstances, and parameters laid down by Bajaj Housing Finance Limited (‘BHFL’).
By using this calculator, the Users agree that placing reliance on the aforementioned information shall always be the sole responsibility and decision of the User and the User shall assume the entire risk of any use made of this information. In no event shall BHFL or the Bajaj Group, its employees, directors or any of its agents or any other party involved in creating, producing, or delivering this Website shall be liable for any direct, indirect, punitive, incidental, special, consequential damages (including lost revenues or profits, loss of business or loss of data) or any damages whatsoever connected to the User’s reliance on the aforementioned information.
Loan Against Property EMI Calculator: FAQs
The EMI amount, or the Equated Monthly Instalment, is the fixed monthly amount that you pay back to your lender till the borrowed amount is repaid with interest. EMIs are paid over the course of the repayment tenor. It comprises of two components – the principal loan amount and the interest accrued.
Bajaj Housing Finance offers sizeable Loans Against Property worth Rs.5 Crore* or even higher, basis eligibility. We ask for minimal documentation and disburse the loan amount within 72 hours* of document verification and approval.
The following variables are used to calculate the Loan Against Property EMI:
Principal Loan Amount: This is the loan amount you wish to borrow. A bigger loan amount leads to a higher monthly instalment (EMI).
Tenor Period: A tenor period is the duration in which you will repay the loan. Borrowers who opt for a shorter repayment tenor will be obligated to pay a much higher EMI in comparison to an applicant who opts for a longer tenor. Applicants should choose their tenors based on their financial goals.
Interest Rate: The interest rate is one of the most important factors to consider while calculating the Loan Against Property EMI. A high rate of interest will lead to an expensive EMI, which could hinder your feasibility.
A Loan Against Property EMI Calculator is an online tool that helps you calculate interest, monthly EMIs, and the total cost of a loan. You can determine your EMI by adjusting the loan amount and tenor. You can also know about the principal component of EMIs and the outstanding balance after each EMI.
Adjust the loan amount, tenor, and rate of interest on their respective sliders. You will get the total interest rate, EMI amount, and principal amount. You can also view the repayment schedule.
The formula to calculate property loan EMI is:
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
In this formula:
- P stands for the principal amount of the loan one borrows
- R stands for the applicable rate of interest
- N is for loan tenor or the number of EMIs to be paid
Alternatively, you can use the Loan Against Property EMI Calculator to estimate the EMIs easily.
