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Loan Against Property EMI Calculator

Mortgage Loan Calculator: Calculate Your Mortgage Loan EMI

LOAN AMOUNT
Rs
|
20L
|
3C
|
9C
|
15C
|
21C
TENOR
|
1
|
24
|
48
|
72
|
96
|
120
|
144
|
168
|
192
|
216
RATE OF INTEREST
%
|
1
|
3
|
5
|
7
|
9
|
11
|
13
|
15

Total Interest Payable

Rs. 90,142

Total Payable

Rs. 9,90,142

EMI Amount

Rs. 82,512

Re Payment Schedule - Loan Against Property

 
  • En. No.
  • Month
  • Opening Balance
  • Interest
  • Principal
  • EMI
  • 1
  • Feb
  • Rs. 0
  • Rs. 0
  • Rs. 0
  • Rs. 0

What is a Mortgage Loan EMI Calculator?

Calculating EMIs manually is both difficult and time-consuming. A mortgage loan EMI calculator is a financial tool that allows users to calculate their loan EMIs instantly. It requires only a few details, such as loan amount, interest rate, and tenor of the loan. The mortgage loan EMI calculator offered by Bajaj Housing Finance is available 24*7 and comes with multiple benefits. Here we discuss some of these benefits.

  • Accuracy
    Manual calculation of EMIs is a lengthy and complicated process that creates ample room for miscalculations. With our mortgage loan EMI calculator, interested borrowers can get accurate EMIs in just a few clicks.
  • It Helps You Save Time
    Manual calculation of EMIs can be a tedious job. Use your mortgage loan EMI calculator to calculate your EMIs in a few minutes.
  • It Helps You Plan Your Finances
    Use the Bajaj Housing Finance mortgage loan EMI calculator to know your exact EMIs and plan your finances better. With the help of this calculator, you can also check EMI for different tenors and make an informed decision regarding the loan amount best suited to your needs.

What is a Loan against Property (LAP)?

A loan against property (LAP) is a secured credit that can be availed of against both residential and commercial properties. LAP is a high-value loan that can be used to meet any expenses, such as funding your child’s education, paying for their wedding, undertaking a business project, and many others. Bajaj Housing Finance offers high-value loans against property to both self-employed and salaried individuals. Apply for a loan against property with Bajaj Housing Finance and enjoy quick disbursal within 72 hours of document verification and approval.

What Is a Loan Against Property EMI?

A loan against property EMI (Equated Monthly Instalment) is a fixed amount that a borrower must pay to their lender every month towards the repayment of the loan until the loan is entirely repaid. A loan against property EMI comprises two components: interest and principal amount.

During the initial part of your tenor, a major part of your EMIs goes towards covering the interest. As time advances, the larger chunk covers the principal amount, except in a situation when there is an increase in the rate of interest. The longer your repayment tenor is, the lower your EMIs are.

Bajaj Housing Finance offers a hassle-free loan against property option with a flexible tenor of up to 20 years. To know the exact amount of EMI you will be required to pay, use our loan against property EMI calculator.

Factors That Affect Loan Against Property EMI Calculation

Calculating EMIs for a loan against property is a complicated and time-taking process but an online LAP EMI calculator makes this task easier. The three important factors that affect the loan against property EMI calculation are:

Principal Amount:This is the total amount you borrow from the financial institution depending on the mortgaged property. Therefore, the bigger the principal, the greater the EMIs.

Tenor: The tenor of LAP is an important factor that determines the EMIs. Factors, such as the borrower's current age and retirement age, affect the tenor. However, the longer the loan tenor, the lower the EMIs.

Rate of Interest: One of the crucial factors that determine the ease of repayment as well as the ability of a borrower to avail of LAP is the rate of interest. If the rate of interest is high, applying for a larger loan and paying EMIs becomes challenging. On the other hand, when the interest rate is low, paying off a loan becomes easier and therefore, a borrower can apply for a bigger loan amount. Factors, such as borrower profile and credit score, also affect the rate of interest.

Both salaried and self-employed individuals can avail of a high-value loan against property with Bajaj Housing Finance. With attractive rates of interest and flexible tenors up to 20 years, we make financing under this instrument easy, simple, and hassle-free.

How to Use the Bajaj Housing Finance LAP/Mortgage Calculator

Use the Bajaj Housing Finance online LAP/mortgage calculator to calculate the exact loan against property payable EMIs in just a few easy steps.

  • Enter the principal loan amount you wish to borrow
  • Enter your desired repayment tenor
  • Enter the applicable rate of interest

Once you enter the required information, the calculator will show you your monthly instalment amount, the total interest amount payable on the loan, and the total cost of the loan. You can also change the tenor and principal amount to arrive at an EMI that suits your budget and accordingly plan your finances.

 

What Are the Advantages of Using a LAP EMI Calculator?

The loan against property EMI calculator by Bajaj Housing Finance is a free tool that allows users to calculate accurate EMIs on LAP (Loan Against Property). It is an online tool that helps one calculate their monthly instalment quickly and plan finances better.

Here are some of the benefits of using the Bajaj Housing Finance LAP EMI calculator:

  • Quick Results: Know your EMI amount within seconds
  • Easy-to-Use: The Bajaj Housing Finance LAP EMI calculator is a simple tool that almost anyone can use
  • Different Combinations: Use the LAP calculator to test different combinations of the principal loan amount, tenor, and rate of interest, and reach a monthly instalment amount that suits your budget
  • 24*7 Availability: Bajaj Housing Finance’s LAP EMI calculator is available 24*7 and can be accessed on the BHFL website from any location.

 

Mortgage Calculator Formula

Calculating the EMIs of a LAP manually is a challenging task as the calculation is lengthy and there are high chances of errors. Therefore, use our mortgage 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

 

Loan Against Property Calculator FAQs

1. What is a LAP EMI calculator?

The LAP EMI calculator offered by Bajaj Housing Finance is an online tool that one can use to calculate the monthly instalment that one must pay to repay a LAP loan. Manual calculation of EMI is a lengthy process and prone to errors. A LAP calculator is, therefore, a handy tool as it gives one the accurate EMI amount in just a few clicks.

2. What is an EMI?

EMI refers to equated monthly instalments. It is the total amount payable every month until the loan is completely repaid. EMIs comprise two components: principal and the interest on the loan. Initially, the interest component is higher in a loan EMI. However, as time advances, the principal amount begins to occupy the larger chunk.

3. How to use a property loan calculator?

The Bajaj Housing Finance property loan calculator is an online tool that can be used to calculate the exact EMI amount payable every month towards loan repayment. Follow these three simple steps to calculate your monthly EMI using the property loan calculator.

  • Enter the principal amount you wish to borrow
  • Enter the tenor you wish to opt for
  • Choose the right rate of interest

With the help of a property EMI calculator, you can also change the principal amount as well as the tenor to get an EMI that suits your finances.

4. How does a Loan against Property EMI calculator work?

A LAP calculator works on three basic parameters, namely principal loan amount, tenor, and rate of interest applicable on the loan against property. The LAP calculator uses the following formula to calculate the EMIs:

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

P: The principal loan amount needed

R: The rate of interest applicable

N: The repayment tenor (the total number of EMIs)

5. How much of a loan can I avail of against my property from Bajaj Housing Finance?

Bajaj Housing Finance offers high-value loans against property of up to Rs.3.5 crore to self-employed individuals and Rs.1 crore to salaried individuals at an affordable rate of interest. We ask for minimal documentation and disburse the loan amount within 72 hours of document verification and approval.