Total Interest Payable
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.
A loan against property 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.
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.
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 loan against property 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.
Use the Bajaj Housing Finance online LAP/mortgage calculator to calculate the exact loan against property payable EMIs in just a few easy steps.
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.
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:
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:
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.
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.
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.
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:
P: The principal loan amount needed
R: The rate of interest applicable
N: The repayment tenor (the total number of EMIs)
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.
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Last update on 11-Mar-2021
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